“Oh Adrian, I have RM 30,000 just sitting in the bank. I want to invest. Any hot tips on what property to invest on? Any tips on what business should I venture into right now?”
This is a very common question I get asked by people from all walks of lives. The amount of RM 30,000 might vary, but people basically are asking what business to venture into with the capital that they have.
I always encourage them to get into property investment. I have seen the magic of it. Some did. Some didn’t. For those who didn’t – here is a general advice on how you should invest without ruining your live.
By the way, the mere fact that you are asking me what to do with your money shows that you have no business idea in mind. It means you have NOT found a problem in the market that you will passionately try and solve.
- Up your Skillset
Remember, at the early stage of building your life, you will need to have acquire a skill that people will value and pay you highly for.
This is, however, not your business. You are not doing this out of passion. You are doing it to pay your bills. So ask yourself – what are you good at?
Some people are good at dancing, but they don’t like it. I have met lawyers who are excellent in the courtroom, but they don’t like what they are doing.
The conventional wisdom says you should “do what you like” but hey what if you like cooking but no one would pay you a single cent to eat what you cooked? Yeah, do what you like and pray that your Facebook likes will pay for your bills.
Ask practical question – what skill you have that people will pay you highly for? Enhance that skill whether you like it or not. That is what will give you some form of freedom to venture into other fields.
Everyone have a different number. But I would say that skill must generate at least RM 120,000.00 annually. Anything lower than that you won’t have money to pay your bills or as emergency fund for your business.
2. Start a Business
Now that you have a high earning skill, you can now consider building a business. Now this is the stage we talk about passion. Your business must be solving a problem in the market, and you must be passionate in it if you want to do it for long.
I myself started off as an interior designer (a highly paid skill). During my challenging years, my mentor saved me (financially) by encouraging me to get into property investment and I made a comeback. Since then, I
What I find most people, even my students tend to do is that they attended a course, overestimate their own capability, and jump into all sort of business like buying properties. If you haven’t even earn enough to pay your bills, how are you going to cope if there is an emergency?
You go around resigning from your job and start a say… car rental business. One fine day a tyre went puncture and F*CK! you have no spare fund to fix your cars. You are stuck!
3. Start investing
After securing a high-paying skill and starting a business (which hopefully is running well), you should have some spare cash to play around. This is when you dabble into investments (even high-risk investments) that will give you a high return rate.
The investment itself will make you get rich quickly, but the work behind it – before you can even start to play the investing game – is what you don’t get to see. Always make enough money to pay your bills first before dabbling into risking investments.
If you have RM 30, 000 just sitting in the bank and you don’t know what to do with it – consider joining a course. A skill that you have cannot be taxed and cannot be taken away from you.
You need not necessarily join my course – “Die with Massive Debt” – but join any courses. Always up your skill. Even today at the level where I am, I always invest monies on education to learn from the best.
Good luck and never stop learning!
Dato’ Sri Adrian Wee