This year is going to be quite a challenging year for me because i will be embarking on a journey that is going to be quite exciting for me! I’m going to own a house and do my best to save up to 40% of my earning per month!

Before you get the wrong idea, i am not getting married by any means but it is just that i will be taking over the ownership of my current house due to some reasons. This is actually quite a good news for me because it will mean that i will finally own an asset which will be providing me passive income and an opportunity to make capital gains when times is good. I felt that it comes at the right time because currently i am single and not having much commitments therefore by putting my money inside the house will be considered as a good investment.

My plan is to do a small renovation and after that will rent out the whole unit to let me earn some passive income and i will move out to rent a small place to stay. This way, i will not have to worry about the loan repayments since it will be covered by the rental and i also don’t have to fork out extra money to pay for my room rental too. Tho it’s going to be quite different staying alone but for the sake of future investments, i think it is a small price to pay =) Hopefully by 3 years, i will be able to save up to buy my first condo. And if i do so, i will be renting it out and i will stay in HDB together with my wife (if im married). The thought of dreaming about having my own condo excites me so much!

Another thing that i wanted to do this year as i mentioned earlier is to save up to 40% of my earning per month. To do so, i have listed down what are the neccessary adjustments that was needed in my current lifestyle:

1) Cut down on restaurants with my date to once/twice a month
2) Get busy so that i have no time to spend money!
3) No more expensive things for myself for at least next 6 months
4) Cutting down on entertainment activities to once a month
5) Less cabs taking

Well i believed that by strictly following these five things, i will be able to save up quite abit of my earnings and do regular investments. I’m also going to be more active in investing in unit trust to build up for my future. 2010 seems to be a good year to do regular investment since there are prominent signs of recovery. I believed that as a financial planner, we have to abide by the rules of saving and investing before we can preach what we believed strongly in. At least that is my motto when i’m handling business with my clients.

I often shared with my clients that it is not really how much you earn but how much you save! With that in mind, i am going to drill it deeply in me at least for one year and i will see how much can i really save. Good luck to me in saving! =)

The above two are part of my 2010 resolutions! I still have others that i will share soon!

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