"The first stage in my journey to financial independence was to accumulate an adequate amount of reserves to cover my monthly expenses, which took me about five to six years to achieve. A trick that I do is I set a monthly amount, say RM100 to indulge on the extra things I want, for example, good food or treats. "If I have RM500,000 in savings, I will only borrow RM250,000 to fund purchase of assets. "My savings quickly depleted. The problem with debt is that even if you don't earn, you have to service it," he warned, adding that debt must be minimised as soon as possible to mitigate risks.

Source: The Star October 09, 2020 22:52 UTC