Work hard-save more or Work smart-earn more?

Malaysians are ill-prepared for retirement. Most underestimate the amount of savings they require to live comfortably in their golden years. As life expectancies continue to improve, and cost continue to rise, there is a real concern that EPF nest-egg alone will not be sufficient for most, in their old age to maintain the lifestyle they are accustomed to.

With Malaysians already savings bigger portion of their income than people of most other nations, the solution is not to save more, but to earn multiple streams of income.

Economist forecast that in a fast-changing knowledge-driven world, the new generation of workers will see their work skills become obsolete at least once within their career. Many people will find work opportunities diminishing as they age.

Globalisation can make jobs even less secure. Many jobs in Malaysia will increasingly be outsourced to lower cost countries, and economic turmoil in a country half the way across the globe can affect your career here at home.

Earning multiple streams of income spread your risk

Traditional way to earn

Professionals and employees trade their own time and effort for money. But there is a limit to how much wealth one can accumulate this way. Each one has a maximum of 24 hours a day. And the moment that can't trade their time and effort, the income stops.

Smarter ways to earn

1. Leveraging of time and effort

"Leverage" has always been the secret of the world's wealthiest individuals. They understand that the combined time and effort of many people always offer a much bigger income potential than what one can earn alone.

2. Residual income

Workers get paid each hour, each week, or each month that they provide a service. Smart people continue to earn into the future, based in part on the initial efforts. This residual value gives them not only the money, but the time freedom to enjoy it too.

Ask yourself these questions:

Can life be better?
What will you be doing differently today...... if time and money are of no object?