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 FI/RE - Financial Independence / Retire Early, Share your experience

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Hansel
post May 5 2019, 02:03 PM

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QUOTE(aspartame @ May 5 2019, 01:36 PM)
Seems like a person need to start from dirt scrap, where relatives are all beggars and broken family , preferable an orphan living in the street for their later successful life to be fully attributed to their efforts alone. By that same yardsticks, warren buffet, bill gates and mark Zuckenberg are all failures.... lol
*
Exactly,... depending on how you measure then, since you uttered the statement "to be FULLY attributed to their efforts ALONE" - how far you need to run and how hard you need to climb to reach the same target as another would then come into the benchmarking.

Yes - Donald Trump is a failure if we are to attribute to efforts ALONE. He knows that too,... that's why he always insisted everywhere that he paid back the USD1Million that his dad loaned to him for some properties that he first started with.

I don't know the history of two of the men you mentioned, but Bill Gates climbed hard too, to first convince IBM World Trade Corporation to accept his Disk Operating System. He did not have much help from his parents, unless you count that shed that he worked in as a big family advantage..

I did say he has his great qualities too, which you may have missed,... biggrin.gif
icemanfx
post May 5 2019, 02:14 PM

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QUOTE(Hansel @ May 5 2019, 02:03 PM)
Exactly,... depending on how you measure then, since you uttered the statement "to be FULLY attributed to their efforts ALONE" - how far you need to run and how hard you need to climb to reach the same target as another would then come into the benchmarking.

Yes - Donald Trump is a failure if we are to attribute to efforts ALONE. He knows that too,... that's why he always insisted everywhere that he paid back the USD1Million that his dad loaned to him for some properties that he first started with.

I don't know the history of two of the men you mentioned, but Bill Gates climbed hard too, to first convince IBM World Trade Corporation to accept his Disk Operating System. He did not have much help from his parents, unless you count that shed that he worked in as a big family advantage..

I did say he has his great qualities too, which you may have missed,...  biggrin.gif
*
Because of bill gates parents, he had access to computer at young age. Hence, we could capitalize on growth on microcomputer.

Dt is a typical New Yorker, talk louder than who he is. After u.s Congress investigation, his fortune will be smaller than claimed.

This post has been edited by icemanfx: May 5 2019, 02:22 PM
Hansel
post May 5 2019, 02:23 PM

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QUOTE(icemanfx @ May 5 2019, 02:14 PM)
Not true, because of bill gates parents, he had access to computer at young age. Hence, we could capitalize on growth on microcomputer.

Dt is a typical New Yorker, talk louder than who he is. After u.s Congress investigation, his fortune will be smaller than claimed.
*
Bill Gates's parents talked abt micro-computers to him when he was young and made that shed for him to fiddle around with computers. Like I said earlier, IF you count that shed that he worked in as a big family advantage, then so be it ! Which you do.

Please read my posting again. So,.. what is not true about what I wrote ??

I'm talking abt how DT started and how far and how hard he had to climb to reach what he has today. Not the future values of his fortune.


icemanfx
post May 5 2019, 02:30 PM

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QUOTE(Hansel @ May 5 2019, 02:23 PM)
Bill Gates's parents talked abt micro-computers to him when he was young and made that shed for him to fiddle around with computers. Like I said earlier, IF you count that shed that he worked in as a big family advantage, then so be it ! Which you do.

Please read my posting again. So,.. what is not true about what I wrote ??

I'm talking abt how DT started and how far and how hard he had to climb to reach what he has today. Not the future values of his fortune.
*
Bill gates parents didn't teach him on micro-computer but their job position allowed bill gates to learn programming on main frame at young stage. Hence, he had advantage over others. There is no doubt he is a entrepreneur.

In this level playing field, those have family background is a advantage e.g grab's founders.

This post has been edited by icemanfx: May 5 2019, 02:34 PM
Hansel
post May 5 2019, 02:34 PM

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QUOTE(icemanfx @ May 5 2019, 02:00 PM)
They became what they are with privilege or advantage few have. Nevertheless, not everyone could take these opportunities.
*
Just wanted to say that I'd agree with this comment very much !

I would also like to add that certain persons with these privileges and advantages took their chances too far by 'gobbling-up' what the law forbids, but ok - this is still under court hearing and not found out to be guilty YET ! If he manages to win this legal fight,... many will want to try what he has done too !
Hansel
post May 5 2019, 02:41 PM

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QUOTE(icemanfx @ May 5 2019, 02:30 PM)
Bill gates parents didn't teach him on micro-computer but their job position allowed bill gates to learn programming on main frame at young stage. Hence, he had advantage over others. There is no doubt he is a entrepreneur.

In this level playing field, those have family background is a advantage e.g grab's founders.
*
Wrong.

He may have learnt varied aspects of the micro-computer at a young age, but his big break came when IBM considered him to write the software to control the IBM PC back in the 70's. He had nothing to do with anything related to the IBM Mainframe, back then known as the System 370. Sure, he may have fiddled with the software and hardware side, BUT his notable achievement that propelled him into when he is today was the DOS - Disk Operating System.

He was never much am entrepreneur nor a businessman. He was more technical. He had the other fella, whose name I couldn't recall as the one who did the business tactics after he secured the DOS rights to run the IBM PC.
icemanfx
post May 5 2019, 03:35 PM

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QUOTE(Hansel @ May 5 2019, 02:41 PM)
Wrong.

He may have learnt varied aspects of the micro-computer at a young age, but his big break came when IBM considered him to write the software to control the IBM PC back in the 70's. He had nothing to do with anything related to the IBM Mainframe, back then known as the System 370. Sure, he may have fiddled with the software and hardware side, BUT his notable achievement that propelled him into when he is today was the DOS - Disk Operating System.

He was never much am entrepreneur nor a businessman. He was more technical. He had the other fella, whose name I couldn't recall as the one who did the business tactics after he secured the DOS rights to run the IBM PC.
*
There are enough books and documentary on bill gates early life. Better to leave it here.

On wealth creation, many lack mentor to guide them on right path. For certain, local education is ill prepared them for the challenge.

This post has been edited by icemanfx: May 5 2019, 03:40 PM
aspartame
post May 5 2019, 03:53 PM

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QUOTE(Hansel @ May 5 2019, 02:03 PM)
Exactly,... depending on how you measure then, since you uttered the statement "to be FULLY attributed to their efforts ALONE" - how far you need to run and how hard you need to climb to reach the same target as another would then come into the benchmarking.

Yes - Donald Trump is a failure if we are to attribute to efforts ALONE. He knows that too,... that's why he always insisted everywhere that he paid back the USD1Million that his dad loaned to him for some properties that he first started with.

I don't know the history of two of the men you mentioned, but Bill Gates climbed hard too, to first convince IBM World Trade Corporation to accept his Disk Operating System. He did not have much help from his parents, unless you count that shed that he worked in as a big family advantage..

I did say he has his great qualities too, which you may have missed,...  biggrin.gif
*
All I am saying is people like to think lesser of the achievements of others if the person seems to be from a good family background. However, aside from coming from a good family and financial background, almost all successful people owe their success to some inborn attributes. In other words, almost all successful people are lucky. They are lucky in the case of

- Warren Buffett ( to be born in the USA instead of African desert(he said that himself ) and to have a well to do stockbroker father and lucky to be under the tutelage of Graham , also lucky to have above average IQ

- chow yun fat ( lucky to be born tall and handsome and have a charismatic smile) with natural talent to act

- Michael Jackson ( natural dancer)

-Mike Tyson (lucky to be with good muscular genes)(though lacking in EQ)

-Li Ka Shing ( lucky to be born with above average iq and EQ and born to be hardworking )... if he was born with gambling gene... he would have been a bankrupt ...yes, I suspect many things are inborn, even gambling addiction .. ha ha

Show me a millionaire and I can show you how he was just lucky.....

One is lucky to be born with good genes and innate ability... just like one is lucky to be born into well to do stable family... or born with tenacious character ...

In other words... everything is fated.

There is no need to be proud of one’s achievements. One should instead be grateful. Think about it... if you are born with lesser than normal IQ... would you have achieved what you have achieved? Are you lucky to be of at least average IQ... you bet ...

Slash21
post May 5 2019, 06:15 PM

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QUOTE(aspartame @ May 5 2019, 03:53 PM)
There is no need to be proud of one’s achievements. One should instead be grateful. Think about it... if you are born with lesser than normal IQ... would you have achieved what you have achieved? Are you lucky to be of at least average IQ... you bet ...
*
Nice quote...
Hansel
post May 5 2019, 09:57 PM

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QUOTE(icemanfx @ May 5 2019, 03:35 PM)
There are enough books and documentary on bill gates early life. Better to leave it here.

On wealth creation, many lack mentor to guide them on right path. For certain, local education is ill prepared them for the challenge.
*
QUOTE(aspartame @ May 5 2019, 03:53 PM)
All I am saying is people like to think lesser of the achievements of others if the person seems to be from a good family background. However, aside from coming from a good family and financial background, almost all successful people owe their success to some inborn attributes. In other words, almost all successful people are lucky. They are lucky in the case of

- Warren Buffett ( to be born in the USA instead of African desert(he said that himself ) and to have a well to do stockbroker father and lucky to be under the tutelage of Graham , also lucky to have above average IQ

- chow yun fat ( lucky to be born tall and handsome and have a charismatic smile) with natural talent to act

- Michael Jackson ( natural dancer)

-Mike Tyson (lucky to be with good muscular genes)(though lacking in EQ)

-Li Ka Shing ( lucky to be born with above average iq and EQ and born to be hardworking )... if he was born with gambling gene... he would have been a bankrupt ...yes, I suspect many things are inborn, even gambling addiction .. ha ha

Show me a millionaire and I can show you how he was just lucky.....

One is lucky to be born with good genes and innate ability... just like one is lucky to be born into well to do stable family... or born with tenacious character ...

In other words... everything is fated.

There is no need to be proud of one’s achievements. One should instead be grateful. Think about it... if you are born with lesser than normal IQ... would you have achieved what you have achieved? Are you lucky to be of at least average IQ... you bet ...
*
Ok,... appreciated your comments, bros,.. and the time and effort taken to write this, bro aspartame... thank you,...
speedfamgirl
post May 6 2019, 03:39 AM

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Hi all,
I've been reading this thread from front to back & wow now i feel a bit intimidated.. Perhaps unsure if i will managed to pull this sooner. Worst come to worst im going to quit my job by 40 or get fired, whichever comes first.

I have been toying with this idea for the past 5 years after experiencing some unfortunate things in my job that makes everything seems so bleak now...

Since last 2 years ive been diligently investing about 65% of take home pay & looking forward to max my asb 2 capital by end of 2020. asb1 has been full a few years back, now piling all the dividends. My risk appetite in investing is very conservative, no extra props except current house which im staying. Besides i prefer liquid cash. Monthly fixed expenses incl mortgage, phone/internet bills & insurance about 2300 currently.

The asx dividends barely breakeven now for my expenses, just hoping asx will continue to give total 12% combined if i want to have the 'dont give a fck' mindset & do bare minimum at work.

Alas, if i dont care about all the things i would quit long time ago! But keep telling myself this is the best job i can get atm, and i cant be bothered to work under people again. I rather use my own time to make something more meaningful to myself, volunteering at animal shelter/thrift stores & upcycling waste.
Please share some motivation so that i dont do anything stupid in the meantime. Thank you.
SetsunaSoon
post Jul 9 2019, 07:22 PM

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QUOTE(speedfamgirl @ May 6 2019, 03:39 AM)
Hi all,
I've been reading this thread from front to back & wow now i feel a bit intimidated.. Perhaps unsure if i will managed to pull this sooner. Worst come to worst im going to quit my job by 40 or get fired, whichever comes first.

I have been toying with this idea for the past 5 years after experiencing some unfortunate things in my job that makes everything seems so bleak now...

Since last 2 years ive been diligently investing about 65% of take home pay & looking forward to max my asb 2 capital by end of 2020. asb1 has been full a few years back, now piling all the dividends. My risk appetite in investing is very conservative, no extra props except current house which im staying. Besides i prefer liquid cash. Monthly fixed expenses incl mortgage, phone/internet bills & insurance about 2300 currently.

The asx dividends barely breakeven now for my expenses, just hoping asx will continue to give total 12% combined if i want to have the 'dont give a fck' mindset & do bare minimum at work.

Alas, if i dont care about all the things i would quit long time ago! But keep telling myself this is the best job i can get atm, and i cant be bothered to work under people again. I rather use my own time to make something more meaningful to myself, volunteering at animal shelter/thrift stores & upcycling waste.
Please share some motivation so that i dont do anything stupid in the meantime. Thank you.
*
I am in the same situation as you now.
Everything seemed hopeless now after my supervisors told me I am underperforming.

Hansel
post Jul 11 2019, 01:26 PM

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I always thought of this, folks,... we have to take care of ourselves,....

Learn investments, know it well,... then you will do what is the bet you can do with your money. Only you can help yourselves best in this situation now.

It is all your choice. You can only depend on yourself,....
SUSBillCollector
post Jul 23 2019, 10:58 PM

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Retiring early isn't something I'm striving for as I always believe the idea of retiring early are for those that generally don't enjoy what they do for a living or simply do it just for the paycheck.

I do seek for financial freedom and independence though. It has been something I've looked at and planned for a long time. Past history made me realize without money and financial independence any dream you have can evaporate in front of your eyes.

This was further reinforced when I was about to get married. My financial freedoms meant I had control over what I wanted to do and I did not need to dance to the tune of my now out-laws. I also realized with financial freedom I could follow any decisions based upon conscience and convictions I did not need to do something I did not want because my paycheck depended upon it.

How I seek financial independence? Quite simple, I buy assets that generate passive income.

I am not that big into trusting other people with my money as I've had too many bad experiences and for the most part I feel passive income for financial independence should come from sources that are very secure and safe.

My asset of choice is real estate, I used to buy stocks and bonds but now not any longer as you have to have too much faith in the system and quite easy to lose it all. The other aspect to it is unlike real estate you do fundamentally own something and nothing beats the security of it.

I have 2 types of real estate investments. The first kind is what most people do, but on the bargain and rent it out. I only buy certain types of real estates in Malaysia, namely landed, freehold and in mature or maturing areas. I usually buy something off auctions or I look for houses in need of TLC to buy on the cheap. Fix it and rent it out. Most of my properties are rented by American expatriates.

The other kind of real estate investment I do is I have a partnership with 3 other persons, a lawyer, a contractor and a real estate agent. We look for landed houses that are run down, derelict or ugly. Renovate it and sell it. Each of us contribute 25% of the cost and when it is sold the profit is shared out in the same way too. Our aim is to find a basic unit house that is worth RM1,000,000 and try to buy it for RM750,000 then spend around RM250-300,000 on renovations and finally sell it for RMRM1,250,000 or more. We try to do 2-4 of such projects each year and it is what we enjoy doing as a team, do we do it for the money? Our lawyer partner does but it indirectly helps him gain more clients. Our contractor each time we have a project he usually gains 2-5 more projects within the same neighborhood because someone saw the work he was doing and was impressed with it.

Savings is something I practice, I have a very simple way of looking at it. Primary job income when I get my salary, 10% goes for tithes, 20% gets saved in a separate account, the rest is what I live off and spend. Profits or returns from investments I tithe 15% of it and save 35% and every 4 months I keep 3 months expenses and the rest I put it in FDs till I collect enough for my next real estate purchase.

Here are the reasons for my quests for financial independence and freedom? The answer to this would go back to the past.
» Click to show Spoiler - click again to hide... «


I must say lessons in life I've always found are you are the master of your own destiny and if someone has to rely on you make sure you don't disappoint them however never put yourself in a situation that you must rely on someone.

Regrets in life? I have none.

Would I be retiring anytime soon? Nah.


QUOTE(Garysydney @ Jan 24 2019, 11:42 AM)
You probably want to aim for a higher passive income before you stop working - the last thing you want to happen after you have stopped working (esp if you are over 50) is having to start working again due to you getting your financial plans wrong.
*
Just letting you know that I was following this topic and loved the contributions you have made. But oh dear you did mention some too familiar names. Small world but best to let bygones be bygones.
TSmeonkutu11
post Jul 24 2019, 01:04 AM

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QUOTE(BillCollector @ Jul 23 2019, 10:58 PM)
Retiring early isn't something I'm striving for as I always believe the idea of retiring early are for those that generally don't enjoy what they do for a living or simply do it just for the paycheck.

I do seek for financial freedom and independence though. It has been something I've looked at and planned for a long time. Past history made me realize without money and financial independence any dream you have can evaporate in front of your eyes.

This was further reinforced when I was about to get married. My financial freedoms meant I had control over what I wanted to do and I did not need to dance to the tune of  my now out-laws. I also realized with financial freedom I could follow any decisions based upon conscience and convictions I did not need to do something I did not want because my paycheck depended upon it.

How I seek financial independence? Quite simple, I buy assets that generate passive income.

I am not that big into trusting other people with my money as I've had too many bad experiences and for the most part I feel passive income for financial independence should come from sources that are very secure and safe.

My asset of choice is real estate, I used to buy stocks and bonds but now not any longer as you have to have too much faith in the system and quite easy to lose it all. The other aspect to it is unlike real estate you do fundamentally own something and nothing beats the security of it.

I have 2 types of real estate investments. The first kind is what most people do, but on the bargain and rent it out. I only buy certain types of real estates in Malaysia, namely landed, freehold and in mature or maturing areas. I usually buy something off auctions or I look for houses in need of TLC to buy on the cheap. Fix it and rent it out. Most of my properties are rented by American expatriates.

The other kind of real estate investment I do is I have a partnership with 3 other persons, a lawyer, a contractor and a real estate agent. We look for landed houses that are run down, derelict or ugly. Renovate it and sell it. Each of us contribute 25% of the cost and when it is sold the profit is shared out in the same way too. Our aim is to find a basic unit house that is worth RM1,000,000 and try to buy it for RM750,000 then spend around RM250-300,000 on renovations and finally sell it for RMRM1,250,000 or more. We try to do 2-4 of such projects each year and it is what we enjoy doing as a team, do we do it for the money? Our lawyer partner does but it indirectly helps him gain more clients. Our contractor each time we have a project he usually gains 2-5 more projects within the same neighborhood because someone saw the work he was doing and was impressed with it.

Savings is something I practice, I have a very simple way of looking at it. Primary job income when I get my salary, 10% goes for tithes, 20% gets saved in a separate account, the rest is what I live off and spend. Profits or returns from investments I tithe 15% of it and save 35% and every 4 months I keep 3 months expenses and the rest I put it in FDs till I collect enough for my next real estate purchase.

Here are the reasons for my quests for financial independence and freedom? The answer to this would go back to the past.
» Click to show Spoiler - click again to hide... «


I must say lessons in life I've always found are you are the master of your own destiny and if someone has to rely on you make sure you don't disappoint them however never put yourself in a situation that you must rely on someone.

Regrets in life? I have none.

Would I be retiring anytime soon? Nah.
Just letting you know that I was following this topic and loved the contributions you have made. But oh dear you did mention some too familiar names. Small world but best to let bygones be bygones.
*
Thanks for sharing your life journey and your thoughts.
Such an amazing experiences that you have been through.

-CoupeFanatic-
post Jul 24 2019, 03:54 PM

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Inspiring story, worth the while to read it all.
johnnyzai89
post Jul 24 2019, 11:42 PM

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Interesting thread.. just happy to see so many people aware of this and want to do this smile.gif
Garysydney
post Jul 25 2019, 08:52 AM

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QUOTE(BillCollector @ Jul 23 2019, 10:58 PM)
Just letting you know that I was following this topic and loved the contributions you have made. But oh dear you did mention some too familiar names. Small world but best to let bygones be bygones.
*
I have revealed too much of my personal life so i am keeping a much lower profile now in LYN -someone may read this in future and know me esp when i go back to retire. Not very nice people know so much about your background esp there are things that you do not wish to disclose.
cynthusc
post Jul 25 2019, 01:11 PM

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Loving all the stories here. I am FI but not planning to RE. I am probably semi retired now. I go to the office around 11 and work about 2-3 hours. I stay in the office until 4 or 5 but just surf the net, read story books and sometimes watch some movies. I don't work on Sat or Sun. There are times when I have to work harder...maybe pull an all nighter but it is pretty rare...maybe once every 2 to 3 months.

I am 43 and a single mom. My daughter is 17 and just entered college on a scholarship.
When I was 19 I left home to enter a local university. Although I was offered several overseas scholarships I could not take the offer as my parents were not willing to subsidise my living expenses in UK although they could afford it. I could have worked and studied at the same time but during that time at the age of 19 I was scared to go to UK alone and was really clueless. HAHAHA.

So anyway I left home and stayed in a hostel that was crowded and more like a elevated version of a prison cell. 8 to a room. During my four years of studies I did well and the university sent me overseas for competitions. As it was a local university and I was not a bumi, I was not qualified for JPA or MARA scholarship and many of the private company scholarships at that time had a 2 year bond attached to the award. So I just hustled and got paid to do assignments for my uni mates. Paid my own way through university.

When I left university I got a high paying job immediately but being young and stupid I fell in love and got married at 25. By 26 I had my daughter and 10 months later I was divorced. At the time of my divorce my ex left me with no money and a car debt as he bought a car in my name.

Since I was 26 and had a young mouth to feed, I guess survival instincts kicked in. I then started working in 3 different companies before I left and started my own business 12 years ago. I started my business because I wanted more time with my daughter and I wanted flexibility as I had no help from my family or my ex. I was totally on my own.

Currently my business has 5 full time employees and two part timers and my income has doubled from last year. My income is approximately 600K per year after expenses. My passive income is about RM20K per month and will probably increase because I am still earning and saving.

Most of my passive income comes from FD and share dividends. The rest from the rental of 2 properties (only 20%).

I am not a miserly person but I am quite frugal in my daily expenses. I eat at home quite a bit because I find home cooked food healthier and I love cooking. Recently due to the increase in my earnings, I have loosen the purse strings a little and bought a 200K car. I have also increased my travelling because that is the only thing I like. I usually travel 3-4 times a year but now I travel business class. The car and some of the travelling is paid by my company as an expense.

As my daughter is on scholarship I don't really need to support my daughter that much. She gets a RM500 per month allowance from me and yet she hardly spends it. She is an amazing person and we have a very close relationship.

johnnyzai89
post Jul 25 2019, 01:42 PM

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QUOTE(cynthusc @ Jul 25 2019, 02:11 PM)
Loving all the stories here. I am FI but not planning to RE. I am probably semi retired now. I go to the office around 11 and work about 2-3 hours. I stay in the office until 4 or 5 but just surf the net, read story books and sometimes watch some movies. I don't work on Sat or Sun.  There are times when I have to work harder...maybe pull an all nighter but it is pretty rare...maybe once every 2 to 3 months.

I am 43 and a single mom. My daughter is 17 and just entered college on a scholarship.
When I was 19 I left home to enter a local university. Although I was offered several overseas scholarships I could not take the offer as my parents were not willing to subsidise my living expenses in UK although they could afford it.  I could have worked and studied at the same time but during that time at the age of 19 I was scared to go to UK alone and was really clueless. HAHAHA.

So anyway I left home and stayed in a hostel  that was crowded and more like a elevated version of a prison cell. 8 to a room. During my four years of studies I did well and the university sent me overseas for competitions. As it was a local university and I was not a bumi, I was not qualified for JPA or MARA scholarship and many of the private company scholarships at that time had a 2 year bond attached to the award. So I just hustled and got paid to do assignments for my uni mates. Paid my own way through university.

When I left university I got a high paying job immediately but being young and stupid I fell in love and got married at 25. By 26 I had my daughter and 10 months later I was divorced. At the time of my divorce my ex left me with no money and a car debt as he bought a car in my name.

Since I was 26 and had a young mouth to feed, I guess survival instincts kicked in. I then started working in 3 different companies before I left and started my own business 12 years ago.  I started my business because I wanted more time with my daughter and I wanted flexibility as I had no help from my family or my ex. I was totally on my own.

Currently my business has 5 full time employees  and two part timers and my income has doubled from last year. My income is approximately 600K per year after expenses. My passive income is about RM20K per month and will probably increase  because I am still earning and saving.

Most of my passive income comes from FD and share dividends. The rest from the rental of 2 properties (only 20%).

I am not a miserly person but I am quite frugal in my daily expenses. I eat at home quite a bit because I find home cooked food healthier and I love cooking.  Recently due to the increase in my earnings, I have loosen the purse strings a little and bought a 200K car. I have also increased my travelling because that is the only thing I like. I usually travel 3-4 times a year but now I travel business class. The car and some of the travelling is paid by my company as an expense.

As my daughter is on scholarship I don't really need to support my daughter that much. She gets a RM500 per month allowance from me and yet she hardly spends it.  She is an amazing person and we have a very close relationship.
*
very very nice! proud of you! smile.gif

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