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Book Review: The Millionaire Next Door » Meshio.com- a Malaysia Personal Finance Blog

Started by yowchuan · 9 months ago

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3 comments

  • Hilmy

    3 years ago

    I agree with you on the car thing. Money suddenly was tight the moment I got a car, and no one ever gave a ballpark figure on how much maintenance+insurance+major repairs can seriously hurt your savings.

    The only real way to get out of it is to use the car as an asset, a la Kiyosaki's advice. Repeated too many umpteenth times, but it rings true; as long as the car helps increase your wellbeing and income, it's cost is bearable.

    I'm certainly more independent, sociable and healthy thanks to my car, so it's worth every penny and the extras I spend on it.
    reply
  • Zeke

    3 years ago

    I remember the time when I had to decide what car to get. It was either a cheaper local car at about 33k or a pricier imported car around the 50-60k range. The difference in monthly installments over a 7 year period was at least RM 100 a month. It was really tempting to get a nicer and supposedly better car but I felt I'd better start off at the low end since I was just starting out in life. Its been just over a year and I can see that it was a wise decision at the time. Over a 12-month period, I spend roughly about 1k a month, inclusive of road tax, insurance, maintanence, and petrol. If i had gotten a "nicer" car, it would easily cost me 50% more a month.
    reply
  • ici

    5 months ago

    Loved this book when I was 18. Glad I read it early. :)
    reply

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