If you’re like most Malaysians, you love the thought of owning a car. Maybe you already own a car.
But do you know how much this car is costing you each year? Hint: it costs more than my whole two months travelling around Asia and Europe.
Why break this down myself when there is already such a great infographic that has done it?
20,808 is A LOT of money. And what does it get you?
It gets you to and from work. It gets you to and from meetups with friends. It gets you the ability to get out of city.
It also gets you stuck in traffic. It gets you looking for parking. It gets you a lot of frustration.
Is it worth 20,808? It might be. But I’d rather use that money to go around a different country.
And how would I get around the city? Well, I take the LRT to and from work. I take grab to and from meetups with friends and I take the bus to get out of the city. This costs me less than 300 a month, or 3600 a year. Which saves me 17,208 compared to the cost of owning a car.
But more importantly, it saves me the energy of having to drive in the traffic. It saves me the time of having to look for parking and instead, it gives me the time to catch up with friends via messenger call and gives me the time to plan my day.
Oh, it also helps me become one of the reasons Malaysia is able avoid being like China with all the smog because of cars.
If you don’t have a car, think about what that money could be used towards. Instead of feeling like you need to own a car, would that money be able to make something more important possible? Something like your 3 important things?
And if you do have a car, always remember you have options. Holding onto the car will continue to drain you of tens of thousand each year. Getting rid of it even if you lose some money will stop that constant drain on your money.
But if you understand the costs and the car is one of your 3 things that you had written at the beginning of this program, then we’re all good! The important part is that you understand.
Now that we have claimed a few thousand, or even 10,000+, tomorrow we get to look at easy ways to create money. And then we can look at how the wealthy create millions (and of course, you’ll also learn the super easy technique).
But that’s slightly further out.
- Write down all the reasons you would want a car and all ways you could spend RM 20,000
- If you want, share with the group your thoughts