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Friday, January 11, 2008

Disposable Income, How to increase it

Disposable Income does have a significant influence. Ok, I agree. Even if your income is six figures but your debt just as equal as your income, it only brings trouble to your financial health.

Andrew Beattie mentioned 4 ways to increase my disposable income.


1. Get Raise / a second job. “Working two jobs in tandem can be physically and mentally draining, but it will bring more money in when you need it.”

At this moment, the only way I can bring more money to home is to work overtime at my office as a second job replacement. My employer pays me decent money for overtime. A second job doesn’t worth it for me. (RM 15.00 x one hour plus 12.50 meal allowance). I get double when Saturday and triple if I work on Sunday.

2. Start a Business. “Much like a raise or second job, running a business will you more demands on your time and require more effort”

My wife and I have a plan to open an online store at ebay.com.my and lelong.com.my. It is small and legitimate way to boost my income. We plan to sell miniature items that I can get easily in bulks, back at my wife’s hometown, Kota Bharu.

3. Investing Income. “Investing is a great way to increase your disposable income in the long run, but it won’t do wonders for your immediate situation”

I already invested some of my money into unit trust fund investment, PUBLIC CHINA ITTIKAL FUND. If my calculations are correct, I will get about RM86,248 when I’m at 40 just by saving RM100 per month.

4. Spend Less. “The best way to increase your disposable income is to protect the money you earn by spending less.”

I have to sacrifice my interest of buying DVDs and luxury clothes in order to achieve one of my goals (spend less and less). Other unnecessary things are dining out, go to cinema, and ASTRO TV subscription.

Conclusion ? “If you know how to spend less than you get, then you have the philosopher’s stone.” Benjamin Franklin.

Read Full Article here.

6 comments:

Boomzface 1/13/2008 6:11 PM  

I've got to have a second job, i'm gonna get married this May.

Uncle Tom 1/13/2008 6:16 PM  

With rising prices on local items, there's no excuse for me not to make extra money. I have family to take care of.

Salmah 1/13/2008 6:22 PM  

Thanks for the article, it means a lot to me. Maybe it's time for me to start saving.

G Fong.. 1/13/2008 6:31 PM  

If we take to open business for extra money, may be we don't have time to spend with a family. I think you have to work hard for salary increment.

Dr. Krishnan 1/13/2008 6:33 PM  

I agree with you fong..

Tajol 1/14/2008 9:46 PM  

Tighten your seat belt, get ready for price soaring above your head

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Tabuxander is a personal blog. It is a journal about my three white pearls:

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