+1

Instead of earning rm2.8k save here and there for food, why not think of how to earn rm28k or more?. To a certain, I respect few pages how the forumer list down how their food being served with fully utilised the owen.

A question for you all. I have read the last 3 pages with interest on how to cut down expenses to enjoy a higher saved income.

Of course, if I had a higher income, I would have to cut down less expenses. Capish?

So the question is, do you think it is possible for an individual to drive a porsche, drink lattes, go to 3 michelin star restaurants and first class travel while having saved more than you ( 200 000 in your 30s)?

This is not a direct attack. Just a food for thought.

Now if your answer is yes. The following would be then, why aren't you seeking to practice that lifestyle.

If you answer is no. Then you are wrong because there are people living that way. In short, they have more savings than you, but have lived a richer lifestyle than you.

I am not saying eating oatmeal everyday is bad. But a nice brunch consisting of potato cakes with freshly poached eggs cooked by a professional chef which is why we pay services for his years of perfecting the art of cooking is a huge level up. Is cooking at home wrong? Definitely not. But why not get the best of both worlds?

See here is the dilemma.

A person who saves a lot is a slave to his budget. He forgoes the experience of life for his purse. Let's not argue about how you can be a miser while still living rich. Sorry it does not work that way. you can't have your cake and eat it too.

A person who spends a lot is a slave to his lifestyle. Therefore he is always broke and living on a paycheck basis.

There are however a few who can enjoy the savings of the first and the lifestyle of the second. That is who you should aim to be.

I am nowhere near that , but am slowly but surely reaching. My mentor is a real life individual who is 27 years old. Healthy as a horse. Eats 6 meals a day. Enjoys premium cut beef with the highest of wines for dinner. Doesn't have to work until the sun sets. Travels 3 times a year minimum for pleasure, not business.

Also, he has a net worth of at least 15 million. Not including his tangible assets( real estate, etc).
Would you say he has had successful personal financial management? Yes.
Would you say he has a successful lifestyle? Yes.
Would you say he has the best of BOTH worlds-he can eat oatmeal for breakfast and dinner OR japanese cuisine if he wants to? Yes.

There is another way my friends. Saving your hard earned cash is not the only way to successful financial management.

If you answer is no. Then you are wrong because there are people living that way. In short, they have more savings than you, but have lived a richer lifestyle than you.

Perhaps the question you should ask is...how did he accumulate his wealth at 27? What did he do to achieve it? Was it a lottery? Did he start up a business at 15 and grew it into a 15 million dollar company? Did he inherit the money?  Did he buy his ferarri after he acquired his wealth or did he buy it before? Does he really have 15 million or he has leverage 2 million of wealth to hold "15 million in assets".  The point is one has to live within ones means and put aside for the future.  If he earns 5 million a year, of course he can buy a Ferarri and eat food prepared by a professional chef. If he earns 5K per month, are you going to advocate buying a Honda Accord and eating out every day? Personal Finance is all about living within your means! Unfortunately I deal with a lot of bankruptcy cases and auction cases and from what I see....they do not have the $$$ to sustain their lifestyle.  Eg. I just bought a condo by way of auction and looking at the contents of the condo, I can understand why their property is under auction.  Christian Dior handbags (Which I believe cost more than 2K per bag), Dr Dre Beatbox ear phone costing 800 per piece , letters from banks repossessing their Mercedes, every game console under the sun and antique furniture etc etc etc.  I'd rather have cash in the bank, a moderate-frugal lifestyle than go through the humiliation of having some stranger rifle through my "pricey" belongings because I couldn't live within my means.  Unfortunately this sort of lifestyle is so common nowadays. I see it everywhere. From my friends who live in a low cost flat but drive a Honda to one who lives in a medium cost flat, drives a Merc and carries a 7K LV handbag.  These friends have more than once asked me to "advance them money" to tide them over to the next month.  What you see may just be a mirage!

Being born with a silver spoon in the mouth does not equate to hard work and savings. If you have the wealth readily available then by all means spend all you want, you can spend years throwing away your wealth like the multitudes of super rich kids around and never have to worry about money. They have ready capital at their disposal and any investment will be easy to execute.

What you have no silver spoon and no capital to begin with? Then it is not such a clear cut an easy road. Not everyone is cut out to do business in which you need capital to start with. Basically not everyone is as lucky.

The majority of the people is just not as lucky and have to work their way up to gather wealth. In term of savings, while I do not condone these ultra low cost living strategy, they do have their merits. They wish to build up CAPITAL faster so they can invest and generate income so they can get OUT of the rat race sooner. They are doing what they can to build and preserve wealth.

I used to have ultra low cost living for 10 years after graduation so I understand them, even with a generous salary I was living in a low cost house and hardly spend on things.

Car? Company Issue, never bought one before. House? Got investment property in PJ, rented out for 2.5k a month. Where I used to live? In a single story low cost house, which i am renting for RM 400 a month. Debts? Almost none.

I do also go for overseas holiday and enjoy steak dinner at fancy restaurant, while I do indulge a bit. But these are the fruits of my passive income and not on my capital. On the other hand I am ensuring that my capital is continuing to build at a fast pace and hope to completely retire on my passive income by 50.

So no need to equate the have-it's and those who are working hard to reach there. They are a different breed and have different overwhelming needs.

I always get this whenever a person sees another rich person. Must be a rich kid.

Nah, he wasn't a descendant of bill gates. He had 5000 in savings up until he was 25. You have heard of the saying-rags to riches right?

Yes for those with no silver spoon-like me, my housemate, my mentor-all born well not in poverty, but definitely not in luxury , we have to make do with our means. You do not need a lot of capital to start a business. This is a myth.

Luck has nothing to do with it. Luck is preparation meeting opportunity.

Everyone wants to get out of the rat race. I am not saying that is not a noble goal. But there are better ways of doing it. All roads lead to rome.

Then i think you no need to come to the financial management section to post all your 'success' as you have obviously said you have attained. We have nothing more to offer you, since you are already extremely confident to your road to wealth.

Your posting here does not offer any 'advice' whatsoever to attain the success, just bragging rights. Well you have it! 

Good luck and remember to follow what your 'mentor' says... Sayonara!

Tsk tsk, I posted the exact same thing in another forum and a few members asked me how to attain that goal. You can see a whole different response here.

Also, I came here to share and get advice. Noone has asked any advice yet so why post? I have stimulated the advice through my questions on lifestyle and wealth. I am not successful as of yet, far from it as I have said. However the most important is the goal. If I can achieve that reality which people are currently living, why dispose of that for any other lifestyle?

Haha! You said you are not successful yet but you can still 'advice' people to be successful? And you are following your mentor to road of success ? That is really wishful thinking. Well good luck! 

You don't simulate advice by bragging first. It's more like the other way around. Having a good lifestyle does not equal wealth. There are many rags to riches people who I really respect, yet they do not show throw their wealth around some of them have multi billion companies. Sorry, for those even rags to riches and throw their wealth around and then brag, do not garner my respect.

You can choose to be warren buffet who lives frugally.

Or richard branson who buys an island for himself.

Yeah I respect WB, no don't like RB as i think he is brash, obnoxious and crude..

Well again good luck on your journey to wealth, you are more interested with people soliciting you for a 'solution' rather than give genuine advice. Too bad I don't need it as I am comfortable with my wealth. 

For 10K a month, that is already consider the low end of my target. So, sorry not interested. 

You missed the point completely. It was not about their personalities at all.

Yes thanks for the history lesson. Since then I have graduated and have started out independently so yes I do know the real world as you call it.

Personalities and character is what makes a man. Wealth does not. Wealth can be easily built, reputation can shatter with one wrong move.

Back to the silver spoon thingy.... compared those who have no opportunity to study overseas and have to take up massive education loan just to study locally.... what spoon did you think they got? Kayu? Aluminium? Glass?

Also a lot of working people have no choice but have to pay for their parent's and siblings expenses. Did you do that?

There much more to life than wealth.... otherwise the world with turn into one huge materialistic, capitalist mess.

Yeah like my successful mates who had to pay their way through college with a ptpn loan but have achieved great wealth. Yes, there are great wealth builders who have had silver spoons and those with none.

My question is, do you believe a poor person can become wealthy? If your answer is yes then why are we arguing?

Yes there is much more to life than money of course. But we are in the personal financial management so let's stick with the numbers.

Yes a poor man can become wealthy, no doubt about it. But these that really come from rags to riches and not silver spoon to richers and way much more careful in spending their wealth which they get from their blood, sweat and tears.

I am not arguing on the wealth generation, just your view that having wealth must be spent which is way misguided. WB donated 90% of his wealth to charity. Why didn't he buy the entire Ferrari company (he can afford it, heck he can buy all the luxury car company) but choose to give out all his money. His children only got like 5% of his wealth. That speak volumes about his character.

Anyway nice conversation with you but I have to end it now otherwise we are spamming the thread to help others achieve their financial freedom.

I hope you can really achieve your riches and buy several Ferrari's with pretty girls in tow. Good luck!

So basically you disagree on my view that wealth should be spent which was not my view at all.

So the question is, do you think it is possible for an individual to drive a porsche, drink lattes, go to 3 michelin star restaurants and first class travel while having saved more than you ( 200 000 in your 30s)?

I am nowhere near that , but am slowly but surely reaching. My mentor is a real life individual who is 27 years old. Healthy as a horse. Eats 6 meals a day. Enjoys premium cut beef with the highest of wines for dinner. Doesn't have to work until the sun sets. Travels 3 times a year minimum for pleasure, not business.