muet july 2013 writing
TRANSCRIPT
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 I’ll have to face lots of hardships. A teacher’s life is hard. He does not command the respect he deserves. This profession is looked down upon as of a lowly status. A teacher’s 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. I’ll groom their personality and shape their characters. I’ll 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
1 United States 442
2 People's Republic of China 122
3 Russia 110
4 Germany 58
5 India 55
6 Turkey 43
7 Hong Kong 39
8 United Kingdom 37
8 Brazil 37
10 Canada 29
Billionaires by continent
Africa
Total = 13
Rank Nation/Region Number of billionaires 2012[1]
1 Egypt 7
1 South Africa 4
3 Nigeria 2
Asia
Total = 412
Rank Nation/Region Number of billionaires 2013[1]
1 People's Republic of China 122
2 India 55
3 Hong Kong 39
4 Republic of China (Taiwan) 26
5 Indonesia 25
6 South Korea 24
7 Japan 22
8 Israel 17
9 Turkey (Asia minor) 13
10 Philippines 11
11 Malaysia 10
12 Singapore 10
13 Thailand 10
14 Saudi Arabia 8
15 Lebanon 6
16 Kuwait 5
17 Kazakhstan 5
18 United Arab Emirates 4
19 Vietnam 1
20 Nepal 1
21 Pakistan 1
Europe
Total = 390
Rank Nation Number of billionaires 2012[1]
1 Russia 110
2 Germany 58
3 United Kingdom 37
4 Turkey (East Thrace) 30
5 France 24
6 Italy 23
7 Spain 20
8 Sweden 14
9 Switzerland 13
10 Ukraine 10
11 Austria 8
12 Netherlands 6
12 Norway 6
12 Denmark 6
13 Ireland 5
14 Poland 4
14 Czech Republic 4
15 Portugal 3
15 Greece 3
15 Monaco 3
16 Romania 1
16 Guernsey 1
16 Georgia 1
North America
Total = 486
Rank Nation Number of billionaires[1][2]
1 United States 442
2 Canada 29
3 Mexico 15
Oceania
Total = 21
Rank Nation Number of billionaires 2012[1]
1 Australia 18
2 New Zealand 3
South America
Total = 51
RankPer capita
rankNation Number of billionaires 2012[1]
1 2 Brazil 37
2 1 Chile 5
3 5 Argentina 4
4 6 Colombia 3
5 4 Venezuela2
No longer a dream but a possibility, today’s youth aspire to be rich,
become a millionaire by the age of 35, and are confident that they can
attain their ambition.
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 today’s 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 today’s 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
won’t 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 it’s collective assets, it’s 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 wouldn’t you want to be one? Every kid I’ve 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 glamour’s 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 we’re 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. I’m going to try to earn as much money as I can once I’m 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 today’s 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.
“I’ve 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 didn’t 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 don’t 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 don’t 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 one’s 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 don’t 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 35Written by Jim Yih • 12 Comments
First things first . . . despite the title of this article, it’s 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 it’s 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, I’ve 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 man’s 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 man’s journey
to becoming a millionaire.
Many of you may know one of Canada’s top financial blog sites Million
Dollar Journey. It’s run by someone who goes by the name of Frugal
Trader (FT). I’ve 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 everyone’s 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 it’s
business opportunities, career advancement or investments, have the
intention of finding opportunities and you may be surprised as to what
comes along. To FT, it’s 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 it’s
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. It’s
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, it’s 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 can’t or won’t become millionaires?
Here’s what FT has to say about this, “Personally, I think that anyone,
providing they have enough time, can become a millionaire in their
lifetime. It’s 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. It’s 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.