What does RM100,000 in savings mean to you? Does it mean financial security? An opportunity to invest? Either way, no one is going to turn away RM100,000 and for most, hitting that mark is a great milestone to achieve.
Here are 5 things Mr Money says you should do to save your first RM100,000 in the shortest amount of time.
1. Secure a high paying job
Not everyone had the privilege of going to a top university or has special skills to land a high salary job though. Don't lose hope - the next best option is to get into SALES. It's a fast way to make the most amount of money and it's a skill you can pick up at any time. If you can earn RM10,000 a month and save 50% of your income, you will reach your goal in no time.
2. Spend as little as possible
The more you earn, the more you will be tempted to upgrade your lifestyle. You must learn to live below your means.
"It doesn't matter how much you earn, it matters how much you have left"
It does not matter how much more you earn if you are not wise with how you spend it. Many multimillionaires end up going bankrupt because of bad spending habits.
3. Learn how to invest, and then do it
To reach your goal faster, invest your money into an account with a high return. Investing is a logical process that takes time to learn, it is not a gamble. With today's technology, educating yourself is easier now more than ever. Take your time and learn how to invest.
4. Avoid debts
Credit cards have taught us the mentality to "spend now, think later". While debt can sometimes be used to grow your wealth, many often spend money that they don't and will not have. Instalment plans make extremely expensive things more attainable but remember, if you need an instalment plan, it is likely that you cannot afford it.
Did you know that bad debts compound faster than a good investment ever could? If you have debts, don't just make the minimum payment. Try to pay off your debt as soon as possible.
5. Start a side hustle
Think about what skill you have that people would pay for or something you could learn to make yourself more money on the side. Side businesses will help you generate more income for you to add your savings goal.
These 5 tips are proven to be the best ways to save up money. DO a combination of these steps and you will surely reach RM100,000 in your savings account even faster.
Watch the Mr Money video here 5 WAYS TO SAVE RM100,000 | How to save RM100,000?【FASTEST WAYS】