The importance of making it a habit to save

Good habits should be cultivated in children at a tender age.Things like being polite to others,respecting the elderly,compassion for the less fortunate,the importance of saving
and the list can go on and on.
My daughter once asked me "Why is Uncle X richer than Uncle Y?"
I explained to her and gave her an example.
Both Uncle X and Y were earning RM10,000 a month (considered very comfortable in Malaysia) the only difference is Uncle X saves more than Uncle Y.
Uncle X spends RM4,000 and saves RM6,000 so RM6,000 x 12 months
=RM72,000 a year x 10 years = RM720,000
Uncle Y spends RM8,000 and saves RM2,000,so RM2,000 x 12 months
=RM24,000 a year x 10 years = RM240,000
The moral of the story is,start saving while you can and look forward to a comfortable life in your old age.
Goodluck :-)

Master SIfu

I 100% agree to what you are saying. Am a unit trust agent and it is so sad that now days people looking for fast and quick money rather than long term savings or retirement savings..

Anyway thanks for all the valuable advise and hope ppl will start saving young so that they can enjoy financial freedom at older age and enjoy their life in abundance......

Hi Best4 master sifu,

I'm agreed 100%. Doesn't matter how much you earn, it's all about how much you can save.