To be Honest, I Tried but Failed

If you have read my last that I failed Miserably, then you know what I tried to say here.

If you read my posts, I was actually trying to save money. Targeting every MYR1000 I saved, I dump it in my saving/investment account. But that did not happen.

if you read it here that I have set up a goal to save MYR1000 and save it, that was in November 2016. I was able to save a few thousand MYR last year and in a few month (I think its around 8 months) I saved at least around MYR5000. But due to the needs to clear my outstanding for my PTPTN Loan, I withdrew most of it.

I also withdrew my saving to purchase power supply for my PC. That cost me around MYR800. Not cheap and now I regret buying. The reason is, the power load is too big but my power needs is just small. Not worth it, and i think this is one of my worst spending in 2017.

What happen with My saving Goal?

Until last Jun, I feel like I was on track until when I withdraw the money to pay my PTPTN outstanding loan, and somehow i was attracted to forex trading because of my friends. They made quite some money with forex trading and I was interested to join but I burnt account after account I started. That’s just hurts me but that’s the reality. I dont want to stop, but I don’t want to continue either. The money I put in all were burnt out.

I also don’t save much these few months. I just not in mood to do all the saving. Am I doomed to fail and live poor?

I read the saying that’

Its not your fault you were born poor but it’s your fault if you die poor

This makes me shit in my pants. That’s true. But there are another says that

If you cannot find a way to make money while you sleep, you are going to work for the rest of your life – Warren Buffett.

This also can be true. I was always thinking how to make money. But its also true that we need money to make money. I don’t have enough to start making money, so his come the problem.

People who are born in a wealthy family at least are lucky, they have money to play with. People who are born poor will not have the money to play with. I believe a lot of people who have great business idea but they just don’t have the resources to start.

Future Goal

Im still aiming to retire with financial independence and if can, retire early. but now i was wondering how am I going to reach that.

4 thoughts on “To be Honest, I Tried but Failed

  1. Lyn

    I think you missed something. Knowledge and the application of it is wealth.

    Why would you choose to pay off PTPTN? (Good news that it didn’t burn in forex but I still think it’s not very wise to pay off PTPTN.

    Hope you do better in the future.

    1. Larry David Post author

      yeah probably not wise but I don’t feel good knowing that I have an outstanding payment. I just want my record to be good for future plan. lol

      yeah hoping to do better in the future.

  2. Fiq

    Please restart your savings attitude. I only had awareness on the importance of savings few years ago. Now at 32yo, I need to save twice in order to retire comfortably.

    Every payday, the first thing I do is to put aside my 30% of net income into ASB. Another 20% transferred into savings account of other bank as an emergency fund. Its good because I restrict myself from touching my ASB. Thus, my total savings is 50%.

    Another 50% is the repayment of debts and monthly expenses. I advice you to start tracking your expenses so that you know your pattern. Only after I tracked my expenses, I know that I’m a very very bad consumer who always do impulse buying and couldn’t differentiate between needs and wants.

    After that, I made adjustment (and reality check) on my cost of living. I cook everyday. Limit 2-3 times dining out per month. Downgrade my type of rental. Revised mobile and internet plan. Suspend my Astro. Terminate gym membership and start to jogging around my neighbourhood. And so on.

    So after put aside 50% into ‘savings and investment’, deduct all those fixed expenses and put aside variable expenses, I only have RM200 as fun money. Its tough, but it made me happy and give me peace of mind because I know I have savings equal to 3 months of my salary. Now I target to reach 6 months.

    I would like to advice you to forget investing your hard earned into shares because it is too risky. Get you ASB full first (RM200k) or have a savings at least worth of 1 year of your salary, before you venture into this type of investment.

    Remember, how much you earn is irrelevant. The utmost important is how you plan your money. All the best!

    1. Larry David Post author

      Thank you for your response and advice! I think I have a bad consumer attitude and impulsive buying as well. You are right, I should think of saving more before venturing into other types of investment but sometimes we become too greedy and wanted everything to be fast. my life has been too dull as well that I think made me a bad consumer habit. but we can always start over and hope this year will be a better financial year.


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