There's a part of me which is ambitious, and which enjoys a measure of risk and uncertainty, but over the years I've changed. This could be attributed to factors such as bad experiences with risk and being with my very calm wife, or a combination of different factors, but the fact remains that I've mellowed out a lot.
Aside from the seven month stint with my mother's business, I've been at my current company for almost six years now in the same department. This is very different from my first year of work where I changed job five times and exposed myself to industries of quick income growth potential such as financial planning (involving mortgage sales, unit trust and insurance) and other sales-type roles.
My friend changed jobs recently to the property industry, involved in exciting areas such as investments, seminars and sophisticated deals. Being in the company, he has his pick of the best invesments, as well as access to tools such as zero down deals and options contracts allowing property control for clients in distress.
He shared his plans and if all works out, he really is on the fast track to achieving wealth in his life. Both his manager and CEO are apparently insanely rich from property investments and if things go smoothly for him over the next few years, he should be as well.
I have to admit, I was...am very tempted to just jump in and start taking part in the property deals with zero down starting capital and flipping them within a year for quick returns. I mean, to be honest, it's not easy to build capital as a salaryman in Malaysia. The purchasing power is weak and the average salaries in general are just too low.
Of course, you're going to always hear stories about people in high flying jobs, stock options and mega bonuses but for everyone one of those people, there are another nine people who are slugging it out just to get by, month after month. And then there are those who have generous parents who help their kids out with a paid up home and car, and this definitely gives a significant headstart, but not all of us have parents who are rich or as extravagant in their generosity.
So I gave it a lot of thought over the past week and realised that I'm not in a position that is ready to make these type of investments at this point of time. With such a large upside, it naturally comes with a lot of risk and I don't only have myself to think of now; I have to be responsible to the family. The consequences of it not working out is not a price I'm willing to pay.
With a single income family, I'm going to stick with the step by step approach I've been using. Work hard, save steadily one item at a time - the wedding, the home, now the baby, then the 4 to 6 month emergency fund, before going on to property investments. I've planned it out and will be able to start investing in property from July 2012 if my conservative plans go smoothly. It feels like an extremely long time away but I'll still be 29 years old at that time and that's not too bad.
It's funny - I always thought of myself as the hare rather than the tortoise. I used to always love to start new and exciting projects with a lot of enthusiasm and then fizzle out halfway and pass it on to someone else. I could pick up just about anything with passion and always wanted to be the trailblazer and pioneer.
But I'm now the tortoise now, aren't I?
I've always longed for the fast track and the capability to build quick wealth but for now, I know I need to be content with the responsible and practical method. I've come to terms with it in my mind, now I just need to be settled in my emotions as well.
I take comfort knowing that in the story, the tortoise finishes the race.
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