Do you control your money?
Many
people working under employment always complaint about hectic life,
office politic and salary “not enough”. That's why they try to
build another source of income or multiple source of income. While
having another source of income is important, don't forget we need to
control what's coming in and manage it, else, you may fall into this
situation: “I have 6 figure salary, but still in Financial trouble”.
.
The
biggest different between financial success and financial failure is
how well one manage the money. People become poor or remain poor
because they don't like to manage their money. The common reason
given is they don't have money to manage. So, they say, “when I
have plenty of money, I will manage it”. This is similar to an
overweight person saying “I will start exercise and balance my diet
when I lose 20 kg”. The money, you must start to handle it properly
and you will have more money to handle.
.
How
to manage your money? As per one of the program which I follow,
first, create a habit by open a “Financial Freedom
Account”. Put 10% of your monthly income into this account. The account is use to build “golden goose” that lays golden eggs, we call it
“passive income”. Never spend the money in this account, it's for
the purpose of building retirement income.
.
Then
you create another account, call it “Play Account” and put
another 10% from your income to this account. This account is to
reward your hard work every month, you may spend all money in this
account. It could be stay in hotel for one or two day, or
buy a handbag or eat a good meal in expensive restaurant or buy a gift to yourself or someone you love! The idea is to have a balance to
offset the first “Financial Freedom Account”.
.
For
the remaining of 80%, you may assign according to your financial need
such as X% to Education Account, Y% to Necessities Account, Z% into
your Long Term Saving/ Spending Account. Don't think this is another
“boring” program, many high income professionals (similar to the
above story) are basically broke because they don't know how to do
with with their income. They just know they earn a lot, then it's
fine to spend and spend without the plan. I believe if you manage
your money following this program, you may become financially free on
a relatively small income. Remember, to control the money, you must
manage it!
.
And that programme is called millionaire intensive mindset seminar :)
ReplyDeleteHi, CT Yap,
DeleteNot bad... you must be one of the student!
Hi Vincent, ya. It was a nice course. Everything starts from our mind.
Delete