I graduated in June 1996 and started working. After 3 years of working, to my horror I realized that I did not have much savings. How could that be possible! I always thought that I had been spending within my means and had some savings every month.
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When I started working after graduation, I had a newfound freedom. With earning power, I started to spend without much consideration. Like a kid who had just found a new toy, I simply spent whenever I felt that I could afford something. I never took into consideration whether I really needed such a thing or such an expensive thing. I bought insurance without considering whether the amount insured was appropriate for me. I did not make any provision for paying income tax. I did not monitor my expenditures closely.
When I realized that one of my close friends had much more savings, I knew that I had been doing something incorrectly. But what is it that I have done wrong? I have been thinking and wondering about it but cannot really find any satisfactory answers.
One day, I met up with a friend for coffee. We talked about a lot of things under the sky. Incidentally, we had also discussed about finance and investment. He recommended me to read a book entitled Rich Dad Poor Dad. He shared with me a few things in the book especially about the cash-flow quadrants and building passive income. He really got me curious and interested. I really wanted to find out more by reading this book. Thus, I noted down the title and author Robert Kiyosaki so that I could try to look for the book in the library or bookstore. But I was not so motivated that I immediately rush off to get the book that very day. Nor did I purposely make a trip just to look for that book.
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It was about a week later or so before I managed to get a copy of the book. I had happened to pass by a bookstore. So I decided to look for this book. I found a copy at the bookstore and decided to flip through and read a bit. Guess what happen? I found myself so intrigued by this book that I knew that I must own a copy immediately. In fact, I bought the book on the spot and went home reading about it. Within a few days, I completely finished reading this book.I found the answer why I did not have a lot of money. I lacked of financial planning education. As a result, I had been spending on unnecessary things that do not generate incomes. They were nice to have but not necessary to have. Every single cent that I have spent unnecessary steal away my future wealth! If I could invest this money on assets that generate income now, I would be better off in the future.But I did not just stop there. In fact, I went back to the bookstore a few days later and bought all the Rich Dad’s series that were currently available in the bookstore. Basically, I bought Cashflow Quadrant, Guide To Investing and Sales Dogs.
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For the next few weeks, I was reading all these books. I could understand some ideas or concepts in these books intellectually. But I did not have any relevant experience to fully understand these ideas or concepts. In addition, there are certain ideas and concepts presented in these books that were beyond my intellectual understanding. Nevertheless, I did not throw away those ideas or concepts that I could not apprehend. I decided to keep them in my mind and revisit them another day.Before I had read the Rich Dad series, I had also read another book entitled The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. It is about a survey of millionaires. From that book I concluded that it is possible for one to become a millionaire. Since it is possible, I decided to give it a try.
Furthermore after reading all these Rich Dad series, I strongly believe that it is possible provided I apply the ideas and concepts in these books. Thus. I have decided to experiment with the ideas and concepts where possible in my life. This is because I am a person who does not accept everything without questioning and experimenting. If I get a positive result for a particular concept or idea, I will fully apply it in my life. This is how my quest for wealth begins. This blog is basically about my struggle while learning and trying to apply these concepts and ideas.
I graduated in June 1996 and started working. After 3 years of working, to my horror I realized that I did not have much savings. How could that be possible! I always thought that I had been spending within my means and had some savings every month.
When I started working after graduation, I had a new found freedom. With earning power, I started to spend without much consideration. Like a kid who had just found a new toy, I simply spent whenever I felt that I could afford something. I never took into consideration whether I really needed such a thing or such an expensive thing. I bought insurance without considering whether the amount insured was appropriate for me. I did not make any provision for paying income tax. I did not monitor my expenditures closely.
When I realized that one of my close friends had much more savings, I knew that I had been doing something incorrectly. But what is it that I have done wrong? I have been thinking and wondering about it but cannot really find any satisfactory answers.
One day, I met up with a friend for coffee. We talked about a lot of things under the sky. Incidentally, we had also discussed about finance and investment. He recommended me to read a book entitled Rich Dad Poor Dad. He shared with me a few things in the book especially about the cash-flow quadrants and building passive income. He really got me curious and interested. I really wanted to find out more by reading this book. Thus, I noted down the title and author Robert Kiyosaki so that I could try to look for the book in the library or bookstore. But I was not so motivated that I immediately rush off to get the book that very day. Nor did I purposely make a trip just to look for that book.
It was about a week later or so before I managed to get a copy of the book. I had happened to pass by a bookstore. So I decided to look for this book. I found a copy at the bookstore and decided to flip through and read a bit. Guess what happen? I found myself so intrigued by this book that I knew that I must own a copy immediately. In fact, I bought the book on the spot and went home reading about it. Within a few days, I completely finished reading this book.I found the answer why I did not have a lot of money. I lacked of financial planning education. As a result, I had been spending on unnecessary things that do not generate incomes. They were nice to have but not necessary to have. Every single cent that I have spent unnecessary steal away my future wealth! If I could invest this money on assets that generate income now, I would be better off in the future.But I did not just stop there. In fact, I went back to the bookstore a few days later and bought all the Rich Dad’s series that were currently available in the bookstore. Basically, I bought Cashflow Quadrant, Guide To Investing and Sales Dogs.
For the next few weeks, I was reading all these books. I could understand some ideas or concepts in these books intellectually. But I did not have any relevant experience to fully understand these ideas or concepts. In addition, there are certain ideas and concepts presented in these books that were beyond my intellectual understanding. Nevertheless, I did not throw away those ideas or concepts that I could not apprehend. I decided to keep them in my mind and revisit them another day.Before I had read the Rich Dad series, I had also read another book entitled The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. It is about a survey of millionaires. From that book I concluded that it is possible for one to become a millionaire. Since it is possible, I decided to give it a try.
Furthermore after reading all these Rich Dad series, I strongly believe that it is possible provided I apply the ideas and concepts in these books. Thus. I have decided to experiment with the ideas and concepts where possible in my life. This is because I am a person who does not accept everything without questioning and experimenting. If I get a positive result for a particular concept or idea, I will fully apply it in my life. This is how my quest for wealth begins. This blog is basically about my struggle while learning and trying to apply these concepts and ideas.
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