Worried about where your next paycheck is coming from, or how to pay your next bill? Wondering how to buy a car or a house, when your paycheck is just so limited?


Well, you’re not alone.


A survey of 1,011 Malaysian Gen Y and Millennials revealed that 75% of young people surveyed had long term debts to pay, with 37% with multiple debts. This was financed through exorbitant borrowing methods – 38% using personal loans, and 47% through expensive credit card borrowing.


Thanks to the rising cost of living and increasing life expectancy, the idea of retiring at 55 is now a fantasy. We work so hard most of our lives – only to retire broke?


As working adults in Malaysia today, depending on a single income is simply not enough. We live in a world where we want things instantly – with a click of a button! Money however, is one thing that does not abide by that rule.


With the right tools and knowledge, however, you can make your money work for YOU. Here are 5 transformative tips you can use to get started – so you never have to worry about money again!


  1. Think like a millionaire


“Your beliefs become your thoughts. Your thoughts become your words. Your words become your actions. Your actions become your habits. Your habits become your values. Your values become destiny.” – Mahatma Gandhi


Your mindset affects your financial status. For example: “Money is the root of evil”, “You have to have money to make more money”, “You have to work hard to make a lot of money.” These negative beliefs can influence you to make decisions that result in temporary satisfaction, rather than working towards long term goals.


Therefore, to unlock your potential for success, change your mindset by empowering yourself with positive affirmations about money. Tell yourself this twice, 5-10 minutes a day, so that you REPROGRAM your mind, and CHANGE YOUR BELIEFS to that of a millionaire.


  1. Commit to a goal


Getting rich doesn’t happen overnight – you would be a fool to expect it to. Set yourself a SMART goal that is attainable and realistic within a certain time, and do regular ‘checks and balances’ to make sure that you are on track to achieving your goal.


In order to focus, your ability to say no is a crucial skill. Improving your emotional intelligence will help you to get over the hurdle of fear of having to refuse someone. You need not explain yourself. Over time , you’ll realize that every time you say yes to something you don’t really want, you are actually saying no to the things you DO want.


  1. Be financially conscious


Put it down in black and white – your current assets and liabilities, and how you intend to grow your assets and decrease your liabilities. Set up a budget – ask yourself, do you really need a new car right now – or could the money be better invested? By setting up and following the budget, you will not overspend on unnecessary luxury items that require monthly installment – in other words, debt. Remember- the rich do not spend money on assets that generate negative cash flow. You may think that buying a house is an asset- but if you don’t rent it out and you have to pay multiple installments over time – it is still generating DEBT.


Get out of debt and start investing. Save at least 10% of your income for you to accumulate capital for investments. This brings us to the next point:


  1. Develop a side income


You have limited time – so find a source of income that works for you. As they say, investing is like paying your future self, and it is a good way to start. Whether it may be investing in stocks, shares or even cryptocurrency, having multiple sources of income ensures that your eggs are not all in one basket, so if one falls through, you have a plan B. Want some inspiration? Click here to Multiple Sources of Income.



  1. Get educated.


Before you start anything, you have to first do your research. Invest in getting the knowledge to start. This may be expensive but as Warren Buffet once said, “there is one investment that supersedes all: investing in yourself. ” Learn from successful entrepreneurs like Warren Buffet, Robert Kiyosaki etc. Learning from other people’s mistakes will help minimize your losses and maximize resources. Once you have these skills – who can stand in your way?

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