Khin Maung Nyo (Economics) - World Economy, Myanmar Economy

To search - to collect

Nowadays, we often hear the term “rich man” (ເສົນລາວ) or “ເສົນລາວ”. Usually, people refer to their employer (Boss) as rich man. It is not known how rich they are, there is no precise definition of how much wealth a person has or how much income they have.

When we say rich, we often think of people who wear fancy clothes, eat fancy food, drive fancy cars, and live in expensive houses. But the real rich don't live like that. They don't eat like that. A survey says that they are only those who are selfish. If we interpret this survey, people who wear fancy clothes and eat fancy food are not rich. If you look at how they live and how they spend their money, they can't be rich.

When we were young, my grandfather used to say something. Save just one kyat a day. Thirty kyats a month, three hundred and sixty-five kyats a year, and three thousand six hundred and fifty kyats in ten years. Is there anyone who can't save one kyat? Aren't there many people who don't have three or four thousand kyats saved? That's right. Now, if his grandson had saved as he calculated, he would have about (10) thousand kyats. He thought that it would be enough to save just one kyat, but he didn't save even one kyat regularly, and now he has a life that is not worth anything.

As I learned a little bit of reading, I started talking about inflation and consumer prices. I didn't really understand what they were talking about. I made excuses for myself that it was more profitable to spend than to save when prices were rising. I later learned that in countries like Japan, savings rates were high even when inflation was high.

Not only per person, but also when comparing savings rates by country, our own country has (12) percent, (13) percent, while other countries have (30) percent, (40) percent, relying more on domestic savings than foreign capital.

(15.10.1997) Myanmar newspapers, foreign news reports that the Malaysian Prime Minister has said that Asia-Pacific countries should not rely on international donor countries and mutual aid in their efforts to combat poverty, but should rely on financial resources that can be mobilized within the region.

Sometimes, I see signs that say "Self-reliance, self-help, self-help" and "Donation Pavilion" running through my mind. I even asked a Burmese professor. If you rely on yourself, do you need to accept donations? If you accept donations, you will either rely on yourself or not. What is he thinking? He always answers, "Writer."

It is often said that low savings means low income. Low income leads to low savings, low investment, low income, etc. It is a vicious cycle. Only by breaking this cycle can we enjoy all kinds of good fortune.

Whether it's an individual or a country, if you can earn more, you can earn more, and if your income increases, you can accumulate more (I wouldn't like it if you said you can't earn more), you can earn more, accumulate more, and accumulate more. If you do that, you can have a rich country and a rich people.

Back then, they tried to plan to double in 20 years. They didn't succeed. Others doubled in 10 years. Others doubled in 5 years.

I was wandering around the streets, and although it was not part of my study program when I came to the United States, I went to all the banks and financial institutions I saw on the street. I took all the books that were scattered on the counters and shelves at the entrance. At least I took all the papers that were ordered at the hospital. I took all the papers that were lying on the street. Eventually, they said that if I saw a copy of the paper, I would find it in Myanmar.

I'm just saying. In fact, I couldn't carry the books that were distributed on the plane, and I had to pack up the newspapers so greedily that I couldn't carry them. Even so, since I was only going for a month, it seemed like I would have to rent a container to carry them if I was going for a year.

I found a Fidelity Bank somewhere in New York City (I can't remember where) and went in. I saw a book called Getting to your goals, A Fidelity Common Sense Guide (agovaoospa) and was drawn to it. I'll reprint the contents of that little book. It's intended for you to use as you wish.

To become a successful investor (not a millionaire), you need to have well-defined goals. Based on those goals, you need to create a good investment plan. The more specific your financial goals are, the more likely you are to achieve them. It's not a question of whether you can afford a house, have enough money to pay for college, or have enough income to retire. You need to be specific. You need to consider the time frame. You need to consider the costs involved. You need to be specific about what you want to achieve in the short term and what you want to achieve in the long term. You need to calculate how much you need to save each day of the month to reach your goals.

As our grandfather said, we should save regularly. We cannot say that we will not save for one day today. If we miss a day or two, the number of missed days will increase. If we do not follow the plan we have drawn up, there is no chance of success. We cannot go by the plan or the book. We can increase or decrease it as needed. We have to see for ourselves whether we achieve our goals or not.

When planning, take into account unexpected emergencies that may arise. Roughly speaking, you should have six months of expenses on hand. It is easy to get a six-month return on your money. It is recommended to make investments that you can't afford to lose.

Not just for big issues, but also for ordinary matters (for example, going on pilgrimages) that can be collected regularly using this method.

The question arises in my mind, where will the inflation rate go? He advises to invest in line with the inflation rate. If there is inflation, then the goal will be achieved only after taking into account the inflation rate of the normal one hundred years.

To use his example, if you aim to save $1,050 per year and the inflation rate is 4 percent, then you will only need to save $1,092 next year to cover the inflation rate (1,050 x 1.04 = 1,092). Even saving money seems like a strange idea, adding the inflation rate to your savings. I don't think you'll be interested in the rest of the detailed charts.

I think that instead of reminding you to eat more because of inflation, you should also remind yourself to save more for inflation.