Asset growing

As mentioned in a previous post, I want to grow my assets and pay off my liabilities as best as I can. How would I go about it?

What are some get-rich-quick schemes that are popular ?

Gambling?
Stock market?
Buy and sell property?
Throw a coin into the wishing well?

I must be thankful that one of the earlier reads I did was this post from SG Young Investment. In it, he convincingly argued for saving with a purpose. Namely, if one can save 75% of his income and invest it for 4% dividend yield, the dividends generated would be able to cover his expenditure in 7 years time.

Hence, the key to financial stability lies in consistent and substantial savings!

Analysing other get-rich schemes, they are unreliable and fluctuating, and should not form the backbone of my financial future. In other words, it is not wise to depend on them for something as important as my financial future.

And I don't advocate gambling!

Saving aside a portion of my salary regularly is something that can be done with good budgeting and planning. It is generally reliable and it promotes a good habit of not squandering wealth, and there are times I am surprised where the money all went to every month.

However, it does take a lot of discipline to record my spending diligently. There are also hiccups and unplanned-for spending that does make the budget record look awry. For example, as mentioned before, I will be moving to my new apartment soon, and am in the process of purchasing household appliances. This has easily wiped out all of my salary and savings for this month, and made a sizable dent in my savings.

The difficulties of keeping to a budget!

PS: The place I mentioned in my last blog post here is Nemuiro Hanamaru, located in KITTE at Tokyo main station. This and the aforementioned post are NOT sponsored posts.