Financial Freedom Guide for a 9 to 6 Worker
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- เผยแพร่เมื่อ 31 พ.ค. 2024
- Learn how to build wealth, even if you're working a regular 9-5 job 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
⬇️ Timestamps:
0:00 → Introduction
0:27 → Find Your WHY
2:51 → Budgeting
5:29 → Loan Repayment Practice
7:22 → Increase Earning Power
9:45 → Invest
11:41 → Conclusion
Kickstart your wealth building journey today!
First, it's essential to understand your "WHY" for building wealth. Categorize your goals into short-term, mid-term, and long-term. For instance, short-term goals might include establishing an emergency fund, while mid-term and long-term goals could involve saving for a house downpayment or retirement.
Budgeting is a key component of this journey. If you don't mind being aggressive, do consider adopting a modified 50/30/20 rule, where 50% of your income goes towards savings and self-investment. This includes not just cash savings but also investing in yourself, like learning new skills. The next 30% goes into your essentials, then you're free to use the remaining 20% for your wants. And btw, yes it's important track your expenses to stay on top of your financial game!
When it comes to loans, prioritize repaying high-interest debts first. Strategies like Dave Ramsey's Debt Snowball Method, where you pay off smaller loans first, can be motivating and effective. With this approach, you can see your progress quickly, which in turn gives you a sense of accomplishment, hence motivate you to keep doing it!
Increasing your earning power is another important must-do. While managing expenses is useful, there's often more room to increase your income than to cut your expenses. You can do this by taking on side hustles, acquiring new skills, and working towards higher-paying roles.
Investing is the next step once you have a solid foundation. Start with low-risk investments like Fixed Deposits, and when you more knowledge on the subject matter, you can always gradually move to higher-risk options like stocks!
And building wealth isn't just about cutting expenses; it's also about increasing your income.
Set clear goals, budget smartly, manage your loans effectively, continually seek ways to boost your earning power, and invest wisely. By following these steps, you'll be well on your way to financial security and independence. Watch this video to learn more, and stay tuned for future insights!
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What's your plan for financial freedom?😛
im using funding societies, solely invest on guaranteed return with 6% return, yea 18 months lock in, but i worked for an year and half, and not a big spender on weekends (spending majorly in electronic stuff though) but nonetheless, so far so good, i made a projection for it, by 30 i be able to get back my capital la
besides, i want to start my own online service by giving excel solution but dont know where to start, the template is done, just lack of ideas how to start
@@user-ic8ii4mu8t oh P2P is rather high risk o! but glad to see you understand your risk appetite and investing goal
65% vwra, 30% epf and 5% us bonds, I already hit my number, but I am still working for a few more years for a bulletproof retirement with a WR of around 2.6%
@@shun2240 nice! Keep up the great work!!
Decrease expenses is more important than increasing income after a certain point, lifestyle inflation is real
Definitely! Can vouch for that lifestyle inflation creep haha
😂 I working at Malaysia like rm2000…normal sales staff…1month only can save below rm500…then I wanna pump my invest speed..I choose to "increase income" ~the faster way for me = work at sg…same job same position…same salary amount.But 1 is Rm2000 1 is 2000Sgd…now I can save 800Sgd to invest every month…
800sgd x 3.3rate = Rm2600
Dafuq…now my invest amount is more than my salary at Malaysia
Hi, did you trade Cryptocurrency? Having idea which crypto trading platform using by Malaysian?
Blows my mind that someone would go into debt for a phone. Unless that 6k spent on an iPhone really gives you tangible returns in something that makes you money, it's such an unnecessary liability to take on especially if you couldn't afford to pay for it in cash. Most people don't need more than a midtier phone for their doom scrolling and apps.
I know it's just an example you're using to illustrate your point, but I know those people are out there lol.
Thank you Ziet, always appreciate your advises towards financial freedom!
Happy to share!!
Half way there just haven't sell my skilldls n time yet. Loan all otw. Byw what's the buddy app?
Nice Vincent, keep working at it! Buddy is a budgeting app that i use on the fly to record my expenses!
hi bro..pls make video on P2P of malaysia like Capbay & Funding Societies.
personally not a fan of it + hard to recommend such risky investing avenue to beginners :o
Is it better to put emergency fund in fixed deposit or that money market fund?
Either should work fine! Just be mindful most FDs have lock-in period - so decide based on the liquidity you need for your emergency fund :)
Wait, you pay for Spotify and TH-cam???
Yes I do! Both are amazing subscriptions
Sadly managerial role got block, unless old people retire
Damn this is the truth eh...office politics definitely is a glass ceiling :x perhaps can improve our self worth and look for opportunities elsewhere geh!
Hi bro i want to invest in crypto but how do the taxation stuff work in malaysia and how to we withdraw our profits legally would really appreciate your knowledge on this 🙏🏽
you will be taxed if the government have proof that you are an active traders or trading as careers. But if you're just do trade occasionally and not frequent, you can claims that you kept crypto as hobby then likely and probably there will not tax for the gains. Also you can also claim that the gains was a foreign income source (no tax for foreign income sources) but still,you will need to show a statement or record that shown that the transaction was done outside of Malaysia. So proper documentation will be needed to proof that because government will contest any of your claims.
@@jemiez9383 There's no tax for foreign income? Wasn't that only for a short period a couple years ago?
Nice content as always!
Even looks like you're improving the video quality :)
Keep it up!
Thanks for noticing! 🥳 Do you think the charting helps in understanding the whole video better? Lmk 👾
@@ZietInvests Of course!
Avery visual aid is welcome.
Maybe even, as suggestion, keep them more time while talking. Some people listen more, but some others have better "visual memory"
@@fernandonortekstil4798 nice to know that!! thank you :D
Ziet, to sell CSPX positions in IBKR. We can only sell it in 1 lot? Cannot in fractional too?
Yup only in 1 share minimum per trade, no fractional shares in LSE ya
Very MECE breakdown ser. Consultant hahahaha
Can start selling my online course?🎓😜 Just kidding glad you enjoy it!
Bro.. which one is better?
M plus or interactive broker for investment in stock in US
Try Rakut*n too
No straight answer...i don't have Mplus but have Rakuten and IBKR. Rakuten basically buy some local bluechips for dividend stock and IBKR for NYSE growth stocks. Trading in IBKR is cheaper than Rakuten and probably M-Plus. Additional benefits is you can hedge your fund in USD. It's important to spread your eggs in many baskets including out of the country in case Malaysia lingkup. I have experiences with IBKR support via phone and they are very good and i am satisfied with their services to solve my problem. Much better than crappy local bank CS frankly.
I personally have both, but overall IBKR offers cheaper fees + fractional shares function, so... 😉
Good information bro
Thank you! We're on this journey together 💪💪
Thanks a lot😊
For financial freedom! :))
Absolutely right, increase income rather than decreased expenses. Now a days, can't save much expenses or cut off fixed expenses due to high inflation.
Spot on! Fight for more possibilities :)))