Tuesday, December 15, 2009
Thursday, December 10, 2009
PB officer shared with me, the highest Public Bank selling price was about RM137 per gram. Hubby and PB officer asked if I want to it sell off. I am not going to sell off but I am planning to purchase some more. Because I have a strong feeling that gold price will increase by next year. I will give myself 3 years time for this gold investment. If worth, I will keep it. Else, I will sell it off.
Tuesday, December 8, 2009
Tuesday, December 1, 2009
Inside the mind of Singapore's Youngest Millionaire - By Adam Khoo
Some of you may already know that I travel around the region pretty frequently, having to visit and conduct seminars at my offices in Malaysia, Indonesia, Thailand and Suzhou (China). I am in the airport almost every other week so I get to bump into many people who have attended my seminars or have read my books.
Recently, someone came up to me on a plane to KL and looked rather shocked. He asked, 'How come a millionaire like you is travelling economy?' My reply was, 'That's why I am a millionaire. ‘He still looked pretty confused. This again confirms that greatest lie ever told about wealth (which I wrote about in my latest book 'Secrets of Self Made Millionaires’). Many people have been brainwashed to think that millionaires have to wear Gucci, Hugo Boss, Rolex, and sit in first class in air travel. This is why so many people never become rich because the moment that earn more money, they think that it is only natural that they spend more, putting them back to square one.
The truth is that most self-made millionaires are frugal and only spend on what is necessary and of value. That is why they are able to accumulate and multiply their wealth so much faster. Over the last 7 years, I have saved about 80% of my income while today I save only about 60% (because I have my wife, mother in law, 2 maids, 2 kids, etc. to support). Still, it is way above most people who save 10% of their income (if they are lucky). I refuse to buy a first class ticket or to buy a $300 shirt because I think that it is a complete waste of money. However, I happily pay $1,300 to send my 2-year old daughter to Julia Gabriel Speech and Drama without thinking twice.
When I joined the YEO (Young Entrepreneur’s Organization) a few years back (YEO is an exclusive club open to those who are under 40 and make over $1m a year in their own business) I discovered that those who were self-made thought like me. Many of them with net worth's well over $5m, traveled economy class and some even drove Toyotas and Nissans (not Audis, Mercs, BMWs).
I noticed that it was only those who never had to work hard to build their own wealth (there were also a few ministers' and tycoons' sons in the club) who spent like there was no tomorrow. Somehow, when you did not have to build everything from scratch, you do not really value money. This is precisely the reason why a family's wealth
(no matter how much) rarely lasts past the third generation. Thank God my rich dad (oh no! I sound like Kiyosaki) foresaw this terrible possibility and refused to give me a cent to start my business.
Then some people ask me, 'What is the point in making so much money if you don't enjoy it?' The thing is that I don't really find happiness in buying branded clothes, jewelry or sitting first class. Even if buying something makes me happy it is only for a while, it does not last. Material happiness never lasts, it just gives you a quick fix. After a while you feel lousy again and have to buy the next thing which you think will make you happy. I always think that if you need material things to make you happy, then you live a pretty sad and unfulfilled life.
Instead, what makes ME happy is when I see my children laughing and playing and learning so fast. What makes me happy is when I see my companies and trainers reaching more and more people every year in so many more countries. What makes me really happy is when I read all the emails about how my books and seminars have touched and inspired someone's life. This happiness makes me feel really good for a long time, much much more than what a Rolex would do for me.
I think the point I want to put across is that happiness must come from doing your life's work (be in teaching, building homes, designing, trading, winning tournaments etc.) and the money that comes is only a by-product. If you hate what you are doing and rely on the money you earn to make you happy by buying stuff, then I think that you are living a meaningless life.
Wednesday, November 25, 2009
Wednesday, November 18, 2009
Sunday, November 15, 2009
Thursday, November 12, 2009
Wednesday, November 11, 2009
Monday, November 9, 2009
Friday, November 6, 2009
Tuesday, October 27, 2009
Tuesday, September 29, 2009
Friday, September 25, 2009
Friday, September 18, 2009
After I started work, I opened a different saving account. This account is where my monthly salary will be credited at the end of the month and also the account where I transfer the payment to my creditors. So, towards middle of the month, there will be little left in the account. But, after sometime the amount can be more than few months salary. I used to keep the extra cash in my saving account, but recently I started to transfer the extra cash to other accounts, to be specific the accounts which can help me to earn additional cash. It can be either gold saving account, fixed deposit or investment account.
And I only maintain about one month salary saving in my saving account. There are reasons why I minimise my saving in my saving account to about one month salary. Firstly it is to cover for my super emergency use. So, one month salary should be enough. Secondly, the interest is too low. Thirdly, In case I lost my ATM card and someone manage to withdraw the cash from my saving account, the most he can get is the one month salary.
So, how much do you have in your saving accounts?
Tuesday, September 15, 2009
Saturday, September 12, 2009
Tuesday, September 8, 2009
Saturday, September 5, 2009
Nowadays, things had changed quite a lot. I see my brother give my young niece (in Primary 3) RM1 as daily allowance. On top of that, my sister-in-law sends the food to her during her short break time. And I can tell, my niece is very smart. She saves most of her allowances and requested me to help her bank-in to her Public Bank Wise Account once every 2 months. When she wants some toys, candies or 'special' stationaires, she would nag for her mum to buy for her. Or sometimes, she will hint me to buy for her. Occasionally, my parents (her grandparents) and me give her some additional allowance when she scored good marks in her studies.
Things are almost the same with other nieces and newphews. All of them received daily allowance from their parents. And from what I heard, my nieces and nephews will also remind their parents for their daily allowances. My nieces and newphews also said that, some of their schoolmates receive between RM1-RM5 daily allowances, depend on their age and family background. Most of the allowances were spent stationaries, toys, cards and junk foods.
I see kids nowadays are very lucky compared to ten or twenty years ago. Modern kids with rich family background will always be at the advantage because their allowances will be always more than enough when compare to kids from the moderate family background. No matter what, we need to make sure that our kids value the money and know how to handle and manage money from young age. As how the way they manage their pocket money will shape their financial perception when they grow up.
Thursday, August 27, 2009
After a details reading of the insurance policy and some googling, then I understood his Wealth Xtra Investment. It is a bancassurance product by Eon Bank with the purpose to provide protection and investment for their investors. The insurance coverage is 125% of the sum insured or the current Account Value, whichever is higher, upon death. For the investment, Dave invested in Uni Global IPO fund. At the current slow economic growth, the fund is not performing well.
After further understanding of the Wealth Xtra Assurance & Investment account, Dave decided not to sell of or surrender his policy. He decided to give more time for the fund to perform. He also said, 2 years ago, the officer from the EON Bank promoted this fund for him without telling him further details. What she mentioned was the Uni Global IPO fund will make money. After he signed up the policy, when he went to the bank to look for her for enquiries, she's no longer working there and other officer informed him to go to Uni.Asia office for enquiries. I can tell he really frustrated when the officer not able to explain to him accordingly.
I think things will be much better if the organization put their customers' interest first than their own interest. For this case, it's easy just to get the cash from the investors, get them to sign on the policy. But, later who will take care of them? Who will provide assistance when the real needs arise?
Dave said next time he will be extra careful when purchase a product which involved different assurance or investment product offered by different organization. Because, we don't trust them to handle our cash. I hate it when one party push to another party. I prefer to deal with a certain bank for their banking product sand another different insurance company for their insurance services.
Be careful before you sign on the dotted lines...
Monday, August 24, 2009
The next day, in the afternoon, I received a call from TM Customer Care on my email content. I was a bit surprised as I never expect they will respond that fast. The customer care said that the reason for my connection was due to 'session hang'. Which I think is a mere excuse. Because I had been using this account for the past few years, and I don't face serious issue. The customer care even sent me an email on the matter.
The following day (Friday), another customer care called me from Billing Department and acknowledged that they'd received my request for rebate and will process for the rebate or adjustment due to the disconnection issue. That night, I received an email from TM said that they'll rebate about 1 month charges due to my connection issue since 29 June 2009. I was quite surprise with their prompt action.
Today, I still received different error messages when I try to log in, but at least, after the second or third trial, I can get connected.The problem now is the connection speed is very slow. I will monitor this situation, and if it get worse, I definitely will complain to TM again.
Do you face any broadband connection issues?
Thursday, August 13, 2009
For those who are new to unit trust investment, you can check out the website and complete the quiz yourself. Most of the questions are basic knowledge on unit trust. If the answer is wrong, don't worry. The quiz will tell you the correct answer and with proper explanation.Would be better if you can read more on unit trust before start any of your unit trust investment. Don't rush for the investment and later regret on that investment.
Enjoy the quiz.
Tuesday, August 11, 2009
Thursday, August 6, 2009
Today, very early in the morning, she called me. It was not easy to say 'NO' as the company where she works is one of our major customers. But, at that point, I know I had to reject her in a nice way. So, I said 'I am sorry to hear that but I don't have the cash'. She still insist that she needs it for some emergency and will return the cash to me within one to two weeks time. She said she has no one to look for, that's why she turned to me.
I repeated again, 'I am sorry, I don't have the cash'. I can sense she's quite disappointed. In one way, I feel quite bad that I didn't lend her the cash. But, on the other way, I can't accept the fact that she would borrow from me out of many of her friends and colleagues. Furthermore, my quick mind tells me that If I lend her RM5k today, next month she might come to me again and requesting for another RM5k. And this sensitive-money-lend-borrow issue will somehow affect our business relationship.
So, I decided to recommend her to a friend who is doing legal money lending business. She said she still prefer to get the cash from me, moneylender would usually require a lot of documentations and takes time. I told her, that would be the best solution for us as I prefer not to involve personal matter and work related matter. I am not sure whether she got the cash she needs or not. I hope she managed to solve her financial emergency issue. I also hope that she will learn to build an emergency account so that she will not turn to others for help when unexpected financial needs arise.
Do you lend money to your business friends or customer because you want to maintain your business relationship with them?
Wednesday, August 5, 2009
BUT, more money does not mean more happiness. It might has a reverse effect. Because the love for money might cause us to drift away from pure happiness, enlarging the gap between us and happiness. We must be able to control the greed of money from destroying the happiness that money can bring to us. We must appreciate and value money as an item which can make our life much richer and meaningful.
Thus, we must learn to manage and shape our financial future. Do not let money lead us through our life. We must lead our life with money as one of the tools to make our life to be more meaningful.
Monday, August 3, 2009
Wednesday, July 29, 2009
Monday, July 27, 2009
Thursday, July 23, 2009
And for the 5th time, it happened last night. I tried to connect to the Internet and it kept prompting 'invalid username and password' or 'the remote computer did not respond' to my connection. When I called the customer service centre, my calls cannot get connected after I pressed the option for technical support. I do not know whether they do it on purpose or not (which I hope not). I was quite angry and annoyed. After I pressed another option for the billing enquiries section, finally the call can reach a customer service consultant who claimed that he is from technical support (very funny!). After he asked all the lame questions, and performed all the lame trouble shootings, I still cannot get connected. I was very unhappy as I am very sure my username and password is 100% correct. Before he finished the conversation, the call got cut off. I do not know whether there is a timer for each caller who called in or he purposely cut off my line. And as usual, they never call back. I called in again for the second time and after so many trial, I reached another different customer service consultant. I do not know why, but this time I am not as angry as the first time. So, again I went through all the same lame stuff and he confirmed there is problem with my connections. He gave me a report number and informed me technical team will check the connection at my end (again???).
After I hung up the phone, I tried to connect and this time I can get connected. But, the connection speed is not as what I paid for.
Early this morning, a technical guy called me and asked me about my broadband connection. I told him I can get connected and will monitor my situation. A bit surprised that the respond is very fast. Then, I remember last night I did mentioned to the first customer service consultant that I might launch a complaint to MCMC if the service did not improve and up to the standard for the $$$ I paid for.
Are you happy with your current broadband service provider? Or are you facing the same problem like me? I really hope for a broadband service which worth my every cents.
Monday, July 20, 2009
It is SALE season now. Everywhere, there is huge Discounts, some up to 70%. I must control myself. Else, it will be painful when I see the $$$ being transferred to my credit card accounts.
Friday, July 10, 2009
The news blame it on demanding wives who keep on pestering their husbands for big ticket purchase which later causing the husband to be in debts. I believe, smart husbands will not keep their financial situation a secret from their partner. Husband should discuss and involve their wives on their financial situation, whether they can afford the big ticket items. If the wives are not being informed, they will never know that their husbands has other high responsibilities. For smart wives, I am sure they will not trouble their husband if they understand that their husband cannot fulfill their each and every wish especially expensive item. Perhaps, both can start a saving plan before the purchase, which means that make sure the cash is there before they do the purchase. Most probably, by the time they have the cash, they will not proceed with the purchase as they know it is hard to save that amount of money.
But, I do understand that there are women who is especially 'expensive' and 'demanding'. Always enjoy comparing with the Jones. Must have new expensive items every now and then. Must keep up to the standard of their friends and relatives. These women must learn to purchase and to spend with their own hard earned money. For men, if you cannot afford these type of women, it is wise to stay away from them.
Most importantly, husbands should not be shameful to discuss with wives on their current financial situations. And wives must be understanding and try to support their husbands on financial issues. By planning and working out the plan together, both not only can avoid bad debts, but can increase their wealth.
Thursday, July 9, 2009
Actually, the donation amount need not be a huge amount. It can be a small sum because you can never imagine that small amount could mean a life to someone else. But, it must be a sincere donation with the purpose to share our wealth with the rest especially those who is less fortunate than us. It is one of the way to be grateful for the wealth we received, and in return we share it with other.
In Malaysia, we can donate to various charity and organizations. The most available way would be donating to our religion centre, be it the Church, the Mosque, the Temple or any other religion centre.
If you have never do any donation before, try it once and share with me how you feel about it.
Monday, July 6, 2009
1) Increase my annual income by at least 10%. (to be completed by Dec 2009)
2) Moving the $$$ from my emergency account to fixed deposit accounts. I don't want my emergency account to just sit in the saving account. Moving the $$$to the fixed deposit accounts not only benefit me but also to the banks and the society as they need the $$$. (to be completed by Jan 2009)
3) Invest in a new unit trust fund. This time, I want to invest in equity fund. (to be completed by June 2009)
4) Continue to top up my existing unit trust funds. (all year long)
5) Keeping a separate file for each of my unit trust funds. Currently all my unit trust funds details are in the same file. It's time to separate them. Separating them will make my fund monitoring easier. (to be done by Jan 2009)
6) Monitoring my Public Bank Gold Investment Account and top up at least once. (to be completed by 31 Dec 2009)
7) Monitoring my investment-link Pru-link assurance and see if there's a need to review the coverage and purchase a second insurance. (to be done by Sept 2008)
8) Terminating my unused credit cards, and concentrate on 1 credit card with another two as backup. I must ensure that the active and backup credit cards are without annual fee. (to be done by June 2009)
9) File and submit my income tax early. (to be done by 15 April 2008)
10) Continue with my 'fun saving' account. My fun saving accounts keep all my fun expenses. This includes fun expenses for my family and for myself. It'sgreat to be able to provide some fun $$$ throughout the financial planning journey. Life can't be serious all the time, right :p (all year long)
So, I completed 5 goals and I still have another 5 goals to achieve within 6 months. I am quite satiesfied with my 50% achievement. How about you? Do you keep track of your financial goals?
Wednesday, June 24, 2009
Most people would not think about writing a will. Probably because they are not planning to leave this world that fast. But, accidents do happened. A WILL will ensure your assets to be distributed the way you want it to be. Without a will, your dependents might face a lot of issues and difficulties to claim your assets. And the process might takes years, even as long as 8years.
Our neighbour is a lawyer firm. On and off, we saw groups of people, mostly siblings going to or coming out from the lawyer office with sour and bitter face. For those who are willing to share, they said mostly because their parents passed away without a will or arrangement. So, these siblings is fighting for the free money, the assets from their late father. Other than fighting for the money, these siblings also need to pay a huge sum of money as lawyer fees. It's sad to see this situation.
I don't really have much assets, yet :p But, I am thinking to have a will. I believe it's important to have a will especially for married couples and with dependents. Don't you think so?