start riding motobike to work!

Very good thread, i bookmark this thread 1st, will read thru later when got time

yes, if you want to be just average like everyone else, you will not become rich.

when i do things, i ask myself, is it financially smart to do this? and is it worth it?

do you really need to drink premium coffee aka coffeebean? or eat at steak restaurants, smoke, drink, go clubbing often or buy that fancy branded shirt?

want to be above average comes with a sacrifice.

i dont think setting average as a goal of life is a good thing. always set more then what you can afford/want. its better.

Dreamer,

let's not make this an argument. i'm in the financial industry myself, i know best about savings and investment. when there's no savings, we can hardly talk about investment. when we talk about investment, it depands on how much fund is available. as u quoted that some ppl can save 50 - 75% of their salary, no doubt it's something to be proud of. it's even greater if that same percentage applied on a higher income bracket. from the beginning i was suggesting as well as encouraging ppl to jump out from the comfort zone and try something else. u have a different opinion? or u just disagree with my statement?
i do read some books occasionaly. they do give me a lot of tips and ideas. but to apply the tecniques, we must blend it into our malaysian economy as well as the culture. everybody knows, it's a banana republic... the rich will be richer and the poor will be poorer. that doesnt mean that the poor cant be rich one day. as i know many of the riches were once very poor. the key point is... how and how soon? what kind of vehicle should be used... it's definately not an overnight thing.

i just save rm1400-1500 out of rm3000 every month....its a very good save tat i can put in bank so far....hopes its a good saving/investment

OT: huakenny you are in the avatar? wow, you look like gangster taiko.

huh....im just one of the trader in LYN n yet still study

big size ma..so ma looks like taiko lo

It is all about saving first. Without saving, you don't have the initial capital to do investment or businesses even banks are reluctant to lend your money even your have great ideal. When you have enough saving and initial capital then rolling effect/compounding return on your investment/businesses will have significant effect that make one become wealthy and richer. Although not all businesses/investment surely success but you need to start the first step aka saving at the beginning.

If every month struggling to pay the car loan causing no saving then what's wrong if taking motobike?

Life is about yourself not to show off to other people for 'face.'

This post has been edited by cherroy: Jul 22 2007, 06:41 PM

yC-,

1) In order for you to advice people to jump out of their box, you need to be out of the box too. You are giving the same standard advice. It is HARDLY out of the box.

<< i'm in the financial industry myself>>

2) There are TOO MANY sales persons out there encouraging people to take risk so that they can collect large fee and commission. I hope you are not another one of those.

<<i know best about savings and investment.>>

3) LOL. So far, you posts do not show that.

4) How much can you trust a person that is TOO LAZY to capitalize their words properly??

Dreamer

what is the definition of average you guys are referring to? Is it the type of eateries people go to, the brand of clotheswear people choose, the kind of car we drive? Some people think owning a kancil is average, but to some people, having a Toyota vios or something is average?

dreamer, oh yes i did made suggestions, asking ppl to walk out from the comfort zone if they wish to earn more money if they are not happy with what they are earning right now. that doesn't apply to everyone. it seems that you do like to make evaluation on people. dont you? i have asked you for suggestions and opinion on my previous post didn't i? well, if it's the grammer only capitalized words that you can only comment on, i should appologize. that i'm poor in english command and grammer. i did not start this topic, i tried to make some suggestions, a post like that might only take 10 to 12 min max of your time? it's almost double for me, just to put everything in words. i appologize if i have offended you in any ways. i dont expect you to trust me, nor judging me based on nothing you know about me. i wish u all the best in the things you do

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Added on July 22, 2007, 10:54 pmhuakenny,
that's definately a fantastic saving habit you have there. keep it up and keep the money close to you

This post has been edited by -yC-: Jul 22 2007, 10:54 PM

sharesa,

The answer is VERY SIMPLE. Let's say most of your co-workers that at your earning level drive a 50K car and you drove a 50K car, you are being average. To be below average, you have to drive a 30K or below car.

When I was a manager, I drove a cheaper car and live in a cheaper house than all other managers. That is below average.

<<dreamer, oh yes i did made suggestions, asking ppl to walk out from the comfort zone if they wish to earn more money if they are not happy with what they are earning right now. that doesn't apply to everyone. it seems that you do like to make evaluation on people. dont you? i have asked you for suggestions and opinion on my previous post didn't i? well, if it's the grammer only capitalized words that you can only comment on, i should appologize. that i'm poor in english command and grammer. i did not start this topic, i tried to make some suggestions, a post like that might only take 10 to 12 min max of your time? it's almost double for me, just to put everything in words. i appologize if i have offended you in any ways. i dont expect you to trust me, nor judging me based on nothing you know about me. i wish u all the best in the things you do>>

Dreamer, oh yes I did made suggestion, asking people to walk out from the comfort zone if they wish to earn more money if they are not happy with what they are earning right now. That doesn't apply to everyone. It seems that you do like to make evaluation on people. Don't you? I have asked you for suggestions and opinion on my previous post didn't I? Well, if it's the grammer only capitalized words....

See above..

1) You want people to read and respect your post. But, you could not bother to type properly. What that say about you?? It has nothing to do with grammar. Do you know how to use the shift key on the keyboard?

2) Earning is NOT problem. Most people over-spend what they earn and save nothing. When they earn more and they spend even more. So, they could never be rich. Saving is the MOST common problem.

3) Your perpetuated the myth that in most cases, a person is poor because they do not earn enough money.

Dreamer

This post has been edited by dreamer101: Jul 22 2007, 11:21 PM

i read a book long time ago...it just a very simple to get rich

either u earn more or u use less.....definately u can save more wit this

for me, i would think about how the money is being spent. average people want to lead a happy, carefree life. they graduate, get a job and start to accumulate debt. credit cards, cars, house. while going through their adulthood, they spend regardlessly. eg, excessive spending on smoking, drinking, clubbing etc (peer pressure also has it's play) then they tell you to postpone that gathering plan until she/he gets the paycheck. how many people like these do you know? then comes along marriage, honeymoon, kids and more fees. they would probably end up being in debt until their old age.


my peers graduated, got a job and bought a car and gave the downpayment for a house. they smoke, flirt with girls and do not how to do tax planning (how many people do you know are like this?). while i graduated, self employed work at home, owning business thats giving passive income, travel by public transport, know investments and have them, and do not need to pay tax.

it all falls down to one simple rule - is it financially smart to do this? and is it worth it?

eg, is it worth your RM200 for that nike tshirt? or is it smart to buy and wear a RM3,000 watch?


if you see, many rich towkeys wear just like common people or just with a singlet, short pants and slippers. while many people who wear nice watches, shirts and holding brief cases are penniless.

everyone's opinion about what is average may not be the same due to factors such as income bracket, responsibilities, etc. buying a cheaper car or living in a cheaper house does not ultimately make you above average (by being below average). it's only about one and only thing - financial mentality. your financial mentality must be better than an average person. do you want to follow the flow (follow the average people) or do you want to make sacrifices to win in the end?

This post has been edited by 1stLaksamana: Jul 23 2007, 02:36 AM

1).if Bill Gates is your house mate and he counted every single cent with you, how would you feel as his house mate?

2).if everyone want to get out of the 9-5 job and want to become boss, who want to work for you?

3).what is the meaning of getting loads of money? is it for a good retirement? so you can enjoy life? is it worthwhile to spend 45 years to work work work and spend less than 10 years to enjoy? what is the true meaning of enjoying life? is it getting a big house and fast car? or is it spending quality time with your family and kids?

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Added on July 23, 2007, 4:16 ami know these questions sounds naive, but the only answer i can get is "depends".

This post has been edited by ah_suknat: Jul 23 2007, 04:16 AM

Please note that an average Msian household makes around RM 3k/month. Many can't even afford an adequate insurance for family, it's really not easy for them to save money for investment. Not totally impossible, just a very tough thing to do, especially for those with several kids in schools. Car is a neccesity for most people in Msia as our transportation system sucks. Do you think the parents earning 3k/month could even save 20% of their income when they own a car (lets just use a 30k car) + a house (say a 100k apartment) + need to pay for kids education ?

ejleemy,

<<Do you think the parents earning 3k/month could even save 20% of their income when they own a car (lets just use a 30k car) + a house (say a 100k apartment) + need to pay for kids education ?>>

I know one family first hand.

A) Own 2 houses

B) Never own a car. Only a motorbike

C) Send two kids to USA for oversea education

D) Never earn more than 2K per month.

You must be in a younger generation. Most people in my generation saves 50% of their income regardless of how little that they earn.

Dreamer

This post has been edited by dreamer101: Jul 23 2007, 09:37 AM

I really admire those earning just 2K income and manage to save 75%. I wonder how they do it? Do they need to pay back the study loan? They are not giving a portion of the money to their parents? Rent? And the list go on

Im not saying its not possible. A minority group of people who is willing to sacrifice managed to do that. But in today's society, a typical Msian can't.

Btw, how long ago did ur friend who made 2k manage to do that ? A 2k income 20 years ago is A LOT more than a 3k income today.