Property ownership? Maybe it’s not salary. It’s mentality, mostly.

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Some weeks ago, someone younger than me (many years younger) who owns a few properties told me that at least half of his friends do not own a property yet. Yeah, he was talking about those around his age. Slightly below 35. I think it’s not that surprising because even at my age (In my 40s) I can safely estimate at least 20-30 percent of my friends without a property to their names yet.

The reason that most of them (his friends and my friends) mentioned was that their salaries were still low while the property prices were already too high (article here) . Actually, for those who own properties, they may have bought to the borderline. The banks would no longer lend to them until they saved the 30 percent downpayment and earns a higher monthly pay. OR they could show the banks the rental agreement and proof of continuous rental payments. Then, they could continue to get support from the banks. You see, banks love those who could borrow and could pay. They will keep lending to them…

Something different about these groups (those who own and those who do not) is their personal finance habits! One group saves while another group spends. The former builds wealth. The latter helps the economy. One group live well below their means and another continue to reward themselves because they deserve it after working so hard every few months. Here’s one article: Travelling making it tougher to buy a property One group will thus be able to buy a property every few years while another group will continue to complain about property prices.

By the way, the younger ones with good financial knowledge will make decisions way faster than the older ones (like me!). My ex-colleague who’s only in her early 30s but is now a senior manager (IT background) already owns two condos nearby KLCC. She may be more special because her earning capability is higher than majority. She does NOT own a car and prefers to take the public transport instead. She has easily saved over RM1,300 extra every month versus buying a RM120,000 segment C car and paying for it over 7 years.

Another ex-colleague earned below RM4,000 and she owns TWO properties too! Both of the properties are in Bandar Sri Permaisuri. She does not go out for lunch often and prefers to pack in her lunch and does not own the latest smartphones, drives a small engine car and does possess any branded handbags. She thinks it is just fine and does not feel inferior at all compared to most other colleagues who are driving bigger cars and carrying the latest smartphones.

We determine the group we are going to be in. There’s also no such thing as who should follow who. As Jon Bon Jovi said, ‘It’s my life!” Just remember that if we did not know, we may not know how to choose. If we already know, then the choice becomes a responsibility. Happy living life to the fullest!

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