I was all agog as I watched Crazy Rich Asians just two days ago in during the Awal Muharram holidays. I mean, look at all the wealth being thrown in your face. It was enough to make grown men swoon and dream of all that wealth.
But reality strikes and while the bulk of us cannot be travelling first class anytime soon without seriously putting a huge dent in our finances, or even snare the attentions of a billionaire, what can the man on the street do to secure better financial security?
Think about 2 streams of income. If you are already working in a crazily punishing job, it is almost impossible to get a side hustle going but if you could, do it. It could be anything from offering your expertise for tutoring, or design or paperwork or writing.. anything at all which hopefully isn’t illegal.
Ramp up your existing wealth’s return – if your money is sitting in a savings account, please move it to Fixed Deposits, if its sitting in Deposit, think higher return like Bonds or Balanced Funds. If it was sitting forever in Bonds, consider moving it to more aggressive Equity Funds for a higher return which means a lot over the long-term period.
Work on your cash flow statement- keep your expenses down. You simply must pare it down otherwise you risk getting in to debt and that is not the kind of debt that rich people get into. If you can’t keep your expenses down, consider no 1.
Start a business – sure you can plan your exit from being an employee but I hesitate to tell you to throw in the towel because while it’s hard to be an employee, honestly its harder to be self employed or to start a business as many businesses fail in the first year. If you are going to do it, do it while you have employment going to keep you stable. Or at least have 12 months’ worth of expenses saved up.
If all else fail, consider being the future partner of the gorgeous and fabulously wealthy Astrid Leong. I heard she is now single! If that didn’t work out, spend some time with your financial advisor on how you can cement a better financial tomorrow.
Act Today, Own Tomorrow!