Today, I’m going to share with you a 5-step process BK learnt on his way to hitting RM 100k within 1 year
With so many ways of hitting your first RM 100k, I am going to focus on the practical step-by-step aspect you can use without needing to be an investment expert.
By using analogies, you will be able to relate how simple investing can be. Investing without being an investment expert is possible once you learn the investment language
The problem is that most don’t have the focus and consistency to follow through. In less than 30 days, many will give up when there is no positive feedback loop to show them they are on the right track.
BK is a dedicated physiotherapist who helps the elderly walk again. He currently works in Singapore and finds satisfaction when all the uncles and aunties who have lost hope, gain back their confidence to be mobile independently.
Although he is earning a good income, he says “So far my stock investment of RM 67k only generated RM 2k profit. I am good at earning money but I have a problem growing my money”. This was back in 2020 when Bursa Malaysia rebounded strongly in Jun 2020 (30% rebound from 18 Mar 2020 – 1st Jun 2020).
You see, BK was my mentee back in 2013 when I coached him to his 1st positive cash flow property that he bought 20% below market value (his 4th at that time). Subsequently, he went on to achieve much success until MCO reunited us again.
He is constantly struggling for more time for himself and his family as he continues to work hard for money. Being a professional who gets paid by the number of elderly he treats, the moment he stops, the money stops.
He asks me “How do I ensure money still comes in when I stop working?” That is where I come in. I told him “By accumulating assets that generate you passive income“
1st step in creating passive income – Accumulate enough asset that can generate passive income. That was BK’s motivation. In less than a year, BK grew 1.5x from RM 67K to almost RM 170k. What did he do to grow 1.5x?
I shared with BK this 5-step method
1. Find out how hard your money is working for you
2. Set a goal
3. Pick and focus on 1 investment vehicle
4. Automate your savings
5. Have the right system and tools
Did you know the book Millionaire Next Door written by Dr Thomas Stanley can help you identify whether you are working hard for money OR if your money working harder for you?
When you see BK’s MND percentage below 100%, it basically means he is working hard for money. His No 1 challenge is “How do I save and work my money harder?”
Curious whether your money is working hard for you? Take the 5-mins test here (limited to 20 tests a day). Or you can download the Financial IQ Calculator here (which helps you to determine how hard your money is working too)
If your MND Percentage is above 200%, it means you are working your money 2x harder. It means you are doing something right. Double down on it and you will reach your RM 100k goal much earlier.
1 of the main reason BK was able to hit RM 100k within 1 year was because his goal was to hit RM 1 Mil in 5 years. So have you set a big, audacious goal for yourself?
Many haven’t. Because many fear that they might fail to hit the goals they have set out for,
This is what I told BK
“What’s the worst thing that can happen if you don’t hit your RM 1 Mil goal? You still be better off than before you started, right? Imagine you ended the 5 years with just only RM 750k? Does that make you happy knowing you are RM 750k better off than today?”
Set a BIG goal for yourself. Break it down into smaller chunks and focus 1 step at a time. For BK, this was his 5-year milestone
2021 – RM 250k
2022 – RM 500k
2023 – RM 750k
2024 – RM 1 Mil
Next, I ask BK “What do you want to focus on to achieve your RM 1 Mil goal?” He immediately answered “Stocks!”. I say “Good! What about your properties?”. BK says “Ya, I want to hit RM 1 Mil in stocks and RM 1 Mil in properties”
I told him “Since it is a property winter now, it is wise to just focus on 1 first, rather than properties and stock together”. Too many times, too many people have too many distractions. They want to invest in stocks, properties and unit trust to achieve that RM 1 Mil.
Not wrong. It is just that you may lose focus and end up having to manage too many assets. Losing your focus is 1 of the biggest downfall for any investor.
1 of the method of hitting RM 100k in 12 months is bluntly saving money. That means force saving RM 8,333.33 every month (RM 100k/12). As good as this idea is, many of us don’t have the savings capacity of saving RM 8k-10k a month
For BK, he was only able to put aside RM 3,000/mth. By implementing ICE JAR, he was able to know the benchmark of how much he can spend, how much he can commit and how much he needs to save (and invest)
To go 1 up on ICE JAR – to automate your savings by using Money Automation System. This is where you set up standing instructions so that your money automatically flows into your designated Investment/Commitment/Expenses accounts every month when you get your salary.
This will free up your time and focus on more important things – spending time with your loved ones and investing
As cliche as it sounds, “Give someone a fish and you feed them for a day, teach them how to fish and you feed them for life”.
Using the same analogy, to feed you for life (hit your RM 100k or in BK’s case, his RM 1 Mil) you need the right system (the fishing system) and the right tools (the fish rod).
This is only possible if you have consistent cash flow in Step 4 (the fish bait-which is your capital) and fishing in the right pond in Step 2 (stocks, if you choose to. It can be others, just make sure you have the right system and tools to go along with it)
In BK’s situation, he uses the Hidden GEM System (right system) and our Stock Cheat Sheet (right tool) to get results like these -> accelerating him towards his goal and achieving his RM 100k in 1 year.
In summary, you can achieve your RM 100k too when you have
1. Set up the Money Automation System and free up time and focus
2. Have the right system and tools to support your investment
3. Set a big audacious goal that doesn’t paralyze you but motivating enough to push you forward
Would you like to know more? I have put together a FREE webinar – Hitting RM100K in 1 Year for you to experience the 5 steps above
Date: 28 June 2023
Time: 830pm – 1030pm
Come and join us in this exclusive J Advisory community webinar and find out how BK grew his stock portfolio of 1.5x from RM 67K to almost RM 170k in less than a year.
I will share with you the
1. 5-step method BK used to grow his stock portfolio 1.5x
2. 5 lessons BK learn in his 1-year process from 2020-2021
3. 4 key ingredients needed to support his 1.5x growth
*Disclaimer – These are not stock recommendations. Pls do your own due diligence before investing
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