WHY DOCTORS ARE LOUSY INVESTORS?

WHY DOCTORS ARE LOUSY INVESTORS?

Doctors are always lousy investors, after working for so many years,  I notice a few obvious common behaviour doctors are sharing, these characters might explain the reason behind why doctors are lousy investors,

1) Doctors are non-risk takers
We do things according to procedure and statistics, doctors only perform certain surgical procedures and prescribe certain medications based on best clinical evidence and trials. Doctors get used to sticking to rules and regulations, we do not take risks. Investing needs risk-taking and you might be losing money which is unacceptable to a lot of doctors.

2) Doctors are too busy to handle their finances
Doctors are busy people. We handle patients' complaints, do our best to treat them, We spend too much of time thinking of how to make our patients recover. Unfortunately we are not always being appreciated by patients nor their family members. We are too busy looking at our finances. Frankly, I personally do not look at whether patients pay me or not. During this MCO period in Malaysia, since I have more time and finally look at my revenue statement hospital sends me every month, I am shocked to know that patients owe me hundreds of thousands since 2016.

3) We think we can make it
Doctors always think that if we work hard, we will be able to retire in one day. We are well above average but the truth is, a lot of doctors are broke even though they are high earners. Many of my friends are getting fat cheques every month but they are big spenders as well. They can not retire because they are basically living paycheck by paycheck like a lot of Malaysians and Singaporeans.

Some doctors are still working at the age of 70 years old, I doubt that they love their jobs, they keep working because they just can't retire. Doctors lives are stressful, and I hope that I can retire soon and work part-time.

Formula to be Millionaires ( III)

Formula to be Millionaires (III)

So am I a millionaire? A lot of readers ask me. If you a millionaire, why do you bother to blog about making your first million in this blog. Frankly speaking, I do not have a million in cash but I can say proudly to you that I have a net worth of more than a million. I believe in investment, I believe that no matter what people told you before, there are still a lot of legal ways of making money.

First of all, I try to avoid buying bad/useless assets. The best example of this kind of asset is car. Some people might think that it is almost impossible for you to live in Malaysia if you do not have a car. I totally agree with that, if you are thinking of buying one. Buy within your means, what not considering a second hand car??

Secondly, before you can invest, you must save! Even just RM200 a month, I am happy to save regularly. I keep the money and when I have enough fund, I buy stocks, I buy property that give me long term gain if I hold to them. I even buy books to learn about investment!

Thirdly, spend your time wisely. I would prefer to attend a property/stock talk rather than sitting in front of TV watching AXN ' CSI' /' Leverage' or even 'Amazing Race'! Don't waste your time! Gain the knowledge and prepare yourself!

Fourthly, start small but dream BIG! Even only you only make RM1K this time, you can make RM10K, 100K or even RM10 million next time!

Lastly, yes, you must TAKE ACTION! It is pointless you are just dreaming and find out you wet your pant without taking any concrete and firm action!!

UK Land Banking Scam

UK Land Banking Scam

As I told you before, there are many con men out there. The only thing they want from you is your hard earned money.

Yes, it is not suprised that many Malaysians are cheated again into buying 'profitable' land in UK thinking that the title will be converted into commercial/residential titles.

You can read the news HERE.

There is no FREE lunch in this World and I would say again and loud, there is no easy money in this world unless it is illegal! Never trust anyone whom they say they will invest the money for you and gurantee you that the return is more than 15% per annum!

Formulas to be a Millionaire (II)

Formulas to be a Millionaire

There are legal ways to become a millionaire. I do not believe that "Behind every great fortune, there is a crime!". You can become a millionaire by legal and humble ways, follow my rules as below,

1) You must invest your money! Yes, no matter how tiny your money is, you have to invest to grow. Learn how to invest in various ways-stock,property,mutual funds or even yourself! Invest some money in yourself to learns ways to invest. Never entrust other people to invest for you, they will eventually take away your money!

2) Be persistent and consistent. Yes, money grows but not overnight. Find an investment vehicle and strategy and stick to it. Becoming rich overnight is a myth unless you 'kena' Toto or Magnum or some millionaires fall in love with you. There is not 'get rich fast' scheme in this World!

3) Have multiple streams of income! Yes, for you to have more money, the principle is easy, duplicate yourself and get multiple streams of income. I would talk more about this topic next time.

4) Never fall into scam! When everyone is greedy, be careful and pull back, when everyone is worried and running away, there might be the best time you jump in!

Yes, there is no short cut to heaven, and certainly there is no short cut to becoming rich as well!

How to avoid Investment Scam?

How to Avoid Investment Scam??

Yes, you are right, Malaysia has one of the highest investment scam in the world! The reason behind this? I am not sure, maybe every Malaysian wants to get rich very fast as their friends who join certain political parties!

There are so many investment scams out there, some may sound quite familiar to you- internet investment schemes, land banking, water dispenser business, gold investment,worms breeding (??), certain multi level marketing schemes etc etc. It is imposibble for me to list down all of them.

However, for you to avoid all these investment scams, just follow these golden rules,

1) Never believe in an investment that sounds too good to be true. How many percents of investment return that is too good to be true, I would say anything more than 15% per annum. Yes, unless you do it or invest yourself, never trust anyone!!

2) Anything that wants a large amount of start-up capital/money. Yes, unless you have the black and white then you are joining your trusted partners to start a business, never give your money after just listening to 1-2 hours business preview! Malaysians can talk very well ( like our politicians) but when we talk about actions, noone actually can deliver their promises!

3) Unclear business or investment model. Just sit down and think about it, if you think that the investment model is too perfect, then avoid investing in it!

Lesson to be learned, never give your hard earned money for other people to invest for me. Learn to do it YOURSELF!!