Financial Freedom Origin 2
Just the short notes for features of people who has had become a millionaire and for any people, who want to step the ladder, these are several features that you need to develop in yourself. Overall, it depends on the personality and attitude of a person. I won’t elaborate much here just to make sure anyone can read it with clear of mind and think. From time to time, I will explain it one by one in detail and how much I, myself try to work it up.
Live well below your means
Be frugal and thrifty in daily expenditure, buy or spend on needs and well-planned expenditure, not just for the sake of lust or acting rich. It’s about how you discipline yourself and it has to start now, not when in any difficult situation or tight budget.
Allocate your time, energy and money efficiently, in ways conducive to build wealth
Spend time once per week, maybe an hour to check your weekly expenditure and plan for future – savings, investment, emergency stuffs or anything that you ought to spend. Make it a habit to draft it on paper so you can see how much input or output.
Don’t forget to spend time learning about financial and investment, know the principles of unit trust and world economy by reading or discussion with appropriate person.
Believe that financial independence is more important than displaying high social status
The more you earn, the higher your expenditure. No need to show off although you have attained quite a great job. Be modest and mixed with other people. A lot of people prefer to sacrifice their savings just to enjoying a luxurious life although they know that they have debt all around him.
Parents did not provide economic outpatient care
Don’t depend on your parent’s money. You will weaken yourself when you rely on anyone else. Trust me, be independent and survive. That way, you’ll learn more, about life and survival.
Proficient in targeting market opportunities
If you really decide to join the market (i mean, start your business and invest), welcome! But please make yourself ready. Know your niche well and be proficient in it.
Choose the right occupation
People who want to accumulate wealth need to understand well how he should evolve in his life. Minimize realized (taxable) income and maximize unrealized or passive income (capital appreciation without cash flow).
Financial goals and good intention
Put goals for it such as to become wealthy by the certain age, generate passive income or building capital while conserve value of assets. Make a plan for 30 years in advance and set your goals.
Lastly, make sure everything you gain need to be contributed to society. Like what Mr Ali Hassan Mohd Hassan, Managing Director of Al-Ikhsan Sports Sdn. Bhd said, his secrets for his successful business are obey Allah’s order, respect parents and people around, make a lot of ‘sadaqah’, do good deeds to other people with full honesty and believe everything come and go with Allah’s doing.
So, any of you get the general idea? Now, put it into action. Goodluck!