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Wealth Creation Tips
I heard it from TV one day, the actress said, "I was broke many times but never poor". It inspired me so much. In reality, it takes positive attitude to build up positive people, and positive people attract positive results.
- Always spend less than you earn. "Yeah! Yeah! Yeah!" You may think. No kidding! A lot people are looking good and going no where nowadays. If you think the home mortgage, car loan, education fees and so on, are your major expenses, think twice! It's big and small things that hurt and kill slowly and subtly.
- Do what you love, and money will come. 87% of the population would rather actually do something else when they are working, and you don't have to. When you love your work, you will find that time flies when you work late, you read books on weekends to sharpen your skills, go to exhibitions, get information online, attend seminars, join interest groups, share with people all the time. Yes, turn your hobby into a money-making machine NOW.
- Increase your ability to earn. A second job will only make you more exhausted, bored and irritated. Why not spend more time to sharpen your skills in communication, computer or management? Many people go back to school full time or part time to get another degree or a higher education, so as to be promoted or get a better job. That's good, but be real, the Industrial Era is gone, now we're living in the Information Era, time and speed are everything. Invest your precious money and time to learn how to make money for real, in stead of getting a qualification, so that people can offer you a better job. The idea of having a high pay job doesn't fit everyone, and is definitely outdated. It's the skills you have that may help you to bargain for more money or power. Also, always give people $2 worth of service for every dollar people pay you to do a job.
- Save 10% always! There are three kinds of monies, ? Money, Play Money and Real Money. Invest your Real Money in something you loved or interested in, put them in a place you won't see, and don't touch them until necessary.
- Be alert! Prepare yourself to quit your job before someone fires you.
- Tithing. The last one you want to steal from is God. I mean, dead serious, tithe 10% of your income to people/organizations you trust that are less fortunate than us. When you give, your hands are opened to receive anyway, and you’ll be amazed how money comes in when you really need it in times .
- Choose friends. Be real, don't hang out with losers, in relationships, health or with money. Hang out with winners in life! Make friends with people you'd like to become, who are successful in every area in their lives and more successful than us. I know people who have great marriage and relationships with people but always in financial turmoil and deep in debts. I also know people who are doing so well financially, but screwed up big times with their marriages, children, health or reputation. Got the picture? I know, it's not easy. The good news is, they do exist. I always surround myself with positive, successful friends with high integrity.
- Stay away from negative people, ideas and energy at all costs. It takes 7 positive thoughts to balance a negative one. And 1% of negativity can ruin 99% of a good thing. We are way underestimate the power of thoughts and negative people. Stay neutral with negative news, don't get emotionally involve too soon too quick.
- Cut your credit card NOW if you are impulsive shopper. Use cash! Enjoy the texture and the smell of the bank note you have. Credit cards suck. I just find that many of us (me too!) are very insensitive when it comes to something that costs us $100. As a result, many of our twenty-something have more than a 6-figure credit card debt, and that many thirty-something may even have a $400K or half a million debt.
- Try to be the King/Queen of Cheap. Hey! I am. If I can get freebies, I won't buy. If I can buy second hand, used, displayed, I won't buy new. Buy good shoes and hang bags, go for the best qualities you can afford but don't go to "fashion". They're expensive and contemporary style comes and goes with an blink of an eye.
Money Saving Tips From Business Tycoons
Summarized from the Oprah Winfrey Show (July 27, 2000)
Tips from Donald Trump: (Don't tell me you don't know who he is!) When it comes to the art of the deal, nobody is as famous as real-estate the tycoon Donald Trump.
- If you're just starting out, Donald advises reading the Wall Street Journal or The New York Times to find the companies or people that have excelled in funds. After you've found people you trust, invest in funds. (Got to start learning now!)
- Always sigh your own checks (Or simply pay in cash). You want people to know you're watching over your money.
- Negotiate deals. (Very important, don't be shy!)
- Work hard for every penny. Fight for the pennies and the dollars will come.
- Don't borrow too much. (Or don't borrow at all.)
- Watch the credit cards. Usually their interest rates are too high. (They'll eat you alive!)
- Invest in what YOU know. (Don't push your luck!)
- Children should get involved in learning about money by reading business magazines and newspapers. They can absorb more through osmosis than you think they can.
- Money myth: You can borrow endlessly and pay endless amounts of interest. This is false! Borrow as little as possible and fight hard to get the lowest interest rate possible!
Tips from Robert Kiyosaki
Robert Kiyosaki's best-selling book, Rich Dad Poor Dad, teaches people financial intelligence, getting out of the rat race, and to be millionaires.
- Make money work hard for you. Don't work hard for your money.
- Money is not taught in school.
- Use the right vocabulary. Don't talk about math. Talk about money: ROI(Return On Investment), Assets, Liability...
- Middle-class trap: Your house is your biggest asset. It should not be your biggest asset. It's actually a liability.
- Live beneath your means. Don't make the mistake of "looking good and going nowhere."
- Two major money problems. 1: Not enough money. 2: Too much money.
- You need to get a handle on your money
- Start a home-based business (for USA taxation). Take control of your taxes. Take your extra income and buy more assets.
- Pay yourself first.
Tips from Peter Lynch:
Multimillionaire Peter Lynch is called one of the most successful money managers in history. When he talks about money, people listen. Here's Peter's advice on investing in the stock market:
- Investing is personal. Compare investing in a company to going out to eat. You know what you like and that's what you order. You usually stick to safe bets. Use this same mentality and applying it to buying a stock. You only need a couple of good stocks a decade to make significant money.
- Own stocks for long periods of time. A good stock is at its best the 2nd, 3rd, or 4th year you own it. It shouldn't be at its best the 2nd, 3rd, or 4th day. If it is, then you are gambling, not investing.
- Do major research on stocks. You are buying a company. Know your company. You would research an appliance if you were buying a new one.
- So, research a stock!
- MYTH: Make money very rapidly. False! Making money fast is day trading. Day trading is extremely dangerous. It's similar to gambling, only with day trading, you also have paperwork.
Tips from Joe Dudley:
 Joe Dudley is a sharecropper's son who grew up in a one-room shack in North Carolina that he shared with eight other siblings. He knew poor. Nowadays, Joe heads up a US$35 million beauty empire, and lives in a 20-room mansion. Although Joe and his wife, Eunice, are multimillionaires, they live on a tight budget. Here are several of their money-saving secrets:
- You must save money in order to have money
- Buy new products that have scratches or dents you'll save on them!
- Credit cards are a convenience, but pay the bill immediately.
- Don't buy a house that is too expensive for your budget. Buy a house only two times your income.
- Use coupons.
- Go to a couple of stores before making a purchase. Compare the prices.
- Don't buy a new car if you can't afford a new car. Buy what you can afford.
- Don't waste money on food. Cook in huge portions. Make them last. Don't waste leftovers.
- Ask what you want and why you want it. Then WRITE IT DOWN. You need a map or a plan in order to succeed. (Make declaration every yearly, monthly, weekly and daily, you'll amazed how much you create and how fast it can be!!!)
Tips from Jean Chatzky:
 According to Jean Chatzky, financial contributor for Money Magazine and The Today Show, there are simple money-saving secrets you should know and use!
- Wait a day to buy. Over a third of our purchases are impulse buys, so wait that day. But don't wait much longer than a day because it costs more when you procrastinate. For example, airline tickets, airborne mail, etc.
- Work the phones. Use this strategy when purchasing airline tickets, hotel rooms, car rentals, etc.
- Buy in bulk. Use this advice for items that you see that you couldn't find everywhere. For example, a good birthday gift for your children's friends, or party favors. If you are taking this advice to the bulk-food stores, BEWARE! You need to shop the unit price to see if you're getting a bargain.
- Buy Used. Use this strategy especially for cars. By the time a new car is 2 years old, it has depreciated nearly 60% in value, but has only used a third of its miles.
- Look over your checks. Waiters make mistakes. ATM's make mistakes.
- Banks, Inland Revenue and credit cards make mistakes. Be mindful and catch them, it'll save you money!
- Do phone-rate checkups. Every six months to a year, call your phone service, both landline and cellular and make sure you're getting the best deal!
- Watch all your interest rates, mortgages, investment, loan, credit cards.
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