Brief Summary
This video features a conversation between Klao and Phi Fern, a personal finance expert, about various aspects of financial health, habits, and mindset. They discuss strategies for managing money, the importance of financial literacy, and how to balance short-term desires with long-term financial goals. The conversation also touches on the impact of financial habits on relationships and mental health, emphasizing the need for communication, self-awareness, and discipline in achieving financial well-being.
- Financial stability starts with the right attitude and self-awareness.
- Balancing diligence with financial knowledge is crucial for long-term financial health.
- Open communication about finances is essential for maintaining healthy relationships.
- Forgiving yourself for past financial mistakes is important for moving forward.
Intro: Attitude and Financial Stability
The video starts by emphasizing that every money problem needs to be solved with the right attitude. It suggests that financial stability is achievable and that people with talent are not just about money but also about their potential to work and maintain good relationships. The discussion highlights the importance of mental stability and peace of mind, suggesting that true wealth is about being content and not caring about others' opinions.
Introduction of Phi Fern and Discussion on Financial Habits
Klao introduces Phi Fern, expressing excitement about the valuable information she will share. Fern expresses her admiration for Klao's work and her happiness to share her knowledge. They begin by discussing the concept of using one's strength to make money and then making money work for you. Fern shares her experience of working for about 20 years and how she realized the importance of financial literacy. She emphasizes that wealth is not just about being rich but about having assets and investments.
Wealth vs. Richness and the Importance of Financial Habits
Fern explains the difference between wealth and richness, stating that wealth is composed of assets and investments, while richness is just about money. She uses the example of owning multiple houses with debt versus owning one house without debt to illustrate this point. Fern also mentions that managing finances is not just about money but also about habits and personality. She admits that she is a planner and likes to plan everything in her life, including her finances and even her funeral arrangements.
Financial Habits: Diligence, Frugality, and Financial Knowledge
Fern shares three good financial habits she learned from her father: diligence, honesty, and saving money. She emphasizes that diligence helps in earning money, while saving money helps in reducing expenses. Fern also discusses the importance of financial knowledge, stating that it helps in managing money effectively and avoiding unnecessary debt. She explains that financial knowledge can help in increasing income and reducing expenses, leading to better financial health.
The Importance of Waiting and Mental Health in Financial Decisions
The discussion shifts to the importance of waiting and being patient in financial decisions. Fern shares her experience of waiting a long time to invest and the value of appreciating things. She also touches on the issue of mental health, stating that people in this era are often in a hurry and compare themselves to others, leading to stress and anxiety. Fern advises people to look at the world more broadly and focus on their own values and strengths.
Time as an Asset and Dealing with Financial Fluctuations
Fern emphasizes that time is the most valuable asset in life and that it is important to live in the present. She also discusses the charm of finance, stating that it teaches us about ups and downs and that it is important to have a long-term perspective. Fern shares her experience of dealing with financial fluctuations and how she learned to put things down and focus on the long game.
Greed, Self-Awareness, and Discipline in Finance
Fern discusses the importance of self-awareness and discipline in finance. She admits that she initially wanted to be rich quickly but later realized that it is important to know oneself and cut out things that are not suitable. Fern emphasizes that discipline is essential for success in any financial strategy and that it is important to do what needs to be done, even if it is uncomfortable.
Investment vs. Gambling and Investing in Yourself
Fern explains the fine line between investment and gambling, stating that investment has a feasibility factor, while gambling is based on luck. She emphasizes the importance of investing in oneself, stating that it gives the highest returns and that there is no risk of loss. Fern advises people to allocate time for self-development and to consume media mindfully.
The Impact of Finances on Relationships and Communication
The discussion shifts to the impact of finances on relationships. Fern agrees that finances can destroy relationships and that it is important to talk things out clearly before getting married. She advises people to communicate openly about their financial habits and to understand and accept each other's differences. Fern also emphasizes the importance of supporting family members without causing too much trouble for oneself.
Healthy Money Circulation and Emergency Savings
Fern discusses the concept of healthy money circulation and the importance of having emergency savings. She advises people to record their income and expenses and to have savings for unexpected events. Fern explains that emergency savings can save people from having to create debts with costs and that it is important to plan and prepare for emergencies.
Solving Financial Problems and Changing Attitudes
Fern believes that financial problems can be solved, but it takes time and effort to change attitudes. She shares examples of people who have changed their perspectives and improved their financial health. Fern emphasizes that it is important to adjust one's mindset and believe that good financial health is possible.
Credit Cards and Personal Finance Goals
Fern discusses the use of credit cards, advising people to pay in full and on time to avoid high interest rates. She also emphasizes the importance of having personal finance goals and cutting off opinions or views of people around you to stay on track. Fern introduces the concept of "silently rich," stating that it is about having sufficient mental stability and not caring about how other people view you.
Financial Exhaustion and Long-Term Happiness
Fern addresses people who are financially exhausted, advising them to realize the importance of future happiness and to prioritize it over short-term pleasures. She emphasizes the importance of making decisions based on reason rather than emotion and of extending the decision-making process. Fern also advises people to start saving slowly and to reduce their goals to smaller ones to stay motivated.
Forgiving Yourself and Recovering Financial Health
Fern emphasizes the importance of forgiving oneself in the process of financial health recovery. She advises people to admit their mistakes, identify the cause of their financial problems, and fix them. Fern also states that past financial mistakes should not define a person and that it is important to learn from them and move forward.
Conclusion and Farewell
Klao and Fern conclude the conversation, hoping that it will be useful for many people. They encourage viewers to like, share, and comment on the video and to share their financial experiences. Klao presents Fern with a shirt as a token of appreciation, and Fern promotes her personal finance channel and her work with The Standard. They end the video by emphasizing the importance of polishing oneself before polishing others.
