Spend more money to make more money!

Reader:
I am from a humble working class family, staying with my grandmother, parents, and younger brother in a 4 room flat.

My younger brother is very intelligent but doesn't like school. 





He ventured into MLM last year and enjoyed some early success. 

Now, he wants to buy a car and it has to be a Mercedes Benz or BMW. 

I told him to save the money. 

He said he must look successful and rich to make more money as he can convince people to join him more easily.






I am just a simple person working in the civil service. 

I don't know how the business world works. 

I follow your blog because you give down to earth advice about money and life in general.


I am worried about my brother. 





What should I do?

Thank you for the generous sharing of your time and knowledge.









AK:
Alamak. I don't know what you should do.
I will say that there are many ways to make money in this world.

Hopefully, we can find something we like, are good at, which makes lots of money and is legal.

I know, that is the dream and not many people get to live the dream. I didn't.





Then, of course, it is about being prudent with money, being pragmatic in life and being patient as we grow wealth.

For my own safety, that's all I will say. :)
Related post:
1. If we are not rich, don't act rich.
2. Prudent, patient and pragmatic.

Why join the Supplementary Retirement Scheme?

Reader says...

I just like to share one of my view on SRS account.

When I first decided to contribute to SRS, it was mainly to reduce my income tax.

However, I realize that a lot of people between 55 to 65 years old have to work because their CPF is not enough for them to stop work before the CPF life pay out at age 65. 

This is assuming that CPF is their only retirement fund.

By contributing to SRS, we will have a sum of money which we can withdraw at age 62 penalty free. 

I do realize that you can withdraw up to $40k (per year) to avoid paying income tax on them.

Hence, SRS form a safety net for us between the age of 55 to 65. 

Knowing that we have something to withdraw for our old age at 62 instead of 65 (which the earliest  CPF Life can start paying).

Maybe this might convince more people to contribute to their SRS?

AK says...
I feel the same way. I will be very happy to share your POV in my blog. Thank you. :)

Related post:
SRS e-book and analysis.