Treading the walk of financial freedom alone

The journey of wealth creation can be fascinating and exhilarating, though sometimes it can be tiring and frustrating. Being alone in the journey can sometimes be rather de-motivating. Let’s face it, we’re human beings. It can be hard at times to keep us focussed on our objectives.

If one has a partner or partners to share the journey with, the journey itself would be more interesting. They can learn from each other and they can even motivate each other.

Even better, in that journey, you have formed yourself a husband-and-wife team (or boyfriend-and-girlfriend team for that matter). You now have a full-time partner to assist you in your investments and businesses. Things will be much easier.

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How to accumulate capital for business or investments

Everybody knows that to start a business or to start investing, you need capital (in Bahasa Melayu, modal). This issue of finding capital to start with is also one of the reasons why many people do not invest nor save nor start a business.

Do these excuses apply to you:

1. “I have no savings at all to buy unit trusts”
2. “What’s left over from my salary at the end of the month is so meagre that I shouldn’t be bothering about investing.”
3. “Invest? Business? Are you kidding me? I barely have enough money to keep myself going.”

To start, let’s make it clear. There will never be enough money to invest or even form a business. However, we, humans, the breadwinner, have the power. We are the decision-makers. The issue of “not having enough money” is only in our minds.

The solution is simple. Make sure there’s enough money to plow into investments/businesses. How? Use the thing that sits between the tight few inches between our ears, my dad says. In other words, use our brain. Be creative.

If you are working and rely on your salary, try working out your budget. Try cutting down things that are unnecessary. Make sure your inflows are much more than your outflows. Don’t even be tempted to load up your credit cards. Bad debts are bad. Money will be enough if you make it enough. Cut down on those luxuries. Hey, who said journey of wealth creation is easy?

If it’s still not enough, then it’s time to get creative!

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An Interesting Experience with a Malaysian Insurance Company

A few years ago, my parents and I went to the office of a Malaysian insurance company for a renewal.

Let’s start with why we went in the first place. It started when I asked my mum a few nights earlier about insurance. She then went to check the insurance policies and found out that they had expired. The thing is, this insurance company did not even bother to send renewal reminders. I mean, what sort of business are they running? Not bothering to send renewal reminders to customers translate into people forgetting to renew their insurance which translates into no money going into the company’s bank account.

In our insurance policies also, there were some mistakes. Under the beneficiary section, there was some random dude listed there. Somebody that we don’t even know. My mum had in fact called the insurance company a long time ago and they said “yeah yeah, we’ll change it right away.” At the office, we found out, the random fellow’s name is still there. So, what happens then if something happened to one of us (i.e my parents and I) ? Who’ll be getting the payout?

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How to utilise one’s life?

If you were going to spend a mighty proportion of your life doing something, would you rather be doing something that you like and passionate about even if you need to be facing some extra hardships and pain?

Perhaps choosing what you like doesn’t apply at all? Perhaps choosing the most stable and safest option is the way to go?

One might argue that we need to make some sacrifices in our lives and we are sometimes faced with the challenge of not being able to do what we want to do. However, the need to go through the hardships and pain in the pursuance of your passion is a sacrifice in itself, no?

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The importance of financial education

I think I wrote about this before but it’s okay, I’ll talk about it again. Hopefully, it can also remind myself of the importance of financial education.

I’m always an opponent of the notion of “giving away money for free”. It’s fine to hand out money to a financially intelligent person as I am confident that they’ll be able to expand their wealth using that initial capital but I am less confident if it was a person with lack of financial education.

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Is Multi-Level-Marketing (MLM) all that bad?

There’s a post about Multi Level Marketing (MLM) that I wrote before. Generally, I’m not really into the whole MLM business (though this could change in the future), as you can see in that post. However I do see quite a lot of merits with MLM.

1. Ability to Network

In the MLM business, you get to meet a lot of people from different walks of life. By doing this, you’re establishing a vast network of business contacts that can be utilised in your future undertakings. Contrast this with stock trading (one of the activities that I’m doing right now) where the only person I talk to is my broker/remisier.

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Nadlique’s Forum of Financial Freedom

I’ve just established a forum on this blog so that it’ll be easier for us to discuss about things related to money and things not related to money.

The forum is located here. The address is http://www.nadlique.com/forum/

The permanent link is located amongst the link clusters at the top right hand corner of the blog.

Feel free to register as a member.

Let’s all have a lively discussion!

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Trade to Survive, Not to be Profitable

Talking about trading, there’s one thing that I learned from a very good trader in Australia.

“You trade to survive, not to be profitable.”

What that means is, you need to set it clear in your mind that you are here to survive in the long run. Aim to preserve your capital first. Take the whole notion of profitability out of the equation for a little while. True, at the end of the day, profitability is all that matters but remember this, if you survive in the long run, profitability will be drawn to you automatically.

If you aim for profitability alone and you want it fast, that’s when impatience starts to kick in. This is then followed by greed. As a result, self destructive behaviour will start to take control.

Moral of the story: Patience is virtue.

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