Purchasing a property can be seen in two ways – an asset or a liability. For example, if you buy a house in Shah Alam and start building a life there, your monthly commitments become a liability. <\/p>\n
Buy a property in Kelana Jaya to market it as a rental for new tenants, and you have created an investment. With this investment, you create an infinite loop of income as the masses always need rentals. <\/p>\n
In simple terms, convert any liability to an asset = passive income on an infinite loop. <\/p>\n
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2. Eliminate unnecessary outbound cash flow<\/b><\/h2>\n
Having monthly debt payments are the worst hurdle when it comes to saving for a rainy day. <\/p>\n
Since we have technology at our disposal, use it to automatically transfer funds from your checking account to your savings account monthly. Try 10% of each paycheck, and once you are more comfortable, try 20%, 30% and so on. <\/p>\n <\/p>\n They are ways to manage your cash flow, be it big or small, to ensure you have your savings ready by the end of the month.<\/p>\n Start by creating a financial history – choose either a journal or a note app on your smartphone, record your monthly incomes and expenses, including your source of income (if you have multiples).<\/p>\n By recording it down, you will see your spending habits out in the open, and you can readjust in the upcoming months.<\/p>\n Once you have that covered, set a goal! It can either be short-term or long-term or even both if you planned everything well. <\/p>\n For example, if your long term goal is to have a passive income of RM2000 per month in the next 5 years, then your short term goal can be used to pay off your debts within a year.<\/p>\n Read more;<\/strong><\/p>\n Millennials, hate an empty wallet? Here are 6 simple ways you can save money<\/a><\/strong><\/p>\n 4 simple decisions that can make investing easy for you<\/a><\/strong><\/p>\n If you are filled with worry that you would not be able to discipline yourself while managing your spending and finance, then look no further than a financial mentor to guide you, supervise you, and provide you with professional advice along your financial journey. <\/p>\n …is a person who is at least a few years ahead of where you are and represents where you want to be in your dreams and aspirations. <\/p>\n This mentor can be somebody you admire, respect, and trust and get along with, be your friend or a business acquaintance. <\/p>\n Those who have successfully ascended to financial freedom will be happy to share their experiences and lessons to help you avoid the wrong path or spending blindly.<\/p>\n <\/p>\n As you start your journey towards financial freedom, you will inevitably experience various disappointments and setbacks, and it is normal to fail in your investments and planning. <\/p>\n But don’t be an average Joe and just use the same methods as everyone else!<\/p>\n In the words of William Arthur Ward;<\/p>\n Every failure is a great opportunity for you to be inspired, and dealing with them requires nothing more than mindfulness.<\/p>\n As long as you focus on learning from your mistakes, you will become more resilient and see the many growth opportunities.<\/p>\n If you’re looking for a way to achieve financial freedom, why not consider joining IQI as one of its real estate negotiators?<\/p>\n For ONLY RM188 (Original Price is RM 460), you can rise to success!<\/strong> Grab the opportunity TODAY!<\/strong><\/p>\n\n\t\t\t\t\t\t![\"\"](\"https:\/\/iqiglobal-web-revamp.s3.ap-southeast-1.amazonaws.com\/wp\/blog\/wp-content\/uploads\/2021\/06\/11.png\")
With debts robbing your income and you need to pay it off in the fastest way, try the debt snowball method<\/a>.<\/span><\/strong> Start by paying your debts in small amounts to the largest – thus freeing up your income for your other saving goals.<\/p>\n3. Learn to plan and manage your cash flow efficiently<\/h2>\n
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\n4. Look for the perfect mentor of wealth<\/h2>\n
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The definition of a mentor…<\/p>\n5. Learn from your mistakes and move forward<\/h2>\n
“The price of excellence is discipline.<\/h4>\n
The cost of mediocrity is disappointment.”<\/h4>\n
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\nThrough our #TheRisingStar<\/a> campaign, experience the many endless possibilities with IQI.<\/strong><\/p>\n