Managing finances well often starts with reducing bad debt. However, social media and pressure from family and friends can sometimes push people to make financial choices they can’t afford.
Recently, a 27-year-old Malaysian woman, under pressure to meet the lifestyle standards of the M40 group, found herself burdened with debts amounting to hundreds of thousands of ringgit.
A financial reality check
The woman, who shared her story anonymously through the X account @meinmokhtar, revealed the extent of her financial woes.
“People usually share about assets. I want to share about debt. Car loan of RM40,000 with a 9-year installment plan, personal loan of RM38,000 with a 7-year installment plan, credit card debt of RM15,000, and lastly, rent amounting to RM500,” she shared.
Coming from a circle of family and friends in the M40 income group, the woman faced unspoken pressure to adopt a similar lifestyle.
The financial strain and the perceived need to keep up left her feeling ashamed to disclose the reality of her situation.
“I feel deeply embarrassed to admit my debts. The expectations from those close to me have pushed me into this predicament,” she shared.
Netizens shared their thoughts
“Slowly pay off debts and build up wealth. Consistency is key. I’ve observed many people building and acquiring wealth later in life, in their late 30s to 40s. In your 20s, focus on upskilling and always say yes to work opportunities. Best of luck! (We’re the same age).”
“Credit card can try to pay the lump sum. You should consider doing a side job. Don’t miss paying the PL every month, and the car is fine. Most importantly, go find another job.”
“I’m most afraid of being in debt. I don’t know, maybe it’s because I’m the type to spend freely. So if I don’t control that spending habit, I end up taking loans here and there just to match my lifestyle with my circle. Is it really worth it?”
What do you think about this? Share your thoughts with us in the comment section.
Here is the full post:
Baru betul yolo ni pic.twitter.com/Z326zaw9Gc
— 🔺meingl🔻 (@meinmokhtar) November 17, 2024
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