Editorial

(My friend VW urged me to write an editorial for the latest solicited paper on my blog.)

The recent article of Warren on financial management for young doctors (see http://ccszeto.blogspot.com/2011/06/question.html) is no doubt illuminating for our fresh graduates. It represents the pearl of wisdom from someone who has passed through all stages of establishing a professional career, built up his own wealth, and is now doing what he thinks valuable.

I shall not discuss his specific recommendations. On the other hand, I agree with the comment of TW: In addition to thinking of measures to save up some money and invest, it is also important to consider twice what, and how much, expenditure to have. For example, does one need HK$250K for a wedding?

To go one step backward, it is the entire mindset of spending money that one needs to pay attention to. No, I’m not asking everyone to become Puritans. However, happiness has at best a modest correlation with money. For example, are you more satisfied to dine at Gaddis or Café de Coral? Yes, the former in general – but, it depends more on whom you are dinning with. If you think it is a hardship that one has to endure for a few years in order to save up the money and achieve an end, you have a wrong attitude – you can be equally happy without spending a lot of money but saving it up. After all, we should enjoy the process, not (only) the end.

And, for exactly the same reason, you can also achieve a equally happy ending without needing a lot of money.

PS. For a fresh graduate, I believe the most important investment is the one he does on himself. In addition to having the effort and find some good place to put your money (which, I agree, is absolutely necessary), it is most fruitful to build up your own as a valuable asset.