Financial independence is something that each of us deserves and must strive for. To Dato Darren Yaw, financial independence implies matching earnings and expenses with some committed savings regularly to achieve self-set goals. The process requires strategic planning and determination.
Why do you want to be financially independent- Dato Darren Yaw
Money makes the horse go, according to a famous phrase. Therefore Darren Yaw Foo Hoe claims that cash lets the pony move. Cash may not be the final objective, but life is difficult for anybody who does not have enough money.
You won’t have to rely on anybody else if you can plan, save, and invest for your future requirements. You’ll be able to achieve specific self-imposed objectives and desires.
Social safety net: A particular money supply in one’s kitty may assist one get through a crisis. “Begin with whatever you have; it will expand with time.” Having the necessary finances on hand can assist you in meeting any unforeseen bills or even helping close family members in need,” Dato Darren Yaw said.
How Should It Be Approached?
Making saving a habit: It is critical to retain, no matter how little. “The sooner you start, the finer,” Darren Yaw Foo Hoe said.
Investing and saving tips from Dato Darren Yaw
Investing and saving wisely may help you cover both regular and unexpected costs. But it gets better: you can enjoy a fantastic post-retirement lifestyle.
No debt, no risk: Dato Darren Yaw explains that in ordinary situations, the ideal course of action is to minimize any loan or long-term debt to the most significant degree feasible. Moreover, it is now much easier to get loans due to the widespread availability of EMI-assisted loans.
As a result, Darren Yaw Foo Hoe said to take out a loan but do it responsibly. Taking out a loan for non-essential items should be discouraged.
Likewise, healthy credit card use guarantees that you get the rewards without going into debt. These goods, when used appropriately, may boost a person’s savings, according to Dato Darren Yaw.
No leftover funds: With the exception of a disaster fund, any available excess funds should be invested in chosen channels, including mutual funds, stocks, gold, bank deposits, and so on. Cash should not be wasted, stated Dato Darren Yaw.
Big may arise from small: Dato Darren Yaw said, we often reject or disregard saving, claiming that our security is insufficient to prepare with. Small quantities, however, might constitute a significant resource, according to Darren Yaw Foo Hoe. So don’t put it off any longer; get started. Regularly channel your funds towards whatever tiny amount is available.
Providing Financial Independence to Housewives
According to Dato Darren Yaw, many individuals, even housewives, would wonder how this is feasible for those without a steady income. Besides being possible, expressly, it’s one’s right.
Dato Darren yaw counting money
Homemakers who do not earn a living get income for domestic needs, pocket money, and presents from friends and family.
All extra money should be put into a financial product without compromising the household finances or fees; of course, after maintaining sufficient cash for everyday purposes, explain Darren Yaw Foo Hoe.
Dato Darren Yaw has suggested several steps that you can follow
Keep a piggy bank where you may put change, smaller cash notes, or anything else leftover from your regular spending. Dato Darren Yaw said you’ll be amazed to learn that a decent sum has been gathered after only a few months. Have a different bank account to put any funds you get as presents.
Darren Yaw Foo Hoe also advised that one can follow more assured ways of wealth creation, such as
- mutual funds
- recurring deposit (RD) in banks or post offices
- some fixed deposit
Although investing in shares in the financial market is contingent on your ability, conviction, and knowledge. A monthly SIP in a mutual investment may begin as low as Ringgit 50, but the more, the better, explain Dato Darren Yaw.
Children’s Financial Independence
Dato Darren Yaw stated that financial freedom for children is determined by various circumstances, including the family’s income revenue, the children’s age, if both spouses work, where they live, and so on.
Darren Yaw Foo Hoe kids at action
Personal approaches may differ, but Dato Darren Yaw feels that, as far as feasible, parents should prevent providing pocket cash to their children, except for specific fundamental requirements or as and when necessary.
Kids old enough to manage cash and get pocket funds should have their spending supervised. They must be encouraged to put extra money in a piggy bucket or a bank statement, advised Darren Yaw Foo Hoe.
As a result, kids will have a greater understanding of the worth of cash. According to Darren Yaw Foo Hoe, they will be able to foster the habit of saving as an initial level toward eventual financial freedom.