Interestingly, whenever I show my clients or prospects my very first booklet titled ‘ $avvy Parents’, their first reaction would almost always be awe that I wrote my booklet at such a young age. But after that, they will laugh it off when they find out that I have no plans of getting married in the near future. They will always ask me “Since you are not even getting married then how can you understand what we are going through?”
Recently i just spoke to a friend of mine and she talked about this issue that i personally find it quite inspiring and i like to do a short sharing over there.
Just some background about her: She is a christian and has been quite a faithful child of God. In her life, she has always been blessed with smooth journey and talented abilities. Basically she doesn’t have much problems in her life.
So there was one day that she suddenly had a relevation from God. She said that she shouldn’t be coasting through her life anymore. She needs to work hard and make full use of her natural abilities and do more in life so that she will be able to serve others better. Be it her parents, sisters or her friends, she has decided to make a big change NOW! She mentioned this statement that has particularly made an impact on me: ‘ Why should she settles down when she has the potential to provide for many others around her’
After hearing this, it really makes me THINK! How many of us are really limiting ourselves in life? Are we always telling ourselves all the negative things? Are we also being too pessimistic about what is going to happen? Are we being too self-centred? Many other questions came through my mind and i shall just named a few over here. I felt that it was so true when she made that statement. Who is to limit ourselves when we are the master of our life and God is the creator of it?
Basically NO ONE is able to decide where is your fate except you. I have always heard people complaining about life is getting tougher etc but can you kindly take a minute to look at this person and ask him what he has been doing to change that fact? Most of the time, the answer is ‘ I have been trying to work hard in my 9-5 job’ Each time when i heard this answer, i knew why is this person keep complaining? It was because he has basically done nothing to improve his situation.
How can a person improve his income or lifestyle when he is doing the same thing and working on things that he knows that he will have no control over it. By working 9-5pm, he will allow his boss to decide his paycheck, promotions and bonus. No wonder he will stuck to his job for life!
WE make the choice and WE decide where does our future going to be? It’s a conscious decision we make daily to make life better so that people around us can benefit from it. Hope this little sharing will be beneficial for you to help you in the long run!
Just my 2 cent worth =)
Hereby i like to wish Singapore a Happy National Day!
It’s been such a wonderful opportunity and blessing to be able to live and born here in such a peaceful country. May the country continue to prosperous and strive to be even better!
For my second part, i am going to share with you the methods that i used to shift my relationship with money as i believe that it’s crucial to have positive attitude towards money if we want to have a great income and be financially free.
First of all, we must tell ourselves that there is always money out there to be earned. Importantly, we need to also do something first – ask ourselves this question: “How do I earn EXTRA money?” Once this question has been asked, it will be natural for us to find the answer. This type of question is what we call a “primary question”. Eg: If you realised that you are the ‘happy go lucky’ type of person, you can examine yourselves to see if your primary question is it ‘How to make myself happy’ . Or if you are the ambitious kind of guy, the possible primary question can be ‘ How do i achieve success in the future’.
Human actions are often directed by what we think and how we think is formed by what we ask ourselves. Therefore if you ask the right question then you will react and think accordingly. Do take a moment right now to reflect on the primary question that you ask yourself daily. From there, you may be able discover the reason for your financial status now. This is because the way you lead your life and the choices that dictate your actions are based on the question that you ask yourself.
Next is to make money your best friend. Protect your money! Don’t let it slip away from you easily by outside temptations. Many of us will treat our good friend nicely and making sure that they can get the best deals out of town. In fact, we will not take them for granted and will spend quality time with them to create memorable experience. Imagine you can do the same thing with money. You take good care of your dollar and make sure every time you spend it, you can get the best of it. Eg: Is it possible to get the same satisfaction or fufil the needs by buying a cheaper products? If yes, why not go for the cheaper alternative! Also invest only on things that are possible to increase in value, not lossing money from the moment you buy it. Eg: Buying a house. If you do this, i’m pretty sure you can grow your money pretty fast. Most importantly, you will not be ‘abusing’ it by spending on unnecessary items.
Lastly you need to know what is your intention with the money that you are going to have. What are your beliefs around money? You see, all these little intricacies help determine whether a person can hold on to money or not. To put it simply, their habits, beliefs, and thought patterns around money will determine their financial wealth. Makes perfect sense doesn’t it?
Two perfect examples of this are Mike Tyson, and Michael Jackson. Both accumulated much wealth by being great at something. But yet at the end of the day, they both went broke!
With the right intention in mind, your mindset towards handling money will be totally different. You will be more cautious towards spending it. Imagine your intention is to have earned enough to provide your son/sibling for education, do you think you use it to buy things or invest without doing prior research?
In summary, you need to ask the RIGHT primary question and to MAKE the dollar your best friend and lastly POSSESS the correct intention of accumulating your wealth from the begining.
With these in mind, you are already starting to have a more positive mindset towards money. Just my two cent worth of thought. Hope it is useful to you!
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This is brought to you specially by PeterThePlanner =)
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)
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