(Kind Note : For those who are not religious, please kindly skip to the next paragraph) I believe God answers my prayers and He also hears my thoughts, moans, groans and worries. Well, to say the least, it has been a little rough for me this week and I was feeling a little down this morning.
A dear friend sent me a lovely email this morning titled "Who is bigger? You or Your problem?". How apt! He showed me this site and after watching the video, I am encouraged and my spirits are lifted. Things are not as bad as I first saw it.
Now, I am really excited to share with all of you.
Learn the 3 Keys of How to Live Abundantly in Your Finances, Health and Relationships
http://www.lawtosuccess.net/blog/?name=andy&cbid=avatar47&tid=harrison
I have taken the liberty to put the video on this posting BUT please you must go to the site if you want the free coaching session. They will have an audio and a transcript to download to cater to people with different learning techniques.
This would be part of Money Management Technique Part 5 : Motivation and also part of your goal : EDUCATION!
God bless and may your monies greatly multiply!!!!!
Thursday, March 26, 2009
Tuesday, March 24, 2009
How to be rich and successful?
Over my years of financial advisory, I can say that I have met quite alot of people. And this year has been a pretty eye-opening experience for me. In just this quarter, I have met up, advised and consulted quite a handful of people. All of them are good people but what I realized from most of them is saddening.
Maybe we were not trained in school and not taught at home and topic of money is not brought up with friends... but I can see that all of us are paying the price. I am blessed that I am in this field and am exposed to my Mentors' teachings thus I have learnt how to manage my money properly. But it saddens me to see that there are still alot of people out there who are still unaware of that thin ice they are putting themselves on.
Of course, I have extremely savvy investors and very diligent savers but that's just a mere minority of them. I used to expect that the people who are educated would be able to understand money management techniques or principles. And in my starting years as a Financial Advisor, to my surprise, they can be the hardest nut to crack. I guess there are so many "teachings" out there that may have clouded their perception. But nevertheless, in such economy climate, I think it's best to go back to basics.
I deeply and strongly believe that the simplest way of investing is SAVING. Yes I know, I can hear all of you moaning out there about interest rates and etc. But frankly, in this climate, how many more ways are there? Let's talk about safer instruments for now. Alot of people are afraid and I don't blame you and many out there are at a total lost of what to pick and which to pick and when to go into or come out of the market! so with so much uncertainty and yet we need to meet our basic necessity of investing, what else more than a safe instrument for this time? SAVE.
You can choose the highest interest-paying bank which will pay you at best 2% or you can choose a safe instrument that can help you ride out the economy crisis like an endowment which could pay 5 to 8%.
I can hear all the murmurs about American International Group (AIG). Well, there are many more insurance companies out there : Prudential, Great Eastern are the 2 other bigger boys left.
Still you would need to follow the 6 systems in Money Management Techniques Part 3 -
System 1 : Financial Freedom Fund (Triple Fs)
System 2 : Long Term Saving
System 3 : Short Term Savings
System 4 : Tithing
System 5 : Reward
System 6 : Expenditure
Do what the rich and successful people will carry one doing.
I have talked to multi-millionaires in Singapore and Malaysia and I figured this...
Successful people are willing to do that which unsuccessful people are not willing to do.
All the rich and successful people are willing to do that extra mile, study about their investments, pay for their brokers, save, invest be it good times or bad.
All of which the unsuccessful people are not willing to do! I hear them complaining about the economy, how the government should help them, how they should not spend and also not invest for fear of the economy, how they should not invest in their own future just because they want to save for the rainy day.
But isn't this THE RAINY DAY?
Successful people are not willing to do that which unsuccessful people are willing to do.
Successful people are not willing to put off their plans for their success, they are not willing to just procrastinate and mop around, lamenting about the economy crisis or lament about the paper loss of their investments.
However, unsuccessful people are willing to shelf their saving plans, chop off their endowment, liquidate their investments all because they are afraid to ride it out and they want to grab and hold every single penny.
I am sure that there are some who needs to do all this to make ends meet. But the majority I'm referring here still have jobs, still have earnings yet they make the most unwise decisions at the most crucial time.
I am a little saddened by their actions. However, I am not willing to give up and am going to press on, just because I am blessed to be in the position to advise about financial matters, I will continue to do so because of my beliefs and my principles.
I very much still want to help all of these people understand and realize that they can and am able to manage money just as well as the rich and successful people.
Many times I have seen and I have done so myself that I would want to HAVE all the money in order to DO what the rich and successful do, then I can BE rich and successful. (HAVE -> DO -> BE)
Or many fall into the illusion to DO what the rich and successful people do in order to HAVE what they have so that we can BE rich and successful. (DO -> HAVE -> BE)
In face, the right way and the only way for us is that we need to do is to BE rich and successful, BE like them, DO what they do, mimic all you can, because once you BE, then you'll DO and you'll HAVE. (BE -> DO -> HAVE)
So stop procrastinating and start BEING rich and successful!
God Bless!
Maybe we were not trained in school and not taught at home and topic of money is not brought up with friends... but I can see that all of us are paying the price. I am blessed that I am in this field and am exposed to my Mentors' teachings thus I have learnt how to manage my money properly. But it saddens me to see that there are still alot of people out there who are still unaware of that thin ice they are putting themselves on.
Of course, I have extremely savvy investors and very diligent savers but that's just a mere minority of them. I used to expect that the people who are educated would be able to understand money management techniques or principles. And in my starting years as a Financial Advisor, to my surprise, they can be the hardest nut to crack. I guess there are so many "teachings" out there that may have clouded their perception. But nevertheless, in such economy climate, I think it's best to go back to basics.
I deeply and strongly believe that the simplest way of investing is SAVING. Yes I know, I can hear all of you moaning out there about interest rates and etc. But frankly, in this climate, how many more ways are there? Let's talk about safer instruments for now. Alot of people are afraid and I don't blame you and many out there are at a total lost of what to pick and which to pick and when to go into or come out of the market! so with so much uncertainty and yet we need to meet our basic necessity of investing, what else more than a safe instrument for this time? SAVE.
You can choose the highest interest-paying bank which will pay you at best 2% or you can choose a safe instrument that can help you ride out the economy crisis like an endowment which could pay 5 to 8%.
I can hear all the murmurs about American International Group (AIG). Well, there are many more insurance companies out there : Prudential, Great Eastern are the 2 other bigger boys left.
Still you would need to follow the 6 systems in Money Management Techniques Part 3 -
System 1 : Financial Freedom Fund (Triple Fs)
System 2 : Long Term Saving
System 3 : Short Term Savings
System 4 : Tithing
System 5 : Reward
System 6 : Expenditure
Do what the rich and successful people will carry one doing.
I have talked to multi-millionaires in Singapore and Malaysia and I figured this...
Successful people are willing to do that which unsuccessful people are not willing to do.
All the rich and successful people are willing to do that extra mile, study about their investments, pay for their brokers, save, invest be it good times or bad.
All of which the unsuccessful people are not willing to do! I hear them complaining about the economy, how the government should help them, how they should not spend and also not invest for fear of the economy, how they should not invest in their own future just because they want to save for the rainy day.
But isn't this THE RAINY DAY?
Successful people are not willing to do that which unsuccessful people are willing to do.
Successful people are not willing to put off their plans for their success, they are not willing to just procrastinate and mop around, lamenting about the economy crisis or lament about the paper loss of their investments.
However, unsuccessful people are willing to shelf their saving plans, chop off their endowment, liquidate their investments all because they are afraid to ride it out and they want to grab and hold every single penny.
I am sure that there are some who needs to do all this to make ends meet. But the majority I'm referring here still have jobs, still have earnings yet they make the most unwise decisions at the most crucial time.
I am a little saddened by their actions. However, I am not willing to give up and am going to press on, just because I am blessed to be in the position to advise about financial matters, I will continue to do so because of my beliefs and my principles.
I very much still want to help all of these people understand and realize that they can and am able to manage money just as well as the rich and successful people.
Many times I have seen and I have done so myself that I would want to HAVE all the money in order to DO what the rich and successful do, then I can BE rich and successful. (HAVE -> DO -> BE)
Or many fall into the illusion to DO what the rich and successful people do in order to HAVE what they have so that we can BE rich and successful. (DO -> HAVE -> BE)
In face, the right way and the only way for us is that we need to do is to BE rich and successful, BE like them, DO what they do, mimic all you can, because once you BE, then you'll DO and you'll HAVE. (BE -> DO -> HAVE)
So stop procrastinating and start BEING rich and successful!
God Bless!
Sunday, March 22, 2009
Your ticket to investing wisely
There was an article I read from the Straits Times dated 22 February 2009 and I've always wanted to share it. This was written by Ben Fok, who is the chief executive of a financial advisory firm and i thought that he wrote the article about investments in a very apt analogy which can be understood by all.
Now that I've scheduled some time to blog, let's get right down to it.
In difficult times like these, a plan-ride analogy may help you achieve your goals
Fasten your seat belt - To me the current financial crisis is the turbulence in our investment horizon. Investors can expect the market to be volatile. The markets will eventually recover, but we need to sit tight and rise out the market turbulence.
Over the last few months, I have counseled many investors who have lost money in their investments.
Over time, I realized that all they really wanted to know was : "What should I do now to get out of this mess? If the best time to invest is now, then tell me what should I invest in? do I have to follow every piece of advice given? How do I identify advice that is good for me?"
With this crisis hanging over out heads and no one knowing how long it will last, the best approach is to get back to basics.
I would like to use the analogy of taking a plane.
One of the things that air crews are trained to do is to adhere to a standard operating procedure.
Like air crews, an investor needs to have a proper investment procedure.
The first step is to know where you are going and how to get there. In other words, you need to know your destination and how much time you need to reach there.
To most investors, the objective of investing is to make as much money as possible. That is fine, but how much, and when do you need it? Without knowing your investment objectives, it is difficult to know what you should be investing in.
Most investors understand that investments span a range of risks. If you require a high return, you must be prepared to take a higher risk.
Using the plan-ride analogy again, once the plane is airborne, you as a passenger have already exposed yourself to greater risk.
Of course, the risk is mitigated by the fact that the pilot is well trained to fly the plane and to react to unexpected events.
Likewise when investing, you should consult a financial adviser who takes time to understand the risk level you can tolerate. Just as the pilot is trained to fly a plane, a financial adviser is trained to do the job of managing risk.
Your choice of investments must flow from your risk appetite. If you can take a 50 per cent drop in your investments, then high-risk investments like technology stocks/funds or aggressively managed funds like small-cal funds could suit you.
If you cannot tolerate too much volatility, opt for lower-risk investment like balanced funds where there is an allocation of 60 per cent in equities and the rest in bonds, for instance.
The idea is to make your risk appetite – not the investment opportunity – the reference point.
Most investment disasters happen when investors make the investment a reference point and then try to adjust their risk appetites accordingly.
Back to the analogy of the plane ride. When airborne, the plane may hit turbulence. For your safety, you are advised to return to your seat and put on your safety belt.
You will also notice that turbulence usually doesn’t last very long. Once the plane is out of the air pocket, it will be flying smoothly again.
Even pilots cannot tell the exact locations and severity of turbulence along their flight paths. All they can do is to build a good forecast by analyzing charts, flight monitors and weather conditions.
This is the reason they ask you to fasten your seat belt whenever you are seated, just in case the plan suddenly hits an air pocket.
To me, the current financial crisis is the turbulence in out investment horizon. Investors can expect the market to be volatile. The markets will eventually recover, but we just need to sit tight and ride out the market turbulence.
Finally, the place reaches your destination and you will be glad that the risks you have taken are over.
However, before landing, the crew will be busy checking landing procedures. This is akin to meeting your investment objectives.
The final phase of your investment horizon is extremely important. As you approach retirement, you should adjust your risk level and think about preserving your capital. Otherwise, you can have a hard landing like what many are experiencing today.
Once you step out of the airplane, you know that you have arrived safely.
Similarly, in investing, you will arrive at some point in the future and hopefully fulfill your financial objectives.
The entire process is the result of knowing your investment objectives, taking some risks and enjoying the fruits of your labour.
Now that I've scheduled some time to blog, let's get right down to it.
In difficult times like these, a plan-ride analogy may help you achieve your goals
Fasten your seat belt - To me the current financial crisis is the turbulence in our investment horizon. Investors can expect the market to be volatile. The markets will eventually recover, but we need to sit tight and rise out the market turbulence.
Over the last few months, I have counseled many investors who have lost money in their investments.
Over time, I realized that all they really wanted to know was : "What should I do now to get out of this mess? If the best time to invest is now, then tell me what should I invest in? do I have to follow every piece of advice given? How do I identify advice that is good for me?"
With this crisis hanging over out heads and no one knowing how long it will last, the best approach is to get back to basics.
I would like to use the analogy of taking a plane.
One of the things that air crews are trained to do is to adhere to a standard operating procedure.
Like air crews, an investor needs to have a proper investment procedure.
The first step is to know where you are going and how to get there. In other words, you need to know your destination and how much time you need to reach there.
To most investors, the objective of investing is to make as much money as possible. That is fine, but how much, and when do you need it? Without knowing your investment objectives, it is difficult to know what you should be investing in.
Most investors understand that investments span a range of risks. If you require a high return, you must be prepared to take a higher risk.
Using the plan-ride analogy again, once the plane is airborne, you as a passenger have already exposed yourself to greater risk.
Of course, the risk is mitigated by the fact that the pilot is well trained to fly the plane and to react to unexpected events.
Likewise when investing, you should consult a financial adviser who takes time to understand the risk level you can tolerate. Just as the pilot is trained to fly a plane, a financial adviser is trained to do the job of managing risk.
Your choice of investments must flow from your risk appetite. If you can take a 50 per cent drop in your investments, then high-risk investments like technology stocks/funds or aggressively managed funds like small-cal funds could suit you.
If you cannot tolerate too much volatility, opt for lower-risk investment like balanced funds where there is an allocation of 60 per cent in equities and the rest in bonds, for instance.
The idea is to make your risk appetite – not the investment opportunity – the reference point.
Most investment disasters happen when investors make the investment a reference point and then try to adjust their risk appetites accordingly.
Back to the analogy of the plane ride. When airborne, the plane may hit turbulence. For your safety, you are advised to return to your seat and put on your safety belt.
You will also notice that turbulence usually doesn’t last very long. Once the plane is out of the air pocket, it will be flying smoothly again.
Even pilots cannot tell the exact locations and severity of turbulence along their flight paths. All they can do is to build a good forecast by analyzing charts, flight monitors and weather conditions.
This is the reason they ask you to fasten your seat belt whenever you are seated, just in case the plan suddenly hits an air pocket.
To me, the current financial crisis is the turbulence in out investment horizon. Investors can expect the market to be volatile. The markets will eventually recover, but we just need to sit tight and ride out the market turbulence.
Finally, the place reaches your destination and you will be glad that the risks you have taken are over.
However, before landing, the crew will be busy checking landing procedures. This is akin to meeting your investment objectives.
The final phase of your investment horizon is extremely important. As you approach retirement, you should adjust your risk level and think about preserving your capital. Otherwise, you can have a hard landing like what many are experiencing today.
Once you step out of the airplane, you know that you have arrived safely.
Similarly, in investing, you will arrive at some point in the future and hopefully fulfill your financial objectives.
The entire process is the result of knowing your investment objectives, taking some risks and enjoying the fruits of your labour.
Friday, March 20, 2009
Motivation
I suddenly thought of a video to share with all of you. A video that has been around since 2005 but has never fail to inspire me. I am deeply motivated by this speech and it powers me through my lows.
So for all of you out there who may have felt the economy. This is for you...
So for all of you out there who may have felt the economy. This is for you...
Secrets of a Millionaire Mind
I have been busy with my business, my reading as well as my self development courses.
One of the books I've recently read : Secrets Of A Millionaire Mind
I personally think it's good book and very interesting to read.
This is T Harv Eker on the psychology of Millionaires.
If you're interested, you can go attend the Millionaire Mind Intensive at end of this year.
Drop me a note if you want tickets.
One of the books I've recently read : Secrets Of A Millionaire Mind
I personally think it's good book and very interesting to read.This is T Harv Eker on the psychology of Millionaires.
If you're interested, you can go attend the Millionaire Mind Intensive at end of this year.
Drop me a note if you want tickets.
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