Tag Archives: Personal Finance

6 Signs You’re Going To Be Successful

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1.) You hate average

When you hate being an average person, then, the only way is to go ‘up’. This mentality sets yourself to higher standards in terms of the way you look at life.

It shapes the way you think when faced with adversity. You start to enjoy what life throws at you because you know,

While most would succumb to difficult challenges – like every average person does, you don’t.

Instead,

2. You practice discipline and self control

No matter how smart or brilliant your ideas are, if there is no self-discipline, nothing can be gained.

Discipline is important, but to become a successful entrepreneur, discipline becomes essential to ‘survival’.

Once you’re the owner of a business, there will be no one to tell you what to do, or what you need to get done.

You have to constantly find that motivation and eagerness to get things done; and without discipline, you’ll end up a failure.

It’s all on you now.

3. Failure doesn’t scare you

Let’s be honest, the fear of failure gets to you as an entrepreneur. There’s no denying.

What you do instead is, to manage that fear.

Elon Musk has a great strategy when managing fear. He always create a contingency plan in case things go bad.

When he started SpaceX, Musk set a target of $100 million for the rocket launch. If he fails, he’ll bail out of the space venture.

What’s so great about this move? It sets Musk’s mind that failure is a viable option. This helps managing that fear.

He also knows when to quite, which is also important for every entrepreneur so not to get dragged into much higher debt.

4. You wake up early

Most successful people love to start their days early.

This is because, they find mornings are the best time to get as many difficult tasks done as the brain is fresh and able to perform at higher degree.

If you start in the morning, you’ll also find that you get to get things done earlier – so you can spend the rest of the day doing other activities.

5. You surround yourself with great people

You are who you surround yourself with.

I believe this makes sense just by reading the title.

If your friends like to talk or do things that waste time; you’ll end up like one.

If your friends like to talk about ideas, opportunities, or investment; you’ll end up like one.

Start networking with people who are better than you today to get started.

6. You don’t complain

Complaining or whining is a waste of time and breath.

And yet, people still do it – because some supposedly experts on mental health issues say that it’s actually a good thing to vent your anger or frustration.

Guess what? This makes people who listen to them more of a whiner.

By the way, if these mental health experts are correct, then, how come we’re seeing increase in chronic mental health problems – whereas the mental health experts are at its most advanced stage in human history.

My advise? Stop complaining and carry on with life. You need to do something to take your mind off your worldly problems. Everyone’s got problems – deal with it like every other human being in mankind’s history.

There’s a saying “An idle mind is the devil’s playground.”

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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Top 5 Female Entrepreneurs You Must Know

1. Denise Coates

Denise-Coates

Company: Bet365

Age: 51

Net worth: $3.9 billion (£3 billion) (2018)

Denise Coates owns the site Bet365. It’s a betting site which took her a year to develop and launch. She bought the Bet365.com domain name back in January 2000 and looked poised to success.

She raised a whopping £15 million loan from Royal Bank of Scotland to help fund her run the business.

Today, Bet365 has grown into one of the world’s largest online gambling sites.

Today, Denise’s net worth is an astonishing $3.0 billion.

 

2. Cher Wang

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Company: HTC Corporation

Age: 60

Net worth: $1.6 billion (£1.2 billion) (2018)

Cher Wang is one of the pioneers at producing new and innovative smartphones in China.

She founded the tech company HTC – which quickly grew placing itself next to other tech powerhouses such as Apple, Samsung and Huawei.

Cher Wang was born in 1958. She received her degree in economics from the University of California in 1981.

About a year later, she joined the company ‘First International Computer. Later on, she co-founded VIA in 1987 and HTC in 1997.

Cher has been featured on Forbes world’s billionaires numerous times in 2010, 2011 and 2012 – having a net worth of 1.6 billion.

3. Folorunsho Alakija

Famous Female Entrepreneurs - Folorunsho Alakija

Net Worth: $2.5 Billion

Folorunsho Alakija is an unknown to many. She’s actually the richest female entrepreneur in Nigeria. She may not be as popular as other female entrepreneurs, but she has a net worth of around $2.5 billion

She started out founding a tailoring company called Supreme Stitches. She founded the company after being employed at Sijuade Enterprises in Nigeria; and the First National Bank of Chicago.

Later down the line, Alakija started looking to various industries for investments once Supreme Stitches started to become very successful.

She’s also named as Forbes’ 96th most powerful woman in the world.

4. Gina Rinehart

Famous Female Entrepreneurs - Gina Rinehart

Net Worth: $11.7 Billion

Gina Rinehart is considered to own a personal fortune of $11.7 billion.

This makes the Australian billionaire not only the richest person in Australia, but also places her 6th riches woman in the world.

She’s the chairman of Hancock Prospecting Group; a giant mining company which produces up to 30 million tonnes of iron ore per year!

Rinehart took over the mantle as chairman of the company when her father passed away in 1992, and has become one of the riches female entrepreneurs in the world ever since.

5. Wang Laichun

Wang Laichun Famous Female Entrepreneur

Net Worth: $1.5 Billion

Wang Laichun, is another pioneer in the Chinese electronics manufacturing industry. She’s the chairman of the company which supplies Apple much of its parts.

She is also known as one of the world’s youngest self made female billionaires once the company becomes a success.

It’s been estimated Laichun’s net worth is around the $1.5 billion.

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.