By Asmahanim Amir
Pix Ikhwan Hashim

BANGI, 8 May 2015 – Education and knowledge are the key factors for every person who aspires to become a millionaire.

YTI-UKM Chair Holder, Prof Ben Jacobsen said people must have an education, be knowledgeable and know about finance if they want to become millionaires.

“When you go to school, you can learn many things, including how to make money until you become a millionaire.

“Knowledge of investments can also help the community to study market trends and the development of the chosen field, and thus opening opportunities for generating a higher income,” Prof Jacobsen said in Knowledge Sharing Forum: How to Become a Millionaire, here yesterday.

He is also the Financial Market Chair Holder of The University of Edinburgh in Scotland, United Kingdom said people should be nurtured to develop the habit of saving money early so as to make long-term investments.

“You have to be creative and smart to make money. Every one needs to make an investment for the long term,” he said.

He said there are differences between spending money and investing money and people must to be smart to manage it.

Meanwhile, the second panellist, Faizul Ridzwan who was awarded the title Malaysian Millionaire agreed that education and knowledge is the ‘power’ to become a millionaire.

“You can’t be rich if you only have one talent. If now you are a salaried workers, go ahead, but you need to do something extra,” said Faizul, who is founder and Chief Executive Officer of Far Capital Sdn Bhd.

He said investment is one of the methods to generate more income in addition to the wages.

“There are various investment sectors available based on interest and ability. So you should know your passion and potential in investment before venturing out in order to avoid going bust in the future,” he said.

He added the government is not giving out money to make people rich, but people must think of ways of making more money.

Faizul also advised youths to dabble in property investment.

“The trend nowadays is that after they finish their studies and get a job, they buy a car. They should have been thinking about ways to save money and buy property because property investment is a good long term investment.

“If we buy a car early, we should be prepared to bear the monthly maintenance costs including fuel, repairs etc.  For myself, I bought a second-hand car after I acquired 13 properties,” he explained.

He said he doesn’t really care how much money he can make in the future, as long as he don’t lose any money now.

“Money can’t make us happy, but with money we can buy anything we want. It will give ‘life’ for us every day,” he said.

Another panellist, from the Graduate School of Business, University Tun Abdul Razak, Prof Dr Barjoyai Bardai said people need to choose the right properties and invest in real estate.

“It is like a roller coaster. Sometimes below and sometimes above. This is business and we should grab this opportunity,” said Dr Barjoyai, who is President of Perdana Technology Venture Sdn Bhd.

He said one of the things in life is to enjoy and do as many things as you want.

“My dream was to have a simple life and that is what I have now,” he said.

The forum was moderated by Astro Awani presenter Rizal Zulkapli.