Setting a target

I used to say that I'm not ambitious and wanted a simple life. The truth is, I don't really know what I want to do for the rest of my life. Recently, I bought an interesting book written by Robert Kiyosaki and it inspired me to think about my future. 

Having spent a few hours looking at the beach in Port Dickson, I still didn't have a clue on where to start. I finally decided on what I want in the future after spending the past few days doing shitty jobs in my firm ie helping secretary to key in data, helping manager to photocopy, casting etc. I realised that I easily get bored whenever I'm doing something that doesn't need my brain. The hunger and thirst for knowledge made me wanted to explore more. It also explained why I enjoyed my recent stock count (which I thought I will hate it).

Hence, I have made up my mind. I don't want to spend the rest of my life climbing the corporate ladder or work like a lifeless creature in an audit firm. I want to work for myself and let money works for me as well. Sounds too ambitious eh? >.< Having said that, my ultimate target that I eventually set for myself is to be financially independent at the age of 50.

In order to achieved that, I have broken down my plan into few stages for now, following some guidance by Robert Kiyosaki:

Phase 1:

- Continue working in my current firm for 3 years to gain more financial literacy and experience, it will also help to improve my communication skills along the way

- Create a portfolio of investment, probably a unit trust fund and some investment in shares

- Keep track of my personal financial statements (probably looking pathetic for now)

- Have a set of financial plan from financial advisor (the most difficult part, i think)

Phase 2:

- Resign from lifeless audit life to get a job that gives me more free time. That's when I would start a part-time business (No idea for now...)

- Finding a team comprising of insurance agent, accountant, tax advisor, legal advisor, broker and financial advisor (Quite tough for me since my friends are quite limited, haiz...)

- Venture into full time business when the business is relatively stable

Phase 3:

- Learn from mistakes, continue to improve

- Achieve financial independence at the age of 50

Talk is cheap. Anyone can write down things like that, probably more interesting than what I wrote. But, I hope I have the courage to stick to my plan and eventually achieve it in the future. Well, since I have written it down black and white, I can always come back to this blog post if there's any distraction from my target along the way.

Growing up

It has been two months since I started working. Initially, there were many things to cope with and I constantly thought of resigning everyday. I am so not used to long working hours, late lunch/dinner and sleeping late everyday. Sometimes I wonder whether an office job is more suitable for me.

Being an auditor is certainly not a pleasant job which you would gladly recommend it to all your friends or relatives. I had been working non-stop since early April, every single day including weekends and public holiday. It's like a cheap labour with low salary yet required to work non-stop to meet deadlines. Well, I know I'm complaining a lot right now. Here comes the interesting part, I actually felt relieved when I found out that I'm not the only one suffering like this. Haha... When there is gathering with auditor friends from different firms, we are basically facing somewhat similar situation. I guess that's what an auditor is -- a person  who works continuously to earn money for partners and doesn't even have time for himself!

I hope that I'll be able to survive my audit life for at least 3 years in order to obtain my ACCA membership successfully. Last but not least, today is my graduation day!! It feels good to have a break from routine audit work and hang out with my friends and family. The only slight disappointment was that I was not able to take photos with my favourite lecturers. Maybe I'll drop by college to meet them one day. :)

In the end, it's not the years in your life that count. It's the life in your years--Abraham Lincoln

It's a new year, so I decided to write a random post. Everyone managed to survive the end of the world, which basically means that I have to start working SOON! It is a bit disappointing as I thought we might be the last group of people who witness how the world really ends. Haha...

Anyway, this year will be a challenging year for me. I will be living alone in KL and begin my working life in March. Worse still, I have to drive frequently to clients' place, work overtime until wee hours, pay for my car, stuck in jam, pay rental, and do housework after work. Eww~ I don't even wish to think about that right now. I can't imagine how am I going to survive the next 40 years of working life! 

Ironically, some audit firms claimed that they emphasise on work life balance but none of their employees (In Asia) actually go home after normal working hours everyday. Besides that, many lecturers said that audit firm is a great stepping stone for our future career, but how true is it? I am not even sure that I can survive the first 3 years in an audit firm.

Is this really what I want to do?
To work like a slave from day to night?        .
Waste my youth on routine work?                         .

Life would be great if we don't have to work,wouldn't it? Nevertheless, I shall be prepared for the worst as soon as possible. Most importantly, I have to hone my driving skills with my new car.^^

Next, I need to familiarise myself with all the roads in KL. It will be terrible to get lost in the city, especially when I need to meet my clients. I also need to revise some IFRSs before commencing my job as I have forgotten most of the standards.:P Hopefully, I'll like my first job although the possibility is extremely low.

All Izz Well :)

100th post :D

Today, I had a quick look at Budget 2013 announced on 28/9 after returning from Sunway. Frankly speaking, I'm a bit disappointed with the budget revealed. However, there are also some positive aspect that will help our nation.

First and foremost, there is a reduction in tax rate by 1 percentage point for individual chargeable income between RM 2500- RM 50000. This would effectively result in a tax savings of RM 475 for chargeable income up to RM 50000 as illustrated below:

The increase in child relief for children in higher education from RM 4000- RM 6000 is also welcomed. However, I don't think there will be any significant impact on parents nowadays. How much can you save from extra RM 2000 relief? My hostel fee for a year is already equivalent to RM 6000!

On the other hand, the government is also keen in reducing crime rates by investing substantial amount to enhance the security of the country. It is certainly necessary in view of the increasing crime rates that threaten our lives, especially in KL areas. I do hope that the money allocated will be well spent and I can safely reach home at night after work next year.

In addition, it is a great news for those youngsters who wish to purchase new house next year. 50% exemption on stamp duty for new house below RM 40000 will be given to them. The government will also be building affordable houses in a few areas in the country. Moreover, individual with monthly income of RM 5000 or below is eligible for My First Home Scheme (although I don't know exactly how to apply for that). However, this should be carried out with caution so that it will not lead to property bubble and massive defaults in housing loans by younger generation.

On the downside, our government is still giving book vouchers to students. This time, the amount increased to RM 250. In my opinion and for the sake of our country, the government should stop doing that! No doubt that students will be happily spending the vouchers on books(really?!), CDs, DVDs, hard disk, thumb drive etc, it doesn't have any benefit at all. We are just taking back a portion of our money we paid to government (taxes) and spent it in a restricted manner. If the government is serious in reducing our government debt, it should stop giving such vouchers. Maybe it wants to help to boost Popular's sales, hmm....

Furthermore, the provision of RM 200 one-off rebate for purchasing a smart phone is absolutely ridiculous! If you can't afford to buy something, then don't do so. What is the point of giving money to youngsters to buy smart phones? Smart phone is just a luxury good, you can still survive without it. It indirectly implies that our government is encouraging youngsters to be more materialistic and spendthrift rather than nurturing them with good virtues. On the contrary, the subsidy for sugar, which is an essential good, is reduced by 20 cents. Is the government getting its priority right?  

Lastly, I'm very VERY disappointed that there were no reduction in car prices despite all the rumours I have heard this year. Taxing 300% on imported cars is really a burden for everyone in Malaysia. Lower income groups were forced to purchase low quality local cars i.e. Proton and this has resulted in Proton being complacent over the years. Now that Proton is taken over by DRB Hicom, I wonder why our government is still protecting it.

Other details of the budget can be seen in The Star's website. Thank you for reading, if you really read until the end of this post.=)