The millionaire mind works in a different way. That's what all the wealth guru say. From the classic all time favorite "Think and Grow Rich" by Napoleon Hill to "Rich Dad, Poor Dad" by Robert Kiyosaki and now T. Harv Eker has the best selling book, "Secrets of the Millionaire Mind".
All of them have one thing in common. You need to look at money as a result of hard work, not you work hard to make money. It's really the same thing, but you will be more willing to work hard because you know you will get money, rather than you feel you have to work because you need money.... usually to pay your mortgage for the house you live in and the car you drive... and later the ever rising cost of bringing up the children.
It is a shift in paradigm. Which is hard to do, if you keep wanting the things you can't afford. You can just drive a Kancil but you are to ashamed to be seen in one. Or, what if your boss wants to hitch a ride with you.... it's unbecoming for an executive to drive such a small (and cheap) car.
Then, you need an LCD TV. The the small (which once was thought to be huge) 21 inch bulky CRT TV is so nineties... even if the picture is so much clearer that the 42 inch LCD with the people in it all are stretched sideways.
Then the phone... come on... you can't be seen with this RM120 phone. You need a Blackberry, or an IPhone. It doesn't matter if the phone you are using now has so much function than making calls and sending text messages.
If you have this mindset, then you are normal. Broke... but normal.
To become a millionaire is to work your butt off, then spend the money you make. But, save some for rainy day and for your retirement.
So for the lazy bums of the world, for the first few years (maybe 5 years) of your working life, do not apply for a credit card. A credit card, once a status symbol of the "haves", is today the sign of the "have-nots". A credit card will give you the false sense of security that you can afford something beyond your means. So, if you have one, and it does not have any outstanding balances on it, cut it up. If you already have a few thousand on it, cut it up any way.
Use public transport. Cars in Malaysia are expensive. You can get the new BMW 528i for less than 40,000 pounds in the UK. Here, RM40,000 can't even get you a Kancil. Mind you the salary structure here and in England is similar. A fresh graduate (degree holder) in Malaysia may get RM1,800 a month. A fresh degree holder in the UK can get a 2,000 pounds salary. So, the purchasing power is the same, but our cars are so much more expensive.
Once you are promoted to executive level, maybe you can buy a motorbike. At manager level, make sure, a company car is part of the package.
One important thing you all must do, get an ASB loan from any bank. CIMB and Maybank offers the best rates. This a chance that must not be passed over by all Bumiputras in Malaysia. You will be forcing yourself to save and the interest you pay is way below the ASB dividends. In fact, after the first year of the loan, the loans is practically self paying.... (in a manner of speaking).
If you get a bonus. Just spend half of it. The other half put it in ASB.
And, for muslim, don't forget to bayar zakat.
These steps will not make you a millionaire. But, you will be FINANCIALLY FREE!! and this my friends is such a wonderful feeling.... Trust me.
To be a millionaire... well, you need to get out of employment. Go into business. Sell unit trust, or insurance, or Susu Awal Lembu.... but, you must be prepare to be rejected. Because, for every 10 people you approach, only three will listen (the rest won't even give you the time of day) and out of the three, only one will buy. So, you hit rate is about 10%. Which is why you need to see a lot of people. And, don't believe those people who try to rope you in and say that you are starting a business which Zero capital. Well, maybe they are right, but you need WORKING CAPITAL to move around and make calls. So, the best thing is to do these kind of things on part time basis.....
It all boils down to your priorities. Fortune favors the brave. If you are too scared (like me), then please lower your dreams. Just find a job and love it.... Don't complain so much and don't listen to people who complains a lot. Those people are like a dog which sat on a nail. It kept howling in pain but do not want to move it's butt.
One thing that T. Harv Eker said that I liked was, you must not let the problem be bigger than you... you are always bigger than the problem.... Never be a victim.
Well... that's all for now. I'll start reading the "Secrets of the Millionaire Mind" by Mr. Eker next week. Now, I'm just too lazy....