woah...such young age and have such net worth. Oh well, i'm all by my own. Grad 3 years ago

age: 26
job: Design engineer
single no GF (just broke up)
take home pay: 2.7k

House + expenses = 1.4k
CC bill = ~300

House = none
Car= old proton (the only gift my dad gave me when i grad so no loan)

Cash in bank = ~5k
Insurance = paying 2.4k per year. (Medical card with investment link)

I know at such age i have nothing but I'm trying hard to make some passive income. Hence, my CC bills every month. I keep failing but i nvr give up and stand up and keep going. I believe this year i'll be able to generate some passive income.

But one thing, i wonder why some of you call your house an asset if you still paying the loan to your bank? I mean if you need to pay let's say 1k to the bank every month and your rental is 500. So means the house become your temporary liability, right? It becomes asset when it generate passive income for you.

I don't know whether what I think is right or wrong but I'm going to generate some passive income and make sure that I am able to cover my house loan using the rental and passive income, then i'll get my property. Hmm.....

anyone, enlighten me, please?

I remember my dad once told me when we were smoking together outside the house

"Son, you are on your own now. Your dad don't have any money to support you and don't have anything to give u. If you want something, earn it. As long as don't do anything illegal"

Oh well. I'm working hard working hard....


This post has been edited by playerseeker: Feb 7 2011, 08:01 PM

i can get bank loan but my principle is that my rental have to same or more than the amount i'm paying bank. Or any of you have better idea? Moreover, my cash in hand is little and I doubt I have the cash money to pay for the 10% and legal fee if I were to buy a property worth let's say 200k above...

now am trying to venture into small online business to generate some passive income tho. Failed few times and now I'm investing into another small online business which I can see that it's a special concept and good opportunity for me.

I'm thinking of other investment tho...such as burger stall or waffle stall or the water vending machine? But anyhow, see how. It's kinda hard for me to go into property especially i'm on my own now. . how i wish my dad can help me on the downpayment side...

Oh well, I'm quite gladful on that as my dad was a pensioner so he has his own pension. he told me that I don't have to worry about him and my mum's financially but just that his pension is cukup makan only. So I'm on my own to make my own money as he won't be supporting me financially. But maybe mentally. Anyhow, I stay with them so I still contribute to the house as the responsibility of a son.

I always tell myself I'm lucky and also do not compete with others on anything. I just compete with myself and set my own goal and go for it.

Anyway, I do hope am able to increase my net worth by this year end. I'm planning to have 2 passive income at least this year.

Hi anangryorc,

Dun doubt that 5k cant start anything. Try to be creative, some business do not need such big amount of money to start up. But of course, it depends on your business expectation. As people say, small got small way, big got big way.

Guess what, I'm starting little business of mine for a mere rm300. You might ask is that possible, trust me, it is possible. Slowly grow your business but the most importantly is to create a cash flow 1st and to take the 1st step. And don't be greedy and be realistic on your goal.That's what you need. Business doesn't mean you need 100k or 200k to start up. . Like one of the forumer here said before, it's creativity that conquer the market now. .

I wish you luck and think hard of what business or investment you can venture in instead of having doubt about your fund.

p/s: I wish I have 5k to start with the business.

Oh well, sometime i'm quite surprise too. With our high cost of living, people still can live with such small salary. But maybe it's the lifestyle we need to change accordingly to the income we take...

But somehow at some point, I think the living cost of our country is doing us a favour. As we are force to bring out our ability to get better and improve. Imagine if everyone of us here is taking high salary, we'll turn lazy and become less innovative and creative. Hmmm

Wee,

why not take sometime to think how to improve your cash flow? this forum has alot of suggestion for you to consider

but i do agree with rakyat. Pay off your credit card debt. Then make some agreement with your gf. maybe she starts to pay half, you pay half. to improve your cashflow. you gotta do something, if not you'll continue trapped in it.

i'm thinking what you mean by unstable job? you mean the salary is unstable or the job is unstable? I do believe if your gf is starting to draw salary, she should contribute to the car loan. Personally, I cannot brain that wait till her job to stable then only repay back. I mean if she suddenly has a huge debt to settle then I can understand. But job unstability is what? Hmmm....A-A system is a must even you're married. Just occasionally you pay la.

yep....car loan is evil, that is why faster settle car loan 1st