However, in life, it’s not just about spending, saving, and investing; effective personal financial management also involves adept risk management. According to Dr. Le Tham Duong, there are 12 common mistakes in personal financial management, three of which are the most significant.
Firstly, spenders often fail to understand the context of the present, leading them to spend indiscriminately. Secondly, everyone falls prey to the habit of spending based on emotions. Statistics cited by Dr. Duong indicate that 95-96% of spending is driven by emotions, whereas the key to successful personal finance is earning through knowledge and spending with discipline and a rational mindset. Without discipline and emotional intelligence, one is bound to fall into financial management traps.
The third trap is following trends. According to the doctor, young people today, due to their youth and lack of experience or awareness, tend to follow others’ spending habits, allowing their money to be controlled by others’ wishes.
According to Dr. Duong, these three mistakes are very serious and hard to avoid. The most important way to sidestep these pitfalls is to recognize them and take action. That means consciously deciding not to spend on unworthy expenses. Curbing unnecessary spending will undoubtedly lead to a change in one’s financial consumption mindset and behavior. However, translating this awareness into action is incredibly challenging, and not everyone can do it, regardless of their financial status.
So, how can one effectively avoid these financial traps? How can one change their financial mindset? And how should different groups and individuals manage their personal finances appropriately? Are there any simple, safe, and effective solutions for managing idle money so that our money is managed as intelligently as we would ourselves?… Dr. Le Tham Duong, with his extensive practical experience, will provide answers to these questions and more in the Talkshow “Awakening Idle Money” presented by CafeF in collaboration with the International Bank (VIB)
Don’t miss Talkshow “Awakening Idle Money” Episode 2 with special guest Dr. Le Tham Duong, as he discusses the most pressing topics in personal finance today, including financial management for individuals with substantial capital, those relying primarily on a salary, and the younger generation. The show will air at 09:00 on April 14, 2025, on the Cafef.vn electronic information portal, the official CafeF fanpage, and the VIB fanpage. “Awakening Idle Money” is a program organized by CafeF in partnership with VIB, aiming to provide viewers with smart solutions for their idle money. Hosted by BTV, MC Huy Hoang (VTV1), and featuring experts in the field of finance and banking, the show offers practical insights to help viewers improve their personal financial management skills.
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