In this article, we introduced two successful examples of using the "envelope budgeting method" to change one's financial situation. First, we mentioned Jasmine Taylor, a 31-year-old woman from the United States. After being unemployed for three years and having nearly $70,000 in debt, she started looking for effective financial management methods. She began using cash payments and different envelopes to allocate her weekly expenses, putting the corresponding amount of cash labeled with the corresponding number. She divided her money into different funds, such as "debt repayment fund," "emergency fund," "car maintenance fund," and "vacation fund." She also filmed herself using this budgeting method and shared it online, successfully establishing a personal brand and earning $850,000. This example showcases the successful application of the envelope budgeting method and the potential for entrepreneurship.
Next, we mentioned the example of Lin Yi-Chen, a famous Taiwanese actress. She started using the envelope budgeting method when faced with family debt. She divided her monthly income into different envelopes and allocated them according to different needs. She gave 90% of her income to her mother and divided the remaining 10% into living expenses, liquid savings, and fixed savings (that cannot be touched), in a 2:2:6 ratio. This example again demonstrates the successful application of the envelope budgeting method and the potential for entrepreneurship. Furthermore, Lin Yi-Chen also mentioned other financial management tips, such as creating a file of expenses, saving before spending, developing a habit of recording expenses, and unfollowing designer brand accounts.
Throughout the article, we see the importance and practicality of the envelope budgeting method in these two successful examples. This method can help people manage their finances more effectively, thereby reducing debt, increasing savings, and achieving financial freedom. It also provides a worthwhile financial management method for those with entrepreneurial potential to try out.
Whether in the United States or Taiwan, we see how these individuals have successfully changed their financial situations by applying different financial management methods. Their efforts and wisdom have not only helped them achieve economic success but also provided a practical example for others. Whether entrepreneurs or ordinary individuals, we can learn important financial management skills from them and strive to achieve our financial goals. Entrepreneurship is not easy, but through appropriate financial management methods and hard work, we can increase the chances of success. Therefore, striving to learn and apply effective financial management methods is a goal that everyone should pursue.
"Chill Bazaar 2023 - Youth Entrepreneurship Day" will be held in the atrium of Phase 1 of the Miramar Plaza in Tsim Sha Tsui today and tomorrow (4 and 5) Nearly 20 stalls with different characteristics will be present, including stalls selling wood crafts, party goods and original board games, etc. Event trainers also described this year's stalls as diversified and mostly mature.
More than 80 industry representatives discussed the prospects and strategies of the venture capital market in the light of the rapid development of emerging technologies. Cyberport Community Startups had a strong year of fundraising. between October 2022 and September 2023, Cyberport Startups successfully raised more than $3 billion. Total cumulative funding raised by Cyberport enterprises amounted to $37.5 billion.
A 35-year-old doctor of the Chinese Academy of Sciences in China quit his job and invested 5 million yuan to start his own business to open a B&B in Qingdao. Opened in August, the average price of the bed and breakfast has reached 2,500 yuan a night. The door is the sea, you can lie directly in the room to watch the sunrise.
"Lost and Found" tells the story of three young people who are planning to start their own business. They fall into the trap of follow-the-leader investment, impulsive spending and lack of financial planning. The story conveys the important message of wise investment and prudent financial management.
During the epidemic, five IVE Higher Diploma in Games and Animation graduates each contributed about $5,000 and raised more than $20,000 to set up an IT solutions start-up company. The company's cumulative turnover has reached nearly $1 million over the past three years, and its clients cover a wide range of industries.
The University of Hong Kong organized "Dream On 2023" Innovation and Entrepreneurship Day, with 40 HKU-affiliated startups participating to showcase their research achievements and innovation. During the event, three panel discussions were held, where HKU members shared their experiences on how to transform research inventions into impactful startup ventures, including areas like surgical robotics. The event also featured on-site matchmaking activities to facilitate collaboration and exchange.
Sir Run Run Shaw was born in 1923 and grew up during turbulent times. He dedicated his youth to entrepreneurship and became the president of the Hong Kong Chinese Manufacturers' Association. He was actively involved in politics, sports, and education. During the war years, he generously funded national operations, and his ventures in real estate made him a pioneer in the field. He was also among the first businessmen to embrace China's reform and opening-up policy. With his selfless patriotism, Sir Run Run Shaw made significant contributions to China's development. He worked tirelessly to contribute to every brick and every tile laid in building China and propelled the country towards greater heights.
Due to Hong Kong designer Wong Jing's continuous participation for seven years, many people have seen his presence at the Shenzhen Cultural and Creative Industries Fair. This year, the Hong Kong Creative Pavilion showcased various creative furniture in a different way compared to other exhibition halls, and also created a space for visitors to take a break. The intention behind this move is to encourage the audience to contemplate how to translate creativity into an industry. The Shenzhen Cultural and Creative Industries Fair will be held from June 7th to 11th at the Bao'an International Exhibition Center, where visitors will have the opportunity to appreciate these exciting design works.
The 10-year-old son of Liu Luangong, former chairman of China Trust (0127), and his wife Chen Kaiyun recently launched a self-created tabletop game called "Arctic Party". In addition to entrepreneurship, they also hope to raise people's awareness of environmental protection. The couple strongly supports their children's entrepreneurial ideas, but they must also be mindful of limited cost investment. Gan Bi acknowledges that in the business world, one has to make trade-offs between ideals and practicality. She also generously shares her parenting experience, stating that she is not afraid of her children's failures; what she fears most is that they won't dare to try. She believes that while success is important, failure is not a big deal. What matters is having the courage to try and not being afraid to grow through experimentation.
Recently, many outdoor equipment stores have announced closures, and one hiking YouTuber, Joyee, is also facing the challenge of a decline in business. His store is filled with over a thousand pairs of hiking shoes, but he lacks the necessary funds for transformation. Despite offering a store-wide promotion of 50% off hiking shoes for several months, he is still struggling to manage his inventory. Additionally, he must address the issue of his lease expiring in September. He stated that if he can't resolve these problems, the store will be unable to continue operating.
24-year-old Alexa von Tobel dropped out of Harvard Business School during the financial crisis to start her personal finance advisory company, LearnVest. Her decision was met with skepticism, but she proved herself over the course of 7 years. Not only did her business thrive, but she eventually sold the company for $375 million.
The Yau Tsim Mong District Office, the Hong Kong Elite Club, and the Hong Kong Youth Entrepreneurs Association will organize a "Zhuhai Youth Entrepreneurship and Employment Exchange Group" to visit Zhuhai for research on Friday and Saturday (18th and 19th). The purpose of this exchange group is to understand local entrepreneurship, employment, and government talent subsidy policies.