You need both.

You don't save in the first place from your earning, you don't have the capital for investment for exponantial rolling effect.

A always can earn more with 10K per month, but doesn't know how to save, left with no or little saving every month.
B only can earn 5K per month, but B knows how to save. You save, you have capital for investment and reinvestment.

So in the long run B will be richer than A.

Try to earn more is always the priority, but saving part is as important to protect your hard-earned.

You need both earn/earn more + saving to become wealthy.

Lawyer1,

Many had tried this path. Some succeeded and some don't. So, you better have a plan B.

Dreamer

I see many parents think of getting enough funds to send their children for further studies, or hoping that a student loan or a scholarship would come along, not one who prepared himself for migration, study a foreign language to do so and prepare the financial resources to self-sustain while looking for a job.

Company Directors whom are my clients, relatives who are normal wage-earners, MNC executives or self-businessmen,... all fall into the above category. To them, making money comes first.

That's why I said I am a contrarian in this respect, especially at my age. If young men, without families, or students studying overseas - differentlah,... they will think of going away easily, nothing to loose, right ?

Plan B is simple : I return to Malaysia to stay, manage my investments in Singapore and continue my practice, in fact, continue to enjoy life again,.... But no, I will not need Plan B. I will succeed in Plan A.

What is the cost of funding your child university fee at present value?

Lawyer1,

I am talking about parents that migrated oversea in order to get education discount for their children.

Some succeeded and some don't.

Dreamer

*del*

This post has been edited by mrPOTATO: Oct 17 2009, 10:11 PM

Hi ehl,... your question is difficulkt to reply,...depends on where is the U located, what course is being taken, where would the child be staying (eg at the dorm (if can catch a place) or outside the U grounds), etc,.....

Cheah,.... I think Dreamer has some reasons for his ongoing reminders for us,... I will give you a tinkle here : do you know that ALL the top and successful politians in this country have a larger propoertion of their wealth OUTSIDE of Malaysia ? Yeah, they always advocate their love for Malaysia, but somehow their actions are kind of the "opposite".

Even the current PM schools hios chikldren in an international school, so what do you think ?

Perhaps you may ask how would I know ? Well,... I drafted many of their documents,..... for them,....

I know, many can't even afford to pay their utility bills, but I can tell you too that many can actually afford to pay, BUT REFUSED to pay,... 'cos they know they can get away with it,....

I appreciated your opinions too, Cheah,... thank you.

Maybe just based on your intended place, course and accomadation.

u cant really save much if u dun earn much...

Lawyer 1, i agree with u that our top politician may channel out their wealth overseas, this money i believe are somehow maybe illegal money collected from the country. So there is a strong reason for them hiding their illegal income outside the country. The clear example was our ex-MB of Selangor was caught in Sdyney airport holding AUD2.4million cash. But for a legal tax resident like us i dont think we should channel out so much money outside as what dreamer suggested (80-90% of our wealth). I do have some money in overseas too, but not much compare to in M'sia, as i still comfortable to keep big portion of my $ in the country that i live and love.

i always think that it is good to send children to study abroad if the parents are afford to do so, this will broaden their view and knowledge/exposure. I have no objection in doing that, for me 17 years education (up to SPM) in the country is good enuf. I did not get a chance to study abroad but will given the chance to my future kids.

cheahcw2003,

<<i dont think we should channel out so much money outside>>

This is based on what kind of reasoning?? I had stated mine.

A) I BELIEVE Malaysia's economy is heading to a crash over the next few years and may NEVER recover. It is NOT SAFE to keep money in Malaysia.

B) My children are going oversea for education. That is the LARGEST PORTION of expense that I will have in future. I do not have any more large expense in Malaysia. To protect against FOREX risk, my money need to be in oversea.

C) I am boycotting Malaysia because of NEP. I have a CHOICE and I choose to make a stand. I refuse to invest on companies that are 90+%. I refuse to invest on companies that forced my friends and families out of the employment and business over the last 30+ years.

Dreamer

Paper money is just a paper supported by the nation with its resources.

If you do worry about paper money value, you have to hold gold. (accepted worldwide).

Scary to say that our economy will crash.

is this a statement or your comment on what Dreamer said?

A comment on Dreamer statement

Cheah,... thank you again,... yes, one reason is because of ill-gotten gains. I know of another reason : these so-called people who are "loyal to the country ALSO think the outside is safer then inside Malaysia", thus if these people are also thinking of the safety of their money, and think that it is still safer outside, what about us ?

Dreamer, exactly my thought (words in red),... that's why I am taking the action to migrate overseas first.

I understand how you feel about the NEP,... sometimes I feel the same too.

I know what you meant,... thank you.

But I still feel not many men in their forties would advocate doing what I am attempting, especially those men who are currently having a good life, or at least an acceptable life in Malaysia, or for that matter in any home country that they are currently residing in and making a living out of,....

Going overseas to find a job is like starting their life all over again,.... Right ?

What about your circle, do many try to migrate when they are in their forties and have a fanily too ?

Age: 30
Occupation: Self Employed
Marital Status: Not Married no gf (just seperated).
Asset(s):

House (2 stories)-
RM270k and a land (latter to build bungalow)

Car -Gen2

Liability (ies):
Study loan: 50k


Insurance:
Life: RM20k

Investment:
Nil

Cash in hand
RM17k

A) Most gloom and doom prediction never materialise. Based on what do you say Malaysia's economy will CRASH? When you say it is not safe to keep money in Malaysia, you are talking about a total collapse of the financial system here. Why so pessimistic? I THINK Malaysia will be here for many more generations to come.

C) You don't have to boycott by RUNNING AWAY from Malaysia. There are forces at work to counter check the inequality. If we do not achieve equality in our lifetimes, it does not matter. Let our children continue to fight for betterment of the country. However, if you really like to LIVE in another country, by all means do so, but please do not say that you migrate because you BOYCOTT NEP. That is quite CHILDISH.