Two.cents.worth

Abstract from The Sunday Times. By Sean Toh.

Many people think you have to make lots of money in order to be rich.I will tell you know that knowing how to make lots of money will not make you welathy.

You could make $10 000 a month, but still be poor if you spend $15 000 a month because of your luxurious lifestyle.However if you make $5000 a month and your monthly expenses total only $2500, you could save up to $2500 every month for a period of up to 30 years.You would then have accumulated $900 000 including interest.

You will realise that being wealthy is all about how much money you are able to keep and not how much you make.If you are able to make money out of the money that you save, you will be even richer because you will have a better financial quotient to make your money work harder for you.

Knowing the real meaning of being wealthy will be useless for you if you don't practice what you elarn form me now.What i want you to practice is learning how to keep your money first; later with more financial education, you will be able to make the money you save work harder for you, enabling you to control your financial destiny.

Many people fail to be successful not because they do not know the secrets to sucess, but because they fail to make the first move of putting into practice the secrets they have learnt.

Secret No.1: Take immediate action to assess your current financial situation.

Secret No.2: Take action by selecting a suitable prgramme to help you improve your financial situation now.

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An interesting article deem tooo true for me. I realized my financial budget that i've set for myself have not been working too well, so time for plan B to re-look and do adjustment. Currently still using the one-month tracking spending habit suggested by Cliffnotes. On a different tune i've maneged to bring down my h/p bills from a high of $80 to half of it at $40. Feels great but requires lots of discipline throughout the month, from retracking sms sent everyday and using the house phone to make long-hour calls. Sometimes i wish losing weight is as easy as budgeting. Maybe i'm not that motivated and discipline enough to stick to it, but saving money sure feels easier than losing weight.

I'm saving for:
> an investment portfolio that i want to start of at age 25(which is quite late in my view)
> my master's(overseas if situation permits)

All seem good when i don't itch to shop, but with GSS here again, maybe plans will go wild, nevermind just remember, Stick to the Budget.For Real!

Comments

  1. hi,
    Quoted, "However if you make $5000 a month and your monthly expenses total only $2500, you could save up to $2500 every month for a period of up to 30 years.You would then have accumulated $900 000 including interest."

    U mentioned interest, is interest permissible in Islam? Sorry just curious.

    ReplyDelete
  2. The point of the shared article was that we are suppose to save rather than spend more than what we earn.

    The article was also fully abstracted from The Sunday Times.

    Nevertheless a good question being brought up and i'll write a post regarding interest in Islam after doing some research.

    Thank you for asking.

    ReplyDelete

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