Hi, my name is Wen Chee. I am like all newbie in the society that wants to achieve our financial goal faster and easier.
I am fortunate that I met my financial consultant when attending to YEP(Youth entrepreneurship program). She shared with me her experience in life and how she actually get retired at the age of 30.Ya is amazing right. The more amazing thing is she actually planned when she was 16.
Her catchphrase is always"that is the beauty of planning". She always recommends me to learn with someone who is a decade older than you which more mature and have more life experience in life. She is my professional hero in real life that I can talk to and meet in life. Setting apart her 20% of income for saving bring her through. It can be done if you cook coffee by yourself instead of buying Starbuck every day that cost you a fortune.
1.Setting aside a bigger portion of your income for investment
2.Paying off your current debt
Have you all heard before:'The key to long-term wealth is not how much money you make, but how many real assets you have accumulated'. Investment request proper planning and spending the time to understand. It may or may not get back the initial amount but it provides a higher return. The higher return, the more risk involved.
Knowing the purpose of your investment help a lot to achieve your financial goal. Some want to buy a car, house, get a side income or comfortable retirement. A proper and sustainable investment need a financial planning. Financial planning is how long you able to survive with the money you have after proper planning. It is good to project 5 years future your personal financial statement and balance sheet.
Investment not like saving, investment have a certain risk to be taken. So it really needs a proper planning and a long time to monitor. If not it just likes buying lottery, not knowing if it will turn out good or bad. You would not want to invest your money into something you no familiar with.
Issues involved when investing
- What is your time for the certain investment?
- How much money do you have for a medium to long- term commitment?
- What are the risk involved and how much changes in price or value of your investment are you able to take?
- Do you fully understand the product that you invest?
- How much return from the investment will you be satisfied with?
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In life many opportunities just fly through you.It is important to train your brain to spot the opportunities.There are a few books recommended to read to start your investment.
1.Security Analysis, Author:Benjamin Graham
2.The intelligent Investor，Author:Benjamin Graham
3.Common Stocks And Uncommon Profit，Author:Philip A. Fisher
Proper investment can increase your net worth.Plan for our stages of life through proper monitoring and implementation.It needs frequent evaluation and alteration according to our life goal.Build the relationship with money, create a beautiful life with money.In my next post, I will talk more about financial planning, do follow me if you are interested.Thanks.See you in my next post.