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Monday, September 4, 2017
@Money - Making Money Made Simple by Noel Whittaker
Why are so many high-income earners in severe financial difficulties?
"Earning Is Not Saving”
When two people work at the same job for the same salary, how can one acquire so much more money than the other?
“The art of Wealth lies not in making it, but in keeping it."
When I get a pay rise, I start to notice little things I need replacing and then my surplus cashflow would be gone at the end of each month.
This is me in my 20s.
Borrowing money to pay bills just delays the current financials problems which snowballs into the near future batch of financial issues.
Why do people need to borrow in the first place to keep up with appearances and face?
Money starts from the desire to learn about financial matters.
The first step to change is identifying what needs changing.
Why trust the most important facet in life - Money to gambling?
I have gambled in horse racing, lottery, casinos, mahjong, poker and even set up an online Facebook group for mahjong and poker lovers to find fellow gambling mates - I don’t gamble now...
The people you mix with now are in the same income tax bracket as you are. What can you learn from people who are in the same boat as you? Learn from people from the higher up income tax bracket.
Birds of a feather flock together - even if it is flocking in the same direction to hell.
Live within your means which is hard because we grew up with instant gratification mentality.
When you are born in the system of consumerism, what you are doing now seems right and normal - so do baby cattle born in the Farm thinking they are free.
Pay it by Lay-By or instalments, you still have to pay for it in the end.
Paying by instalments relieves current anxiety and stress of not being able to get it. So you buy it.
Only 9% of people reach financial independence, that means majority of the people around you like your mates and family doling out Wealth Advice are throwing you in the wrong direction.
They are well-meaning fools?
What are the pro and cons of re-investing dividends versus having dividends paid out?
You get more in the bucket.
Set a commitment to yourself on how much you will spend per month and stick to it.
Why not set daily phone photo reminders that tells you why you must save and invest? Set up a real life positive feedback mechanism.
Automate for money from Salary to go into bank account directly.
Make sure there is a penalty in your savings account should you withdraw from it. Do it for your children.
It is the Regular Savings in each and every week that matter and not the fad savings plan.
Make it a habit and the pain of not spending will disappear.
Live on one wage when you get married.
If you and your partner need $500,000 for basic survival and medicals from now to age 100, why not significantly reduce the risk of poverty and homelessness / pain and suffering by saving and investing now?
The key to happiness is to both spend and save your money at the same month.
After you save, you can spend the rest?
Two categories of expenses : Needs and Wants Items - To save you should cut down on “Wants” and look for ways to increase your income via personal exertion / passive income.
You can only be in one place at one time, be in a place and do activities that take you away from advertising and bad influences.
Mix fruit juice with water for the kids to stick your family to the budget.
Your kids won’t know the difference.
Don’t go shopping when you are hungry.
Plan week’s meal in advance.
Do all the thinking at one go.
Buy grocery online.
Cut out spur of the moment purchases.
Exchange child minding services with your neighbour.
All you need is people skills and smiles.
Benjamin Franklin once said: Australia’s Income Tax is very heavy, but we are taxed twice as much by our idleness and four times as much taxed by our folly.
Google “Grasshopper + ant + winter story"
That man is richest whose pleasures are the cheapest.
Reading a book and talking to your family and friends about the book pays the cost of the book back 10 folds. Reading the library is free.
Be not made a beggar by banqueting upon borrowing.
Me and my younger days - Celebrate with a feast whenever something good happens - Binge eat whenever something bad happens.
Buy things during Christmas or Stocktake sales.
Best not to buy at all - but we all need a little reward here and there.
Buy things that will save you money and time.
True True, but I don’t drive…I spend my time learning while traveling via public transport to work or school or mall.
An Education will repay you ten fold than what it will costs.
No Salesman can talk you into buying what you do not want - you are greedy.
I have 6 gadgets at home right now that are impulse buy.
You don’t need to buy people presents.
People around you are not homeless or disabled, why buy presents? Give them your words of wisdom at the right time in their life which is more precious than gems.
Don’t pay for your children’s wedding, let them learn how to save & invest money to pay for their own wedding.
Inculcate good habits into them when they are impressionable.
You don’t need material things to feel a short term high when you can feel a long term low when the bills with high interests plus loan sharks come knocking at your door.
We love to struggle through pain and suffering in order to appreciate the simple good things in life - after the good things are gone...
Your children can learn to save up to pay for their own car.
Unless your children is really good a whinging…
Little items paid via credit cards add up to a huge bill - put your credit card at home.
What about emergency? There is always your mobile phone to call family and friends or even a stranger’s phone to call the police for help.
Do you know banks charge you an over the limit credit card fee?
Because the banks can.
Borrow for buying property and shares that grow in value.
Borrow and Beg begins with “B".
Get an offset account when you take up a loan.
When people ring you up out of the blue to save you money, there is much more to it for the caller than the recipient.
They are called scammers or family & friends.
Make house payments weekly or fortnightly instead of monthly.
The mortgage calculator on any bank’s website default to monthly….
Google “Real cost of running a car” plus cost of buying one.
Something that any car salesman will not tell you.
Never invest all your money into medium or long term investment products as there will be a need when you need money in a hurry.
Don’t put all your eggs in one basket.
Location of real estate is important.
Safety levels of the neighbourhood is important too.
If you know of a 60% guaranteed return on your money, the last thing you will do is to let the secret out, why would you believe in advertising that someone offer you a deal with a high % guaranteed return on your money? If they are so rich, why do they need to advertise for customers?
Batch after batch of teenagers grow up into young adults ripe for scamming each year.
Learning is a treasure that will follow its owner everywhere.
Applying what you learn to the benefit of yourself and others is more important than keeping things in your head.
Free advice is worth what you pay for it.
We live in a capitalist society...
There are causes for all your troubles in life apart from God.
Just look into the mirror.
A problem is an opportunity to learn.
Turn problem lemon into money lemon juice.
In the book “Pathfinders” by Gail Sheehy, successful people are the ones who are courageous in facing whatever life throws at them and resourceful enough to turn lemons into profitable lemon juice. These are the people who don’t sit around for things to happen to them or just keep complaining without taking any action to change their circumstances.
Take action and learn from your mistakes rather than die with regrets.
Many receive advice, but only the wise profit from it.
Most advice are outdated and half baked. Generic and not personalised to your current circumstances.
Don’t be a guarantor / Don’t be gullible.
Thats why some people are bankrupt. Thats why sales skills are important to turn free words into money to bankrupt others for your benefits.
Why give money to family and friends when they are not homeless or disabled?
Never accept a free flight to view property and talk to multiple agents to get a feel of the market.
Rule of Scamming no. 87
Children need models more than they need critics.
Why are there so many asian tiger moms?
Spend less than you earn and invest in continuing education so you will be the top 20% of the people in your field.
Acquire self discipline to refuse partying, drinking and smoking. Acquire discipline to avoid borrowing for high interests to pay for things that depreciate in value.
Tell that to a fresh university student who grew up watching movies.
Stop binge watching tv and drinking, take up a sport, make a shopping/grocery list and stick to it. Refuse second helping of food and sweets. When the alarm rings, count backwards from 5 and you will be awake for your morning run and meditation.
Don’t follow the crowd/herd, most people are not financially independent = poor.
Think about trusts.
Learn as much about your current job then everybody else’s jobs. If your boss don’t reward you for your talents, his competitors will reward you.
Outwork and Outwit.
Volunteer for jobs.
Take sales training.
Turn words into money.
Improve your vocabulary.
Being a spelling bee champion net you money.
Love is where the company of two in which love is doubled, grief is divided and the road travelled together.
Discuss about your marriage life before you get married. Don’t spend big on wedding.
Freedom money allowance for each partner in the marriage to avoid arguments.
Stand good for adversity and prosperity - this too shall pass away.”
Everything worthwhile takes time.
Never compare yourself with others.
Find yourself a reputable and competent financial adviser.