Posted by SpicyMcDeluxe > 2021-04-08 13:09 | Report Abuse

Well Said

Posted by learnbyheart > 2021-04-08 17:56 | Report Abuse

great sharing..thank you

Posted by CynicalCyan > 2021-04-08 21:57 | Report Abuse

Let's see how many actually get rich after reading your article

Posted by Sslee > 2021-04-09 08:41 | Report Abuse

Good morning Philip,
True wealth is not of the pocket, but of the heart and of the mind. -Kevin Gates

I beg to differ with your view:
Quote, “Buying houses - in today's economy... Always look at supply versus demand. If the lease is cheaper than the loan, then don't even bother buying. How to look at it? If a 30year lease for a 1 million condo is charging you 5-7k a month. Do the math, if you can rent for 2.5-3k, you can keep 4k a month in fixed deposit or epf or some savings plan consistently... Then why buy that house? Always structure any long term debt in terms of time or in this case... OPPORTUNITY COST” unquote

Why rent when you can buy?
Perhaps the better option as per above example is buy cheaper unit costing you 0.5 million instead of 1 million, your loan payment of 2.5-3K a month and you still can have saving of 4k a month.

Posted by scenery > 2021-04-09 08:46 | Report Abuse

This apply only to ppl who are already rich...

True wealth is not of the pocket, but of the heart and of the mind. -Kevin Gates

Posted by Sslee > 2021-04-09 09:00 | Report Abuse

I bought my first house costing me 150K with 20 years bank loan. During Asian financial crisis of 1997 when interest sky rocket I withdraw my EPF to pay off the loan.

I bought my upgraded second house a semi D house in Setia Eco park costing me about 1 million by cash.

Posted by Philip ( buy what you understand) > 2021-04-09 09:57 | Report Abuse

This is very very true. For those who have never been in great debt, and borrowing huge amount of money with interest payments that seem never ending, rich people look at poor people as if it is their fault that they are poor.

The biggest issue with poverty is not the lack of mindset, but the simple lack of cash.

Much easier to have a good mindset if you are not struggling to make ends meet, have a steady job and don't have to support a foreign wife with their entire family asking for money every month.

Try having that mindset when you are working 18 hours a day, making minimum wage and having to pay debt payments every week.

Very very hard.

>>>>>>>>

scenery This apply only to ppl who are already rich...

True wealth is not of the pocket, but of the heart and of the mind. -Kevin Gates
09/04/2021 8:46 AM

Posted by Philip ( buy what you understand) > 2021-04-09 10:03 | Report Abuse

You can say ask that because even by your remark you are already starting 5 meter in front of the starting line.

Who paid for your education in UM? Family? Government? Somebody did and obviously not you.

Who gave you free schooling? Did you have to pay for it? Father mother? Government?

Are you going to be the first to tell me that ALL your workers can be general manager of the company and earn millions of ringgit? And use epf to pay cash for houses?

The simple answer is no.

Those who were leveraging and taking long term bank loans to buy those houses at high prices thinking of using it as investment and rent out etc, if they lost their job during this epidemic and no more rental how?

Who pays? If cannot pay how? Default payment.

So, try thinking in terms of general population, not only your own self with your big semi D house costing you 1 million.

Why do you need 2 houses anyway? You can only sleep in one at night.

>>>>>>>>

Sslee I bought my first house costing me 150K with 20 years bank loan. During Asian financial crisis of 1997 when interest sky rocket I withdraw my EPF to pay off the loan.

I bought my upgraded second house a semi D house in Setia Eco park costing me about 1 million by cash.
09/04/2021 9:00 AM

Posted by Philip ( buy what you understand) > 2021-04-09 10:05 | Report Abuse

Those who are tied down by long term housing loans with no flexibility to put more money into their business/investment... Their so called "asset" in housing and apartments etc... Quickly become a LIABILITY, especially if you no longer have a job and no tenants and no backup plan to dip into to pay your monthly installments.

Posted by Philip ( buy what you understand) > 2021-04-09 10:09 | Report Abuse

So, always THINK about what you are buying, no matter what it is, warrants or stocks or houses etc.

Anyone who tells you to blindly buy a house as an investment should be slapped.

The main thing is, only the first house that you use and stay in is an asset. Because your comfort and enjoyment after working late at night to come into a place you call home cannot be simplified into a price value.

Anything after that we will always need to value as a risk/reward, opportunity cost lost and gained, no matter how enticing it can be.

I for one only have 1 house and 1 shoplot in ss15, and that is more than enough.

I compound my money faster in stocks.

Posted by Sslee > 2021-04-09 10:23 | Report Abuse

I come from poor family and every exam break I had to take up odd jobs to earn some money.
My father support me thro' my UM 4 years study with RM 3K per year.

My starting pay was RM 1,000 and I had to send back RM 250 to my parent.

What I am trying to say is, it was never my aim to be rich as I take it a step at a time to do my job well. I have many people, I am grateful and thankfull for giving me a helping hand and in return I am doing my best to help my people to do their job well and get the promotion they deserved.

Posted by Philip ( buy what you understand) > 2021-04-09 14:00 | Report Abuse

Yes, same with me. I also never think of buying stocks to be rich, but more of just daily improving and choosing the most efficient move forward. The results take care of itself.

Posted by stockraider > 2021-04-10 11:55 | Report Abuse

Yes i started as a despatch boy earning rm 180 a month....but by working hard & savings money....venturing into business and subsequently investment....now i have build up my property portfolio over 15 units with fully payoff loan & getting permanent rental from it.

In addition my share portfolio worth few million...are this are done thru diligent investment & savings strategy loh!!

I can say anyone can make it to becoming rich.....if they exercise sound investment approach and save diligently without taking excessive risk loh!!

Posted by i3lurker > 2021-09-17 22:28 | Report Abuse

most and I believe all American financial textbooks will tell you to rent houses

only silly asians will buy based on booming HK and Sing property market

Yes its booming but the famous but,... butt.
Example => RM1.6 million terrace houses in Bangsar Lucky Garden only rents out for RM1,500.00 per month to Malaysians.

Banglas are willing to pay RM2,500.00 for 30 persons and usually more staying inside..

so why buy? to let Banglas enjoy?

Posted by stockraider > 2021-09-18 11:09 | Report Abuse

THE SIMPLE STRATEGY TO GET RICH IS BUY BJCORP/BJLAND & INSAS KAW KAW & HOLD FOR 6 YRS OR MORE LOH!

SURE KAYA RAYA MAH!