Not saying these things, just like the rich, shall we?

According to an article in Reader’s Digest, there are 13 things that the rich never, ever say. Here’s that article in Let’s look at just 4 of them which I think is applicable to property investment. First one, “Can I afford it?” I did write something similar earlier. Here’s that article: Stay safe, buy within affordability and stop bubble building  Whether it’s a car or a property, the question should be the same. It’s not whether I could afford it (capability) but it’s can I afford it, means SHOULD I get it?  People complain that their salary is not enough but they refuse to buy a smaller home further away which would have been much cheaper. They refuse to get a reliable second hand car but prefers to get a brand new car and having to pay for it for the next 9 years! A friend who’s a junior executive bought a brand new car, brand new notebook and owns two smartphones! Anyway, it did not work out and soon he lost most of the items he bought. Please remember yeah, ‘can I afford it?’
Second one, ‘I’m not good with money.’ Hahaha… I have written about this too. Here’s that earlier article:  Lacking in financial awareness today? Peril awaits  May I know if majority of the rich people ever got rich because they were good with money suddenly? No… they read, they learnt, they asked and they attended talks from those who knows. That’s how they became good with money. That’s how they used their small salary to build wealth slowly and over time they gained more experience and well, another guy richer than the average Joe is born. Please stop giving excuses yeah and one of the worst excuses ever is this, ‘I’m not good with money.’ Oh yeah, it can be extended to, ‘I don’t know anything about property investment.’ Or I do not know what’s property type is suitable for me.
Third one, ‘How much can I earn from this investment?’  Honestly, until today, I do not think any property expert in the market can tell you exactly what’s the actual return that one will get from buying a property. However, they can show you the property price increase for the past 26 years for example and tell you that perhaps that could be a key. When we ask how much I can earn from this investment, we are usually looking at some short term kind of investments, maybe even potentially scams. The reason is simple. Returns from Fixed Deposits would take 12 months. Returns from unit trust funds will take years depending on what we buy and cannot be guaranteed at all. Even when we buy blue chip stocks, their dividend declaration if any, is only quarterly and even they could not tell us about the actual returns… Understand what we invest and what’s the historical returns are like. Risk will always be there yeah…
Last one, ‘I don’t need to save money.’ I have written a few articles in this. Here’s one: If savings is the base of everything, we need a strong one   Do we really believe we will be healthy forever? Medical expenses will be getting ever more expensive. Do we think everything will be just fine and we will not face unforeseen circumstances like a minor accident? Or like me, an Appendicitis operations in Singapore?   The only reason why a country can be strong is because of the savings rate of its citizens. Imagine losing our jobs during a financial crisis and having to rely on our savings for a few months while we look for a new job? Please, save. Sikit-sikit, lama-lama jadi bukit… Here’s that article in for reference. There are many more other things that the rich people will never say.  Happy saying… ops, I meant saving.
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written on 4 June 2018
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