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Hi there!
Its been again quite long since i posted here. Recently i received couple of feedbacks telling me that i should come up with a theme on a monthly basis so that i can keep my readers coming in. Well that was an excellent feedback and to be frank, it has been back of my mind to do similar post but just that i am trying to put time to sit down to write. So to start of, i like to talk about our mindset towards money for the month of July!
Being a financial planner, i have met numerous people ranging from low income family to high net worth individuals. So basically what is the main difference in them other than the fact that the high net worth are richer? If i can do up a summary, it would be their mindset towards money.
To start off something, let us examine how normal people view money. They regard money as something that they must work hard for and think it is quite hard for the money to work for them. They view money as the root of evil. They look at money as a mean for them to live day by day rather than looking at it as a resources to allow them to invest and earn better returns. When they want to buy things, they rather save up than to think of ways to increase their income to support the things they want to buy. (Such thinking may not applicable to all) Generally if people view money in this manner, it is no wonder that they don’t become wealthy.
So let’s take a look at how high net individuals view of money: They regard money as a way for them to do bigger things in life. They invest in business or property to yield them better returns. They will always look for ways to increase their income rather than saving up. In fact, most of them are quite generous in spending on useful things such as investing in books or self improvment course. They see money as a way to get them to a different stage of lifestyle. They have a totally different mindset towards money!
Therefore to kick start an individual view towards money manaagement, one needs to re-adjust their mindset. We become what we think so that’s why it is crucial to talk the root of all problem. I will talk more in depth in my second part on how i can share with you the secret to shift your mindset towards money =)
Remember: The love of the money is the root of all evil and not the money itself =)
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Lately as i mentioned in my previous post that i have been busy with my personal stuff right. Yes that is right. I am busy with being healthy! I realised that one has to be a all rounded person and be healthy in all aspect. There is no point in being super wealthy but no health. Nor no point in being healthy but keep living in debts day by day. So therefore i have decided to go back to my old self where i keep fit and maintain a balanced life.
Allow me to share my personal health in general with you =):
In term of my wealth, i have started to live a more simple life. Meaning i buy what i need and have stopped buying branded goods that is for temporary show. I have taken quite some time in order to master this simple habits. Previously i have always wanted branded things and would go for high quality products and tell myself that it is for long term use. However after living in denial for 2 years plus, i came to realise the best things in life is FREE. Eg: being able to breath fresh air is the most amazing things to do! Having a chance to stay home to rest and reflect on your life is also free and it’s super important. I have saved money in both bank and insurance. I do unit trust and stock investment. I do invest in business too. Therefore with all these in place which i still need to improvise, i think i am being quite healthy.
Comes to body health, i think i am currently in the pink of health. From my latest body check from Sky Fitness Gym, everything inside my body is normal. Body fats are also in healthy range. In fact, i need to put on another 4 more kg on my lower body to be more proportionate. Have been doing cardio and weights training every wed morning and go for run at least once a week. Again in this aspect, i felt i am very healthy considering my job scope and years of working =) Some of my friends put on weights ranging from 5-15kg after their NS. Thank God for the wonderful body that He blessed me!
Perhaps last aspect on healthy will be on the mindset. Many people in my industry tend to fail to do well because of few reasons but the main reason that i gathered is this issue on mindset. Actually to be fair, mindset problem is one of the main reasons for people not doing well in whatever they are doing. Often than not, many of them have the ‘I-don’t-care’ attitude and ‘I-deserve-higher-pay’ mindset. Due to these two mindset, many of them find themeselves switching from one job to another and always complaining about their boss and job. I do feel for them some times but then again they could possibly deserve it. I mean do they ask themselves if they are adding value to their boss or companies? In today society, if you can’t add value to your boss, you are OUT OF THE GAME! Companies loyalty scheme are in place to keep people from staying and not be promoted. They don’t promote you based on loyalty but the amount of revenue or value you can bring in the company. It’s the ugly truth that all of us have to abide in. In this aspect of mindset, i felt that i am still on the right track of being very motivated and positive towards my job.
I believed strongly in adding value to your job and being always motivated by certain things. The one things that i find it hard to do is to find your motivational sources because it changes according to life stages. You need to constantly do reflection in order to find it. It’s a habit that you need to cultivate daily =)
Just my two cents worth of sharing. Hope to hear some from you too! =)
It had been some times since i last blogged. Recently i have been busy with both work and personal stuff but it has been very fufilling. Hence today decided to spend my rest day to stay home to write on my views towards certain financial planning matters.
First of all, i like to touch abit on saving plan. Many people that i spoke to have agreed that saving is good but the only problem is that there are so many saving plans out there for them to choose. So the question is whice one is suitable for them? Therefore this is what i am going to address over here.
Generally there are two types of regular saving plans with guaranteed return (endowment): one belongs to the type where u need to pay for the whole of the term period (Eg: 20 or 25 yr) while the other type is the limited payment period. For the latter, it is designed in such a way where by you pay for a certain short period (eg: 15yr) and you be only getting back your money in another 5 or 10years time.
Which is good and who should buy these type of plans? In a nutshell, i would highly recommend that savers go for the limited payment period whereby spender should start off with the normal regular saving where he/she needs to pay for the whole period. The reason behind is that such plans normally allows cashback flexibility, which means that they can allow to withdraw partially of their money, from 2/3 yr onwards. Normally for people who does not have a saving habits or fearful of uncertaintly, such benefits would appeal to them more. In fact, it is more suitable for them. However do take note that generally this type of saving plan does not comes with high interest.
Here is an illustration: Male. non-smoker, anb 28, occupation: Bank officer, decides to save $250 per month. So what plans will provide him the most money?
Recently i have my clients and friends asking me whether should they buy insurance products from banks or from me (tied agent)?
Well personally i felt that the answer is the same as you asking yourself ‘Should you go directly to manufacturer to buy products or you should buy from a distributor’ Same things but different pricing. The price that you pay if you go direct to manufacturer is so much cheaper compared to distributor where they will mark up the price by abit to earn the margin.
In our context, buying insurance from us(manufacturer) is more beneficial compared to from the bank(Distributor)
Taking the first step to make the choice to save is important. But it is only the stepping stone of many other crucial decisions that you have to make in order to accumulate more wealth.
Last year, a Citibank survey showed that Singaporeans were equally likely to park their extra cash in conservative products as in riskier ones. This came to show that people are stating to make conscious decision on the use of their money. However the answer to your investment depends on your investment disposition, for which one has to assess risk appetite, risk capacity and time horizon.
In recent Straits Times, newspaper reported that most Singaporeans are not ready to retire and there are ways that they are teaching the elderly on how to live longer comfortably. Well after reading these articles, it brought to my attention on the importance of parking your money in the right channel and how to grow your money in the right way.
Today is my convocation day and it finally marks the end of my journey in SIM. Although i will upgrade myself in future but i doubt i will be going for my Masters but who knows right? Never say never =)
Anyway I would like to congrat to my other fellow friends who graduated same time as me and to those that helped me alot during my last 3 years esp during exam period! Really treasured the friendship over there and the help given. Without you guys, i guess my life would not be so wonderful. Being in the part time program, it had taught me the skill to juggle well between work and studies committment.
It’s all about adjusting your priorities in life. Do what is more important and also what yields you the most result are the key to do well. It’s really hard to have the best of both world. Not that it cannot be done but it’s hard =) In fact, there are only 1 first class honours student in my banking and finance couse for part time! So you can imagine the difficulities faced by most working adults.
Nevertheless, all the studies are over for me and now i am going to another stage of my life where i need to stablise my career and set up my future family. Not going to be easy also but i believed that if you really want something badly in life, you will make it!
Remember: It’s all about your choice! Good luck!
Hi folks, I’m finally back to blog! It’s been so long since I’ve taken the time to reflect. The past one whole month has been insane for me due to reservist, work and being overseas. Basically I don’t really have the luxury to have quiet time to myself and blog about my thoughts.
That’s why today I decided to come to airport to chill =) Having a cup of latte whilst doing strategic thinking. I love such moments as I can slow down my pace and reflect on all the things that has happened in my life and learn from the experiences that I’ve had.
Let me do a recap of the experiences that I have gained in the past two months:
1) During conversations with guys younger than me, I realized that the decisions made during the younger years have the ability to completely alter one’s fate. I made the decision to join the financial industry despite many objections while doing my part time degree and after 4 years, I have never looked back. If I had not made this move, I wouldn’t be where I am now and this website wouldn’t be in existence. I also wouldn’t have learnt so many valuable life lessons in life and met amazing people.
2) After one of the major exercise that I had during my course, I was reminded that one’s attitude in life decides whether or not you’re poised for success. Eg: If you are always positive about things, you tend to make the best out of it and try to learn new experiences from it. Successful people that I know, especially my boss Merry Riana, has an excellent attitude towards life. She has been going around sharing with many others that the most important things in life can be achieved by having the right attitude. Losers, on the other hand, focus a lot on what they can’t achieve and blame anything and everything except themselves.
3) We can plan but if the plan that you have is not what God has intended for you, it will not materialize. As a result, you need to see from this point of view and tell yourself that God breaks your plan so that HE can allow the bigger plan to materialize. Every failure in our life serves a purpose. It doesn’t happen without a reason. So seize the chance to learn from the mistakes and grow!
4) Saving is a virtue! Being able to save and possessing the willingness to save isn’t easy. This is especially so in Singapore where things are so expensive coupled with low wages, it can be quite taxing on normal folks. It takes great determination to weather out temptation and remain as normal =) Although it may seem very extreme but that was what I learnt. We can save money if we really take a step back to reflect on our wants and needs. You have to ask yourselves whether you deserve to buy these items and whether the purchase value adds to your life.
5) What kind of lifestyle do you desire? Have you asked yourselves why you are working so hard? Do you desire a relaxed lifestyle when you retire? If the answer is yes, then I suggest that you should migrate overseas =) After I came back from Australia, I learnt that it doesn’t take much effort to lead a relaxed lifestyle there. The culture is such that anyone can lead such a lifestyle. The per hour wage is about A$15-20 and working hours are from 9-6pm. After work time is meant for family bonding whereas weekends are meant for gathering with friends or colleagues. Even if you are unemployed, the government will also provide you with social benefits. So basically it is a choice of abandoning everything in our home country or to migrate to another place to start all over again. We need to find a purpose for working hard. We can’t just work without a reason because one of these days, you will just wear out and find life meaningless.
Well that’s all for my two cents worth of sharing. Hope you can gain some insight through my experience. It’s always good to leverage on others than to go through itself.
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