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Mar 29

How To Be Rich in Malaysia: 5 Effective Ways To Nail It

While the country continues to roll out its COVID-19 vaccination plan, some Malaysians remain optimistic that the economy will pick up over time. However, that’s not always the case as the pandemic has affected many aspects of our lives over the past year.

Around the world, we hear of workplace closure and loss in working hours due to retrenchment and reduction in working hours. This has increased the global unemployment by 33 million people in the year 2020, with the unemployment rate rising by 1.1 percentage points to 6.5 per cent.

In Malaysia, the unemployment rate was up by 0.1 percentage point to 4.9 per cent which is equivalent to an additional 9.7 thousand unemployed persons as of January 2021. This makes it a total of 782.5 thousand persons who are unemployed due to the review of business strategies in tourism-related industries, passenger transportation, entertainment, and recreational activities.

If you’re one of the few unfortunate ones who lost your main source of income due to this pandemic, continue reading this article to find out how you can make up for your lost income, and subsequently be part of the top 20% in Malaysia.

Importance of a financial backup plan

Economic setbacks and health emergencies like what most Malaysians are experiencing now can derail any planned budget, even the most carefully planned ones. Thus, having a financial backup plan can save you from unforeseen circumstances, and you can have more than one option.

When you have a financial backup plan, you’ll at least have peace of mind knowing that you’ll live through the day or month on what you can until you find another means of earning a stable income. Besides, it allows you to adapt to any situation that arises in the future. Change is constant, so you have to be able to handle it whether it’s good or bad.

Moving forward, here are some ways to get rich and possibly earn more than you’ve ever wanted.

1. Exploit your skill and become a celebrity

Given that you’ve had all those times (while being unemployed) to discover your skills, you might as well exploit them and become a celebrity. Generally, this is how sports stars, authors, and entertainers become rich. You need to have a special skill and some talent to make it from rags to riches. You also need to know how to market yourself well. Otherwise, it’ll be a waste of time and effort.

2. Build a portfolio of stocks

Investing in stocks can be extremely rewarding if you have a great analytical mind. This is how Warren Buffett did it. By accumulating shares of profit-making companies, you can expect to earn handsome returns on your investment. Do your research and invest in companies that produce consistent financial results over the years. That way, you can be wealthy just by repeating this strategy.

3. Invest in real estate

Property investment offers much leverage on one simple logic – limited land with increasing population. This is how some of the richest Malaysians accumulate their wealth for years. It’s also one of the safest ways to become rich as property prices will only go one way, which is up. Just make sure to invest in properties that offer value-added rewards in the long term.

4. Join a start-up

Start-up companies typically require a leap of faith as it may take time for the company to grow. While there are very few start-up companies in Malaysia, chances are you can hit up your school mates and find out if they're planning to start-up a business model that's unique to the Malaysian market. Once the plan is put in place, you may just end up as the first batch of employees in the company and become rich over time.

5. Become an entrepreneur

This is probably one of the most effective ways to become rich. If you can find a unique approach to meet a specific need and build a business model that addresses that need, you’ll be able to create real value that customers are willing to pay. It may take years of hard work but if you can pull it off, the rewards can be satisfying. Besides, you get to call all the shots – from the industry you’re passionate about to making informed decisions for profitable returns.

Throughout this global pandemic, we've seen how people are struggling to make ends meet. Even if you still have your day job, there’s no way of knowing what will happen in the future. Hence, it’s best to have a backup plan.

If you’re looking to start your journey from rags to riches, you can invest in Gene App. It’s an investment plan that can multiply your wealth, manage and increase your digital assets.

You can also earn a daily income and convert your earnings to invest in property and jewellery.

Contact us at 011 6939 2180 or email your queries to [email protected]