A portion of my investible networth is accumulated through government and private bursaries. A bursary is a monetary award that is granted to students on the basis of financial need. However, there are loopholes in the application process which made it unfair for the truly underprivileged students. Let's take for example the eligibility of CDCC Bursary. To be eligible for this bursary, one needs to be a Singapore citizen with monthly gross household per capita(average) income of no more than $850.
For students whose parents are salaried employees, they will have to submit their parents' latest gross monthly payslip. This is fair as there isn't any way to manipulate the figures on the payslip issued by the company.
Things become slightly more manipulable for the unemployed and self-employed. The required supporting document for the Unemployed/Retrenched/Retired/Housewife is the CPF contribution history for the last 12 months. For the self employed, a tax assessment notification by local tax authority or the latest annual tax returns submitted to a local tax authority will be required.
Here are the loopholes: Since the majority of self-employed persons declare lower income to pay lesser taxes(from what I know), the reported income on their tax statements might not be a true reflection of their financial situation. In addition, the bursary applicant could declare their self-employed parents as unemployed since the only document they need to produce is the CPF contribution history and self-employed do not contribute to CPF. I personally know some of my friends who did that and were subsequently awarded the bursary. Also, retired parents could be financially free, having multiple streams of passive income or even sitting on a pile of cash. However, the only supporting document required for the retired/unemployed is the CPF contribution history. The evidence of having zero CPF contribution for a retiree/unemployed is grossly insufficient to determine a person's financial ability.
For my situation, my monthly gross household income per capita is indeed lower than $850. Having an investible net worth of more than $50,000 and still receiving bursaries might seem to be pushing the boundaries of ethics. However, I met all the requirements for the bursaries and it is no more than doing the uncommon within rules.
Senin, 20 Agustus 2012
The Second Secret to Stock Market Wealth
The Second Secret to Stock Market Wealth
Stock Updates from Truly Rich Club..
One day, Meg came up to me. She was a friend who joined the TrulyRichClub last year and started investing in the stock market. “Brother Bo, I received a cash dividend from my BPI stocks! It isn’t much—just P3000+. But I’m happy.
I can now buy that new blouse I’ve been eyeing to buy… Thanks so much for teaching me how to invest in the stock market!” I asked, “Meg, do you want to be wealthy?” “Of course. That’s why I joined the TrulyRichClub…” she beamed from ear to ear. “So I presuppose that you already know the first secret to stock market wealth—which is to invest your small amounts every month without fail. Am I right?”
“Yes. And I do that faithfully!” I asked her, “Do you want to learn the second secret to stock market wealth?” “Of course. What is it?” “Reinvest your dividends.” Meg’s face looked like a little child whose ice cream cone has just been stolen by a thief. And the thief was me. But I continued anyway. “Remember our rule? Never withdraw from your COL Financial account. So whatever dividends a company gives you, just throw it BACK to the same company and buy more of its shares.”
“But that won’t be fun,” she pouted. “I know. But that’s how to ensure your future wealth. Let me tell you about Dr. Jeremy Siegal. Remember him? I talked about him in one issue of our Stocks Update. Siegal did an extensive study of market returns from 1871 to 2003. Beyond a shadow of a doubt, he proved that the stock market is the best place to grow your money.
Better than silver, gold, and real estate.” She nodded, “I think I remember that issue…” “He also discovered something very powerful which I didn’t mention in my article. Remember that there are two ways of earning money through the stock market. The first is via capital gains. That’s when the share price goes up. The second is via dividends—whether cash dividends or stock dividends.”
“Yes. I read that from your book. I’m a good student, you know.” I chuckled. “Well, if you don’t add any money after your initial investment, Jeremy Siegel discovered that capital gains accounted for only 3 percent of stock market profits. But reinvesting dividends accounted for 97 percent of all profits.” The woman’s eyes widened. “Huh?” “It’s the power of compounding.
The book, Triumph of the Optimists: 101 Years of Global Investment Returns, says that portfolios with reinvested dividends performed 85 times better than the same portfolio that didn’t reinvest their dividends.” “Eighty-five times better?” Meg asked, shocked. “Yes.” “Oh drats,” she sighed, “Why did I have to tell you that I earned dividends? I guess it’s bye-bye to the new blouse…”
I laughed. “Meg, I’m not saying you shouldn’t buy the blouse. If your salary can afford it, then buy it. But don’t get it from your cash dividends. Or withdraw from the stock market. It might become a habit.” “Amen. I hear you loud and clear.” After talking with her, I did further reading on reinvesting dividends. What I found blew me away.
Market research firm Ibbotson Associates calculated U.S. Stock Market returns going back more than a century. Their study showed that if you invested $1 in giant U.S. companies in 1925, you would have $98 in 2005. But if you reinvested the dividends, your $1 would be $2,658! I know my examples are unrealistic because no one lives for a hundred years. So let me shorten the time frame.
If you invested $10,000 in Johnson & Johnson in 1989, you would have bought 126 shares. But if you reinvested your dividends into shares, your original 126 shares would become 2873 shares today. And your original $10,000 would be worth $180,682. But focus on the fact that 126 shares becoming 2873 shares. That has nothing to do with how the company’s share price went up. By reinvesting your cash dividends and buying more shares, and compounding it over time, you grow wealthier.
This first seven months of the year, some of our SAM stocks gave you small dividends. Perhaps it was just a few pesos. That’s okay. I’m talking about MEG, FPH, EDC, and BPI. (SMPH gave you a 25 percent dividend.) But the “small”, if compounded for 20 years or more, becomes very “big”. I hope you reinvested the money. If not, you know what to do the next time you receive a dividend. Friend, move towards your multimillions!
May your dreams come true,
Bo Sanchez
Stock Updates from Truly Rich Club..
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| Stock Updates |
I can now buy that new blouse I’ve been eyeing to buy… Thanks so much for teaching me how to invest in the stock market!” I asked, “Meg, do you want to be wealthy?” “Of course. That’s why I joined the TrulyRichClub…” she beamed from ear to ear. “So I presuppose that you already know the first secret to stock market wealth—which is to invest your small amounts every month without fail. Am I right?”
“Yes. And I do that faithfully!” I asked her, “Do you want to learn the second secret to stock market wealth?” “Of course. What is it?” “Reinvest your dividends.” Meg’s face looked like a little child whose ice cream cone has just been stolen by a thief. And the thief was me. But I continued anyway. “Remember our rule? Never withdraw from your COL Financial account. So whatever dividends a company gives you, just throw it BACK to the same company and buy more of its shares.”
“But that won’t be fun,” she pouted. “I know. But that’s how to ensure your future wealth. Let me tell you about Dr. Jeremy Siegal. Remember him? I talked about him in one issue of our Stocks Update. Siegal did an extensive study of market returns from 1871 to 2003. Beyond a shadow of a doubt, he proved that the stock market is the best place to grow your money.
Better than silver, gold, and real estate.” She nodded, “I think I remember that issue…” “He also discovered something very powerful which I didn’t mention in my article. Remember that there are two ways of earning money through the stock market. The first is via capital gains. That’s when the share price goes up. The second is via dividends—whether cash dividends or stock dividends.”
“Yes. I read that from your book. I’m a good student, you know.” I chuckled. “Well, if you don’t add any money after your initial investment, Jeremy Siegel discovered that capital gains accounted for only 3 percent of stock market profits. But reinvesting dividends accounted for 97 percent of all profits.” The woman’s eyes widened. “Huh?” “It’s the power of compounding.
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| Truly Rich Club |
I laughed. “Meg, I’m not saying you shouldn’t buy the blouse. If your salary can afford it, then buy it. But don’t get it from your cash dividends. Or withdraw from the stock market. It might become a habit.” “Amen. I hear you loud and clear.” After talking with her, I did further reading on reinvesting dividends. What I found blew me away.
Market research firm Ibbotson Associates calculated U.S. Stock Market returns going back more than a century. Their study showed that if you invested $1 in giant U.S. companies in 1925, you would have $98 in 2005. But if you reinvested the dividends, your $1 would be $2,658! I know my examples are unrealistic because no one lives for a hundred years. So let me shorten the time frame.
If you invested $10,000 in Johnson & Johnson in 1989, you would have bought 126 shares. But if you reinvested your dividends into shares, your original 126 shares would become 2873 shares today. And your original $10,000 would be worth $180,682. But focus on the fact that 126 shares becoming 2873 shares. That has nothing to do with how the company’s share price went up. By reinvesting your cash dividends and buying more shares, and compounding it over time, you grow wealthier.
This first seven months of the year, some of our SAM stocks gave you small dividends. Perhaps it was just a few pesos. That’s okay. I’m talking about MEG, FPH, EDC, and BPI. (SMPH gave you a 25 percent dividend.) But the “small”, if compounded for 20 years or more, becomes very “big”. I hope you reinvested the money. If not, you know what to do the next time you receive a dividend. Friend, move towards your multimillions!
May your dreams come true,
Bo Sanchez
PS. By the way, the TrulyRichClub isn’t just about Stock Market investing. That’s only one part. In the TrulyRichClub, aside from teaching people how to grow in their financial life, I also teach people how to grow in their spiritual life.
For what’s the use of growing in your finances if you lose your soul?
To know more about the TrulyRichClub, click the link below:
Sabtu, 11 Agustus 2012
Don’t “Buy and Hold” – Do the SAM!
Don’t “Buy and Hold” – Do the SAM!
Truly Rich Club Updates last July 2012.. From Bo Sanchez..
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| TrulyRichClub Stocks updates |
Yesterday, I got alarmed when I bumped into a TrulyRichClub member. I was walking in the mall when a young woman greeted me. She said, “Brother Bo! Thank you so much for building the TrulyRichClub. You’ve helped me so much.”
“So have you started your investment program?” I asked. “Yes!” she said, “I put all my savings in the stock market. It’s not much. Just P200,000.” “And do you invest every month from your monthly paycheck?” I asked, guessing that she had a job. (Her office uniform gave her away.)
“Sorry, Brother Bo,” she said sheepishly, “I don’t have the discipline yet. I know I should, but I’ve been postponing… I shop too much!” she giggled. I held her arm and said, “Then you’re not doing SAM…” I said as gently as I could, “You’re doing a buyand- hold.”
“But I put my P200,000 in your SAM stocks. FPH, BPI, EDC…” “Right stocks, wrong strategy.” “Is it really bad?” “No, it isn’t. Buy-and-hold is okaaaay….but you’re not earning as much as you should. How is the original P200,000 you put in?”
“It’s gone up a little. But you’re right, not much… But at least, I’m very happy that my money is far away from me. That’s what I’m thankful for. So I don’t spend it on shopping!” I smiled, “Imagine if you were doing a monthly investment—even if it’s just a small amount from your monthly paycheck each month it would be much bigger today.”
“I know, Brother Bo. Aw, meeting you today isn’t a coincidence. God is really telling me to be more disciplined!”
“But I put my P200,000 in your SAM stocks. FPH, BPI, EDC…” “Right stocks, wrong strategy.” “Is it really bad?” “No, it isn’t. Buy-and-hold is okaaaay….but you’re not earning as much as you should. How is the original P200,000 you put in?”
“It’s gone up a little. But you’re right, not much… But at least, I’m very happy that my money is far away from me. That’s what I’m thankful for. So I don’t spend it on shopping!” I smiled, “Imagine if you were doing a monthly investment—even if it’s just a small amount from your monthly paycheck each month it would be much bigger today.”
“I know, Brother Bo. Aw, meeting you today isn’t a coincidence. God is really telling me to be more disciplined!”
Lesson: If you’re a TrulyRichClub member and you see me walking in a mall, don’t be ashamed to greet me! It may be God telling you to be more faithful to your investment program. Don’t do a buy-and-hold. Anyone can do that. Do SAM. No matter how small, add to your original amount every month! My last argument against buy-and-hold: It’s TOO inconsistent.
Can you grow anything in life inconsistently? No, you can’t. You can’t maintain a healthy body inconsistently. You need to exercise and eat the right food consistently. You can’t maintain a marriage inconsistently. You need to serve your spouse and communicate consistently.
Should I go on? You can’t raise your kids inconsistently. You can’t grow in your spiritual life inconsistently. Shucks, you can’t even be really good at Angry Birds inconsistently. If you want to grow in ANYTHING, you’ve got to be in the thick of things, slugging it out consistently.
To grow your investments, you’ve got to put in your little amounts of money consistently as well.
Happy investing!
May your dreams come true,
Bo Sanchez
PS. By the way, the TrulyRichClub isn’t just about Stock Market investing. That’s only one part. In the TrulyRichClub, aside from teaching people how to grow in their financial life, I also teach people how to grow in their spiritual life.
For what’s the use of growing in your finances if you lose your soul?
To know more about the TrulyRichClub, click the link below:
To know more about the TrulyRichClub, click the link below:
Jumat, 10 Agustus 2012
Warren Buffet 10 ways to get rich
Warren Buffet 10 ways to get rich
Here are some of Warren Buffett's money-making secrets -- and how they could work for you.
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| Warren Buffet 10 ways to get rich |
When the friends sold the venture, Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he'd amassed $174,000 -- or $1.4 million in today's money. Even a small sum can turn into great wealth.
2. Be Willing To Be Different: Don't base your decisions upon what everyone is saying or doing. When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million.
Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. To Warren Buffett, the average is just that -- what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world's.
Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. To Warren Buffett, the average is just that -- what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world's.
3. Never Suck Your Thumb: Gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Warren Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb sucking." When people offer him a business or an investment, he says, "I won't talk unless they bring me a price." He gives them an answer on the spot.
4. Spell Out The Deal Before You Start: Your bargaining leverage is always greatest before you begin a job -- that's when you have something to offer that the other party wants. Warren Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard.
The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Warren Buffett was horrified that he performed such backbreaking work only to earn pennies an hour. Always nail down the specifics of a deal in advance -- even with your friends and relatives.
5. Watch Small Expenses: Warren Buffett invests in businesses run by managers who obsess over the tiniest costs. He one acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only on the side of his office building that faced the road. Exercising vigilance over every expense can make your profits -- and your paycheck -- go much further.
6. Limit What You Borrow: Living on credit cards and loans won't make you rich. Warren Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heart-rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.
7. Be Persistent: With tenacity and ingenuity, you can win against a more established competitor. Warren Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business.
A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator. To Warren Buffett, Rose embodied the unwavering courage that makes a winner out of an underdog.
8. Know When To Quit: Once, when Warren Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick -- he had squandered nearly a week's earnings. Warren Buffett never repeated that mistake. Know when to walk away from a loss, and don't let anxiety fool you into trying again.
9. Assess The Risk: In 1995, the employer of Warren Buffett's son, Howie, was accused by the FBI of price-fixing. Warren Buffett advised Howie to imagine the worst-and-bast-case scenarios if he stayed with the company.
His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day. Asking yourself "and then what?" can help you see all of the possible consequences when you're struggling to make a decision -- and can guide you to the smartest choice.
10. Know What Success Really Means: Despite his wealth, Warren Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He's adamant about not funding monuments to himself -- no Warren Buffett buildings or halls.
"I know people who have a lot of money," he says, "and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you'll measure your success in life by how many of the people you want to have love you, actually do love you. That's the ultimate test of how you've lived your life."
Source:
http://www.warrenbuffett.com
Jumat, 03 Agustus 2012
Im Sticking My Neck Out So That You Can Grow Your Money
Im Sticking My Neck Out So That You Can Grow Your Money
TrulyRichClub stock updates..
TrulyRichClub stock updates..
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| TrulyRichClub Updates |
“Why?” “Well, what if one of your recommendations turn out to be a flop? And your faithful followers lose their money. Then they’ll get angry at you and blame you for their losses. Because you’re a preacher and spiritual leader, won’t that affect your reputation?”
I smiled. “Thanks for your concern. I’ve thought about it a lot, actually. I’ve counted the cost. I’ve long accepted the fact that in life, there’s always risk—no matter how small. Waking up in the morning is a risk. Walking out the door is a risk. Even inhaling oxygen is a risk. In this world, there is no such thing as zero risk. If a person won’t take risks, he’ll remain stagnant. We can’t erase risks but we can MINIMIZE them. And I minimize it by recommending only gigantic companies and never penny stocks.
I also recommend that people invest in many gigantic companies—about 5 to 10—so that even if one fails, they’ll be okay. Finally, we don’t trade but invest, using an investment program called SAM or Strategic Averaging Method.” “Fair enough,” my friend said. “So you’re betting your reputation that these stocks will grow?”
I also recommend that people invest in many gigantic companies—about 5 to 10—so that even if one fails, they’ll be okay. Finally, we don’t trade but invest, using an investment program called SAM or Strategic Averaging Method.” “Fair enough,” my friend said. “So you’re betting your reputation that these stocks will grow?”
“My members’ welfare is more important than my reputation. I’m taking this risk because I want to help people build a retirement fund for their future. So that they grow old rich, not poor. I’ve long realized that if I don’t recommend specific stocks to my members, they won’t buy. They’ll freeze. And that will be a greater disaster—because people will grow old poor.”
“So you’re really convinced that your recommended stocks will go up in the next 20 years?” “Yes, I do. But by your question, I realize that you still don’t get SAM. Here’s the fantastic thing about SAM… Even if the stocks don’t go up in the next 20 years, but just go bounce up and down—if my members invest EVERY MONTH during those 20 years—they’ll still earn.”
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| My Maid Invests in the Stock Market |
“Okay Bo. I get you. Where do I sign up for your TrulyRichClub?” “Not so fast,” I grinned. “I have a very important question for you. Will you get angry at me if one of my recommended stocks turns out to be a flop?”
He laughed. “I guess there are things beyond your control...” “Just like you, my TrulyRichClub members are intelligent people. They know that. They know I can’t guarantee that 100 percent of my recommendations will do spectacularly well in 20 years. But the chances are exceedingly high that MOST of my recommended stocks will make them wealthy.”
After talking with him, I realized I didn’t mention a very important point to him on why I believe our risks are small: In the last 12 months, only seven out of 47 national stock markets around the world have posted gains. That’s how bad the global economy is. But out of those seven stock markets, the Philippine Stock Market is number 1.
We’re the best performing stock market in the world today. Can you believe that? The momentum is on our side. We’re experiencing a “high tide” here—and as you know—a high tide lifts all boats (great companies). So keep investing, my friend.
May your dreams come true,
Bo Sanchez
PS. Start NOW! To gain financial freedom for your future and join the TrulyRichClub, click the link below:
Kamis, 02 Agustus 2012
Games that People Play(3):- Strategical Horse Racing by SunBin
Case 1: Happened before 320BC:
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战国时候，齐国大将田忌很喜欢赛马。他每次和齐威王赛马，都要押上重金赌输赢。他们把各自的马分为上、中、下三等。比赛时，上等马对上等马，中等马对中等马，下等马对下等马。由于齐威王每个等级的马都比田忌的强，每次赛马，田忌都以失败而告终。
一次，田忌又比输了，正闷闷不乐地离开赛场，他的朋友孙膑对他说：“从刚才比赛的情形看，齐威王的马比你的快不了多少，下次比赛，你只管下重金和他赌输赢，我有办法让你取胜。”田忌疑惑地看看孙膑：“你是说给我换几匹好马吗？”孙膑摇头说：“不是。”田忌知道孙膑足智多谋，看着他胸有成竹的样子，没再多问。
等到比赛那天，孙膑向田忌面授机宜说：“第一场，用你的下等马去同他的上等马周旋；第二场，用你的上等马去对付他的中等马；第三场，你用中等马对付他的下等马。”结果，第一场比赛田忌输了，第二、三场比赛赢了，最终以2：1获胜。这下，齐威王目瞪口呆，只好眼睁睁地看着田忌得意地拿走了自己的千金。
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Brief Translation:
SunBin(孙膑; died 316 BC), grandson of SunTzu(孙子) who is famous for his "Art of War", was a military advisor who lived during the Warring States Period of China history.
During that time, there was a military general of Qi State(齐国) - TianJi (田忌). TianJi often invited to have horse racing competitions by his king - King Wei (齐威王). Everytime, they both put heavy bet on the competition. The competition consisted of 3 races. So, they used their first class horses for the first race, second class horses for the second race, and third class horses for the third race. Because King Wei had faster horses in all the three categories than TianJi had, TianJi had always lost.
Once, SunBin was a guest of the Tianji and invited to attend the race. Again, Tianji lost all the three races again and felt very upset. SunBin spoke to Tianji:"I noticed that the horses that King Wei has in each category is not much faster than yours. Next time, you can smiply put heavier bet, and I have a strategy for you to win the competition."
Wait until the next race, SunBin asked TianJi to use his 3rd class horse to race with KingWei 1st class horse in the first round. TianJi's horse lost by far distance in the first round. In the second round, SunBin used TianJi 1st class horse to win KingWei 2nd class horse. And, in the final round, SunBin used TianJi 2nd class horse to win KingWei 3rd class horse. KingWei was shocked to see the result and TianJi won BIG TIME during that race.
Case 2: Happening Now:
Pictures from Smart Money Magazine.
It was an old conspiracy that USA would keep most of their crude oil reserve untounched while promote gas-guzzler vehicles to use up other countries crude oil first.... Then, when it come to a time that other countries oil reserve is about to finish, they would anounce they just discover that they have many new oil fields at home...
Now, lets look that this month issue, August 2012, Smart Money magazine feature story: The Return of Fossil Fuels. The headline says:
"Enormous new oil and gas discoveries under American soil are having a game-changing impact on the entire economy - affecting everything from what we're putting in our portfolios to what we're parking in our driveways. How to play the new energy boom."
So, is this news just a coincident? Or, just another strategical game practised from The Art of War?
So, is this news just a coincident? Or, just another strategical game practised from The Art of War?
May be the above queations are not important. What important is the implication?
So, US has surplus in their food supply, water supply, energy supply and strongest military advantage... Why should they care about debt? Therefore, print money and be happy.
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Rabu, 01 Agustus 2012
Financial Freedom? What is it?
Financial Freedom? What is it?
The definition of financial freedom varies from one person to another. Some may think that as long as we are debt free, then we are financially free. Others believed that having the luxury to spend money in a worry-free way is financially free.
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| Financial Freedom |
Typically, "Financial Freedom" can be attained in one of two ways (or a combination of the two):
1. Enough passive investment income to cover one's expenses.
2. A large enough "nest egg" that can be liquidated over time to cover one's expenses.
Simply said, financial freedom is one point in life when you do not work for money anymore. A passive income stream is one where money is received usually on a regular basis, without continuing effort.
This does not mean no effort at all; most passive income streams require great effort at the beginning. For example, rental income from property, royalty income from patent rights or writing a book, bonus income from network marketing or set up online businesses by selling digital products like eBooks, software's, etc whereby you can still generate income while you are sleeping.
I personally believe that financial freedom is having adequate money to survive without working while still maintaining my preferred life style. It eliminates all the unnecessary stress from work and enables us to stay healthier. It provides a comfortable life at present and in future whereby we can have worry-free early retirement. Financial freedom practically enables us to do absolutely anything we want and we have total control of what, where, when and how with minimal restriction.
Only the rich deserve to have financial freedom?
OF COURSE, NOT! EVERYBODY DESERVES FINANCIAL FREEDOM. Yes, everybody includes you, your family, relatives, friends, neighbours, etc. If we have the mindset that “achieving financial freedom is something very hard and impossible for us”, “financial freedom is just a beautiful dream”, “money is the root of evils”, “I don’t have capital to start off like the rich”…etc, these are all excuses that we have created for ourselves.
“Achieving financial success is something very hard and impossible?” Nothing is harder than when we realize that we don’t have enough money to retire by 65 years old.
“Financial freedom is a just beautiful dream?” If we are going to dream any way, why not dream big since dreaming is free whether big or small.
“Money is the root of evils?” Think about it again… Lack of or no money is the root of all evils. “I don’t have capital to start off like the rich?” We have to take immediate action to start small and make a difference. If not, we will be stuck with no capital forever. The list of excuses that prevent us from financial freedom can go on and on…These are mind block that stopping us from making any move to improve our life.
To be rich or millionaire, the first thing that we need to do is not learning the best strategies on how to make or invest money but having the right mindset. Acquiring knowledge and skills about running business, marketing, investment, etc are great “tools” to be rich. We will eventually lose the tools if we do not have the right mindset which is acting like a “toolbox” to keep the tools.
If we want to get rich, we must think like the rich. If we want to be millionaires, we must develop the millionaire's mindset.
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