Sunday, August 28, 2011

MYR400,000 Annual Income

I was having a coffee break with my colleague. He asked, "What will you do if you are earning MYR400k annual income?"
MYR400,000 is a big amount. I did not answered right away. I asked him, "Is such income sustainable in the coming years? If yes, will it need alot of hard work to sustain it?".

The answers were as expected. The MYR400k income will be sustainable and not much scarification is needed to earn such active income in coming years.

The key word here is sustainability. I suggested that the excess money (Annual Income of MYR400k minus all the annual living expenses) shall be spent on settling the long term debt such as mortgage loan and car loan. The next step would be going parallel with investment to generate passive income and spend on upgrading of the lifestyle such as  getting a bigger house at a more strategic location that provides better conveniences  or rewarding yourself with a better car that provides excellent driving experience and safety.

If one living on prudent lifestyle, he or she will takes less than 3-year time to become a millionaire with the annual income of  MYR400k. Frankly speaking,  I have never dream of earning so much in a year.

I wish my colleague will achieve his MYR400k annual income goal soon. 

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