5 Elements for Youths to be Financially Successful

I come from a humble beginning and I am the only child in the family.

One time when I was so lonely at home, I asked my mom, “Mom, why don’t you give birth to another brother for me, so I won’t be so lonely at home.”

She replied, “Because we can’t afford another child.”

I deeply know the importance of financial education, especially when it is learned at a much younger age! That is because youths have more time, more energy, and we have more capacity to take risk. 

So I co-founded +Young Money Master www.youngmoneymaster.com to train young adults to be financially savvy! We teach these 5 elements in Young Money Master so they can be financially successful! Let me share with you for a bit.

1^st Element: Money Belief & Habit

Financial achievement is a result. If we want to change a result, we have to start with our mindset. Because it is our thoughts that put forth the action, that produce the result. So if you want positive money results, you gotta have positive mindset, positive beliefs and value.

Once you have positive money beliefs, you gotta develop good money habits because wealthy people all have good money habits. One of the 7 habits that we teach in Young Money Master is the habit of saving before spending. The rich and the poor have a different financial formula. The financial formula for the poor and middle-class is Income – Expense = Saving. They spend first, and if they have any extra money left, they save. Sometimes they spend beyond their means. However, the financial formula for the rich is Income – Saving = Expense. In other words, the rich saves first before they spend. And they always spend below their means. And their savings are eventually for investment. So if you want to be wealthy, build the habit of saving first before you spend.

Poor people have poor money beliefs and habits. Rich people have good money beliefs and habits.

2^nd Element: Money Management

Do you think people who make a million a month are 1000 times smarter than people who make RM1,000 a month? Absolutely not! The difference lies in the way they manage their money! Wealthy people aren’t any smarter; they’re just smarter at managing their money. They know how much of their income should be invested in properties, how much should be in shares, how much in business, and so no. They have a system and the discipline to manage their money. The most important part of money management is separating your income to different accounts for specific purposes. Maybe 20% of your income goes to investment, in which we strongly recommend. Maybe 50% goes to living expenses. 10% goes to education. 10% goes to entertainment. And the remaining 10% goes to charity. You gotta come up with you own percentage based on your preference. Adopting a proper money management system will definitely give you a head start in your financial freedom journey. The challenge is always to make it habitual and manage it with discipline. And you gotta overcome that!

Rich people manage money. Poor people let money manage them.

3^rd Element: Passion

Have you discovered your passion?

Each of us is unique and different. Each of us has our own natural gifts and talents. Each of us has something special to offer the world. But because of the Asian education system and upbringing, most of us tend to have our gifts, passions, and aptitudes buried. That is a great treasure lost. Don’t you think so?

To be truly happy, we must use our gifts to add value to the lives of others. Otherwise, you’ll not be truly fulfilled. Because what’s the point of having so much money but you are not happy? 

So you gotta discover your passion, work on it, and FIND A WAY to get paid for it. You don’t have to compromise between financial success and personal fulfillment. You can have BOTH! In fact, wealthy people always have BOTH! They are doing things they love and get paid for it. Jimmy Choo started with shoemaking. Mark Zuckerberg started with programming. We believe people should eventually have two kinds of incomes – Passive Income and Passion Income. The rest we get rid of it. So find your passion, and find a way to get paid for it!

Average people earn money doing things they don't love. Rich people follow their passion.

4^th Element: Leverage

Leverage in business context means finding people who have what you don’t have and work with them. In reality, it is impossible for us to be good in everything and do everything ourselves. We have to learn to identify other people’s strengths and work with them, be it in business or investment. There is no way you can achieve a massive success if you are all by yourself.

What are the things we can leverage on? There are basically 4, which are RICE. First, R stands for Resources. Resources can be in the form of time or money. I stands for Idea. C stands for Contacts. E stands for Expertise. So find people who have what you don’t have, be it resources, idea, contacts or expertise, and work with them. Give them what they need, and they will inevitably give you what you need in return. That is win-win. If you want to be wealthy, you gotta master the art of leverage.

Poor people try to do everything themselves. Rich people have the best team and system.

5^th Element: Financial Freedom Blueprint

Financial freedom is the ability to live the lifestyle you desire without having to work or rely on anyone else for money. In other words, when someone asks you, “How many days can you survive forward if you stop working tomorrow?” And your answer would be FOREVER. Everyone needs a blueprint to reach this state. Without a blueprint, it is like driving in a foreign place without a map. So you need to set a goal and chart out the step-by-step action plan to achieve it!

Firstly, ask yourself, what kind of lifestyle would you want to live 10 to 20 years down the road?

Second, how much money will it take for you to live the lifestyle you want? Write the total amount of money you need to earn per year.

After this, times the amount with 10. This is the capital you need to live the lifestyle you desire, assuming that your investments give you about 10% return on average.

Now your goal is to raise that amount of capital! Then do your studies on the different investments in today’s market. Read financial news, books or attend a financial program, then slowly one day you will be financially free!

In Young Money Master, we teach our students how to build their step-by-step financial blueprint in detail.

Wealth is the number of days you can survive forward if you stop working tomorrow. – Robert Kiyosaki

When you are sufficiently equipped in these five areas, you can stand head and shoulders above all your peers. With that, I wish you the very best in achieving your financial success!

My First TV and Radio Appearance

"Wah Choon Sian, you are very famous now! Well done!"

This was a typical praise I received as a result of appearing on the news, TV and radio station to share about Wake Up Call global campaign. I would never have imagined myself speaking in front of the National TV and radio. The experience was so amazing and exciting! Now I understand better how the media industry operates. Those Public Relation theories that I learned in class were finally put into practice.

Wake Up Call Malaysia was featured on Agenda Awani, Channel 501 on Feb 23 at 8.30pm. Together with me were Mohd. Afiq, our Art Director, and the friendly host - Ernie Sharyati.

Choon Sian was on the media.

Choon Sian was with the DJs on BFM 89.9 - The Business Station.

My experience with the media let me realize the importance of having a high command of language. I need to further brush up my English and Malay, as well as the skill in articulating. I was a bit puzzled whether to look at the cameras or the host when I spoke. But now I know the answer. :)

I may be recently seen as a politics activist, which by all means I am not. I do not affiliate with any political party, but I do care about politics just the way I care for my family. I just have the aspiration to do greater good for my country.

Global Day of Action - 21.2.12

I dedicated my birthday to championing a cause that is dear to me! Finally, the Wake Up Day had descended.

The core team, youths representing the hopes and thoughts of Malaysians abroad had an urgent appointment with the CEO of Talent Corporation, under the purview of the Prime Minister's Office. Talent Corp was designated as the ‘recipient’ of the Wake Up Call Action in hopes to encourage them to devise policies which us youths believe should be implemented. Our mission? To help Malaysia improve the brain drain situation and move towards becoming a high-income nation.

Mr. Johan Merican is the man responsible in attracting our diasporas and retain highly valuable talent in Malaysia. With the daunting figures given by the World Bank, it is not easy task to gather information and execute successful programmes, which it already does in a number of ways to attract highly skilled Malaysians to come back and work in Malaysia. But as the Wake Up Call team realized, there might be something missing. First, the World Bank Malaysia report on Brain Drain hadn't much respondents – and did it directly engage with the youths itself? Seizing this golden opportunity, the WUC team has created the report gathering 500+ views and analysis of the situation from the youths and various industry experts themselves!

On 21.2.2012, after working throughout the night finishing up the report at around 6 am, we all caught some shut-eye for the big day. Despite our rushed condition, we woke up energetic and at 11 am we all met each other (for the first time) in Talent Corp's headquarters. Mr. Johan himself was very surprised, that the entire work was done online – and most of all – that this was our first in meeting the rest of the team. A project that was borne and conducted entirely through the web – shows the engagement level of youths in technology today.

He asked us critical questions about the report, combed through comparing the statistics of one data with the other. At most, he found out information that sometimes reinforces the World Bank Report, but contradicts it as well. He noticed that there are other policies which they can implement. What both of us concluded most from the report was that the Talent Corp outreach programmes needed to be marketed much more aggressively, as the diaspora know not the amazing and attractive benefits that lie in wait for them. A follow up to ask them on their knowledge and perception of these programmes was suggested, as well as a comparison of results between this and the World Bank report itself. Mr. Johan promised to read the rest of the report, and we believe, that it was a success to have handed it directly to him.

On the 24th of February, a rare opportunity arose - we met the 2006 Nobel Peace Price Laureate Mohammad Yunus, also a Counsellor for the One Young World Summit! The Coordinator, Editor an Art Director were present to hand him the Brain Drain Memorandum-Report. We met Mr. Yunus at a presentation for a Grameen-UKM (National Univeristy of Malaysia) social entrepreneurship initiative.  Our enchanting meeting concluded with him telling us to ‘meet again at the Summit’ - referring of course to the One Young World Summit in Pittsburgh, 2012.

Media attention was great! Sin Chew Daily featured us, as well as a prime time television programme called Astro Awani and the first business focused IIPTV, HyppTV!

Malaysia has taken notice, and Malaysia shall Wake Up.

The Journey to 21.2.12

Dec 25, 2011, Christmas, marked one of the most important days for Wake Up Call – the Dawn of our Journey. Wake Up Callers from Asia and Oceania region received the first email from the Wake Up Call Global Team.

Jan 11, 2012, country coordinators of Asia and Oceania region were announced after a series of nomination and selection. Through One Young World, the Malaysian Coordinator was selected as well. In just a short 40-day period to 21.2.12, each country coordinator was entrusted to lead a cause that can create a huge social impact to their respective country on this special day, 21.2.12. We seek to create a simultaneous action in over 120 countries under the same message: This is a Wake Up Call.

After some research, consultations with a few mentors, and a thoughtful consideration, the Malaysian Coordinator finally decided to address the Brain Drain issue under the Wake Up Call message.

Wake Up Call Malaysia: “Of the CEO of Talent Corporation Malaysia, we as the Malaysian Youths, demand that policy reforms to strengthen inclusiveness and career prospect to be implemented to encourage our local talents to stay and serve our country.”

He began to speak to young leaders nationwide to form a strong, dedicated team to carry out the task. After a meeting with the team and a discussion with the Asia and Oceania Coordinator, a consensus was reached to create a solid solution-based memorandum to present to the related government officials, e.g. Talent Corp, JPA, PEMANDU, etc. on 21.2.12 to help Malaysian government address this brain drain issue, all by the collective power of the youth.

A discussion between Asia and Oceania Coordinator – Michael Teoh (left) and Malaysia Coordinator - Choon Sian (right) at Starbucks Sunway Carnival Mall, Penang.

Wake Up Call Malaysia 21.2.12

Imagine millions of people, all over the world, uniting under one goal, one idea, to send one statement on the same day, “This is a Wake Up Call.”

Wake Up Call is a peaceful collaborative global movement for positive change that will take place on February 21, 2012. It seeks to create simultaneous action in over 120 countries under the same message. Wake Up Call Malaysia is part of this global movement, and it aims to battle Brain Drain. It is a project spearheaded by a group of youth leaders nationwide who are dedicated to bringing a positive impact to our country. 

Wake Up Call Malaysia aims to help the related government authorities like Talent Corporation Malaysia, Public Service Department, and PEMANDU to resolve this brain drain issue. The objective is to help Malaysia retain the brightest local talents and nurture more first class citizens to realize our Vision 2020, all by the collective power of the youth. Wake Up Call Malaysia is set to survey 1,000 diaspora and scholars abroad on this brain drain issue to find out the root of the problem and get their input on how Malaysia can make a leap forward in embracing the globalization of talent and turning brain drain to our favor. If you are a Malaysian who has been abroad, I'd urge you to help us complete this 5-min survey http://wakeupcallmalaysia.com/survey/. Let your voice be heard. Then the findings will be compiled along with constructive recommendations from the experts in this domain and will be presented to related government officials on the day 21.2.12. A humongous tweet campaign will also be launched on 21.2.12, where everyone can participate in it online.

I was selected as the Country Coordinator of Malaysia and I chose to fight this issue because being abroad myself, I noticed that the majority of my peers refused to return home. I realized the seriousness of this issue and took action to combat it in conjunction with Wake Up Call global movement. Brain drain does not square with Malaysia’s aspiration to become a high-income nation by 2020. I personally think that some drastic approaches should be implemented, like cultivating a merit-based workforce culture, to deter our best and brightest talents leaving, ensuring Malaysia has top-notch human capital for sustained growth. 

Wake Up Call is One Young World Ambassador Project and was announced at One Young World Inaugural Summit 2011 at Zurich, Switzerland. The official launch can be watched at www.youtube.com/watch?v=J_B4XNjt1Mc. For more information on Malaysia movement, you may visit the website at www.wakeupcallmalaysia.com. Like us on Facebook too: www.facebook.com/wakeupcallmalaysia.

Wake Up, Malaysia!

Youth Defined: Shape Our Future

I was given a chance to participate in “Youth Defined: Shape Our Future” workshop organized by myHarapan – a non-profit Youth Trust Foundation, and endorsed by the Ministry of Higher Education and PEMANDU. This workshop was held from Dec 10-12, where around 500 participants from IPTA and IPTS all over the nation were accommodated at this exclusive 5-star hotel: Palace of the Golden Horses, to contribute to our country.

Palace of Golden Horses

The objective of the workshop is to help the government improve the Economic Transformation Programme (ETP) and Government Transformation Programme (GTP), introduced by our Prime Minister Dato Seri Najib Razak in 2010. 

In this 3-day workshop, we were split into 15 groups. Each group was in charge of one National Key Result Area (NKRA) or National Key Economic Area (NKEA). I was chosen to lead Group 12 to come out with a proposal to improve one of the NKRA (National Key Result Area) - Urban Public Transport. This NKRA is a part of Government Transformation Programme.

I was fortunate to have a group of very talented youth leaders from diverse background. One of my best assistants was even from Sydney. At the end of the workshop, we successfully came out with a detailed proposal to solve the deteriorating urban traffic congestion problem. We target at 3 key areas:

• Reducing waiting time
• Integrating public transport information on the web and mobile phone
• Improving communication among the public, the Ministry of Transport, and the authority party

Our mission is to increase the users of public transports, and thus helping to reduce the congestion on the roads and promote urbanization.

The highlight of the event was the Summit Dinner, where we will present our proposal, which comprised 15 different projects, to our Prime Minister. Being one of the six youth representatives to dine with our Prime Minister at the VVIP Table was the icing on the cake to me! I would never imagine that! Thanks for all my teammates for their dedicated effort, trust and support! We shared some of our ideas to our Prime Minister at the dining table and we had a good mentoring session with him along the dinner. The Summit Dinner ended after the presentation of our proposal.

Summit Dinner with our Prime Minister - Y.A.B Datuk Seri Haji Mohd Najib, Minister of Higher Education - Datuk Seri Mohamed Khaled Nordin, Chairman of myHarapan - Mr. Roslan Bakri Zakaria

I felt thrilled and proud to be able to give some contribution to my country. All in all, a million thanks to myHarapan for putting all this together! You guys have inspired many young leaders to contribute to our country.

Next, I will be working around the clock alongside Michael Teoh (One Young World Malaysian Ambassador), Chris Eigeland (One Young World Australia Ambassador), and many more patriotic youth leaders across Asia and Oceania region on one gigantic international project called #WakeUpCall! Stay Tuned! For more information, please visit www.ourwakeupcall.org