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 How to save a RM1million in the shortest time, Need advice

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wodenus
post Apr 11 2014, 02:43 PM

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QUOTE(shootingstars83 @ Apr 11 2014, 12:20 PM)
I did try although perhaps not enough times. In the end I have to do everything myself. It's really hard to get good helpers these days. sweat.gif
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True but you have to do it anyway.. people are not standing still, they will see your success, and then they will come up with a plan that can do what you do and better and cheaper, and then where will you be smile.gif unless you have a monopoly (and you probably don't) you just have to improve or you will end up losing your business.

Case in point -- there's one mamak restaurant in a small office block nearby. It's the only mamak restaurant, and it's been doing well, good food and everything, for years. Then an office tower is built nearby, and someone opens a mamak stall in the food court there. They have air-conditioning and a ton of staff. As a result, everyone can eat quickly and in comfort.

Now the owners of the small office block are going to sell it off and everyone has to close or move. If they'd expanded to the tower's food court when it was first built, they wouldn't be having to close now.


Gary1981
post Apr 11 2014, 04:57 PM

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QUOTE(shootingstars83 @ Apr 10 2014, 08:29 PM)
Hi there,

I would like to know what is the shortest time to save RM1million. Let me give you a slight background of myself. Below are my monthly expenses.

Income - MYR10,000.00
Expenses - MYR5,000.00 (a rough figure)

Emergency Savings - MYR30,000.00 (Fixed Deposit)

Can someone give a rough idea on what to do next? Thanks.
*
IMO,

Increase your business income. Set a 5 years target. I presume ur existing biz income is RM120k/annum, double up 2nd year, 3x in 3rd year and so on. Biz need cash, and I will not advice to invest in others yet.



TSshootingstars83
post Apr 11 2014, 05:39 PM

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QUOTE(wodenus @ Apr 11 2014, 02:43 PM)
True but you have to do it anyway.. people are not standing still, they will see your success, and then they will come up with a plan that can do what you do and better and cheaper, and then where will you be smile.gif unless you have a monopoly (and you probably don't) you just have to improve or you will end up losing your business.

Case in point -- there's one mamak restaurant in a small office block nearby. It's the only mamak restaurant, and it's been doing well, good food and everything, for years. Then an office tower is built nearby, and someone opens a mamak stall in the food court there. They have air-conditioning and a ton of staff. As a result, everyone can eat quickly and in comfort.

Now the owners of the small office block are going to sell it off and everyone has to close or move. If they'd expanded to the tower's food court when it was first built, they wouldn't be having to close now.
*
Thanks for the story and the advice. I should really start thinking on how to expand my business then.

QUOTE(Gary1981 @ Apr 11 2014, 04:57 PM)
IMO,

Increase your business income. Set a 5 years target. I presume ur existing biz income is RM120k/annum, double up 2nd year, 3x in 3rd year and so on. Biz need cash, and I will not advice to invest in others yet.
*
So I guess I should be saving to expand my business instead of for investment.

Seeing from all the response here, it seems that if I keep saving my money in fixed deposit or other investment that returns me an average of 7% per year, it will take me about 10 - 12 years to reach my first million. However if I do expand my business and IF business is good, it will take me a shorter period of time.
davinz18
post Apr 11 2014, 05:48 PM

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QUOTE(shootingstars83 @ Apr 11 2014, 05:39 PM)
Thanks for the story and the advice. I should really start thinking on how to expand my business then.
So I guess I should be saving to expand my business instead of for investment.

Seeing from all the response here, it seems that if I keep saving my money in fixed deposit or other investment that returns me an average of 7% per year, it will take me about 10 - 12 years to reach my first million. However if I do expand my business and IF business is good, it will take me a shorter period of time.
*
yup, shorter period if reinvest the money on your biz & if u can make the biz better icon_rolleyes.gif
TurboEng
post Apr 11 2014, 06:09 PM

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1 suggestion here, you can reduce your expenses thn you will be able to save more money and put in Fd or any investment to double your savings.
Showtime747
post Apr 11 2014, 06:21 PM

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Ts, you are doing great ! Consider all the comments here and implement those that suits you. I just have a 2 sen comment - be patient. Wealth does not come overnight. When your direction is right, you will be there eventually
TSshootingstars83
post Apr 11 2014, 06:41 PM

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QUOTE(TurboEng @ Apr 11 2014, 06:09 PM)
1 suggestion here, you can reduce your expenses thn you will be able to save more money and put in Fd or any investment to double your savings.
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I've tried reviewing my expenses but I can't seem to cut it down any lower. blush.gif

QUOTE(Showtime747 @ Apr 11 2014, 06:21 PM)
Ts, you are doing great ! Consider all the comments here and implement those that suits you. I just have a 2 sen comment - be patient. Wealth does not come overnight. When your direction is right, you will be there eventually
*
Thanks for the encouragement. I really appreciate it. I am very careful in being patient as well as doing something about it. smile.gif
Hansel
post Apr 13 2014, 09:23 PM

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Do wht uou like to do. If you lke to invst, thn invst. If you like wrking hard, thn expnd your bsiness. But you mst be able to manage you time well among all your sourcs of incme.
TSshootingstars83
post Apr 13 2014, 10:20 PM

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QUOTE(Hansel @ Apr 13 2014, 09:23 PM)
Do wht uou like to do. If you lke to invst, thn invst. If you like wrking hard, thn expnd your bsiness. But you mst be able to manage you time well among all your sourcs of incme.
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Thanks Hansel for the advice. I will do my best in my decision. blush.gif
suadrif
post Apr 14 2014, 12:20 PM

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tips of funding, business is always give higher ROI compared to investment.

wongmunkeong
post Apr 14 2014, 12:50 PM

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QUOTE(shootingstars83 @ Apr 13 2014, 10:20 PM)
Thanks Hansel for the advice. I will do my best in my decision.  blush.gif
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also have in mind - having 6 sources of ACTIVE income may kill a person in the long run sweat.gif
heck, i'm just having 2 and i'm already caffeine-powered on most days cry.gif

IMHO - best to have several PASSIVE or just semi-active income, not several ACTIVE ones unless one is iron-man (er. no, not the Marvel fler tongue.gif)

This post has been edited by wongmunkeong: Apr 14 2014, 12:51 PM
dsmndlw
post Apr 14 2014, 01:01 PM

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May I know what is the reason that makes you want to save 1 million? What is your objective/purpose for this one million?

TSshootingstars83
post Apr 14 2014, 08:18 PM

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QUOTE(suadrif @ Apr 14 2014, 12:20 PM)
tips of funding, business is always give higher ROI compared to investment.
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QUOTE(wongmunkeong @ Apr 14 2014, 12:50 PM)
also have in mind - having 6 sources of ACTIVE income may kill a person in the long run  sweat.gif
heck, i'm just having 2 and i'm already caffeine-powered on most days  cry.gif

IMHO - best to have several PASSIVE or just semi-active income, not several ACTIVE ones unless one is iron-man (er. no, not the Marvel fler tongue.gif)
*
Thanks, i'll try not to kill myself. laugh.gif

QUOTE(dsmndlw @ Apr 14 2014, 01:01 PM)
May I know what is the reason that makes you want to save 1 million? What is your objective/purpose for this one million?
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Well, because I want to be financially free and not worry about money issues anymore. They say it's the hardest to reach the first million. I'm not sure how true that is. blush.gif The reason why I want it to be the fastest is because I want to be able to enjoy it while I'm still young.
smartinvestor01
post Apr 15 2014, 08:26 AM

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if you looking to expand your net worth, the best bet is still your business..

from the way you write here, it seems that your business is growing well..

why not invest more in your business and expand it..

the returns might even be greater than the investment vehicles in the market..

just my view..
guy3288
post Apr 15 2014, 08:40 AM

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QUOTE(shootingstars83 @ Apr 14 2014, 08:18 PM)
Thanks, i'll try not to kill myself.  laugh.gif
Well, because I want to be financially free and not worry about money issues anymore. They say it's the hardest to reach the first million. I'm not sure how true that is. blush.gif The reason why I want it to be the fastest is because I want to be able to enjoy it while I'm still young.
*
yeah, the FIRST Million takes the longest time, so the hardest to me. After that, the subsequent M will just come rolling in. So it doesn't make sense to think first million is easy subsequent million more difficult to come by....
TSshootingstars83
post Apr 15 2014, 08:53 AM

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QUOTE(smartinvestor01 @ Apr 15 2014, 08:26 AM)
if you looking to expand your net worth, the best bet is still your business..

from the way you write here, it seems that your business is growing well..

why not invest more in your business and expand it..

the returns might even be greater than the investment vehicles in the market..

just my view..
*
I hope you are right smile.gif

QUOTE(guy3288 @ Apr 15 2014, 08:40 AM)
yeah, the FIRST Million takes the longest time, so the hardest to me. After that, the subsequent M will just come rolling in. So it doesn't make sense to think first million is easy subsequent million more difficult to come by....
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have you reach your first million? If yes, do you mind sharing how you got there?
Hansel
post Apr 15 2014, 02:06 PM

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guanteik
post Apr 15 2014, 02:47 PM

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You will need to diversify. Think about instrumentals what earns you 3%, 7%, 12% and 20% annually. That should be able to give you the answer in 10 years time.

Another way is, get an additional job or jobs to make it even faster.
max_cavalera
post Apr 17 2014, 10:00 PM

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QUOTE(shootingstars83 @ Apr 14 2014, 09:18 PM)
Thanks, i'll try not to kill myself.  laugh.gif
Well, because I want to be financially free and not worry about money issues anymore. They say it's the hardest to reach the first million. I'm not sure how true that is. blush.gif The reason why I want it to be the fastest is because I want to be able to enjoy it while I'm still young.
*
stock market...buy shares...or buy property...read some books ...i just learn basic of stock market...buy those book how to make million from stock market by adam khoo....if u can save your own money and have rm100k cash in hand saving...i dont think its that hard for you to achieve it...
drivenheat
post Apr 17 2014, 10:39 PM

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QUOTE(Hapeng @ Apr 11 2014, 08:56 AM)
Earning 10k now is already a great start, and you mentioned you're still young. So why not retain the earnings, reinvest and expand your business? You might be able to double your savings to RM10k a month, better than any 7% return.
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i love this way.. if i lose, i know its my own fault..

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