How I earned $9,216 with a mug? (Or $32,000?)

Reader:
I used to buy a Mocha Frap every day at work. About a year ago, after reading your blog, I challenged myself to stop. 

For each day I didn't buy a Mocha Frap, I put aside $10. 





I am pleased to report I have managed to put aside more than $2,000 so far. 

The secret is in your blog. 

I got myself a mug and I will earn more than $32,000 with my mug in 16 years! 





If AK can do it, I can do better!

-----------------------
I was making a cup of hot Milo in the office pantry like I sometimes do and the sight of my mug suddenly gave me a warm fuzzy feeling. 

No, it was not from the hot water or the steam.

Nice? 

Got a bit chipped over the years but still nice.

I bought this not long after I started work. 

I needed a mug to use for my tea breaks.

It must have been 15 or 16 years ago by now. 





How much money have I saved in those years by not buying coffee or tea or Milo from the coffee shop (or from Starbucks) on work days?

Conservatively, $288 x 2 x 16 years? 

$9,216? 

Not bad.





Gives a new flavour to the phrase "old is gold". 

OK, who threw something at me? 

Who? Who?




Related post:
Tea with AK71: Some of my stuff (Part 3).

NeraTel: Added to my long position.

On 22 July 2013, I mentioned that if the 200d MA did not hold, share price could fall to 66c.

The counter closed at 68.5c yesterday.

Could 66c come to pass? Your guess is as good as mine. Remember that TA is about probability, not certainty.

So, I made a smallish addition to my long position.

If price should test 66c support, I will buy more.

Related post:
NeraTel: A voluminous day of fear.

A special chest for emergency funds.

I talked about war chests and I talked about emergency funds before. Now, we might keep the latter in a chest as well but it should be designed differently from a war chest.

The chest we keep our emergency funds in should have double or triple locks compared to a war chest! Since we call it an "emergency fund", then, we must make sure that we only open the chest when there is an emergency.

In the meantime, the money will most probably lie fallow. Well, almost, anyway.

What? Remain in a savings account to make a miserable 0.1% in interest per annum? Why don't I invest it in a REIT and make 7% to 8% per annum? Sure, why not?

Before doing that, please redefine what is an "emergency fund". Maybe, it should be "a fund kept for times of need but it might not be there when needed".

An emergency fund has to be money that is close at hand and it has to have certainty. Certainty in uncertainty doesn't count.

So, where should we park our emergency funds?

The best choice is probably a S$ Fixed Deposit. The Deposit Insurance Scheme we have in Singapore provides us with a peace of mind too. Certainty? Certainly.

Read more about the Deposit Insurance Scheme: here.
The Deposit Insurance Scheme protects depositors in the event a DI Scheme member fails by compensating insured deposits up to a maximum of S$50,000.

Related posts:
1. Why a meaningful emergency fund is important?
2. Emergency fund: How much is enough?

Saizen REIT: A special dividend?

Argyle Street Management, which holds 8.9% of the REIT, said the REIT had 4.86 billion yen (S$61 m) of cash. That figure amounts to 23.5% of the REIT’s market capitalisation as at 29 October 2013. Argyle wants the REIT’s manager, Japan Residential Assets Manager (JRAM), to consider distributing a significant portion of its cash balance to shareholders through a special dividend.
(Source: The Business Times)

Regular readers know that I like Saizen REIT. I got interested in it during the GFC when it was unloved and I have been blogging about it ever since the early days of ASSI. Some might even say that I know the REIT like a friend. Although friends don't give us money regularly, this one does and if Argyle gets its way, I could be getting a bit more.

What do I think of the proposed special dividend?

Well, if it happens, it is a return of capital. Why do I say this? This is not from higher income or earnings. This is to have excess capital returned to unit holders if the REIT's management is unable to find better use for the money.

Actually, for anyone who has been following developments at the REIT, the management had used the money to buy back units from the open market and made a few DPU accretive purchases as well. I like their cautious approach as they don't seem to be buying buildings indiscriminately. Going on a shopping spree would, of course, fatten their pay checks. It is to their credit that they did not do so.

If a capital reduction exercise should happen, Saizen REIT would have less money on hand for any potential DPU accretive purchases. This means that the management would have to use a blend of equity and debt to fund such purchases in future. So, it would be back to square one for unit holders.

However, I should not complain if I am going to be paid money, should I? Better in my bank account than others' or so some would say.

One reason why I am invested in the REIT is because it is grossly undervalued. Depending on the exchange rate we use for the JPY to S$, the REIT was trading at a 20% to 25% discount for much of  2013.

The warrants exercised in the middle of 2012 strengthened the balance sheet of the REIT considerably. The REIT, already undervalued then by some 40%, was made more so because of that.

So, for those who exercised their Saizen REIT warrants back then, they would be taking back some of their own money if a return of capital should happen.

For those who bought into the REIT at a relatively large discount to valuation and who had no warrants to exercise before they expired, they should be grinning broadly as they would be taking some of other people's money with a margin of safety to boot.

Having said this, special dividend or not, Saizen REIT has been a good investment for me and it is likely to get better in the years ahead if Mr. Abe's policies gain traction.

Related posts:
1. Fukushima and investing in Japanese real estate.
2. Saizen REIT: Risk free rate and unit price.
3. 9M 2013 income from S-REITs and more.

Tea with Solace: King Wan Corp. Ltd.

Business Structure

 

King Wan Corporation Limited is a Singapore-based integrated building services Company with principal activities in the provision of mechanical and electrical (M&E) engineering services for the building and construction industry. It also operates in three other business segments, namely Property, Manufacturing and Services.

It operates principally in four business segments:

 

Engineering segment: Provides multi-disciplined M&E engineering services such as the design and installation of electricity distribution systems, fire protection, alarm systems,

communications and security systems, and air-conditioning and mechanical ventilation systems for the building and construction industry;

 

Property segment: Engages in the development, marketing and sale of residential and commercial properties in Singapore, China and Thailand;

 

Services segment: Provides rental and other services for mobile chemical lavatories and other facilities for construction worksites as well as public and nation-wide public events.

 

Vessel owning and chartering segment: Buys suitable vessels for chartering to third

parties.

(Source: King Wan's website.)

 

From M&E Engineering to developing property, providing mobile toilets and even vessel owning, this seems like a Rojak company to me at first glance. However, bearing in mind that a well mixed Rojak can be delicious, I decided to dig further.

 

King Wan's true strength lies in its engineering segments. It has more than 30 years of experience in the building and construction industry and has established a sound and stable foundation. 

 

Within the mechanical & electrical (M&E) space, King Wan is a company that is involved in the fields of electrical, plumbing, air-conditioning and fire protection. Its economies of scale give it a contract-winning cost advantage.

 

Recently, King Wan Corporation won S$26 m worth of new M&E contracts. Total M&E contracts' value stands at S$168.9 million, lasting to 2016. This will keep them busy.  This core segment contributes an estimated S$5 m to S$7 m, which should be sufficient to meet the 1.5 cents of dividends.

 

 

On the property front, King Wan together with TA Corporation, Hock Lian Seng and Far East Distillers Pte Ltd ventured into condo development. They have recently unveiled “The Skywoods” at Dairy Farm Road. Some people believe that Kingwan is late to the party but I believe it is better late than never. I am paying close attention to how this property segment can contribute to their overall performance.

 

In 2013, the company ventured into vessel ownership and chartering business through Gold Hyacinth. The first vessel purchased called “Hai Jin” is a bulk carrier. The vessel has since been chartered to a 3^rd party. This operation should contribute to the group’s results in the new financial year, which I am keeping an eye on to see how it can value add.

 

The rental of mobile toilets contributes about 4% of group's total revenue. It provides a diversified and steady income stream.

 

Perhaps, the biggest reason why the stock jumped this year was the announcement of Share Sale Agreements signed with Kaset Thai Industry Sugar (KTIS). KingWan has agreed to sell to KTIS its entire shareholding in Environment Pulp and Paper Company (EPPCO) and Ekarat Pattana Company Limited (EPC), comprising 5 percent in cash and the rest in listed KTIS shares. Barring unforeseen circumstances, KTIS shares are expected to list on the Stock Exchange of Thailand.

 

This event can unlock shareholder value. In the latest announcement, Kaset Thai Industry Sugar (KTIS) has applied for IPO. The Securities and Exchange Commission (SEC) in Thailand has allowed KTIS to begin marketing its shares. This adds another level of certainty to the anticipated IPO as well as the declaration of the 1.5 c special dividend.

 

 Financials Fundamental

 

Market Cap ~ $103M @ $0.295 per share

EPS ~ $2.35 cents

P/B ~ 1.21

NAV ~ $0.2431

PER ~ 12.55x

Dividend Yield ~ 5% (Based on core 1.5c dividend)

Dividend Distribution ~ Aug/Nov Semi-Annual Distribution

Current Ratio: 1.46

Quick Ratio: 1.43

Gross Debt to Total Equity Ratio: 18.3%

 

Conclusions

 

I like the strong core M&E business. The strong order book can sustain a few years of core 1.5 cents dividends.  I like to be rewarded with dividends while I monitor the company growth. Semi-Annual distribution has been consistent even during the crisis year which is good.

 

With the impending listings of the group’s two Thai associates, EPPCO and EPC, the financial position should be boosted. I will be looking closely whether King Wan can explore new investments that can add value to share holders.

 

Some risks are also on my mind. The risk in property development has increased with more cooling measure introduced. We have yet to see result from Vessel Ownership and Chartering business; profits may get dragged if it does not perform well. Revenue will decrease with a lack of contribution from its Thai associates after sale.

 

I would usually write down the reasons for investing in a company. If the company takes a turn for the worse, I take out the piece of paper and analyse whether the reasons for buying the stock still makes sense.

 

For King Wan, if the competitive edge of the engineering segments gets eroded by competition and if the listing of Kaset Thai Industry Sugar (KTIS) gets into trouble, it will be enough for me to admit I made a mistake. This will be the right reasons for me to sell the stock.

 

Disclaimer: The article is my personal opinion and is not a recommendation to buy or sell. Any increase in popularity of the stock that leads to an increase in share price will benefit Solace in the long run, Haha.

 

Read other guest blogs by Solace: here.

Yongnam: Substantial shareholder increased stake.

Delta Lloyd Asset Management on 31 October 2013 bought 1,231,000 shares.

Price? 24.08c a piece.

They now have a total of 115,089,000 shares or a 9.08% interest.

I first made mention of Delta Lloyd Asset Management in the comments section of my blog in January this year and it seems that they have been a persistent buyer. I have probably missed quite a few instances of buying by them since then.

See my comments on their buying activities as well as their rationale for investing in Yongnam (translated from Dutch to English): here.

Related post:
Yongnam: Profit guidance.

Be rewarded for opening an SRS account!

I have blogged about the benefits of having an SRS account many times before and if you do not yet have an SRS account, you might want to think of starting one.

Click to enlarge.

If you are thinking of starting one before the end of the year to save on income tax payable next year, you might want to consider OCBC's offer.

First 2,000 customers to open a new OCBC SRS account with at least $8,000 will get a $30 Robinsons shopping voucher!

I love a good deal and I love sharing the news too.

Related posts:
1. SRS: A brief analysis.
2. Ways to reduce income tax.
3. Don't see money, won't spend money.

Not an advertorial.

Croesus Retail Trust: Initiated long position at 87c.

I love Japan and with the Japanese Yen so low now, I am planning a trip to the Land of the Rising Sun in December. 

This might have something to do with why I initiated a long position in Croesus Retail Trust. You think so? Nah.

Croesus Retail Trust is a business trust which owns 4 shopping malls in Japan. Its IPO in May priced its units at 93c a piece which meant a slight premium of 3.3% over its NAV of 90c a unit.


Luz Shinsaibashi is a new retail building in Osaka.

The Trust dangled a distribution yield of 8% and investors lapped it up, pushing the unit price to a high of $1.18 on the first day of trading. 

An auspicious number for the Cantonese people perhaps as it sounds like "prosper everyday" but not for those who bought some then. 

Unit price declined over the next 4 months to touch a low of 84.5c on 17 Sep for an almost 29% drop.

Buying at a discount to NAV and getting a relatively high yield is an attractive combination for me. The bug bear is the relatively high gearing level of about 44%. 

Any yield accretive acquisition will probably be funded through a blend of debt and equity. So, for someone who might not have the resources to participate in a rights issue, this is something to bear in mind.

Although trading at a discount to NAV and offering a relatively high distribution yield, there was nothing to prevent unit price from declining further after touching 84.5c on 17 Sep. The good news for unit holders is that it did not.

Indeed, unit price seems to have found a floor with many times tested support at 85.5c. The confluence of the 50d and 20d MAs form the immediate support at 87c. 

With the downtrend broken and unit price moving sideways now, I decided that downside risk has reduced from a technical perspective.

The 180 days lock-up for the sponsor and their strategic partners in the Trust will end sometime this month. Will they sell 50% of their stakes? 

With trading volume so low, it could drive unit price down by quite a few notches if they should do so. Well, I simply don't know.

What I do know is that at 87c per unit, I am buying at a 3.33% discount to NAV and I will receive an estimated 8.5% distribution yield. 

If price action should test the support at 85.5c, I might buy more because there would be a bigger margin of safety then.

Now, I look forward to the Trust's first income distribution which is expected to be paid in March 2014.

Related post:
Invest in Japanese real estate: Croesus Retail Trust.

Have a break!

This is something I have pretty often for my afternoon tea breaks:

Wholemeal bread. So healthy!


So, what's inside? Er... ahem...

So yummy!

To let go or to hold on to a position?

We can either make statements of fact or opinions. They are quite different from one another although sometimes people mix them up. This is just something that happens naturally in daily life.

"Today's temperature is 30 degrees Celcius." This is a statement of fact. It could be either right or wrong.

"This is a nice day." This is an opinion. There is no right or wrong.

How could these be mixed up?

Well, to me, it might be a fact that the weather is nice but to someone else it might not be. We could have a debate until the cows come home on who is right but it would be an exercise in futility because there is simply no right or wrong to this.

Of course, we can make statements of fact or opinions about anything under the Sun, including people.

"This person is 1.7m in height." This is a statement of fact.

"This person is short." This is an opinion.

In the land of the Vikings, 1.7m might be short for a guy but in PNG, 1.7m might be considered tall.

Now, when we start saying things about people, we have to be a bit more careful because it could get sensitive. I know people who are vertically challenged who are very sensitive to being called "short".

So, I try to be careful about what I say about people. I don't want to be hurtful. The best is not to say anything at all. If I have to say something, I try to make sure it is positive. If it is not, I try to be diplomatic.

Sometimes, I might slip up. If the other party should be diplomatic enough to let it go, then, I should be grateful and let it slide. I might even think of how to make it up to the other party in future.

Why force anyone into a corner? When any regular guy with an iota of pride is forced into a corner, what is going to be his natural reaction? Should we be surprised by the answer?

We will very likely save ourselves and others a lot of angst if we are more careful with what we say in the first instance.

Perennial China Retail Trust: Progress in Q3.

In my blog post of 10 August, I mentioned that current DPU is being sustained by earned out deeds which will be exhausted by end 2014. So, we really need to see stronger occupancy and evidence of improved cash flow from operations in the coming quarters.

The latest report shows that the Trust's operations have improved with occupancy in Shengyang Longemont Shopping Mall increasing to 85% and with occupancy in Shenyang Red Star Macalline Furniture Mall at 93%. Shenyang Longemont offices saw occupancy improving from 33% to 41%, quarter on quarter.

Perennial Jihua Mall which opened in August has hit an occupancy of 95% while Perennial Qingyang Mall which is slated for opening in 1Q 2014 saw leasing commitment improving from 67% to 75%.

All in all, it seems that the management have been working hard to secure tenants. However, there is still much to be done. So, I believe that it is still relatively risky investing in PCRT compared to a plain vanilla retail or commercial S-REIT.

Therefore, I would ask to be adequately compensated for the risk that I would be taking on if I were to invest in the Trust.

For now and the next few quarters, the Trust would probably continue to draw on those earned out deeds in order to sustain the income distributions at current level to unit holders.

Will the Trust be able to maintain its current DPU without the earned out deeds from 1Q 2015? It would depend on the progress that they make in the next 15 months. If the Trust keeps up the momentum we see in Q3 and with the opening of a new mall with a relatively high level of leasing commitment in early 2014, it could happen.

Bearing in mind that another mall, Perennial Dongzhan Mall, could open its doors in 1Q 2015, things could further improve if there is, again, a relatively high level of leasing commitment. However, we do not want to count our chicks before they are hatched as the management have just started to market this new mall to prospective tenants.

Assuming that no further improvements are forthcoming which, I believe, is rather unlikely, then, I have estimated in an earlier blog post that DPU could reduce by at least 50% from 1Q 2015.

With an entry price that gives me approximately an 8% yield, a 50% reduction would bring the yield down to 4%. Although this is unlikely to be the case, if it should happen, it is still acceptable to me.

What about anyone who is thinking of buying in at 54c a unit today? Well, that would mean a yield of 7% and a worst case scenario yield, by my reckoning, of 3.5% in 2015.

If distribution yield should decline by 50%, however, it would be optimistic to think that the unit price of the Trust would not decline. This is especially true in an environment of rising risk free rate.

So, before we invest in the Trust, should we not ask ourselves if we are able to stomach what could be the worst case scenario?

Related post:
Perennial China Retail Trust: 1H 2013.

My iPad has died.

Last night, when I tried to switch on my iPad, all I got was a black screen with a faint light glowing from the sides. Reset it and it still didn't work. Charged it overnight and tried it again this morning and it is still dead.

The only thing I have yet to try is to slap it. Maybe, I should slap it (a few times) this evening when I get home. It might be in a deep slumber and hard slaps could be the remedy. You don't think so?

While driving to work, I was thinking of buying a replacement iPad. I am rather partial to the iPad Mini after seeing the one a friend has. The iPad Mini weighs a paltry 308gm. I find that attractive.

Since Apple dropped the price to $408.00 for the old iPad Mini with the new version launched, it is even more attractive to get the old version now. Of course, since I am not in a hurry, I could wait to get a refurbished iPad Mini for only $348.00 direct from Apple Store (and with warranty too)!

My iPad was pre-owned. A friend who was upgrading to the iPad 2 back then gave this to me more than 2 years ago. After using it for a bit, I was so wowed by it that I bought two iPad 2s, one for my mom and one for my niece. Now, we cannot imagine not having an iPad at home.

Rationally, however, I don't think I need an iPad. A friend told me I was under-utilising mine as I use it mostly for games and movies.

An iPad is definitely nice to have but, for me, it is probably not a necessity. Having said this, I suspect that it will still be hard not to have one around because I am so used to watching movies in bed (which is not a good habit, I know). The portability is very attractive.

I was doing quite well with just my PC and notebook before the iPad came into my life more than 2 years ago. Will I suffer withdrawal symptoms from being iPad-less? I guess there is only one way to find out. Wish me luck!

Related posts:
1. Have an iPad?
2. Protect your iPad.
3. I grew up without an iPad.

That's IT with AK71.

OK, amusing blog title? Go ahead, please laugh.


Muahahahaha!


LOL!


ROFL!


Fell off your chair? I hope you were not sitting on a high chair.


After all, AK71 and IT don't mix well. ;p

So, what is this blog post about? It is just to record some observations as to which OS and web browser are number 1 now amongst the readers of ASSI. Statistics are for the last one month:

Number 1 OS is still Windows although at 49%, it is probably not as dominant as before.

Android has a very small lead over iPhone. Actually, reading blogs on a phone must be quite demanding. I don't know why people do it. Of course, with bigger screens available from Samsung and HTC, for examples, perhaps, that is why Android has a slight lead.

Nonetheless, Apple is one against so many. If we add iPad and iPod, then, Android is beaten. Apple is just an amazing company.

What about browsers? It has always been Internet Explorer for me. Only when I started blogging a few years ago did I learn about other browsers. So, being the dinosaur that I am, I am a bit surprised to find that Internet Explorer is number 3 in my blog stats.

Number 1 browser is Safari with a 27% share and number 2 browser is Chrome with a 25% share. My good old trusty Internet Explorer has a 20% share.

Even though I am a "know almost nothing" guy when it comes to IT, these numbers are still interesting to me and tell me how things are changing rapidly (and that I am probably being left behind).

Related post:
ASSI: 10 quarterly reports in 1 blog post.

Yongnam: Profit guidance 3Q 2013.

Yongnam's share price declined more than 10% early this morning. Reason? The management issued a profit guidance. It is more like a fair warning that the latest quarter's results will be negative and that investors should not be too optimistic. This is due to:

1. Cost overruns from 3 on-going projects, paring operating margin to new lows

and

2. A significant one-off loss on disposal of some fixed assets.

So, what did I do? Thanks to an SMS alert from a friend, I did a quick read of the announcement before buying more at 24c a share.



I believe that Yongnam's position in the construction industry is not shaken. It owns a large inventory of reusable steel struts which are valuable assets as they also present a high barrier to entry in Yongnam's niche in the industry.

The decline in share price has presented a good opportunity for me to buy into the business at a discount to NTA. I cannot see how it is a bad idea to own what Yongnam has at a discount.

Of course, cost overruns and suffering losses are unpleasant but we are buying a business with an eye on its future. So, it is important to question if such instances will become the norm? Will they happen again and again in the future? Will they be persistent?

I am of the belief that these are one-off events and that Yongnam's balance sheet will not be negatively impacted in any big way. Overall, Yongnam will still remain profitable for the year although it will pale in comparison to the year before.

Yongnam's future is bright as they will be a beneficiary of the government's drive to double the MRT network in Singapore and there will be work aplenty until 2030. Even if there should not be any iconic projects (which is unlikely), Yongnam will probably have quite a bit of work to keep them busy in the years ahead.

When one-off events like this send Mr. Market into a manic depression, they present a chance for me to buy a business with a proven track record and a bright future at a discount.

Some of us might remember there were times when Mr. Market was very optimistic about Yongnam (for example, on the Myanmar airport projects). Its share price rose to be much higher then. That was probably a bad time to buy.

Please note that I am not glossing over the challenges that Yongnam is facing. Like other construction companies, Yongnam is having a hard time with cost pressures.

With a 3Q loss, they might or might not pay a dividend for the year although a lower DPS should not be demanding. Without major CAPEX in the year, this is a possibility.

See:
Profit guidance: 3Q 2013

Related post:
Yongnam: A chance to accumulate cheaper.

Photos of AK's home.

In my last blog post, some readers thought that the photos were of my home.

Nope. Too luxurious. 

Anyway, curiosity is only natural and since I took some photos of my place a couple of years ago, here they are:

Main entrance to my home on the right.

I gave away the TV console and LCD TV to my sister.

Kitchen with inexpensive washing machine and fridge.

The rather small guest room which was rented out to a friend.

Washroom.

My bedroom.

This is SPARTA!

Related post:
Moved in after 2 weeks and an $8,000 renovation.

Moved in after 2 weeks and an $8,000 renovation.

I shared in Facebook how I spent $8,000 doing up my apartment 6 or 7 years ago and moved in 2 weeks after I got my keys.

Someone asked me how did I do it and whether I could blog about it.

I did a quick summary in Facebook in the wee hours of this morning and I am doing a cut and paste here since the majority of you guys (and gals) don't follow me on Facebook.

"Terrence, it was so many years ago. There isn't much to write really... Lights >$1K... Curtains/Blinds >$1K ... 26" LCD TV, Medium size 2 door fridge, top loading fuzzy logic washing machine >$1K... Furniture from IKEA (Queen Size Bed/Single Bed/Mattresses, 2 Seater Sofa, Dining Table + 4 chairs, TV Console, Shelves, Side Tables) >$2K... Painted the place myself in one weekend... :) 

"It really depends on what we can accept. Many people told me IKEA furniture CMI but mine lasted >4 years and when I sold my place, the buyer asked to have all the furniture. Still good. Just imagine that the money I spent on all my furniture cannot even pay for a bed or a sofa for some people. -.-"







"I am not saying that I am right and they are wrong but there are choices. The same goes for electrical appliances. I spent less than 2K on washing machine ($299), fridge ($499) and LCD TV ($699). For some people, their TV already costs $2K (or more)!

"Very often, I see people trying to keep up with their friends and relatives. "They have, I must also have! If I don't have, I will lose face!" Big problem if they think like this especially if they cannot afford it. Even if they can afford it, should they spend that money?






"To me, it wasn't about affordability although I could afford better. I could put the money to better use. People laughed at my TV back then. It was CHIMEI brand. My Taiwanese friend told me it was Taiwan's 2nd biggest brand. Good enough for me. 26" LCD TV at $699 7 years ago was a very good price. I think SHARP would have cost 50% more.

"I don't think I was extreme in delaying gratification but I did delay within reason. Why use our hard earned money to buy a super high tech TV when we could get one "free" later on with passive income generated by our investments?"

We have choices in life.





We can choose to be 
"Under-accumulators of wealth (UAWs)"
or 
"Prodigious accumulators of wealth (PAWs)".
Source: The Millionaire Next Door.

"I have been labelled a person with a peasant mentality when it comes to wealth building... Unfortunately, I was not born with a silver spoon in my mouth... I can only do what I can with my limited resources to move upwards."
Source: To be a happy peasant.







As long as we are not severely disadvantaged in life, this is definitely something which all of us can do. 

If AK can do it, so can you!

Related posts:
1. A reader in his early 20s.
2. The secret to avoiding financial ruin.
3. From rich to broke.
4. If we are not rich, don't act rich.
5. Not enough money to be married.