How to earn/save the first thousand dollar to fund your investment? (Part 2)

2021 had just pass a month like that. If you still not yet start you saving plan do considering with the method i going to share to you at below. As we already know to start a good investment a baby start for this will be to start with saving. There is some Guru out there may share how to do refinancing/borrow money with current low OPR (Overnight policy rate) interest but personally i feel this method will be bad for you if you did not establish a good personal finance. 

Personal feel that if the money you going to investment if coming from the borrowing, you can not make a right decision when the market is having correction there is a chance where you will be making a wrong decision by exits or cutting lost too early.

Let discuss back to our topic on this blog. How to save the first thousand dollar to fund your investment, Below is the method which widely use and i believe you will find a method suitable and benefit for you. You will find the 7 method which showing you the fastest to slower way to get yourself equip with the first RM1,000 in next 11 month (before 2021 end)

***For example purpose, I will be using monthly 3,000 (Malaysia average income is RM 3,224 on Oct 2020) a income as the calculation :-

Part 1 with manual saving method

1. 333 Saving Method
• 33.3% Investment Saving : 1000
• 33.3% Short & Long term saving : 1000
• 33.3% Daily Expenses : 1000
• *** Achieve goal in 1 Month 
2. 16.7% Saving Method
• 16.7% Investment Saving : 501
• *** Achieve goal in 2 Month
3. 235 Saving Method
• 20% Investment Saving : 600
• 30% Short & Long Saving : 900
• 50% Daily Expenses : 1500
• *** Achieve goal in 2 Month
4. 136 Saving Method
• 10% Investment Saving : 300
• 30% Short & Long Saving : 900
• 60% Daily Expenses : 1800
• *** Achieve goal in 4 Month
5. 1225 Saving Method
• 10% Investment Saving : 300
• 20% Leisure Saving : 600
• 20% Yearly Expenses : 600
• 50% Daily Expenses : 1500
• *** Achieve goal in 4 Month
6. 11125 Saving Method
• 10% Investment Saving : 300
• 10% Leisure Saving : 300
• 10% Education Expenses : 300
• 20% Yearly Expenses : 600
• 50% Daily Expenses : 1500
• *** Achieve goal in 4 Month
7. 52 Weekly Saving Method 
• *** Achieve goal in Week 45 or 11 Month

Hope the above 7 method able to help you save your first thousand dollar in order to start your investment journey. On next few blog i will share what you can invest with your first thousand dollar to start work for you. 

Personally i feel that, at different stage of life you will find your self using a different type of saving method. Anyway the main thing is we able to make our saving work for us. On next blog i will introduce the method i use and from there how modifier with help for the book i read to varies type of method which suitable for my current life. 

Today the quote for you to take a way :-

"Being in control of your finance is a great stress relief"

How to earn/save the first thousand dollar to fund your investment? (Part 1)

How to save the first thousand dollar for funding your investment? Actually there is a lots method you can do to earn/save your first thousand dollar for investment. 

Let discuss about earning for a thousand dollar :-

1. If you are hardworking type : Working as part time to collect a lat rate of $5.00 per hours, You will need to work for 200 hour (50 day with every 4 hour contribution) then you will get a Thousand bucks.
2. If you are resourceful type : Selling off the item you will not use/ item that you are left forgotten. This method is more effective if you are decisive type of people. How to know that the item is redundant for you. Spotted anything that you did not use in pass one month that is item where you are not needed for your daily essential. Where to places it so the item can be sell to the next owner? you can use Facebook pages or join in the pre-love group to make your thing visible. For us Carousell is one of the best platform to make you thing to be visible. In Malaysia you can consider Lelong website or Mudah.com (But please be careful i do see some cases before there is a crime cases happened during COD please choose somewhere with crowd to do meet up)
3. If you are intellectual type : You can consider to start you Youtube channel or blogging to earn your passive income.

****Last but not least, if someone had own you money : Now is best time to asking the money back from they.

If you are that kind of people willing to make a quantum lead to start saving then here got a few calculation method i would like to recommend to you :-

Saving the money by physically

• If you start saving 1 bucks a day : You need to save for 1000 days
• If you start saving 2 bucks a day : You need to save for 500 days
• If you start saving 5 bucks a day : You need to save for 200 days.
• If you start saving 10 bucks a day : You need to save for 100 days.
• If you start saving 100 bucks a day : You need to save for 10 days (This is a bits difficult to most of people)
• If you start saving 50 bucks a week : You need to save for 140 days 20 weeks.
• If you start saving 100 bucks a week : You need to save for 70 days 10 weeks.

Based on above calculation as long you had very clear target and keep the perseverance you will reach it one day ! For this example, to save a thousand bucks can be achieve within 1000 days with as little a bucks a day. Therefore, having a clear target is the very first step in making investment!

Next blog i will share about a few saving method which you want yo start immediately.

Quote to take away :-

"Keep eye on the goal, Keep moving toward your target" by T. Harv Eker

 

What you need to do before you start to investment ?

This pages will be related with investment topic. Before i start blogging on this topic, let me summary what kind of question we getting daily from person surrounding us. Perhaps you will be interested to know those question it is one of the question appear in your mind before you start invest :-

1. How to start for investment ? 
2. Which and what kind of investment we focus on?
3. It is investment will bring affirmative return ?
4. Do you making loss before when doing investment ?
5. How to sharpen investment skill ?

Above is the question we get it a lots from our surrounding. Before we answer to this question, let us go through what is investment mean to you. In simple "Investment" is define as the action or process of investing money for profit. This mean we want our money work more effective to us so the money can generate more money in future. In layman term, making our money WORK FOR US.

Back to the first question, how to start investment. For us first thing first, let identify your personal finance status. To do this you will need to take out paper or notepad in your mobile or computer which letting you to record below question and answer. This data collection is quick confidential please do it when you are alone or at your personal space :-

1. Write down all your income source and amount that you are getting monthly and sum it up (Income)
2. Write down the debt you have in hand (Regardless long term or short term) and sum it up (Liability)
3. Now take the total sum at 1(Income) - 2 (Liability) = Get a left over figure (saving)
4. Start to analysis as follow.

After getting answer from above question, Neither you getting Positive or Negative figure bring any meaning to you i until you start the analysis. 

=> If you getting positive figure (Congratulation you can start your next step to understand what kind of investment market suitable for you, i will be explain more detail in next blog). 

=> If you getting negative figure. Not to worry as you are not to late to make a change. But you will need to work very hard in next 3 to 6 month to make this figure become positive. For sure you will feel the joy of fruit after that.

Actually, getting a positive or negative figure now does not matter, most important is you willing to make the change and keeping positive figure on your financial status will be the upmost thing you will be doing for rest of your life. 

Let focus on those people that getting negative figure in their financial status. As i feel this group of people is more crucial then those having positive figure now. You must be admitting getting the seeing the negative figure in your financial status is not accidentally. This is related to part of you spending behavior had make a wrong move. Look at bright side, luckily you had notice at this stage, if this situation continue i can sure your financial will be getting bad to worst. 

To make yourself exit from this situation, you will need to identify what is the top 3 spending you have make in your currently lifestyle. Let quote few example below that commonly look like :-

• House loan or rental : Solution proposal by us. Can this housing loan be refinance ? If yes, please go a head to bank to do the house evaluation. Because at this low OPR "overnight policy rate"period  now is beside to do cash out to settle some more crucial loan. We should feel luckily as we are now at historical low situation. This will be the best time to get good deal from banker. House rental ? Do you able to move to small unit to lower down your rental ? I believe if you put some effort , you will get good deal during this low house rental yield. (Good news for tenants)
• Car loan or transportation? : Car loan was a bit tricky as the interest already price and fixed in your loan.  If selling off the car is not wise move (Unless you had no choice) as most of us already know car value is depreciate by 15% to 25% every year base on normal condition. Perhaps you can consider to folks out your time to join the e-hailing services to bring in another income source. This is what we call turning "Liability to become Assets" (Some said can make a boom, this one we will need you to find out). For Transportation, possible to get alternative travel method ? or the best part will be make a move to the places nearer to your school or work places which help save a huge and maximize your cash flow.
• Other form of loan like credit card, education, personal loan repayment ? : For this kind of loan i will recommend you to use "snowball repayment method"  (Will write a blog how to repayment your debt with this technique in future) In short, payout the loan with higher interest will be the first thing you need to do. Therefore, you will have more cash on hand to pay others loan and eventually fund your investment in future.

To manage personal finance effectively, we will need to manage this matter like managing a company. You will need to know where every dollar & cents come and go. If after you reading this, you still not clear how to track you financial flow. No worry, from today onward spend additional 5 to 10 minute to do a tracking record. The tracking record will need to do it even your are spending a dollar, this will push you to adapt this habit even better when you see the situation clearly. 

After many year dear and me start our tracking, we found out that the most effective way to do recording was do it almost immediate or within 2 hour from the last earning or spending activity. Else you will losing your momentum for this good good habit. This data collection is very useful for future when you ready for budget planning.

Please remember, if you had already in progress on the financial freedom journey please continue do so ! If until now you still yet to start, please act as soon as possible. After all, there will be no second people on this earth will be paying so much attention then yourself.

In next blog i will be blogging about how we prepare for the first RM 1,000/ $1,000 based on the tight situation. Stay tune.

Quote of the day :-

"It's not how much money you make, But how much you keep, how hard it works for you, and how many generation you keep it for. - BY ROBERT KIYOSAKI"

Add in new topic on Personal Finance & Investment Experience

Happy New Year again from us. In 2021, one of our new year resolution from ourjourney06 blogspot plan to add in new topic regarding personal finance & investment experience beside sharing our usual travel plan and food trip. 

Why we want to come out something so different from our core sharing compare with what we usually share ? This was actually due to our surrounding friend and family who often seeking our advise especial on their financial & investment. After numerous time of sharing we feel that it will be more benefit when we start to pen down on what we had already verbally share. Moreover, for those reading this we think this might worth you one or two cents.

Like a lots layman family we be taught to save a portion of our pocket money for emergency usage. This is also a part of Asia family teaching to their next generation. Somehow, during our college and university life we realize the key of personal finance is not only related how well your work out your budget to save but we found out it is more related the skill how you grow your saving after budget.

In this sharing we will share from how you start repay your debt until you budget you lifestyle to have a first portion of money purely for yourself and we will continue share how to translate the saving to some easy investment tools like Money market fund, ASBN, SSPN to intermediate how to start invest to P2P, Stock, REITS , ETF, Unit Trust. 

Do drop us message if you have question in your mind for this topic, you will try to feedback you with the best answer we know in our next blog. For Today a key take away for you:

"Personal finance is not work for you until you start to make investment with responsibility"

Stay tune....

Bye 2020, Hello 2021 !

Happy New Year 2021. Had been a while Jimmy & Alice saying hi with you guys from here. We are so surprise our content still often visit by people until today. We would like to said and huge thanking to our follower and thank for your email with your kind word to us. We are good and we had build up our little family :) Although there is a lots lost and found in our life but most importantly we are making progress day to day. 

For this blog, we will folks our at least once a week to make an update. This is our 2021 resolution after a long break we had put since 2018. (It is a long 4 year break from here).

Currently, Alice and me continue our lovely life in Singapore. Life had been up and down in pass 4 year. Our biggest achievement so far was Alice's had marriage to me and giving birth to a very cute baby boy during the pandemic year 2020. I really hope all of you out there stay safe and sound with your family and friend. Life is a gift which we do think wasting is wise. 

If you would like to follow us in this blog, you are more then welcome. Else you can follow our #hashtag in Facebook/Instagram for our private life, food hunting & our parenthood journey :-

For food hunting : #jafoodhunt

For our personal life : #jajourney06

For our parenthood journey : #japarenthoodjourney

Let update a bit what had going on us in pass few year with short time stamp, We will use throwback matter to tell more story when time allow :-

2017 : The life even on 2017 was i had successfully make my wedding proposal to my love Alice. We had surprise visit by our family member at the scene during this important moment. At the same year we had our prewedding photo shoot at Hong Kong. It is also our "Indonesia" visit year for us as we had visited Pulau Batam, Pulau Bintang, Lombok and also we had successfully make our feet with 3 day 3 night advantageous trip (with minimum head light due to some reason that we will tell more on next blog) to Mount Rijani, Lombok. We end the wonderful year at Kanto, Japan for new year count down. Stay tune on our sharing.

2018 : A year we decided to focus all our resources on "FAMILY"only. The year we on the plane the most Average every 5 day we will need to rush to Changi Airport to catch our plane to business trip or back our lovely hometown to spend time with our family. Hence, this is part of the reason why we had decided to temporarily stop blogging our life here. It was a wonderful year as we great achievement in our career but we had loss our lovely sister Cindy. I still can remember there is wonderful Tuesday, but i receive a call telling our sister Cindy had met a fatal accident at Penang hometown while she on her routine route to her work at Tanjung Bungah. A road accident had bring the life separation away from her with us. Today had mark her away for 2 year 286 day. I still can feel the pain that no word can describe under today. We will purposely blog a page for Cindy when we available. Although, there is big and small incident happened during this year, we do make some business trip Northern India where we had witness with our on eyes on 7 wonder of the world Taj Mahal and a lots more thing in New Dehli, Agra, Jarpur, Rajasthan we want to share with you. A year my Car Kia Cerato hit 88,888KM :) A year i queue infront Dyson shop at Orchard road Singapore from morning 5.30am on Christmas day to surprise gift to my wife to be Alice a full set of Airwrap.

2019 : A year to remember where Alice and me decided to tight our knot at Penang Royale Chulan Hotel, at the same night we done our ROM with more then 500 guess and witness. We would like to thank all of you who had make your effort to attend the wonderful night. A year Alice and make our first official travel trip to Republic of China, Shanghai, Hang Zhou, Su zhou, wu xi and more. Indonesia ? Yes, we had our trip to a place call Palembang at Indonesia beside that we had travel to East Jawa Mount Ijen for blue fire, Mount Bromo for the volcano visitation, Seruni Sunrise point for milky way shoot and more well know as Warung Bukit king kong/King Kong Hill breathtaking sunrise shot . A lots of you had leave us message asking where Jimmy and alice will go for honey moon. Here is the answer, we had make our honeymoon to Eastern Europe (Germany, Czech Republic, Slovakia, Hungry, Austria) and we purpose make trip to meet late Uncle Hong's Family who leave in Nurembreg, Germany. He pass away during December 2020 which a month ago from now. We ended our trip at Hatyai Thailand which dear and me plan back to point zero of our overseas journey and give a detail trip and also review back our memory lane. 

2020 : A year full of hope for Malaysian with quote we learn from school "Wawasan 2020" but ended with the remarkable pandemic which cause country border to closed. This is also the year dear and me had most least travel by plane experience (We only travel with plane 12 time during Jan & Feb) right before the country border closed. A trip to Bali, Indonesia had been cancel due to the hit of pandemic. For many of us year 2020 may be not a good year, but for Alice and me we had quote this year as a year of marvelous. As mention earlier, Alice had bravely giving birth to our lovely son. A roller coaster experience we can't wait to share all of us on this blog. What we do the most this year is attended numerous parenthood webinar sharing, hypno-birthing course and also attend class to learn in practical how to handle baby. Stay tune we will share what we had learn to you here.

Above is the short summary (Look like not so short, hahaha) which we want to share with you in detail when our time allow. Please allow us to wish each of you belated Happy New Year 2021. Please stay health and safe! Stay tune to more update from us. 

Once again, take to those had email or message us personal. I wish best of luck in every aspect in life !

Until then please stay safe and healthy !