Desmond Ng

Many people spend their money without control.

Most of them think:

“Why start saving now? I’m still young.”

“Life is short. I should enjoy while I can.”

“It’s not I don’t want to save… but I’m not earning enough”

It is true. I mean your reasons are valid. But is there really nothing that can be done about it?

Why start saving now? I can share this with you because many people have asked me this before. This is also the reason why I’m working so hard now. The reason is simple: Compounded Savings. Think about it, if you were to get married 10 years from now, is it easier to start saving 10 years before or 5 years before? An in case you are not aware of compounding interest… the $10k you earn you earn earlier can grow to a very substantial amount if you invest it correctly… compared to someone that invest $20k 8 years later, may still not have a higher value then you.

It is true that life is sudden. You never know what can happen the next day. I always tell my clients to live life to their fullest but not to the extent of overspending. Setting aside money for rainy days is a responsibility, your responsibility. What if nothing happens to you and you spent everything when your child needs an education and you can’t provide for him/her? What if something happens and you do not have the money to pay away your liabilities, causing an extra burden to your loved ones?

Are you earning enough? If you aren’t, it is very simple. Find another source of income.  Or relook into your cash flow… what are the things that you can save on? Are there areas where you can cut down on expenses? Things that aren’t such a NEED but a WANT? For example, smoking less, buying lesser branded goods etc.

You may think that $100 per month is nothing. $1200/year is insignificant.

Think again. Compounded over 10 years, you will be amaze what it can become 30 years down the road. Every little bit counts. Rome was not built in a day either. Better late then never…