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My New Year Resolutions for 2019 [ January 2nd, 2019 ] Posted in » imDavidLee Life, News & Announcement

The end of the year is a time of reflection and being grateful for what you have. It’s time to think about how you can be better. Be the change if you want to make you stronger.

1. Cut Down on Seminar Time. Earn More.

I do feel like my life is ruled a little too much by attending seminars and workshops. Committing to a few seminar-free hours each day might be exactly what I need to break my addiction. Cut down on seminar to make more time for earning extra income instead of wasting most valuable time doing low value work.

Earn More: Even billionaires are often looking for ways to earn more income, and we common folk can definitely use an additional income stream to make our life a bit more comfortable.

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Getting Out of the Debt Dilemma

For most Malaysians, debit may be inevitable but advising your clients to manage their finances and arrears effectively, they can move forward towards achieving financial freedom.

Debt dilemma

Debt is something that many Malaysian cannot avoid whether taking a loan for buying a house, for tertiary education or for buying a car etc. Nevertheless, accumulative debt when left unmanaged could wreak havoc on one’s journey to financial freedom. For instance, it is imperative that your clients consistently make their mortgage payments as failure to do so can lead to losing their home to the bank, as well as being blacklisted for future loans. Now they don’t want that to happen, do they?

To find out if your clients are knee-deep in debt, you can advise them to use the following ratio that compares their monthly income to their fixed housing loan/car loan/credit card repayment.

Debt Income Ratio

Basically a safe ratio level of debt is about 35% of one’s income, with 25% comprising one’s housing loan. Anything higher than that is a sign that they may need to reevaluate their finances.

To stay on top of their finances and debt, here are some tips that investors may find useful:

1. Borrow only as much as you can afford to pay
If they need to take loan, borrow only to the extent that they can afford to pay with their current level of income. Calculate additional costs, e.g, if they are planning to buy a car, add in the costs of petrol, maintenance, toll etc.

2. Don’t’ buy what you don’t need
Ask your clients to think it through before impulsively making a purchase.  The rule of thumb is don’t buy something that you cannot afford.

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December 14th, 2012 | Leave a Comment | 3,195 views

Your Ticket to Financial Freedom – 5 Steps to Take If Financial Stresses Are Killing You

Are you a broke living from paycheck to paycheck? You can’t live this forever as it’s not safe and doesn’t make sense. If you’re unduly burdened by your credit card companies and your credit card accounts are being turned down to collection agencies, you need not worry as there are more than one way that can be resorted to. Are you ready to combat your debts? If answered yes, you must get in touch with a debt consolidation non-profit company as it may assist you in climbing out of debt without draining off your wallet. However, most financial experts always recommend people to take some solid financial steps on their own before running to professional companies for help. Have a look at some steps that you may take if your financial stresses are taking a toll on your personal life.

1. Find out ways to boost your income resources: One of the key ways to set a strong financial foundation is to look for ways to boost your income resources. With the unemployment level at its all-time high, there is scarcity of jobs within the market and this is probably the main reason that is leading to the soaring level of consumer debt in the nation. This doesn’t mean that you’ve to take a second job and stay away from your family. You just need to search some alternative sources of income that can add on to your monthly income.

2. Avoid debt as and when possible: When you owe money to a particular company, you have to pay him interest rate and this money straightaway goes to enrich someone else. Isn’t it better to avoid debt and avoid paying someone else money? While you go for shopping, make sure that you carry cash instead of credit so that you may stop shopping as soon as you exhaust cash, thereby avoiding debt as much as possible.

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August 16th, 2011 | Leave a Comment | 7,888 views

My Simple Ways to Save Money

These are my personal tips on how to save money for your own future. Most of the time I will try to make use of my negotiation skills, finding some discount voucher and coupon, be sensitive with what people said where and which is cheaper. These are the common thing that I am doing frequently in order to make sure that I can have financial freedom in future.

save_money_tips

How Can I Save Money In My Real Life?

Almost every month before I receive my paycheck, i will try to save a portion of it — almost 50% of my income will go to saving. You can try to save your extra funds into different types of saving account, which may earn you some interest.

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January 20th, 2010 | 7 Comments | 25,088 views

Why We Still Cannot Get Rich Even Follow Money Tips?

money tips

Recently many readers sent me an email asking me why still cannot get rich even they have read a lot of articles about personal finance. More often than not, there will be tips that talk about how we can save and earn more money. The article will say something like “do this and you will become rich.”

From my point of view, I guess it comes down to taking the initiative of having the motivation to do something. I find it interesting that people would spend the time to read tips but never spend some time to try some of it.

Second reason, I think it’s all a matter of mental discipline. The majority of people are afraid to fail, thus they don’t try various method and are not successful. This is not their fault actually because changing an established lifestyle is difficult for most people. So, what financial hack said is pretty true. Usually the hardest part is to make the first move.

How About Me?

I can say I am not rich yet, but I have move from middle class to upper middle class. I am almost there… So, it is important to take the first step if we want to be financially free.

Motivation Just For YOU

Forcing a schedule usually works well since it helps people put discipline into its. Trust me!!!

April 12th, 2009 | 3 Comments | 3,071 views

Buying Car Without Financial Burden

A lot of people are willing to pay more for something that better meet their lifestyle and these people feel that driving a luxurious car is important, and they’re willing to carry the burden.

Actually I have planned to buy a new car without using my fixed employment salary. How to achieve that? Using my extra earning from Internet to make monthly payment for a new car. This is my challenge and perhaps next year will be the most suitable time to buy a new car.

Assumed that the car that I plan to buy is MYR40k. Down Payment that im willing to make will be MYR20,000-MYR25000. Lets take MYR20k, and get loan amount MYR20k for 7 years with interest rate 3.8%.

Buying Car Without Financial Burden

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August 27th, 2008 | 6 Comments | 4,056 views