Live below my means
Life is fantastic when you received your first paid salary after so many years of parent support. A lot of youngster started their fancy life to convince themselves that they have the right to enjoy all of their salary because of the whole month of hard work and pressure. But this will hurt badly especially when they start to spend on the thing that they don’t “NEED” to impress other people. On average younger people is spending 90% of their income (or more) to maintain their life style. That is excluding economical support from their parent mainly free accommodation, free transport, and free of 2 meals per day.
Save money as much as possible to buy property
Earning money is tough but saving what you have earned is even tougher. But if you would like to have healthy financial life after you are 30, actually you mainly have no choice but to save any many as possible to start your property investment life. I started working at the age of 20 and only save enough to buy my first property at the age of 24!
Avoid luxury holiday
Few local airlines are giving fantastic deal to Malaysian to travel all over the world at very much cheap rate. But if you look at it from financial view, after saving from the travel fare, you still need to pay for the travel expenses like hotel, transport, food and shopping expenses. Just to share my personal “holiday life” with all of you. I started working in year 2000 and my first holiday is four years after that! Life is all talking about “delay gratification”.
Avoid over spend on credit card
Having credit cards is good. At least you don’t need to carry so many cash and its convenience and easy to use. But a lot of youngest using credit cards as their sources money to spend. And for your information, young adult is the easiest to be influence. Just to share with you all about my credit card usage;
1. Insurance payment
2. Petrol expenses
3. Occasional shopping expenses
On average my credit card expenses is below RM1,000 per month and I will make full payment before my due date. Are you practicing the same? I know some of you are not. Let me list out what is your credit card expenses listing;
2. Petrol expenses
20. Bank interest
21. Bank late payment
This can be avoid and it need to be avoid if you would like to have healthy financial life after 30.
Surrounded by good friends / partners
For me, all my surrounding friends are lawyer, valuers, real estate agent, bankers and property owners. You need to be surrounded by all the above people to have better deals on real estate.
Lawyer – give you advise on the deal and the most important discounted legal fees
Valuers – give you the information about the property, potential risk and return of the project.
Real Estate agent – Give you the “Good Deal”
Bankers – Give you the loan facility at the better rate, good margin, and fast approval
Property owner – Sharing of information and experience which can help you to save time & money
Read, gather and get more experience through sharing
My journey on investment started at year 2000 when I was reading “Robert Kiyosaki” books. The book really opens my eyes on how important we need to have financial literacy. From there onwards I keep updated myself by reading and sharing experience with all property owners and friends. From there my knowledge grows tremendously. It’s a fast track to financial freedom.
Above are all secret that I have to earn my first million before I’m 28. I’m gearing myself to achieve first five millions before I’m 33 as I’m confident on it! Furthermore millionaires nowadays can’t help much in giving me better life. I need to be multimillionaires.