Tongkat Ali of Life

1. Depends on Yourself 

Never depends on anybody if you want to be financial stable.

Don’t think your parents can help you when you have financial difficulties. 

2. Save Money 

Don’t under estimate how little you save daily or monthly. If you save RM10.00 per day, you will get RM300.00 per month & RM3, 600 per year.  

You can start investing your money as minimum as RM1, 000 to get a better returns (interest).   

If you plan to keep you money in Fixed Deposit, current returns are 3.75% per annum (year). 

Alternative plan is to invest your money in Unit Trust which able to give you an estimate returns of 6 – 8 % per annum. 

Or go in to stock market, which is too risky if you do not experience. 

3. No to Credit Card 

If you have little or do not have any saving at the end of the month make sure that you say no to credit card. 

Even if someone approach you & tell you it is free for life. It’s actually the annual charge is free for life but not what you swipe.

Only apply for credit card if you are able to pay all the debt on time every month or else credit card will charge you a very, very high interest. 

4. Buy things you need, not want 

The differences between need & want: 

Your shoes are thorn, you need to buy a new one or else you can’t go to work. 

You saw a new branded shoe just launched and you want it. 

5. Cook at Home 

Buy grocery and cook at home weekly. Budget your spending. E.g.: RM70 per week. Cook at home can save more & it takes care of your health.

You don’t know what quality of ingredients that the chef put in! 

6. Socialize Wisely 

I am not asking you to socialize with the rich only. I am telling you to socialize with friends that can give you ideas on how to be financial stable.  

Yes, in point #1 I did mention only to depend on yourself. 

In this case, I am asking you to learn from your friends but not asking money from them. 

Learn from their mistake & success. 

7. Read 

Reading can help you to speed up your financial freedom because the person has been, he/she has put their experience in the book.  

It is up to you to pick it up, read it, learn it & use it. 

If the book is too expensive, try to make time & read it in the book shop (I know it sound a little bit of cheap skate.. You want to save money, don’t you??!!) . It’s like going to library.

8. Built Network 

Get to know who can help you to reach financial goals.  

Again, in point #1 I did mention not to depend on anybody. 

What I meant is, get to know as many people as you can & share your business proposal or idea to them (Not asking money from them).

If they like it, they will definitely support you & tell others about it.

Ask them how did they do it?  

9. No Free Lunch  

There’s no short cut to financial freedom.  

If anybody told you that they can double up your money in a short term, you need to be very careful. 

Think; ask why is this person had to come to you if they are already wealthy? Why not they just give you the money instead? 

10. Plan 

You need to plan.

What would you like to have in 3 years, 5 years & 10 years time?

Back to point #9, there’s no short cut to richness.

List it out. Let’s say your dream car is a BMW, your dream house is a new bungalow & you don’t want to worry about money when you retire. 

What is the best & shortest possible ways to get there?  

How much you need to start saving or investing now in order to reach your finanacial goal?  

What type of investments option out there? E.g.: Bank, Stock Market, Unit trust, property & etc.