MUET July 2013 Writing - "Everyone should aim to become a millionaire by the age of 35." Discuss.

Everybody has some aim in life. It is very important. A life without an aim is like a boat without a rudder. But choosing a career in such a cutthroat age of competition is really a difficult task. Different people have different aims in their life according to their tastes and temperament. Some people want to become technocrats like doctors, engineers, scientists while many want to become bureaucrats. Some dream to become educationists, while for others politics holds great attraction. A few are lured to pursue their career in anti-social activities. There are people who have a craze to become poets, writers and novelists. In other words, different people have different choices. I disagree that everyone should aim to become a millionaire by the age of 35. I am not a highly ambitious man. I am modest by nature. I do not want to be a millionaire. The profession of teaching has been very attractive to me. This has been my childhood dream. The sole aim of my life is to serve the society to become a good citizen. To me teaching appears to be the best way to serve the society. I belong to the lower middle class of society. Naturally, I have to face several difficulties in my life. The difficulties encountered during the journey of my life made me realize that lack of education is the biggest problem to which I will devote my life to spread literacy to every nook and corner of society so as to remove the darkness of illiteracy. It is a shame that some of our population still do not know how to read and write even after so many years of independence. In terms of women education and child education, the picture is all the more gloomy. Unless we are educated we cannot make all around progress.I would be particularly sensitive to the needs of the weaker sections of society. I would work hard to bring change in their lives. When this section of society is educated, we will have a totally different society. There will be no superstitions when they will be educated. I will always be available to attend their queries whatever arise. I will arrange extra classes for those who find it difficult to keep pace with the regular class. I am fully aware that Ill have to face lots of hardships. A teachers life is hard. He does not command the respect he deserves. This profession is looked down upon as of a lowly status. A teachers life is full of drudgery. I will not be concerned for the earnings. I will try my best to make the students good citizens. I will help them in broadening their outlook. Ill groom their personality and shape their characters. Ill try to inculcate in them good moral values. Our country will have good citizens to take it on the path of progress and prosperity in which everyone has a dignified life full of equality of opportunities. According to a great educationist, Teachers are the custodians of the highest values.In conclusion, our aim in life should not solely be materialistic in nature. Whether we are millionaires or not is not important. We should strive for a quality lifestyle free from stress and live a more moderate life. If we were to aim to become a millionaire by the age of 35, perhaps we may not even live up to experience the wealth we possessed. Wealth does not come easy there is always a price to pay! The old age that money is the root of all evils should be seriously pondered.

Ranking
Rank Country/Region Number of billionaires Billionaires per capita

United States

442

People's Republic of China

122

Russia

110

Germany

58

India

55

Turkey

43

Hong Kong

39

United Kingdom

37

Brazil

37

10

Canada

29

Billionaires by continent
Africa
Total = 13
Rank Nation/Region Number of billionaires 2012[1]

Egypt

South Africa

Nigeria

Asia
Total = 412
Rank Nation/Region Number of billionaires 2013[1]

People's Republic of China

122

India

55

Hong Kong

39

Republic of China (Taiwan)

26

Indonesia

25

South Korea

24

Japan

22

Israel

17

Turkey (Asia minor)

13

10

Philippines

11

11

Malaysia

10

12

Singapore

10

13

Thailand

10

14

Saudi Arabia

15

Lebanon

16

Kuwait

17

Kazakhstan

18

United Arab Emirates

19

Vietnam

20

Nepal

21

Pakistan

Europe
Total = 390
Rank Nation Number of billionaires 2012[1]

Russia

110

Germany

58

United Kingdom

37

Turkey (East Thrace)

30

France

24

Italy

23

Spain

20

Sweden

14

Switzerland

13

10

Ukraine

10

11

Austria

12

Netherlands

12

Norway

12

Denmark

13

Ireland

14

Poland

14

Czech Republic

15

Portugal

15

Greece

15

Monaco

16

Romania

16

Guernsey

16

Georgia

North America
Total = 486
Rank Nation Number of billionaires[1][2]

United States

442

Canada

29

Mexico

15

Oceania
Total = 21
Rank Nation Number of billionaires 2012[1]

Australia

18

New Zealand

South America
Total = 51
Per capita rank

Rank

Nation

Number of billionaires 2012

[1]

Brazil

37

Chile

Argentina

Colombia

Venezuela

No longer a dream but a possibility, todays youth aspire to be rich, become a millionaire by the age of 35, and are confident that they can attain their ambition. [email protected] WITH role models like Mark Zuckerberg, 26, founder of Facebook and youngest self-made businessman worth more than a billion dollars; and Sergey Brin and Larry Page, founders of Google, it is no wonder that the young think they can hit the jackpot too. The lure of being young and successful is strong with icons that made their millions barely out of university. In todays world of success equals wealth, many see their paper qualification as a mere stepping stone to routes that will bring them an income beyond a simple salary. To aspire to be a millionaire is no longer an abstract phrase but a very doable achievement. Obviously, 96% of 1,678 youth up to the age of 30 surveyed in the So You Want to be a Millionaire poll think so too. The poll run by Sunday Star with YouthSays and Universiti Tunku Abdul Rahman found that most youth indicated that they aspire to become millionaires. Rajen Devadason, a Securities Commission-licensed financial planner with MAAKL Mutual Bhd, attributes the rise to the existence of successful role models like Bill Gates in the United States, Richard Branson in Britain and Datuk Seri Tony Fernandes here in Malaysia.

Role models: The success of Google founders Page (left) and Brin has spurred the young to think that they too can hit the jackpot.

They are all exciting beacons of possibility for a generation looking for heroes to emulate, says Rajen. The appalling lack of political calibre we see everywhere, both in Malaysia and internationally, and the flaky behaviour of some entertainers and sports personalities, have caused todays young people to increasingly choose to look toward business icons as role models. Financial success is, naturally enough, tied to high achievement in that arena, he adds. Joel Neoh, the executive-director of YouthSays, is surprised that almost everyone who took the poll aspires to be a milionaire. What is interesting is how many would eventually become one. Many wont be able to achieve the goal, he opines. He is not too sure if the term millionaire means having RM1mil in cash or collective assets or a combination of both. If its collective assets, its very possible to achieve it today. About 10 to 15 years of savings can amass to that amount (car, house, etc). However, if it is RM1mil cash, this is quite a challenge to do so before the age of 35 if one is a salaried worker. But if one is running a business, then the chances are higher, he says.

Neoh believes there is a rise in the number of young adults working towards such a goal and attributes it to how materialistic society has become. Materialism is a big part of our society. Many of our parents tell us to get a good degree and good job. For many, being successful means being rich, he says. CEO of youth agency Summer Sands, Bernard Hor, shares that there is an increasing market for how to get rich courses, citing the many wealth academies and programmes available for those who want to learn how to make money. Many of those who go for such programmes are college students, says Hor. He adds that the multi-level-marketing (MLM) concept has the most active penetration in the campuses. He claims that research indicates that at least nine out of 10 students are exposed to what MLM has to offer. Hor says that six or seven students join MLM in one way or another. They have been sold the idea of making their millions through such marketing, says Hor, adding that many of them aim to reach their goal before turning 30.

In fact, almost 75% of respondents agreed that being a millionaire was the single-most important thing in their life. So what is the motivation for becoming a millionaire? For ATCEN Founder and Group CEO Ernie Chen, being a millionaire is just sexy. Why wouldnt you want to be one? Every kid Ive met wants to have the cars and houses. They get the idea from TV shows and movies pop culture, basically. The founders of Google were only in their 20s when they became not just millionaires, but billionaires, says Chen who runs the Millionaire Business School. But it is more than just being rich for glamours sake; saving for retirement is an important consideration too, especially with the increasing cost of living and inflation.

Loo Chuan Boon, Youth for Change (Y4C) convener, believes that the word millionaire is just a metaphor for making more money. There is an assumption that the price of everything will go up and there is a need to make a lot of money to survive, he says, adding that many youth are starting to invest in unit trust and other funds. Alvin Chia, 21, a third-year business student, aspires to be a millionaire by 30. He cites lifestyle needs as a reason to make his millions.

Neoh: Materialism is a big part of our society.

We know that in order to maintain the lifestyles were accustomed to, we need more than just a basic job to get that million ringgit. My priority in

terms of a career right now would be a first job that would broaden my horizons. Im going to try to earn as much money as I can once Im done with studying, he says. Rajen says that most Malaysians now in their 30s and 40s who hope to retire between the ages of 55 and 65 are likely to need between RM500,000 and RM5 mil, depending on their lifestyles. The snowballing effects of inflation will almost certainly kick in well before we retire, thus necessitating millionaire status simply to afford simple amenities in the 2040 to 2050 time period, he says. He believes the growing ambitions of todays youth are also indicative of higher expectations they are willing to place on themselves. All this suggests that more young people are willing to pay the high price, in terms of discipline, diligence and courage, to break the bounds of conventional employment and build businesses or professional practices that will grant them their lofty desired economic outcomes, he adds. But while almost everyone wants to become a millionaire, not everyone will succeed in doing so. Ive met young people who have huge aspirations. The reality is that some will make it, some will not. If everyone does well, the economy will get better, our country will do better, says Chen.

Hor: Increasing market for courses on how to get rich

He travels all over the country looking to recruit students for his millionaire school. He thinks that students are very lost because of the numerous options before them. Spoilt for choice We didnt have very many choices growing up. Now you can be anything you want. There are a lot of professional dreamers, as I like to call them, out there but they dont take any serious action towards realising their dreams, says Chen. He adds that becoming a millionaire, billionaire, or achieving financial success involves a lot of hard work. And therein lies the problem. Only 36% of those surveyed believe that hard work is essential to reaching their goal. However, 47% believe that becoming a millionaire is based on opportunities being at the right place at the right time. Young people dont understand what hard work is, says Chen. Similarly, Rajen believes that most youth who talk about setting such high economic goals are unlikely to follow through with the appropriate actions. But for those who do, they are the top performers in professions like law, medicine, engineering, accountancy and financial planning; players in the oil and gas sector; successful sales professionals of financial products,

including life insurance and unit trusts; and persistent entrepreneurs who are willing to face the 1-in-10 chance of having a new business succeed. Working for someone is viewed as unlikely to help you reach your goal and this is probably the reason why almost 60% of the respondents ticked owning their own businesses and entrepreneurship as the way to achieve their target. The heavy emphasis on business and entrepreneurship is correct. That is the way to wealth, at least in terms of earning big bucks, opines Rajen. He adds that the entrepreneurs are the ones who have already learnt to be respectful and considerate employees. Working initially as a conventional employee for at least three years is, in my opinion, a vital step in the maturation process of becoming a great employer or business owner, he says. Neoh says the entrepreneurial route has been proven to work. Their yearly National Youth Entrepreneur Conference has resulted in a few successful startups. The Government and businesses have realised this, and are coming up with special with grants and funds for young people to start a business, he says. Hor believes the entrepreneurial route requires a lot of patience. He lists his own experience as painful. Many entrepreneurs who have made it big talk about the time when they had only roti canai or Maggi Mee to eat for a long time. He himself had to contend with red beans and bread for almost 10 months. The need to support ones family can be a big obstacle in venturing out and taking risks. Many want to be bosses and own their own businesses, but after university, they have to send money home. Entrepreneurs dont get a

salary for nine to 18 months. They have no choice but to opt out of the dream and take up a regular job, says Hor. Chen, however, says that there are many ways of achieving financial success. You can be a millionaire even if you are an employee. The key is having businesses on the side and investments, he says.

How to become a millionaire by 35

First things first . . . despite the title of this article, its not about selling you a get rich quick program or book. For most people, get rich quick does not work. Despite the disclaimer, I do think attaining more wealth does and can happen to anyone. I believe wealth is attainable and its possible to do it sooner than later. I believe that 80% of the wealth is in the hands of 20% of the people and most of these people did not win the lottery, inherit millions from their parents or even got really lucky. Having been in the financial industry for over 20 years, Ive been fortunate to meet a lot of millionaires and most of these people did it the old fashion way . . . they saved it one dollar at a time.

How do you define millionaire?

Some people think a millionaire means having a net worth of a million dollars. This probably includes your house, investments and other assets. Others, define a millionaire with a million dollars of investable assets. In other words, a portfolio of investments and cash with 7 figures or more. When you really get analytical about it, different people will define the term millionaire differently. No matter how you define it, do you want to be a millionaire?

One mans journey to becoming a millionaire by 35

Is it really possible to become a millionaire by 35? The answer is yes, it is possible. It is easy? Probably not. Just ask people who have done it. In this article, I thought it would be fun to share one mans journey to becoming a millionaire. Many of you may know one of Canadas top financial blog sites Million Dollar Journey. Its run by someone who goes by the name of Frugal Trader (FT). Ive gotten to know FT a bit more as I have a lot of respect for his site. He shows his journey to become a millionaire by sharing his net worth from time to time. I asked FT a few questions and with permission would like to share them with you.

1. What do you think is the key (or keys) to becoming a millionaire by the time you are 35?
He came up with three ideas:

Make More than You Spend Everyone knows about the personal finance mantra of spend less than you earn. FT believes that is the foundation of everyones finances, but he prefers to twist it around a little. Cutting unnecessary expense are essential, but if you think about it, expenses can only be cut so far.. down to $0. However, income is potentially unlimited! Control your expenses is one solution, but the other is to look for ways to make more income! Whether its business opportunities, career advancement or investments, have the intention of finding opportunities and you may be surprised as to what comes along. To FT, its all about the cash flow, the more you have, the easier it is to reach your financial goals.

Make Use of that Cash! Once cash flow is established, the next question is what to do with the savings? His first choice is of course to pay down debt, starting with the highest rate because its guaranteed after tax return with no risk. FT does not carrycredit card debt. His journey to becoming a millionaire started by paying off a boatload of student debt. After that was paid off, he diligently worked on paying off the mortgage. FT became mortgage free in 2010 at the age of 31. After debt servicing payments are eliminated, cash flow should be relatively high, which can now be used for investing.

Know Your Financial Situation FT is a big believer in writing things down to know where you stand in order to move forward. Its important to know how much you spend in a month by itemizing spending to see where costs can be reduced. The same goes for net worth and investment accounts, if the goal is to grow it to a particular milestone, its important to track it periodically to measure progress.

Set Goals and Take Baby Steps FT believes in SMART (specific, measurable, attainable, relevant, time bound) goals, both long and short term. Set big long term goals and set shorter goals on the way. For example, he set the goal to have a million dollar net worth by the age of 35, but have annual financial goals along the way. The annual goals are further broken down into baby steps to keep him motivated.

2. What do you think is the main reason people cant or wont become millionaires?
Heres what FT has to say about this, Personally, I think that anyone, providing they have enough time, can become a millionaire in their lifetime. Its a matter of starting as early as you can, building savings, and investing the proceeds for the long term. Becoming a millionaire in a shorter time span is also possible, just takes a bit more focus and dedication towards the end goal. FT is not a financial advisor and nor does he work in the financial industry. Building wealth is simple, not easy. Its really not rocket science. It just goes to show that if you have the desire, you can do it because it really is not that complicated.