Tag Archives: finance

Secrets To Financial Freedom

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You work very hard. Day in. Day out.

Yet, you could not yield the results you want – which is to achieve financial freedom.

Today, I’m gonna share with you the secrets to financial freedom.

Create Your Networth Target

Creating a budget never really makes sense to me in the first place.

I went through many online material that talks about budgeting & yet, they continue talking about cutting spending & never really got to the core of budgeting.

Whilst it is a no-brainer to cut down spending, I was clueless as to how much is considered a good budget.

I was directionless.

Then I discovered how important net-worth is and how helpful it is when it comes to creating a budget.

Basically, you need to come up with a targeted net-worth & how long you’d think it requires to reach that target.

Once you have a target, all you need now is to reverse engineer that figure into tangible numbers using simple math – giving you an idea how much you need to save every month and so on.

In a nutshell, let’s say you’re aiming to reach a networth of $100,000 in 3 years. This means you need to make $2777.77 every month.

This is where you decide where to cut your expenses or how much money are you short from achieving the figure. It all comes down to simple math.

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Apply The 50/30/20 Rule In Budget

I’ve also talked about this rule.

For those who are not familiar, the 50/30/20 rule was introduced as guidelines to how much you should spend based on needs, wants & savings

Although this is a good place to start, I believe there should be some tweaks depending on where you are today.

In short, I believe the rule should be re-introduced as 40/10/50 – where savings should be the priority, so you can add more money into investment later on.

If you want to know more about it, check out my other article where I discussed this in details.

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Seek Wise Men/Women For Advise On Investment

This is the toughest topic to talk to you about.

Honestly speaking, there is no such thing as an investment that fits all.

Different investment has different settings, different mentality and so on – which can be challenging if you’re not used to the environment.

My experience tells me that the best person to talk to about investment are those whom you have personal relationship with – who have gone through the experience from becoming poor to wealthy.

Gaining their insight is valuable as it gives you first hand lessons, mistakes & failures that you can avoid in the future which is priceless.

Then, once you’re certain – you can go all in.

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Improve Tax Awareness

You have no idea how much money you can save by starting to listen to your accountant.

Credited accountants are able to tell you exactly how and where to spend in order to get the best tax reliefs, or tax reductions.

Getting tax reliefs is always great – so maximize its uses.

If you run a company, it’s even better. You can gain more tax reliefs under company spending.

So go talk to a credited accountant now before that next tax declaration dateline.

My Final Two Cent

If you’re clueless as to where to begin, then, seek advice from wise men or women. Take note every single thing they share with you – even if you disagree with some of the ideas.

Always keep in mind, the best entrepreneur are the ones who are open-minded and do not have answer to every question.

Let me know what you think about the article in the comment below.

Don’t forget to Execute

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10 Easy Ways to Save Money (And Make Some Too)

“Many folks think they aren’t good at earning money, when what they don’t know is how to use it.” —Frank A. Clark

I’m quite shocked to find out from some friends who keep telling me that it is near to impossible to save money aside these days. When I ask them exactly what they did do to save, the answer I keep hearing is they’d only keep a portion of income into bank and that’s it. After hearing some of my explanation, the guys were quite surprised at the amount of things they missed out in order to become financially stable. Nevertheless, it’s never too late to start saving money. Better now than never. So here’s my take on the 10 easiest ways anyone can do to save money:

Continue reading 10 Easy Ways to Save Money (And Make Some Too)

One Secret Quality to Become RICH – Honest Truth

In today’s article, I’m going to share with you the one skill which is important in order to become RICH.

Becoming RICH is a subjective matter as there are hundreds, if not thousands of ways to achieve it in these modern days. However, many would agree every success comes down to one important quality which is ‘Sacrifice’.

TO SACRIFICE

To put it simply, without ‘sacrifice’, ‘nothing’ can be ‘achieved’.

Without ‘sacrifice’, no ‘budget plan succeeds’.

Every ‘budget’ plan requires you to ‘cut down spending’.

So , say goodbye to those ‘expensive Starbucks’ drinks. Or to that delicious and healthy ‘Avocado toasts’.

Without ‘sacrifice’, no ‘investment’ can bear ‘profits’.

Every ‘investment’ begins with you having to ‘put aside money’ which you ‘don’t have access’ over a period of time.

Without ‘sacrifice’, no ‘self-discipline’ can be achieved too.

Every ‘self-discipline artist’ knows what it takes to achieve a ‘higher state’ of being able to ‘control’ self from ‘spending’ unnecessarily.

So, you’re probably wondering “How can one achieve a higher level of ‘sacrifice’?”

My short answer is to ‘Travel’.

When I say travel, not jet setting in ‘first class’ seats, or staying in a ‘5 star hotel’.

What I mean is to travel to isolated or remote areas where access to modern world is limited.

You see, the problem with human beings these days is not because we can’t live without technology.

That’s completely untrue.

Human beings have been living without much technology for most of our history. We have strive in wilderness back then, so why not today?

By exposing ourselves to such difficult conditions, we can learn to rely none other than ourselves. We learn that it takes some level of sacrifices to go through the day.

We start gather wood for fire & cooking. We gather water early in the morning to stay hydrated throughout the day. We even begin to forget the access to internet.

Guess what happens when you return? You’ll no longer see the benefits of owning things which are no longer essential to your survival. You’ve become accustom to it.

Personally, this is the best way to learn.

MY TWO CENT

While some argue this method is unnecessary. I argue, unless you’re a natural frugal person, I believe practical experience matters most and that some times, drastic actions are necessary to achieve higher level.

Once you’re accustom to a higher level of sacrifice, you’ll start living differently. You spend on things you only need & skip unnecessary spending without hesitation.

With such quality, any budget plan becomes easy to follow. And any investment becomes easier too as you are able to put more money into it.

That’s it from me. I hope you guys learn something from this. Let me know what you think in the comment below so we can start a healthy conversation about the topic.

Happy Weekend.

 

 

 

7 Qualities That Will Make You Rich

When you see successful people, you seldom think about what lies underneath all the cool lifestyle they exhibit.

Many people dream to achieve success but often struggle due to lack of understanding the qualities required.

Today, I’m sharing the top 7 qualities that will make you rich.

1. Become known for one thing

People often feel proud whenever they tell you they have many talents.

While this can be seen as an ‘ego-booster’ for many, the reality is that it can be both a blessing and a curse.

“He who catches two rabbits at once will catch none.” – German proverb

Attempting to achieve various things at once can drive you to the brink of depression as you try relentlessly to try fit them all into your packed-tight schedule.

You might feel you can do it at first, I felt the same too, but as time goes by, you’ll start begin to worn out. When that happens, you’ll start losing focus on ALL things.

I know that sometimes, you feel you need to make the best out of the time available to you – I’ve been there. Then, I realize that it only accelerate my exhaustion level.

So, why should you focus on one thing at a time?

To start, our brain has shown that it works best when concentrated one thing at a time.

In fact, a research by Stanford University that frequent multi-taskers were actually worse at multitasking.

They even performed worse because they had more trouble organizing their thoughts and filtering out irrelevant information.

Researchers at the University of Sussex in the UK also found that multi-taskers suffer from cognitive impairment affecting their empathy as well as cognitive and emotional control.

Apart from health concerns, if you look at those who are exceptionally successful, you’ll see how often they champion the idea of ‘focusing getting things done – one at a time’.

“Focus and be known for one thing.” – Anonymous

“Your life is controlled by what you focus on.” – Tony Robbins

By becoming known for one thing, the word gets out about you and your business much faster than someone who ‘multi-tasks a lot and known to be an average at a lot of things’.

People are more likely to come to you since you’re the best – some might even fly to you and vice versa.

Start focus today. Be known for one thing.

2. WILLINGNESS TO MAKE SACRIFICES

“Whenever you see a successful person, you only public glories. never the private sacrifices to reach them.” – Vaibhav Shah.

We often see the successes of people, but can never learn enough from the struggles they went through.

Being an entrepreneur will make you realize that the lifestyle you want doesn’t come for easily.

“The dream is free, the hustle is sold separately.” – Anonymous

Real entrepreneurs are not only able to see the opportunity, they are also willing to do what it takes to earn it. They respect the dream and know there’s a price to pay.

On the other hand, if you see entrepreneurship as a way out of your 9-5pm job, or because you enjoy less time working, then, you’re stepping into a ‘sinking ship’.

This is what separates between successful entrepreneurs and ‘wanna-preneurs’.

When I started out, I had to care for both my parents down with chronic diseases. That along with running businesses – I had to make tough decisions and sacrifices along the way, some I’m not particularly proud of but had to be done. I’m glad I made it through today.

That’s entrepreneurship. There’s no easy way up. It’s a rollercoaster.

It’s not going to be easy, but it’s going to be worth it IF you’re smart about it.

3. SELF-MOTIVATION

“Don’t focus on the risks. Focus on the rewards.” – Anonymous

Life will get harder in your journey as an entrepreneur; and to be honest, you’re in this alone in the beginning.

Unlike your job, there’s no one to motivate you but yourself. You have no boss, no peers – you get the idea.

You’d argue “what about partners, investors etc?”

Well, they can only recommend you on the direction and decision making the company should take – but at the end of day, you’re the driving force that should get things done.

You’re your own motivator.

Yes your family and friends will be around you, but what lies within yourself is where you REALLY make the difference.

There will come a number of times where your brain will start to wonder – and start telling you to doubt, stop and give up.

Why not? After all, your business is not making much progress after 1, 2, 3 years. Savings all dried up. There’s nothing left you could do.

This situation alone might scare off most people away.

But successful entrepreneurs know better. They see the risks but they focus on the outcome. This is one of the best ways to motivate yourself. See the rewards, not the struggles.

In addition, you also need to find various amount of motivational quotes and to keep it as mantra in case you start feeling worn out.

Create reminders of what success would look like, or any possessions (e.g. mansion, yacht etc) you desire to own. Do whatever it takes to remind that you need to work harder if you want to achieve it.

If you’re unable to motivate yourself, you’re in tough luck and better off working a job.

4. Define your goal daily

“A dream written down with a date becomes a goal.

A goal broken down into steps becomes a plan.

A plan backed by action makes your dreams come true.”

If you’re an admirer of various successful people, I’m sure you’ve come across the importance of writing down your goals every single day.

This is a habit most entrepreneurs live by; as it helps you an impulse to act on a daily basis.

By setting your goals, you’ll start to wake up ‘with a plan’ rather than ‘to have a plan’.

This attitude helps to start your day as productive you can – not wasting time trying to figure out ‘what to do today’.

When you set the goals every day it helps you to define priorities and keep the most important things on the first place.

The initial identification of priorities is one of the most important things you need to do.

Focus on getting the most profitable activities done early, and then everything else. Soon, you’ll discover the best route to your success.

5. Practice resilience

“The task ahead of you is never greater than the strength WITHIN you.” – Anonymous

“Resilience is the ability to fall, pick ourselves up from the floor quickly, learn and continue with the journey.” – Anonymous.

Resilience is key to success. It gives you an advantage over people who choose to give up the moment they face failure.

You can be the smartest person in the room – who are also not spared from failures; but if you lack the discipline to keep going, you ought to fail as well.

I’m a big saver. In fact, I enjoy saving money especially being able to see my money grows every month at the bank and eventually investment. Of course, I desire for luxurious possessions in life, but I knew I had to keep my grit and carry on saving money.

I’ve tried most which entrepreneurs went through (except being homeless) e.g. eating peanut butter and jelly sandwiches almost everyday, had to juggle between taking care both my parents and my business, and so on.

Today, majority of the savings are in investments. I can live comfortably from the returns alone. I do still save, but slowly, I start to increase my expenses a little bit so I get to enjoy after all the years of sacrifices.

“If you don’t give up, you still have a chance ….” – Jack Ma

You cannot avoid ups and downs along the way but you need to find within yourself to uphold a strong spirit to accomplish your short and long-term goals.

6. Obey the “Rule of 500”

In a nutshell, you need to offer your services or products to at least 500 people per month in order to become a millionaire.

Of course, this depends on the nature of your business i.e. profit margin etc. What’s being pointed out here is to get your product in front of as many people; and quick.

There will be large number of refusals – but this is just part of sales. You just need to be ready for it.

7. Long Term & Short Term Plans

“You have to believe in the long term plan but you need the short term goals to motivate and inspire you.” – Roger Federer

Everything you’ve done in life so far has been for the immediate future.

Mankind functions in strange ways where we mostly know the importance of long term plan – and yet, we still seek for a shortcut.

If you wish to be successful in life, your mindset needs to be re-wired quick.

You need to stop looking for shortcuts, there isn’t one. There are large numbers of successful people can attest to that.

To be honest with you:

It will take between 7 and 10 years to change your life.

You’re probably getting discouraged hearing this – and opting for Netflix instead.

If you’re that person, that’s good. You’ve just saved yourself from 10 years of hard work to success – than decades of average work to just being average.

Being successful requires you to think ahead and take actions now which will have an impact over the long term.

Successful people often look at the rewards of hardship; and then deconstruct it into short term plans to achieve that end game. This mentality is what’s going to help you pivot towards success.

It works similar like reverse engineering a product. You tear it into pieces trying to figure how it works and being made.

The ONE Secret On How To Get First Job As Consultant/Freelancer?

Are you a struggling freelancer or consulting firm that could not get clients that pay well? You’ve done everything in the book and yet it does not yield the result you seek.

Don’t worry, I’m gonna share with you my first hand experience to get big clients signed for you.

THE ONE SECRET

To begin with: the method I’m about to share is nothing new. However, since I have not seen many who talk about it, I thought why not to share it with you.

When I first started out on my own, there weren’t much tips on how to get the first job as a freelancer/consultant other than the typical methods that you can simply pick off from business books or websites.

Initially, I started out using traditional methods, I set up my social media accounts, my website & told my friends & family about it. I even paid for advertisements on some of the online platforms. It seemed like I’ve done everything on the book.

Still, there was not much traffic, or leads for me to pursue. For the first 2 months, I struggled to find a single job that pays well.

I contemplated, became worried. But I continued.

What happened next? After giving much thought, I decided to give it another shot

I started offering my services for free. I emailed businesses and on some occasions, I went to their offices and offered my skills for free.

They were surprised and couldn’t believe it. It sounded too good to be true. But they agreed nonetheless. Why wouldn’t they?

I did it for another 3 more times. People told me I was dumb. But there’s a catch.

I had a long term plan.

Firstly, the 3 brands I worked with are well known brands in my field. By working with them, I can then start promoting myself as not only someone who have done work with 3 brands. But 3 GIANT brands.

When people see that I’ve worked with popular brands, it attracts attention.

They sensed that you must be worth the money and wouldn’t mind paying you for future jobs.

From one referral led to another. I continued getting jobs till I no longer able to work on my own.

So, that’s my secret to getting the first job as a consultant or freelancer.

Hope you find this article useful. Don’t forget to Like & Follow my website to start investing yourself. Time to Execute!