Suggestions from AHYAP
1. Don’t buy a Toyota Vios or a Honda City yet! These are fresh graduates favorite cars. Don’t even buy a Proton Savvy or Proton Wira! Just buy a damn Proton Iswara (or Honda 70)! If you buy a Honda City, you probably will drive the Honda City for your whole life. But if you buy an Iswara and save the remaing for compounding, you can drive an S Class or BMW 7 series or even a Porsche 20 years later (buy 2nd hand one lar, cheaper). If you really want to buy a better car, buy it only after you have saved RM100,000.
2. Don’t buy a house yet! Rent a small cheap room for the first 5 years or stay with your mum! Buy a house only after you have saved your RM100,000 capital. If you get a housing loan too early, it is VERY hard for you to save the RM100,000 because of the heavy installments. A house is NOT an asset -> Read the book ‘Rich Dad Poor Dad’. It will only make your poorer.
3. Don’t buy medical card and insurance yet! My insurance friends are going to kill me on this. But I still have to say it. Buy it only after you have saved your RM100,000! If you really want to buy, a better plan is to kill yourself after 2 years so your family will have the RM100,000 insurance claim to compound and let them get rich.Why can’t you just take the risk of not having an insurance policy for another 5 years? Most probably you don’t have any insurance policy when you are studying in University and in secondary school. Most people spend 10 to 20% of their income in insurance. That’s a lot of money!
4. Don’t get married yet! Uhhhh. This is not an advice, this is just the truth. When you have a family (even just a girlfriend), you will tend to overspend. Luxurious dinners, gifts and entertainments…
Furthermore, females are weaker with money (a.k.a. NUMBERS). It is very hard for them to understand why you need to save so much and the concept of compounding. I am not discriminating female, I am just telling the truth. Female hates physics and maths in secondary school because their brains are not design to process numbers. For girls, it is always better to buy a new shoe and a new Sony Ericsson right now, than to see it grow 36 times in 20 years so she can buy many many LV bags and Coach bags.
Girls are also brain washed by their parents since they are kids. If you want to marry her, you need to buy her a house and put her name on it. No house, no wife. You will also need to buy her an EXPENSIVE wedding ring. Because she says the SIZE of the ring represent how much you love her! Wedding dresses, wedding dinner, wedding album…. you have got to show that you love her, with MONEY.
[Girls, if you have a RM5,000 budget to buy a diamond ring today and you spend all to buy it, your diamond ring will immediately worth 50% less because it is now 2nd hand. And you will never have the chance to sell it at RM5,000 again in your whole life. If you buy a RM1,000 ring and put the RM4,000 to compound, you can buy a RM96,000 diamond ring 20 years later]
taken from - ahyap
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