Money Tips from a Young Employee

The is a story about Louis Teo and how he as a young employee managed to take control of his finances after being in debt. Having come from a mid-income family, Louis got the chance to work with an MNC while having his tertiary education largely sponsored by his employer. He had hoped to earn lots of money, buy a big house and drive a plush car by taking up this job offer.

However, his dreams started to fade when he began to realise that his income was not sufficient to sustain his high life. At the end of every month, he would notice that his bank account balance would be close to zero. He had lived as such for 2 years when he finally decided he needed to save money to buy a house. He took up an investment-linked insurance upon his friends' advice and was fearful of making this investment. He then decided to find a mentor who could shed light on such investments. By reading the KCLau Personal Financial Blog, he was able to confidently make his way into the world of financial freedom.

He purchased the "Top Money Tips for Malaysians" book and used it as a guide when making investments. Besides finding a mentor in KC Lau, he also invested money on financial education. He bought Aziz Ali's series of financial book and found himself increasing his financial knowledge. The following are some money tips that he has listed for others who are interested in experiencing financial freedom.

1. PAY YOUSELF FIRST. You must be able to support yourself financially before setting aside money to pay other bills.

2. Ensure that you have at least 3 months of equivalent emergency fund, if not 6 months. This will put you on safe ground if you run into any sort of trouble along the way.

3. Start your investment as soon as possible. Do not waste time with this.

4. Be aware of what you are investing in. Do not jump into something which is too complicated for you.

5. Divide your saving into separate accounts for separate objectives.This way, you are clear about what money is for what purpose.

6. Read "The Millionaire in Me" by Azizi Ali. T his book will teach you how to continue being an employee while becoming a millionaire.

7. Subscribe to KCLau's newsletter and be in tune with what he has to offer.