According to a report published in 2014, Kuala Lumpur trumped all other cities worldwide when it came to the number of millionaires. With over 13,800 high net worth individuals residing in the city, Kuala Lumpur managed to surpass even western localities that were expected to top the ranks. When asked, these millionaires claimed that they owe their success to the different wealth management products in Malaysia as well as their own clever and quick thinking. These numbers prove that becoming a millionaire in Malaysia is nothing short of a very likely possibility, but it still depends on how well you manage your finances and play your cards. Experts say that to be rich, you have to think rich. Are you thinking like a millionaire? Find out how the minds of the rich tick by reading this list.
- Don’t Spend, Invest – If you were handed a large sum of money that you could spend however you want, what would you do with it? Many of us will answer that we’d buy this and that, but millionaires would do otherwise. Instead of spending money on things that won’t generate returns, shift your mentality to investing so your money can earn you more.
- Dabble in All Industries – When we find an industry we love working in, we tend to stay there. But look into the cash flows of the rich, and you’ll see money coming in from all directions. Explore your horizons and dabble in different industries to keep your finances safe. This way, you’ll know if one fails, you’ll always have different sources of funds to keep your finances afloat.
- Work Like a Peasant – For as rich as millionaires can be, they often work like they have zero funds to their name. Getting comfortable with the money you have and thinking that you already have enough is almost like propping yourself up to lose. Earn when you can and take all opportunities to sustain your wealth and avoid bankruptcy.
- Surround Yourself with the Right People – By placing yourself in the social circle of the rich and successful, you’ll learn their habits, their practices, and their theories that may work for your own cause. What’s more, those with money love collaborating. Staying present and accessible will make you an ideal partner for anyone hoping to team up.
- Stop Hoarding – It’s common practice for people to hoard what little salary they make in order to build a fund. But often, there isn’t enough left behind after expenses, and so saving takes a few years before it becomes significant enough for big purchases. Money can always be earned – don’t be afraid to funnel your funds into a project or practice that will generate more tomorrow.
- Every Crisis is an Opportunity – Someone else’s crisis – or perhaps even your own – can be turned around to make a profit. Investors make millions off of failing stocks every day and prove this theory. Keep an eye open for income and see the opportunities in every event, even those that seem like absolute losses. This way, nothing will ever be wasted.
Fake it until you make it. Adapting the mentality of a millionaire is the first step towards reaching that high net worth goal. Put these ways of thinking into action in your life to reap the benefits of sustainable financial success.
References: http://www.themalaymailonline.com/malaysia/article/kuala-lumpur-tops-global-rich-list-with-13800-millionaires https://www.linkedin.com/pulse/malaysia-wealth-report-2015-ruben-kempeneer