Can you feel the cost of living gradually going up with every passing year? And while many complain or suffer silently, few ask what the best solution is.
I live in Malaysia. Just last month, for the first time ever in our nation’s history the ruling government introduced the GST (Goods & Service Tax, also known as VAT in some countries). At 6%, this is comparably low to other developed nations that levy a higher percentage on the supply of goods and services – however for a developing nation with more than half the population struggling or just scraping by, the higher cost of living means more people have to tie a tighter knot around their bellies.
Despite being announced 2 years earlier, the general population were not ready. However I paid heed to the warning that the rising cost of living is imminent.
Regardless of your political beliefs or opinions on the ruling government, I think we can all agree that prices will find their way to go higher – be it through inflation, corruption, and nasty surprises that have a way of happening.
So what is the best solution to beat the high cost of living?
The immediate defensive measure most people do is spend less, save more money. I operate from a saver’s mindset and even so, I see a problem with this response. What if you are already living below your means?
I also believe everyone is meant to live out their dreams and passions, so to suggest spending less and saving more in the long run is contradicting.
Minimize taxes? Yes, an important skill to learn so you can keep more from the money you make. But what with GST (or VAT) there are more daily items and consumables you’re taxed on immediately, at almost every turn and opportunity – which is why daily living cost is higher in the first place!
Alright folks, this is the solution – ready?
Start Your Own Business And Focus On Increasing Your Income.
That’s really all there is to it.
I cannot think of any other better solutions than this, and many successful entrepreneurs and investors I’ve talked to concur.
While I agree with the overall sentiment and message from the rallies and protests against corrupted governments and the wrong people in power, the unfortunate truth is these protests and complaining on an individual level rarely gets anything accomplished.
The rising cost of living is inescapable. Like video games, the difficulty level will continue to increase whether you think you’re in the game or not – because you are.
So the time wasted on being idle or complaining is best invested on stepping up your game.
Serve more people.
Step up your game by going high ticket.
Build a business. And then another.
Invest in properties next.
And of course, protect your hard earned money while you’re at it.
This is not the easiest, but it’s certainly the best solution and answer to ever increasing high cost of living.