“Success” is a very strong word. How can one define if someone is successful? For the purposes of this article, let’s define success as having enough money to do what you want to do.
Take note however that the financial needs of a thrifty person is less than that of a spendthrift. Financial success thus means that you have a lot more than you need.
There are definite ways to prepare for this even if you are not a multi-millionaire.
You do not need to get RM50,000 ready for medical emergencies if you already have a medical card for which you are paying a small premium for every month.
Start protecting what you have by investing a small amount instead of losing it all when something catastrophic happens.
The stress of losing your job suddenly would also be greatly reduced if you had saved a little every month for the past years. Cutting down on unnecessary and trivial expenses like that expensive cup of Starbucks coffee will also help.
When choosing a car model to buy, pick one that does not require much maintenance. Paying fully for a car will remove the financial burden of monthly instalments.
You can also afford to go for vacations (not luxurious ones) after you retire if you buy instead of rent your home.
These few examples also show that you can be financially successful too.
Financial success is not limited to just multi-millionaires or the top 100 billionaires list you read about every year.
This article first appeared in kopiandproperty.com
Charles Tan blogs at property investment site kopiandproperty. He dislikes property speculators and disagrees that renting is better than buying. He thinks it’s either property or poverty. He is presently the CEO of an auction house auctioning assets beyond just properties.