This thread is for those who has reached the RM 1 million level and have gone ahead to making wise decision (or bad mistakes). Would love to hear your advise and guidance without giving away too much of your unique secrets of course.
A bit of myself. I've been an entrepreneur for almost 10 years. Made a lot of costly mistakes more than half of my business life. However, I suppose after barely surviving through years of being almost bankrupt, I am finally on the right path. Made good partnerships and right investments was definitely key to growing my wealth tremendously.
My current stats is as follows:
- RM 50k fixed monthly income
- Approximate RM 500k to 800k annual profits from businesses
- Personal Expenses of less than RM 6k a month includes food, entertainment and housing. Still single and living alone
- Zero credit card debts, 100k car loan (bought second hand japanese D segment car), 40k personal loan (used as emergency funds to kick start new business venture few years ago)
- No properties owned. Still renting but very cheap at only RM 1.5k monthly
- Cash at hand of over RM1m
Investments:
- Unit trust: RM 25k (I don't quite understand it but invested for the sake of diversity. Went with Public Mutual and selected high performance funds)
- Business Investments: RM 250k (Bought 20 to 30% stakes in a few startup companies. Still waiting for business to mature and grow to breakeven point)
- Stock Market: RM10k in some O&G company since its quite cheap now
From my own profile. I can see that I have been quite frugal in my expenses and focused on wealth generation but I can see that I have been holding too much cash which is not doing anything for the past year. Investing them would definitely be good but I am running out of ideas or options.
By the way, I am 35 years old and still single without any dependencies.
Would love to hear those who has been through this road of entrepreneurship and onwards to growing their wealth further. I think my journey has just started and I need to make the right choices next. It is still possible for me to lose everything within a year. So I am trying to avoid that.
Investments after RM 1 Million, What's next?