To be rich is to plan ahead !
Most people blamed their poverty on their situation, their parents. They said they are in that situation because poor people will always be poor and it is because they are born poor, they could not break the poverty cycle that he/she inherited from his/her grandparent.
I for one don’t buy that kind of outlook or philosophy. I believe to be rich is to plan ahead, sometime even generation ahead. My dad was born poor and his mother nearly sold him off for a bag of rice.
Picture Source : here.
I am liking more and more of what I found in watsoninc.blogspot.com (You don’t really have to self host to write good content and attract readers). This article titled : Creating Phenomenal Wealth Over Time is brilliantly written.
One of the most outstanding observations about high net worth individuals is that they do financial planning from a generational perspective. They deliberately leave a financial legacy. Some believe that this is because they have more money to do the financial planning with. Let me assure you that much of the critical planning occurs BEFORE they actually get wealthy. Moreover, I would argue that it is the strategic financial planning that helped them get wealthy in the first place.
Such a brilliant observation and nothing further than the truth. I encourage you, my reader to read the entire article, here.
Some of you might refute me and said if you have money to invest, you would not be poor now. Really ? Do you have to be rich to invest.
Check these articles out :
Start investing with just $100.
$50 a month or more, with no lump sum.
My own rules of thumb to acquire wealth is plan ahead, have a mentor, follow a guru so you can reduce your learning curve to half (without my gold guru I would never have gotten so much profit after 5 years, nor would I ever imagine acquire PR3 within 3 months of blogging without my tech guru kuanhoong), knowledge is power (understand different asset class allocation is knowledge that empowered you) and last but not least, diversify, never put all your eggs in one basket.
Yeah want to be rich, must plan ahead..
sometimes I feel that I do not have the energy to do that although my heart is so strong to success..
Keeyit,
Rome is not build in one day.
Do you know I have never believe in easy money. I believe that the money and success that you build through hard work will last.
Take one step at a time.
Now you are young but you are fortunate to be able to read people thoughts all around the world about investment , about how to become successful and etc.
A simple rule of 5 for you. :
1. Invest real estate through EPF.
Since in Malaysia, you have quite good EPF system. That is about 20% of your saving right ? That is very good.
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I am not sure when you can take out the $. If you can take out, take out as young as possible.
Invest the $ to buy a small apartment where you can live and rent out another room to a single person who is from out of town.
That person rent can help you to pay part of your mortgage, having a property force you to spend less on clothings, shoes and make up
Don’t wait till you are married to buy a house.
2. Look for a spouse who understand investment and saving. He does not necessary has to be rich or handsome but someone who has a pleasant personality and please don’t marry a divorce person, that is too bad cos of the liability he carries, child support etc macam macam. I don’t know about Malaysia system but here memang you rugi if you married a divorcee
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3. If after you pay for your small apartment, you still have money, you can do a few things :
4. Insurance (health , term , life, they are all good saving tool).
5. 10% to invest in small business, eg. blogging, you can find out what affiliate kind of business you want to venture into. Study the business model and find out that is less risky on your first try. Don’t think of gain or profit first, think of loss first.
Say you have $1000, tell yourself, can you lose the $1000 , if so, then go ahead.
6. I hope this is not asking too much, if you have money left after buying apartment, insurance, investing in a small internet business, use the rest to buy 24k gold bar (not jewelry, real gold bar or coin).
*** These are things you don’t buy when you are young, fancy cars, fancy weddings. Save those money and the fancy cars and luxury holidays will eventually be fulfilled, work hard first when you are young.
Sound like an old mother
.
Jamy
Yep!
Plan and Plan and Plan ahead!
We’re lucky that we have the EPF here in M’sia which helps us save some $$$ for our old age. However, that alone is not enough. With the rise of medical/living costs, we need to save more.
Yup, medical is the biggie especially when you are older. Even though Malaysia claim to have universal health care but when it comes to the crunch, most people who can afford would rather go to private than public health care. Look more further than the prime minister late wife who were in US for her cancer treatment…