Have been 2 months since I last updated my entry. Been quite occupied with my studies in Chartered Financial Consultant (CHFC) certification. Have failed my Modules 3 exam 2 times then passed in the 3rd time.
In this 3rd module, I learned about Taxation and Estate Planning. In taxation, I understand, how do IRAS calculate our individual taxes, and what is classified under tax deductible and what's not. For Biz owner, like self-employed or Partnership biz, what is kind of biz expenses are deductible. ;> And under Estate Planning, what is essential tools to use WILL, NOMINATION, TRUST and POWER OF ATTORNEY etc.
The several tools serve different purposes in Estate Planning. I will share with you all more regards about the Individual Estate Planning tools in my next entry soon.
A short video on Basic of Estate Planning,
Sunday, July 15, 2012
Friday, April 27, 2012
Poor, Middle Class or Rich?
The 1st things, I understand from the speaker (who is the CEO of the success resources, and his mentor is Mr Robert Kiyosaki). There are basicially 3 different classes of people,
1> Poor, are those people who totally doesnt have any clue on Money, who cant wait to get rid of their money the moment when they got their salary. Worst is that they live on Credits. Spend more than what they earn.
2> Middle Class, are those people with little knowledge on Money, and usually their liabilities are more than their assets.
3> Rich, are those people who can let their money work hard for them, and usually their assets are more than their liabilities. And they have more money left behind after minus off their expenses.
And the next things, I understand are
1> The differences between Poor and Broke. Do anyone of you understand what are the different? And which one is more worst?
The speaker mention about this, and he say Broke is just temporary and Poor is forever. Actually what he really meant was that Broke just means that you doesnt have money now, but you never lost hope in doing the things you want to do. On the other hand, Poor is not only dont have the money, but also think that no matter how hard you try, the things doesnt work out. So you choose to stay at what you are doing without doing new things.
2> Do you all know what is the difference between rich and wealthy then? Which one do you wanna be? As for me, I want to be Rich and Wealthy at the same time. ;>
The main difference between these 2 actually are very simple, Rich is just having the money but doesnt have the time to spend. Today I can win a lottery and become Rich over night. But doesnt mean that I can keep the money if I do not have the right financial education. Meanwhile, Wealthy means not only be rich but also have the luxury of time to do whatever things you wanna do and you have the ability to keep the money by your side cos you have the right financial education.
Hopefully, after reading this entry, you guys will be able to understand the theory behing it and be a Rich and Wealthy Person by having the right financial education. ;>
Just in case, if anyone interested to know who is Robert Kiyosaki, here is a video of him..
1> Poor, are those people who totally doesnt have any clue on Money, who cant wait to get rid of their money the moment when they got their salary. Worst is that they live on Credits. Spend more than what they earn.
2> Middle Class, are those people with little knowledge on Money, and usually their liabilities are more than their assets.
3> Rich, are those people who can let their money work hard for them, and usually their assets are more than their liabilities. And they have more money left behind after minus off their expenses.
And the next things, I understand are
1> The differences between Poor and Broke. Do anyone of you understand what are the different? And which one is more worst?
The speaker mention about this, and he say Broke is just temporary and Poor is forever. Actually what he really meant was that Broke just means that you doesnt have money now, but you never lost hope in doing the things you want to do. On the other hand, Poor is not only dont have the money, but also think that no matter how hard you try, the things doesnt work out. So you choose to stay at what you are doing without doing new things.
2> Do you all know what is the difference between rich and wealthy then? Which one do you wanna be? As for me, I want to be Rich and Wealthy at the same time. ;>
The main difference between these 2 actually are very simple, Rich is just having the money but doesnt have the time to spend. Today I can win a lottery and become Rich over night. But doesnt mean that I can keep the money if I do not have the right financial education. Meanwhile, Wealthy means not only be rich but also have the luxury of time to do whatever things you wanna do and you have the ability to keep the money by your side cos you have the right financial education.
Hopefully, after reading this entry, you guys will be able to understand the theory behing it and be a Rich and Wealthy Person by having the right financial education. ;>
Just in case, if anyone interested to know who is Robert Kiyosaki, here is a video of him..
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education,
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robert kiyosaki,
wealthy
Sunday, April 22, 2012
Managing your Money Easily (2)
April is coming to an end soon. I nearly forgot that I still own my reader another part of my entry regarding Managing your Money Easily the RULES #4 to 6. Been quite occupied in attending Baby Shower of Clients and Friends.
RULE #4, RE-FINANCE YOUR MORTGAGE LOANS. With the current competative rate among the banks, there is no lack of attractive loan package. So if you have fulfilled your lock-in period for your Home MOrtgage, it is a good time to look at re-financing it. The savings from a re-finance loan can be quite substantial due to the interest difference (but be sure taken into consideration the cost involved for re-financing). An equally good solution would be for your current financing bank to re-price your mortgage package at the rates aligned with prevailing ones. If the amount is significant enough, you can consider using it to knock down your mortgage principal which can reduce your monthly installment amount or loan tenor effectively.
RULE #5, LOOK OUT FOR OFFERS HELP YOU TO SAVE AS YOU SHOP. It's the year end and festive season is high, feel free to indulge yourself and family on that well deserved holiday, home entertainment system, family cars etc. But be on diligent lookout for good offers and special promotions which can enable you to save as you shop. Scan your daily tabloids carefully for discounts on travel, food. electrical appliances etc. And dont be so quick to delete those GROUPON or bigdeal spams that find their way to your inbox (just be sure to read the terms and conditions).
RULE #6, USE YOUR CREDIT CARDS TO YOUR ADVANTAGE. We have been warned against the indiscretionary use of Credit Cards. However, if you are able to settle your cards bills fully and on time, they are very good instruments for you to earn cash rebates to offset future bills or gain reward points to redeem for air travel, dinning or other forms of retail purchases. So there is not need to stay away from Credit cards if you use them wisely, appropriately and to your advantage.
In conclusion, decide now and start taking concrete actions for your financial future. The choice is infront of us: either you take action now to enjoy your retirement, or do nothing now to retire from your enjoyment.
RULE #4, RE-FINANCE YOUR MORTGAGE LOANS. With the current competative rate among the banks, there is no lack of attractive loan package. So if you have fulfilled your lock-in period for your Home MOrtgage, it is a good time to look at re-financing it. The savings from a re-finance loan can be quite substantial due to the interest difference (but be sure taken into consideration the cost involved for re-financing). An equally good solution would be for your current financing bank to re-price your mortgage package at the rates aligned with prevailing ones. If the amount is significant enough, you can consider using it to knock down your mortgage principal which can reduce your monthly installment amount or loan tenor effectively.
RULE #5, LOOK OUT FOR OFFERS HELP YOU TO SAVE AS YOU SHOP. It's the year end and festive season is high, feel free to indulge yourself and family on that well deserved holiday, home entertainment system, family cars etc. But be on diligent lookout for good offers and special promotions which can enable you to save as you shop. Scan your daily tabloids carefully for discounts on travel, food. electrical appliances etc. And dont be so quick to delete those GROUPON or bigdeal spams that find their way to your inbox (just be sure to read the terms and conditions).
RULE #6, USE YOUR CREDIT CARDS TO YOUR ADVANTAGE. We have been warned against the indiscretionary use of Credit Cards. However, if you are able to settle your cards bills fully and on time, they are very good instruments for you to earn cash rebates to offset future bills or gain reward points to redeem for air travel, dinning or other forms of retail purchases. So there is not need to stay away from Credit cards if you use them wisely, appropriately and to your advantage.
In conclusion, decide now and start taking concrete actions for your financial future. The choice is infront of us: either you take action now to enjoy your retirement, or do nothing now to retire from your enjoyment.
Thursday, April 19, 2012
Insurance rep : the man you like to hate
After watching this video, would make you change the perception of What Insurance Adviser or Financial COnsultant do. In our job scope is simply very simply is enable you to understand what you can do beside working hard for MONEY, dont forget the importance of getting yourself and family covered in terms of the MISHAPs.
Wednesday, March 28, 2012
Managing your Money Easily.
Had been quite a long time since my last entry in 15th March, have been quite occupied with my appointments and having lots of Baby Shower to attend.
So happy for my friends and clients who gotten married and having their own family. In the early March, went to attend a friend of my hubby baby full month. And was quite surprise to know that his baby went for checkup yesterday and discover that he have 2 small hole in his heart. May God bless this baby, everything will turn out fine. Every Parents would wish that their child would be perfect health, but somehow or rather sometime it is unavoidable.
For Parents to be, please take note of my previous entry on Baby Insurance. Currently only 2 companies having this kind of Insurance. Do view the page for more information.
I would like to share on a interesting article which I gotten from my IFPAS Quaterly Magazine, which is MANAGING YOUR MONEY IN 6 SIMPLE WAYS.
I believe every company have their own budgeting before a Brand new year come. And why cant us, also have a budgeting before a brand new year arrive? In this article it stated about 6 rules in managing your $$$$.
RULE #1, PAY YOURSELF FIRST. To be sure of paying yourself first, you need to make a commitment to set aside regular amount every month from your paycheck, and make this money work harder for you. This can be done by buying a regular endowment savings or a regular investment plan. These 2 are systematic and automatic ways to help you to "get pay 1st" every month before anything else. It also help you to battle the EVIL inflation so you can maintain your current purchasing power.
RULE #2, SAVE UP TO 30% OF YOUR INCOME. It is always tempting for us to "enjoy now and think later". And this kind of thinking can be slippery path down to disaster for our financial in mid to long term with great impact on our CHILD's education and also our own retirement plans. So begin to set aside 30% of your income in an automatic and systematic way mention in RULE #1 NOW.
RULE #3, LEVERAGE ON THE POWER OF COMPOUNDING INTEREST. When we talk about Financial Planning, what is on your mind currently? Base on my experience in this financial planning industry, everyone always say NOT NOW, TOO BUSY, NOT AT THIS MOMENT etc... And many people like to procastinate the idea of financial planning. Procastination will have a toll on the ability to harness greater returns on their investments. Compounding interests is a powerful tool but its potential can be maximised full with a long term horizon. Moreover, with a longer time horizon, the investment risk factor is also reduced in the long run. Example; if you start saving $1000 monthly at age 40 for 25 years. At AGE 65, an estimated 5% pa returns from a diversified portfoilio of assets classes, your capital of $300 000 will accumulate to $572 725. But however, if you started accumulating earlier at age 25, with the same rate of returns, you only need to save $625 monthly for 40 years for the same principle amount of $300 000, and your accumulation would also increased 1.5 times to $905 998.
I shall end here. Look out for my next entry on RULE #4-6.
So happy for my friends and clients who gotten married and having their own family. In the early March, went to attend a friend of my hubby baby full month. And was quite surprise to know that his baby went for checkup yesterday and discover that he have 2 small hole in his heart. May God bless this baby, everything will turn out fine. Every Parents would wish that their child would be perfect health, but somehow or rather sometime it is unavoidable.
For Parents to be, please take note of my previous entry on Baby Insurance. Currently only 2 companies having this kind of Insurance. Do view the page for more information.
I would like to share on a interesting article which I gotten from my IFPAS Quaterly Magazine, which is MANAGING YOUR MONEY IN 6 SIMPLE WAYS.
I believe every company have their own budgeting before a Brand new year come. And why cant us, also have a budgeting before a brand new year arrive? In this article it stated about 6 rules in managing your $$$$.
RULE #1, PAY YOURSELF FIRST. To be sure of paying yourself first, you need to make a commitment to set aside regular amount every month from your paycheck, and make this money work harder for you. This can be done by buying a regular endowment savings or a regular investment plan. These 2 are systematic and automatic ways to help you to "get pay 1st" every month before anything else. It also help you to battle the EVIL inflation so you can maintain your current purchasing power.
RULE #2, SAVE UP TO 30% OF YOUR INCOME. It is always tempting for us to "enjoy now and think later". And this kind of thinking can be slippery path down to disaster for our financial in mid to long term with great impact on our CHILD's education and also our own retirement plans. So begin to set aside 30% of your income in an automatic and systematic way mention in RULE #1 NOW.
RULE #3, LEVERAGE ON THE POWER OF COMPOUNDING INTEREST. When we talk about Financial Planning, what is on your mind currently? Base on my experience in this financial planning industry, everyone always say NOT NOW, TOO BUSY, NOT AT THIS MOMENT etc... And many people like to procastinate the idea of financial planning. Procastination will have a toll on the ability to harness greater returns on their investments. Compounding interests is a powerful tool but its potential can be maximised full with a long term horizon. Moreover, with a longer time horizon, the investment risk factor is also reduced in the long run. Example; if you start saving $1000 monthly at age 40 for 25 years. At AGE 65, an estimated 5% pa returns from a diversified portfoilio of assets classes, your capital of $300 000 will accumulate to $572 725. But however, if you started accumulating earlier at age 25, with the same rate of returns, you only need to save $625 monthly for 40 years for the same principle amount of $300 000, and your accumulation would also increased 1.5 times to $905 998.
I shall end here. Look out for my next entry on RULE #4-6.
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