personal finance

personal finance is always important, especially to during the time of world recession. apparently, it is the worse recession ever since the Great depression in the North America. since it is a world recession, i don't think asia or europe is doing any better. people with the regular income may not take personal finance seriously, if they are not in the finanical industry. yet, during the downturns, every cent counts. personal finance tips postings/articles haven't been as popular as now. all the sudden, people realize saving is important now. it is human nature, you never take it seriously if the problem does not hit you in the face.

here are some tips... i personally think they would work in long term.

- for the accountants or the advisers, don't be a financial adviser for yourself. it would be biased. just as a surgeon should not do surgery for his family.
- never invest in something you are not acknowledge fully, always do your research. look at the people who bought Lehman mini debt in HK, you would understand.
- every single investment has risk, there is no risk free investment in this world. even the GICs have interest risk.
- saving is always good. don't spend all your income, you never know what would happen in the future. i have been told that since 5yrs old.
- during the bad times, only get what you need, not what you want. there is a difference between needs and wants.
- during the good times, never go over your credit card limit. i never think the bank deserves the interest revenue from credit cards.
- work on the tax return. i don't know about Asia, but it's pretty important in North America
- education is the most worthy investment

actually, the above are all old stories. however, people tend to forget them. it needs principle and control to actually put them in a good use.

recession is a part of the business cycle. it must happen. it is just like the downs of everyone's life. no one can have a perfect life without any hardship. there is no point to complain or blame anyone. all we can do is to do our best and go through it. the dark night will be over eventually, and the beautiful sunrise will come.