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Wednesday, 15 November 2017 | MYT 12:00 AM

Reaping the fruits of financial prudence

I REFER to the letter “Spend wisely to avoid debt trap” (The Star, Nov 2). I have practised financial prudence since the day I got my first pay packet (1978) till the day I got my last salary prior to my retirement (2011). It didn’t come easy.

I used my common sense, was self-disciplined and was never bothered by negative comments. I simply continued with the conviction that to enjoy financial stability when I retire, I would need to practise financial prudence throughout my career.

I did this for 33 or so years.

About 20% of my take-home pay was diligently put away into savings and the balance used for necessities daily, monthly and annually.

For the first two years of my employment, I moved around on my trusty bicycle. I bought a new motorbike two years later. Four years later, I bought a 20-year-old car and used it for four years, after which I bought a newer secondhand car. I bought my first new car in 1996, almost 18 years into my employment.

In 1984, I purchased my first home using my government loan facility.

Today, I am a happily retired person, financially stable and my children are enjoying the financial and career freedom which I cultivated in them.

So, financial stability can indeed be achieved but it will take you throughout your career, and when you retire you will be able to continue to enjoy the fruits of your worthwhile labour.