This is the time of Chinese New Year. In the newspaper or in the tv / radio programs, they all are publishing the fate for all people in this Year of Goat. One of the most sought after advice will be on Fortune.
It is normal for people to want to know their future in advance. After being squeezed financially during the past year, people will want to change their financial position in the coming year. Therefore, they want to have the God of Fortune to visit them. They hope for life to be changed, and no more to suffer financially.
What I want to highlight here is are they ready for their God of Fortune? We have read, in many cases in the Western world, that the pauper was suddenly being rewarded with Lotto grand prize. Their financial position changed overnight. No more they have to worry financially. The thing is, sadly, it is also reported their wealth do not last. They spent all the money and once again broke.
In Malaysia, we do also hear how people's life change for the better after they strike a lottery. We also hear some people sink deeply into debt after striking their luck as well. How so? Why the contrast? God of Fortune ditch one of them?
To be successful financially, one must have the ability to maneuver wealth. Money comes money goes. The capable uses money to generate more money, the incapable spent the money and wait for more. To handle large sum of money is difficult for most people. Ask this question: "If I am rewarded with RM100,000, how will I spend it?". The answer to it will reveal how your "fate" will be if you strike a million dollar lottery today.
I believe the majority of ordinary people will spent on luxuries items, car, house, tour, banquets etc. How much of the money will they invest FIRST before spending? People has a belief that the Fortune will visit them one after another, giving them lots of wealth.
I want to advocate all nationals to go for financial literacy course, especially the unfortunate poor. I believe proper financial planning can change one financial position and thereafter his family's. We must know different types of financial tools, and knowledge to invest.
Once again, I stressed, the knowledge must be from professionals and not from the know-it-all neighbors. The best will be to see a financial planner with a CFP or RFP qualification, and is engaged with a financial planning firm. A tied agent with a single unit trust company of insurance company may still not be able to offer unbiased advice because of the constraint in their contract and also products. An agent is bound by his company to produce sales of his company product only. A planner with a financial planning firm will be able to provide wider products since the products are in their platform.
From there, learn how to allocate your current wealth into proper basket of products for the purpose of providing emergency fund; investing for retirement; giving to the needy etc. The greatest enemy to us is we ourselves. We must learn to control ourselves from day to day life, when we are not so rich yet. Until the day we are not easily tempted to spend unwisely, we are ready for whatever fortune that may come. Till then, fortune may not stay or, worse still, make us more corrupt.
I suddenly think of how we train our young child to handle money. Initially, we will not let them handle any money for they do not have the knowledge to keep and count. Then we start teaching them as they get little bit older and when they go to primary school, we give them little bit of pocket money, say a few ringgit, for their use. After they go to secondary school, they can handle bigger sum of money, say, hundred ringgit. Of course, after they work, they will handle their salary. So, that's how we trained our child; that's how we should train ourselves.
I believe hardship is god given gift to train his people. It is through hardship we learn to appreciate whatever we have, and to learn new capabilities. I also believe wealth is god given gift for the capable to accomplish their calling (, not only for his own use!) In any case, give thanks.
No comments:
Post a Comment