Money questions Malaysians like you have and how I’d answer them.
Like this: we are a married couple in our early 30s with a stable and good income. We have an aspiration of being financially independent by 35 (or so) and would like some guidance to assess if that is realistically doable and how to do it - how should we plan to have sufficient savings and conservatively enough investment returns to maintain our current lifestyle, including with insurance protection
Can I help & advise if you come to me with this question? For sure. In fact, this is what I do best - do an open book review of your assets, liabilities, income, expenses, lifestyle expectations and goals, so I am able to give you one of these 2 answers, let me explain
1st possible answer you get for me- after looking at all your numbers, I say - congratulations, if you keep on doing what you are doing for the next 5/6/7 years, your financial independence can be achieved with high confidence and certainty on time, or even earlier. Then I may advise you on things you must be cautious about or avoid at all cost from derailing your plan. Things you did not even realize or overlooked.
Even going further, in the consultation we will also talk about how to sustain your financial independence after achieving financial independence because achieving it is one thing, making it last for as long as possible is another, that’s what many people miss.
2nd possible answer you get fr me - after looking at all your numbers, I say, with what you have and what you are currently doing, unlikely you can achieve financial independence in 5/6/7 years. But we are not going to stop there because probably it is still possible, but you need to change A/B/C in certain aspects of your income, assets, liabilities or expenses - that’s my advice.
Further, I tell you why the advice is such based on my scenario analysis - cause & effect analysis, before and after analysis. Sometimes, despite all that, you may still need to shift your goalposts.
Example - your financial independence goals can only be achievable in 10 years instead of 5, by changing X/Y/Z. Knowing that now means you buy yourself time today because you can do something about it starting now, instead of 10 years later when you just lost 10 good years of doing nothing.
Most of you'ren’t aware, that when you are in your 30s, your best friend is that you have so much more time compared to someone in their 50s
End of the day, a series of advisory sessions will turn what you think not possible into possible, and what’s possible into even better.
When you reach a stage or season in life, this become urgent and important.
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