Start Young ...

I met a friend some days back. He likes to own luxury cars and he would not hesitate to spend "top dollars" if there is a car that he desires to possess. As he does not have enough car parks for his cars, he would park along the public road along his house. If the cars get too many or he get bored with his cars, he will sell one or two off. He would get another "nice" car that comes along later. He enjoys it. He said "this is my only hobby. I deserve this."

He has his own business and is married with 2 children. One is in his final year of tertiary education and the other is embarking along the same path in a few years' time. His wife is also gainfully employed.

Why do I share about him? The reason being, he is in his mid-40's and financially secure, not of the banker's valuation of "high net worth individual". He is just everybody's "next door neighbour". He enjoys his life and his "financial freedom" at this age. From my conversation with him, I am impressed with his vision and planning early in life.

Early in his life, he envisions "owning" luxurious cars. He also realised that he has to be financially sound as, in marketing term, he falls under the "middle-class" category, and thus needs to plan well ahead in order to enjoy his taste for luxurious cars as soon as he is able to. He is also concern about "having a roof" over his head for the family. Education for the 2 children, up to tertiary education, must be provided for.

To cut the story "short'. He quickly purchased his own house, in his earlier days, and then he multiplied his money through purchasing and selling of other properties. When he made his first million, he "locked it in" for his son. Through the purchase and sales of more properties, over a period of time, he locked in another million for his second child. He is still multiplying his wealth in this manner.

Well, a lot of people multiply their money in this manner during the boom time. However, this friend multiplied during "good and bad times". He has sharp acumen and able to identify good assets. Most of the time, he manages to buy "low" and sell "high'. He has the knack for this. He is really blessed. He is also bold and decisive. His modus-operandi is, he does not hold any property for too long. He quickly multiplies, without being greedy, when his targeted profit is being met.

Thus with his children's educational funds "locked in", he is now earning all the money for himself. He now freely enjoys his hobby of owning luxury cars. I believe, he is also very healthily growing his bank accounts at the same time. Would you not want to be in his shoes? If so, plan wisely and early ... if need to, do consult a professional financial planner.

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