Nearly all Malaysians could not survive 6 months without income

You should take a look at the front page of The Sun daily today. Do you now feel lucky if you are not within the statistics? Or are you now sweating or trembling since you are part of the statistics? If you are within the statistics, it’s time to really understand that this is the world today. To those who believe that this is happening ONLY in Malaysia, great. It means that you have managed to insulate yourself well from what is happening outside Malaysia today. Anyway, back to our article today; If I am in deep XXXX now, what can I do today? My personal recommendations as below.
Cut expenses. Majority of what we spend today is either not a necessity or can be on something less expensive. From smartphones to handbags and even the cars we drive. Yes, it includes that Starbucks we frequent weekly too. A Chek Hup 3 in 1 or a Old Town 3 in 1 White Coffee is nothing than just RM1 per pack. Hot water is nearly free. If we are talking about 2 in 1 black coffee, it is just 50 cents per pack or lesser. I do not want to get started about all the rest.
Save, then save more and then save even more. Jokes aside. Cutting expenses and savings typically move in-tandem. When we cut expenses but we forgot to save, the money is still with us and sooner or later, we will use it. Haha. So, SAVE it securely inside your bank and use it only for investment purpose. Nothing else.
Read, learn and talk. Read more business news, more property related news, more share market news. Basically read everything that people are making money from. Learn from those free seminars that happen nearly every weekend. Most of the time, it is paid for by the developers anyway. Talk to like-minded people. Establish lunch groups which talks about investments. By the way, gossiping gets you nothing more than free entertainment. Others are gossiping about you too…
Action, take them. Once we have some ideas and have done sufficient analysis, do it. Yes, use the savings you have and not borrowing 100% from the bank through some ‘awesome’ trick that you learnt. Truth is, if you can do it successfully, everyone else could. Do you seriously want to buy a property which EVERYONE can buy, even those less qualified than you? Then, don’t blame anyone when the market collapses. Remember 2008 mortgage crisis?
Repeat. Buying one property is definitely not enough today. Read here: Honestly, is one property enough today? Thus, after we have bought our first one, start the process all over again and perhaps buy our second one 5 years down the road. Keep doing this as long as we are able to and we would definitely retire comfortably. May not be a multi-millionaire but surely enough to last us till the day we bid goodbye.
Happy thinking about this.
written on 12 Dec 2015
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