Age: 33
Occupation: Own Business
Marital Status: Married with2 kids aged 4 and 2
Gross annual income: +-200k

Asset(s):

Properties
1.Own home, market value 1.0m (paid off)
2. House no 2, market valiue 1.0m (380k outstanding)
3. House no 3, market value 600k (150k outstanding)
4. Condo 1, market value 522k, (400k outstanding)
5. Condo 2, market value 760k, (600k outstanding)
6. Condo 3, market value 730k (600k outstanding)
7. Condo 4, market value 580k (370k outstanding)
8. Condo 5, market value 550k (400k outstanding)
8. Shotlot, market value 1.0m (j.v with contractor on my own land so considered paid off) rented for RM3300


EPF 80k have not been contributing for along time already.

Cash in hand 500k

Other misc investments like stocks, funds and so on about +-150k

Liabilities
Wifes car, 150k

Insurance:
Life: RM1.4mil

Ah and yes. my company which I own..... someone offered to buy it from me earlier this year, i asked for 7 mil but they backed down due to insufficient funds but the business and its assets alone are worth atleast 4.5 mil, the premium added because it is a long term and profitable business.


so dear sifus... i also dont know my net worth.

This post has been edited by gooberhock: Sep 13 2013, 11:52 PM

actually its far easier to grow your wealth if u do ur own business. simply because banks are willing to lend to you if your company has a high cash turnover. my company turned over 22mil last yr. and i my relationship manager tells me that the bank will be willing to lend me(me as in individual ah... not my company) upwards of 12mil just from my bank statements alone. ... but do remember. high turn over does not mean high profits. just high liquidity.
started my business 4 yrs ago with help from family.... cash about 400k and borrowed the rest. about 1.6mil. still owe the bank 500k. once that is paid off. my net worth will increase tremendously as i am currently paying about 35k a month just for my business loans and could barely afford the minimum repayment of 15k in the first year of business.
but... let me tell you. i sacrificed 2 years exactly of my life at work, 24,7. I slept in my office and only saw wife n kids once a month as i sent them back to stay with my in laws to that i could focus..... 4 yrs on. i spend less than 2 hours a day in the office.

This post has been edited by gooberhock: Sep 14 2013, 12:05 AM

This post has been edited by gooberhock: Sep 14 2013, 05:45 PM

no problems at all, because i use my company bank statement to apply for loan and since my company turns over just over 20 mil a year. according to the banks calculations, my monthly income is well well over the 6 figure mark. and my income is what i withdraw from my company. the rest is to pay of my company loan. and if u calculate the amount of property financing i have... the monthly installment is already close to 20k......

This post has been edited by gooberhock: Sep 14 2013, 05:48 PM

its a sole prop. so its basically all under my own name would be better if i could buy it under company, but cannot do so becaust it is an enterprise and not sendirian bhd. and i do not see myself as having much success. because there will always be many others far more successful than you . i am just lucky that my business has a high cash turn over, thats all.

sounds simple..... but for me, personally. there are risks involved to change to sdn bhd. i might lose my licenses if i do. because it is heavily governed by govt and they are looking for every excuse to take ur license away.

what 2 do ..... wrong colour

i thought that those were the choices that u guys would come out with. it could also be supplier of controlled items such as sugar, oil , rice and so on... none the less, with all the above are capable of generating such turn over. maybe a bit difficult for money changer. but good guesses. and remarkably. i have friends in all the industries above too.. all money makers and cash cows. but high risk to personal safety due to high cash turn over. so i hope you will forgive me for being anonymous. i did not mean to be a tease but lets just leave it at that.