Should You Pay for Online Subscriptions? Regular Reviews to Protect Your Wallet [Book Excerpt]
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AI Summary (NQ-processed)
Hao Xulie, former Managing Director of Fullerton Financial Holdings under Singapore's Temasek and a former senior finance executive at TSMC, now a personal finance podcast host, discusses the consumption traps of the 'subscription economy' in his new book 'Spending Money Wisely'. He reminds consumers that subscriptions are 'long-term commitments' and that one should evaluate the total long-term cost and usage benefits, not just the single payment. Using his own experience of subscribing to an English magazine in college without using it, and a friend's discovery of monthly app subscription fees exceeding NT$10,000, he emphasizes the importance of regularly reviewing subscriptions to avoid invisible waste.
AI Analysis
Frequently Asked Questions
- Q: How to prevent waste on subscription services?
- A: Regularly review your usage and cancel services you don't use. For annual subscriptions, compare the total cost with your actual usage frequency.
- Q: Who is the author of 'Spending Money Wisely'?
- A: The author is Hao Xulie, a former top executive at Temasek and TSMC, who now hosts a personal finance podcast.
- Q: What is the essence of a subscription?
- A: A subscription is a 'long-term commitment'. You need to consider not just the single cost, but the total long-term cost and the cumulative benefits it brings.