KUALA LUMPUR: Peter Yong, better known as Mr. Money TV, left a lucrative job selling insurance policies in late 2018 to embark on a new journey in new media.
His move was not without its risks, but Yong wanted to change people's mindsets about the complex world of finance and investment.
His goal was to make engaging and easily accessible content for the average Malaysian.
From his early days of juggling multiple jobs and managing his own YouTube channel, Yong continued to build his channel while maintaining an engaging relationship with his subscribers.
On TikTok, he has over 95,000 followers and enjoys a huge following on Facebook and Instagram, as well as other social platforms.
On his social media, Yong constantly shares his views and matters pertaining to financial literacy, especially among the younger generation.
He noticed that Gen Z can be quite a polarised generation. There were those who cared about where and how to invest their money, and there were those who did not.
He observed that the smarter ones took the initiative to learn about finance and start investing at a very young age.
"There are those who started their own business, and that's a good initiative because it gives them a head start compared to other people," he said in a recent interview with the New Straits Times as part of the Genzation series.
While he noticed there were more young people getting rich fast, the question he liked to pose was, "Can they sustain their wealth in the long run?"
He said that a lot of people find themselves going back to square one at the end of the market cycle because they do not have the sufficient or necessary skill set to sustain that wealth.
"The sooner you learn about the ropes in managing your finances, the better it is for you to manage your wealth," he said.
Growing up, it wasn't always sunshine and rainbows for Yong. His dad filed for bankruptcy when he was young, so the family had to constantly battle the lack of resources.
"I used to think that rich people were very lucky," he said, admitting that he felt jealous of them because of this.
It wasn't until Yong went to the university that he realised he could turn his life around by accumulating knowledge and applying what he learned to his everyday life.
"When I went to the university, I started to read more. Knowledge changed the way I looked at money. It gave me the idea that knowledge is power, and it allows you to change your life entirely," he said.
"You may not be able to change the circumstances in which you were born, but the easiest way out is by having the right knowledge and applying that knowledge. Those are the best leverages to turn your circumstances around," he added.
On success, Yong said it isn't all about money. In fact, he said it's dangerous for anyone to measure their success based on money alone.
His personal definition of success is that as long as you're happy, healthy, and enjoying life, that is success.
On how to become a millionaire, his advice is to start investing early. "Start investing your money early and make sure you stay invested. Learn to make money, not just through an employment salary," he shared.
Peter Yong's tips on how to be successful:
1. Money is not everything. Being happy and healthy, and enjoying life to the fullest is more important.
2. Having the right knowledge allows you to change your life entirely.
3. Take the initiative to learn about financial management.
4. There is no such thing as getting rich fast.
5. Start investing early and stay invested.
6. Understand how to spend your money.
8. Knowledge and action equal success.
9. Don't forget to communicate your value.
