Family First Life and ExamFX have partnered and offering a FREE Insurance Licensing Class for the month of February, 2015!
Please visit www.FamilyFirstLifeJobs.com and click on the Agent Inquiry button to learn more!
Saturday, 31 January 2015
Thursday, 29 January 2015
World's Simplest Market Alert Tool - Call-Levels Now Available on Android
In November last year, some of you would have remembered I posted an interview with Daniel Chia who's the co-founder of this new app "Call-Levels". It was only available on the Apple's iOS back then. This week, i got an invitation to try out the beta version of the app on Android. My phone is Samsung so I had waited 2 months before being able to use this app.
The interface was very user friendly and easy to use. A lot of effort has been put into the design of the interface. It is simply a market alert tool which will notify you when prices hit your threshold. You can even add email cc list of people who want to follow your call levels.
Cut the long story short, let me show you some screenshots which I took from my phone when I was trying out the app:
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The interface was very user friendly and easy to use. A lot of effort has been put into the design of the interface. It is simply a market alert tool which will notify you when prices hit your threshold. You can even add email cc list of people who want to follow your call levels.
Cut the long story short, let me show you some screenshots which I took from my phone when I was trying out the app:
You can choose to set call levels from commodities, Forex, Indices and Equities (Coming Soon)
Just tap on the centre and drag up and down to the call levels you want to be alerted on.
It'll show you the percentage difference from your alert levels. Once you're done, just tap on SET CALL LEVEL and you're done.
I set an alert for WTI Oil @ 46,046 and it hit on Monday. Oil went up!
I set another alart for USD/SGD at 1.3501. This level hit on Tuesday. US dollar is still going strong. I'm now smiling away as I still have a few thousand dollars worth of USD which I exchanged when the rate was still at 1.24.
If you're using Android, you can download it for free on the Play store now. For iPhone users, the app is also available on Apple's app store. The limitation is you can only set 3 alerts. You can set more levels when you share the app with your friends on social media. Try it now for free today!
For Android Users, you can download the app here
For iOS users, you can download the app here
Enjoyed my articles?
You can Subscribe to SG Young Investment by Email or follow me on my Facebook page and get notified about new posts.
Wednesday, 28 January 2015
Family First Life Launches Video Aimed At Attracting New Agents
Family First Life launched a new video aimed at attracting new agents to it's already successful team of nationwide agents. Currently there are many regional opportunities still available and we are looking to add leaders around the country to grow our IMO throughout every state.
Family First Life
Visit www.FamilyFirstLifeJobs.com to learn more.
All About Oil Prices - Who Suffers or Benefits?
The recent drop in oil prices has caused the market to become volatile again. Oil prices have dropped from a high of $100+ to a low of $40+. That's more than 50% drop so far. Those who drive will notice that petrol prices are cheaper now. Instead of seeing the digit $2/litre, we start to see it at $1+/litre.
Crude oil is the most important natural resource of the industrialized nations. It can generate heat, drive machinery and fuel vehicles and air planes. Its components are used to manufacture almost all chemical products, such as plastics, detergents, paints, and even medicines.
The drop in oil prices seems good for most of us. Petrol prices become cheaper, electricity will become cheaper also. To know which countries will benefit and which countries will suffer because of the drop in oil price, we have to look into which are exporters or importers of oil. Those countries who import most of their oil will benefit while those countries who export most of their oil will suffer.
The 1970s Oil Shock (Price Increase)
Right now we're seeing a drop in oil prices but what if the opposite happens? In the early 1970s, oil prices more than doubled from about $4 to $10 and caused chaos in some countries. One such country was Japan. Japan imports almost all of its oil for consumption and they were badly affected. The government even made a statement that their country would run out of oil in 4 days during that time. The whole country had to save electricity by turning off lights on the streets and buildings also shut down every alternate lifts they had.
The 1980s Oil Shock (Price Decrease)
Fast forward 10 years later, from 1980 to 1986, oil prices declined from a high of $39 to a low of $12. That is a 70% drop in oil price. The rise of Asian economies was evident during the late 1980s and the 1990s as lower oil prices increased industrial production. Saudi Arabia, which is one of the largest exporter of oil, suffered because of the falling oil prices. They did cut their oil production back then but this lead to 16 years of budget deficits that left the country deeply in debt.
What is happening to oil prices now and how it affects our investments?
It seems like history is repeating itself that oil prices have dropped more than 50% now. As investors, we will want to know what is happening so we can better position ourselves in allocating our investment capital.
Let's take a look at some net oil exporters countries which will likely be affected by the fall in oil prices:
Russia
Russia's economy is heavily dependant on oil exports. In fact, oil and gas accounts for 70% of its export income. Russia's currency, the Ruble, has fallen more than 50% against the US dollar. This prompted the central bank to increase rates to 17% in order to limit the negative effects of the depreciating currency.
Malaysia
Malaysia derives 30 percent of state income from energy exports. Malaysia currency (Ringgit) has also fallen substantially. Most of us who live in Singapore will know the exchange rate of the Ringgit and a lot of people have went on to exchange more Ringgit to spend in Malaysia.
Saudi Arabia
Saudi Arabia has the world's largest crude oil production capacity and is the largest exporter of total petroleum liquid in the world. Recently, the previous king of Saudi Arabia passed away and caused a spike in oil prices as investors bet on a change in the country's policy to reduce production of oil which can lead to an increase in the price of oil again. This is how powerful its production capacity and exports are.
Now, let's take a look at some net importers of oil. These are the countries who will most likely benefit from the decline of oil prices:
Japan
Japan is the third largest net importer of oil behind China and the US. Previously, Japan suffered badly when oil prices rose substantially during the 1970s to 1980s. In 1985 when the oil price started to decline and crashing in 1987, Japan still could not recover due to its strong YEN that stalled its economy.
Today, Japan has embarked on an aggressive monetary policy, dubbed Abenomics. This has caused their currency to depreciate which lead to a boost in exports. With oil prices falling, this will benefit the country as they can import oil at a cheaper rate. Of course, the depreciating currency will offset some decrease in oil prices but I think overall it should still be good for the Japanese economy.
I've invested substantially in the Japan market since last year. You can read my previous post here: The Japan story - Croesus retail trust and Saizen Reit
China
China may be the largest or second largest net importer of oil before or after the US. It was said that the decline in oil prices now is partly due to the decreased demand of oil from China. It is hard to know what exactly is happening in China. Recently, its stock market also slumped more than 7%. That is a scary decline. I'll choose to stay out of any investment in China until I know what is happening.
European Union
The European Union has been suffering slow growth ever since the sovereign debt crisis in 2012. With the EU importing most of its oil, lower prices will certainly lead to an increase in economic output.
India
India imports 75% of its oil. With its account deficits, lower oil prices will help to ease it. India has also been going through many economic reforms to spur growth.
Industries that will benefit from lower oil prices
Industries that rely heavily on oil for transportation will benefit from the lower oil prices. Airlines and Shipping industries are two examples of it. Previously, airlines and shipping companies have suffered a prolonged period of slow or even negative growth for the past few years when oil prices were above $100. There may be a turn around soon for these companies.
Oil affects all of us and affects the profits of various companies. Having a little knowledge of oil will help us in our investment decisions in times like this. There are also opportunities that we can look out for in the oil and gas industry. Stocks of companies in the oil and gas industry have fallen significantly for the past few weeks. This is a good time to accumulate good companies at undervalued prices. But before you invest in these companies, make sure the company's balance sheet is healthy and they can ride out the tough times. Many companies will go bankrupt during bad times and the few strong ones will emerge out even more successful. Invest wisely and safely.
Enjoyed my articles?
You can Subscribe to SG Young Investment by Email
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Saizen REIT - Income from Japanese residential properties?
2. Looking to invest in Japan's real estate
Crude oil is the most important natural resource of the industrialized nations. It can generate heat, drive machinery and fuel vehicles and air planes. Its components are used to manufacture almost all chemical products, such as plastics, detergents, paints, and even medicines.
The drop in oil prices seems good for most of us. Petrol prices become cheaper, electricity will become cheaper also. To know which countries will benefit and which countries will suffer because of the drop in oil price, we have to look into which are exporters or importers of oil. Those countries who import most of their oil will benefit while those countries who export most of their oil will suffer.
Right now we're seeing a drop in oil prices but what if the opposite happens? In the early 1970s, oil prices more than doubled from about $4 to $10 and caused chaos in some countries. One such country was Japan. Japan imports almost all of its oil for consumption and they were badly affected. The government even made a statement that their country would run out of oil in 4 days during that time. The whole country had to save electricity by turning off lights on the streets and buildings also shut down every alternate lifts they had.
The 1980s Oil Shock (Price Decrease)
Fast forward 10 years later, from 1980 to 1986, oil prices declined from a high of $39 to a low of $12. That is a 70% drop in oil price. The rise of Asian economies was evident during the late 1980s and the 1990s as lower oil prices increased industrial production. Saudi Arabia, which is one of the largest exporter of oil, suffered because of the falling oil prices. They did cut their oil production back then but this lead to 16 years of budget deficits that left the country deeply in debt.
Crude oil price chart
What is happening to oil prices now and how it affects our investments?
It seems like history is repeating itself that oil prices have dropped more than 50% now. As investors, we will want to know what is happening so we can better position ourselves in allocating our investment capital.
Let's take a look at some net oil exporters countries which will likely be affected by the fall in oil prices:
Russia
Russia's economy is heavily dependant on oil exports. In fact, oil and gas accounts for 70% of its export income. Russia's currency, the Ruble, has fallen more than 50% against the US dollar. This prompted the central bank to increase rates to 17% in order to limit the negative effects of the depreciating currency.
Malaysia
Malaysia derives 30 percent of state income from energy exports. Malaysia currency (Ringgit) has also fallen substantially. Most of us who live in Singapore will know the exchange rate of the Ringgit and a lot of people have went on to exchange more Ringgit to spend in Malaysia.
Saudi Arabia
Saudi Arabia has the world's largest crude oil production capacity and is the largest exporter of total petroleum liquid in the world. Recently, the previous king of Saudi Arabia passed away and caused a spike in oil prices as investors bet on a change in the country's policy to reduce production of oil which can lead to an increase in the price of oil again. This is how powerful its production capacity and exports are.
Now, let's take a look at some net importers of oil. These are the countries who will most likely benefit from the decline of oil prices:
Japan
Japan is the third largest net importer of oil behind China and the US. Previously, Japan suffered badly when oil prices rose substantially during the 1970s to 1980s. In 1985 when the oil price started to decline and crashing in 1987, Japan still could not recover due to its strong YEN that stalled its economy.
Today, Japan has embarked on an aggressive monetary policy, dubbed Abenomics. This has caused their currency to depreciate which lead to a boost in exports. With oil prices falling, this will benefit the country as they can import oil at a cheaper rate. Of course, the depreciating currency will offset some decrease in oil prices but I think overall it should still be good for the Japanese economy.
I've invested substantially in the Japan market since last year. You can read my previous post here: The Japan story - Croesus retail trust and Saizen Reit
China
China may be the largest or second largest net importer of oil before or after the US. It was said that the decline in oil prices now is partly due to the decreased demand of oil from China. It is hard to know what exactly is happening in China. Recently, its stock market also slumped more than 7%. That is a scary decline. I'll choose to stay out of any investment in China until I know what is happening.
European Union
The European Union has been suffering slow growth ever since the sovereign debt crisis in 2012. With the EU importing most of its oil, lower prices will certainly lead to an increase in economic output.
India
India imports 75% of its oil. With its account deficits, lower oil prices will help to ease it. India has also been going through many economic reforms to spur growth.
Industries that will benefit from lower oil prices
Industries that rely heavily on oil for transportation will benefit from the lower oil prices. Airlines and Shipping industries are two examples of it. Previously, airlines and shipping companies have suffered a prolonged period of slow or even negative growth for the past few years when oil prices were above $100. There may be a turn around soon for these companies.
Oil affects all of us and affects the profits of various companies. Having a little knowledge of oil will help us in our investment decisions in times like this. There are also opportunities that we can look out for in the oil and gas industry. Stocks of companies in the oil and gas industry have fallen significantly for the past few weeks. This is a good time to accumulate good companies at undervalued prices. But before you invest in these companies, make sure the company's balance sheet is healthy and they can ride out the tough times. Many companies will go bankrupt during bad times and the few strong ones will emerge out even more successful. Invest wisely and safely.
Enjoyed my articles?
You can Subscribe to SG Young Investment by Email
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Saizen REIT - Income from Japanese residential properties?
2. Looking to invest in Japan's real estate
Monday, 26 January 2015
Family First Life of Maryland
Family First Life of Maryland Agency Manager, Frank Eufemia, training Insurance Agents at our First Annual Convention.
This weekend's event was EPIC! Our company is the fastest growing IMO in the insurance industry!
Visit us today at www.FamilyFirstLifeJobs.com to see how you can be part of our amazing team!
Wednesday, 21 January 2015
Three Tips That Can Help You Organize Your Search for Auto Liability Coverage
by Richard F. O'Boyle, Jr., LUTCF, MBA
Most Dallas-area auto insurance agents offer auto liability coverage plans that can help you protect yourself against personal and property liability claims while driving. Selecting one of these plans could be worthwhile because they could help you meet insurance requirements that are enforced by the Texas Department of Insurance.
Here are three tips that can help you organize your search for auto liability coverage policy:
Study Your Personal and Property Liability Coverage Options
Texas state insurance laws require drivers to obtain a minimum amount of liability coverage that protects you from personal and property liability claims that can occur after you have been in an auto accident.
Most Texas auto insurance underwriters offer personal liability coverage options that usually exceed these minimum requirements. Studying these personal and property liability coverage options is recommended because it can help you customize your personal liability options to suit your driving habits.
Examine How Your Driving Habits Influences Rates
The price of most automobile liability policies is influenced in part by your driving habits. Some of the driving habits that especially influence the price of automobile liability policies include your use of seat belts and your parking habits. Understanding how these and other driving habits influence your automobile liability rates is worthwhile because it can help you choose the best liability coverage that suits your driving habits.
Examine How Your Home's Location Influences Rates
Contrary to popular belief, your home's location can influence how much you pay for many auto liability policies. This is the case because auto insurance underwriters use information about the safety of your home's location to determine part of the cost of your property liability coverage.
Most auto insurance underwriters use different statistical methods to determine how your home's location influences your property liability rates. As a result, it is a good idea to examine how your home's location influences your auto liability rates because it can help you choose economical auto liability policies which offer the best coverage options for your family.
As you might have noticed, choosing auto liability coverage policies efficiently requires comparing several important factors that influence the price for auto liability coverage. Comparing these factors requires an organized approach that can help you save time. As a result, feel free to use these tips to organize your search for auto liability coverage that offers the best value.
Readers' Challenge - Cutting Down Your Expenses in 2015 To Save 50% of Your Money
You may have heard advices to save 10% or 20% of your money every month. But, is that enough to grow your money to achieve financial freedom? The average people out there would just be saving 10% of their money or worse still have no savings at the end of the month. If your take home pay is $2000 and you save just 10%, its only $200 per month and $2400 a year. In 10 years time, its only $24,000. That's not a lot assuming you start working at the age of 24 and end up with only $24,000 at the age of 34. If you're good enough to have a take home pay of $3000, saving 10% would only be $36,000 in 10 years time.
Here's the 10% savings scenario:
Take home pay $2000 at age 24, save 10% and have $24,000 at age 34
Take home pay $3000 at age 24, save 10% and have $36,000 at age 34
That doesn't seem like your money is growing fast enough isn't it?
What if we bump up the savings to 50%?
Here's the 50% savings scenario:
Take home pay $2000 at age 24, save 50% and have $120,000 at age 34
Take home pay $3000 at age 24, save 50% and have $180,000 at age 34
A 6 figure savings is not difficult if we save 50% of our take home pay. That is assuming that we take home about 2k-3k per month which is on average what most of us would be getting. If your pay is higher, that's good news for you. If it is lower, you may want to consider upgrading your skills to increase your pay.
Before you say its difficult to save 50% of your salary, here are some ways which will make it easier:
1. Record your expenses daily
Why record your expenses? The primarily reason is you will see where your money goes to when you review it at the end of the month. This will allow you to cut down on the unnecessary stuff in your life. It'll also allow you to tweak some of your expenses and use creative ways to reduce wastage. Recording your expenses everyday seems like a difficult task to do but with mobile apps now, it is much easier. You just have to key in at the end of the day in your phone while you're on your way home.
I personally use an app called expense manager. It's easy to use and you can set your salary to be automatically input in every month.
2. Set up an automatic savings plan
Saving money need not be done manually. I've wrote a few times on setting up an automatic fund transfer to transfer out a portion of your salary once its credited into your bank account.
Here are the steps to do it (For POSB accounts):
If you've not set up any bank accounts payee to be linked to your existing account yet, start with step 1 below. If not, you can go straight to step 2.
Step 1
Add a new payee to be linked to your existing account.
Not Just Cutting Expenses but Increasing Income
Saving money is important. It is a good habit to have. However, there's a limit to cutting down our expenses. If you're alone and living a pauper life, probably nobody would care about you. But if you got a family with your spouse and kids, or you need to go out for dates, there is a need to spend a certain amount of money. There is some reality we have to face here. In the next round of readers' challenge, look out for ways to increase your income. Stay Tune!
Subscribe to my blog by Email or Follow me on Facebook to stay updated on the next post (it's free).
Enjoyed my articles?
You can Subscribe to SG Young Investment by Email
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Why extreme savings is more powerful than investing
2. 35 and totally broke or $100K savings by age 30?
3. Save 75% of your income to retire in 7 years
Here's the 10% savings scenario:
Take home pay $2000 at age 24, save 10% and have $24,000 at age 34
Take home pay $3000 at age 24, save 10% and have $36,000 at age 34
That doesn't seem like your money is growing fast enough isn't it?
What if we bump up the savings to 50%?
Here's the 50% savings scenario:
Take home pay $2000 at age 24, save 50% and have $120,000 at age 34
Take home pay $3000 at age 24, save 50% and have $180,000 at age 34
A 6 figure savings is not difficult if we save 50% of our take home pay. That is assuming that we take home about 2k-3k per month which is on average what most of us would be getting. If your pay is higher, that's good news for you. If it is lower, you may want to consider upgrading your skills to increase your pay.
Before you say its difficult to save 50% of your salary, here are some ways which will make it easier:
1. Record your expenses daily
Why record your expenses? The primarily reason is you will see where your money goes to when you review it at the end of the month. This will allow you to cut down on the unnecessary stuff in your life. It'll also allow you to tweak some of your expenses and use creative ways to reduce wastage. Recording your expenses everyday seems like a difficult task to do but with mobile apps now, it is much easier. You just have to key in at the end of the day in your phone while you're on your way home.
I personally use an app called expense manager. It's easy to use and you can set your salary to be automatically input in every month.
2. Set up an automatic savings plan
Saving money need not be done manually. I've wrote a few times on setting up an automatic fund transfer to transfer out a portion of your salary once its credited into your bank account.
Here are the steps to do it (For POSB accounts):
If you've not set up any bank accounts payee to be linked to your existing account yet, start with step 1 below. If not, you can go straight to step 2.
Step 1
Add a new payee to be linked to your existing account.
When you log in, you'll see fund transfer at the left hand side of the page. Go to Funds Transfer -> Manage Payee List and Settings.
Then, select either Add new DBS/POSB payee if you're going to transfer to another DBS/POSB account or Add New Other Bank Payee if you're going to transfer to an account in another bank.
Step 2
After you're done with the add new payee, on the left side bar, go to Standing Instruction: Manage Instructions & Settings.
Follow the instructions and select your debiting account and beneficiary's account. Type in the date you want it to be deducted (ideally 1 day after your salary is paid to you). Under the standing instructions, select the frequency of payment to monthly.
There you go, 2 easy steps and your money will be automatically transferred out as savings for you every month.
For other banks, I suppose you have to add new payee and set up standing instructions also. Shouldn't be that much of a difference.
The good thing about setting up this automatic fund transfer is you can just spend all your money in this bank account without worrying about having no savings at the end of the month. Just remember not to touch the money in the other bank account which you had transferred to.
Not Just Cutting Expenses but Increasing Income
Saving money is important. It is a good habit to have. However, there's a limit to cutting down our expenses. If you're alone and living a pauper life, probably nobody would care about you. But if you got a family with your spouse and kids, or you need to go out for dates, there is a need to spend a certain amount of money. There is some reality we have to face here. In the next round of readers' challenge, look out for ways to increase your income. Stay Tune!
Subscribe to my blog by Email or Follow me on Facebook to stay updated on the next post (it's free).
Enjoyed my articles?
You can Subscribe to SG Young Investment by Email
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Why extreme savings is more powerful than investing
2. 35 and totally broke or $100K savings by age 30?
3. Save 75% of your income to retire in 7 years
Tuesday, 20 January 2015
Great Week At Family First Life!
Family First Life MD Is Expanding!
Family First Life MD is expanding! We just added 3 quality licensed agents with a great deal of experience this week. They are ready to help families in Florida, Texas, and Tennessee! We are still looking for help in NC and VA. If you know of someone or if you are looking to be part of a growing and successful company, please visit us at www.FamilyFirstLifeJobs.com, today!
Visit is at www.FamilyFirstLifeJobs.com to join our already successful team!
Monday, 19 January 2015
Mortgage Protection Insurance
Mortgage Protection Insurance is a plan to ensure that your family is able to remain in the home in the event of your untimely death. Generally, our agents will meet with a family to determine how much coverage is needed, if there is any need at all. Our agents are trained to ask very important questions and then will show you an option that would work best for your family to provide coverage for your home.
In addition to protecting the family upon death, we also have plans that can be used to payoff the mortgage early using a plan with a Cash Back Option. Many families we meet with are surprised when we present this option and feel that this is a great benefit. Unlike typical insurance where you pay and if not used, the money is gone, a Mortgage Protection Plan with Cash Back can provide living benefits as well.
Contact our office today to have an agent from Family First Life contact you to discuss an option that would work best for your family.
Family First Life MD
Family First Life
www.FamilyFirstLifeMD.com
In addition to protecting the family upon death, we also have plans that can be used to payoff the mortgage early using a plan with a Cash Back Option. Many families we meet with are surprised when we present this option and feel that this is a great benefit. Unlike typical insurance where you pay and if not used, the money is gone, a Mortgage Protection Plan with Cash Back can provide living benefits as well.
Contact our office today to have an agent from Family First Life contact you to discuss an option that would work best for your family.
Family First Life MD
Family First Life
www.FamilyFirstLifeMD.com
Friday, 16 January 2015
S.M.A.R.T Investor Workshop 2015
*Latest: Seats are sold out. Thank you for your support!
There are so many workshops out there on investing that sometimes it can be hard to know which are the good or the bad? There are also some workshops which charge a very high price but teach very minimal content.
I've personally attended a lot of workshops before. Some are free previews while others are paid ones. All of us need to start somewhere and learning from people who are already successful in the world of investment can cut short our learning curve by a great length.
S.M.A.R.T investor workshop which is coming soon on the 24th of January brings to you 2 powerful speakers who will teach you all about investing. This event is on a Saturday and is happening conveniently at Suntec Convention Centre. For one whole day, you'll be able to get insights on the market going into 2015, get ideas that'll help you make the right investment analyses and decisions plus learn proven investment strategies that boost your investment returns and let you make money from the stock market.
So who are the 2 speakers?
The first speaker is Adam Khoo whom most of us are familiar with. Adam Khoo became a self made millionaire by the age of 26 making him one of the youngest millionaires in Singapore. He's also the best selling author of 13 books. I remembered many years ago when I was just started to get interested in investing, I searched on Google in an effort to find out who the successful millionaires in Singapore are? I saw Adam Khoo's name came up and was inspired by his story of how he became a millionaire by the age of 26. I started reading his books and even attended events where he would be speaking at. Expo and Suntec were 2 of the common places where I learnt on investments.
The second speaker is Victor Chng who's Investor and Co-Founder of The Fifth Person. Victor has been featured multiple times on national radio on 938LIVe MoneyWise for his views and opinions on how to invest successfully in the stock market. The Fifth Person is an investment blog and recently they started giving talks and even had their own online learning course which teaches you everything about investing. I've personally read their blog and the insights they provide is really of good quality. I've also heard Victor speak on radio before and can see that he's very knowledgeable and passionate when it comes to investing.
Some of his investment track record includes:
Japan food - 176% in three years
ARA Asset Management - 40% in two years
Armstrong Industrial - 47% in two years
Nera Telecommunications - 32% in one year
Boustead - 121% in four years
Super Group - 243% in two years
With 2 speakers and one whole day of workshop (9am-6pm), I'm sure you'll be able to learn a lot of stuff from it. Remember it's happening on the 24th of January which is coming very soon. Get your tickets below. Seats are limited so do act fast. You'll get a complimentary book from Adam Khoo as well.
*Latest: Seats are sold out. Thank you for your support!
Click here to know more about the S.M.A.R.T Investor Workshop and get your tickets
*This is a sponsored post
There are so many workshops out there on investing that sometimes it can be hard to know which are the good or the bad? There are also some workshops which charge a very high price but teach very minimal content.
I've personally attended a lot of workshops before. Some are free previews while others are paid ones. All of us need to start somewhere and learning from people who are already successful in the world of investment can cut short our learning curve by a great length.
S.M.A.R.T investor workshop which is coming soon on the 24th of January brings to you 2 powerful speakers who will teach you all about investing. This event is on a Saturday and is happening conveniently at Suntec Convention Centre. For one whole day, you'll be able to get insights on the market going into 2015, get ideas that'll help you make the right investment analyses and decisions plus learn proven investment strategies that boost your investment returns and let you make money from the stock market.
So who are the 2 speakers?
The first speaker is Adam Khoo whom most of us are familiar with. Adam Khoo became a self made millionaire by the age of 26 making him one of the youngest millionaires in Singapore. He's also the best selling author of 13 books. I remembered many years ago when I was just started to get interested in investing, I searched on Google in an effort to find out who the successful millionaires in Singapore are? I saw Adam Khoo's name came up and was inspired by his story of how he became a millionaire by the age of 26. I started reading his books and even attended events where he would be speaking at. Expo and Suntec were 2 of the common places where I learnt on investments.
The second speaker is Victor Chng who's Investor and Co-Founder of The Fifth Person. Victor has been featured multiple times on national radio on 938LIVe MoneyWise for his views and opinions on how to invest successfully in the stock market. The Fifth Person is an investment blog and recently they started giving talks and even had their own online learning course which teaches you everything about investing. I've personally read their blog and the insights they provide is really of good quality. I've also heard Victor speak on radio before and can see that he's very knowledgeable and passionate when it comes to investing.
Some of his investment track record includes:
Japan food - 176% in three years
ARA Asset Management - 40% in two years
Armstrong Industrial - 47% in two years
Nera Telecommunications - 32% in one year
Boustead - 121% in four years
Super Group - 243% in two years
With 2 speakers and one whole day of workshop (9am-6pm), I'm sure you'll be able to learn a lot of stuff from it. Remember it's happening on the 24th of January which is coming very soon. Get your tickets below. Seats are limited so do act fast. You'll get a complimentary book from Adam Khoo as well.
*Latest: Seats are sold out. Thank you for your support!
Click here to know more about the S.M.A.R.T Investor Workshop and get your tickets
*This is a sponsored post
Thursday, 15 January 2015
Religare Maternity Health Insurance Joy Plan
Religare Cheapest new born baby and maternity best health insurance Joy
Maternity Health Insurance Plan Details | ||
| Plan Name | Joy Today | Joy Tomorrow |
|---|---|---|
| Sum Insured – On annual basis | 3 Lac / 5 Lac | 3 Lac / 5 Lac |
| Maternity wait period | 9 months | 24 months |
| Entry Age – Minimum | Adult : 18 years or above Child : 1 Day to 24 years | Adult : 18 years or above Child : 1 Day to 24 years |
| Entry Age – Maximum | 45 years | 45 years |
| Exit Age | Lifelong | Lifelong |
| Cover Type | Individual (maximum up to 6 Persons) | Individual (maximum up to 6 Persons) |
| Floater : 2A / 2A1C / 2A2C | Floater : 2A / 2A1C / 2A2C | |
| Pre-policy Issuance Medical Check up | Applicable on Insured Person with age 46 years or above | Applicable on Insured Person with age 46 years or above |
Religare Maternity Health Insurance Benefits | ||
Hospitalisation Expenses | ||
| In-Patient Care | Yes | Yes |
| Day Care Treatment | Yes | Yes |
| Pre-Hospitalisation Medical Expenses | Up to 30 days | Up to 30 days |
| Post-Hospitalisation Medical Expenses | Up to 60 days | Up to 60 days |
| Ambulance Cover | Up to Rs. 1,000 per Claim | Up to Rs. 1,000 per Claim |
| Maternity Cover (including Pre-natal & Post-Natal expenses) | Up to Rs. 35,000 for 3 Lac SI Up to Rs. 50,000 for 5 Lac SI | Up to Rs. 35,000 for 3 Lac SI Up to Rs. 50,000 for 5 Lac SI |
| Newborn Baby Cover | Up to Rs. 30,000 for 3 Lac SI Up to Rs. 50,000 for 5 Lac SI | Up to Rs. 30,000 for 3 Lac SI Up to Rs. 50,000 for 5 Lac SI |
| New Born Birth Defects | No | Lump sum – Rs. 50,000 |
Wait Periods | ||
| Initial Wait Period | 30 Days | 30 Days |
| Named ailments | 24 months | 24 months |
| Pre-existing Diseases | 48 months | 48 months |
| Sub-limits | ||
| Room Category | Single Private Room with AC | Single Private Room with AC |
| Co-payment | 20% (Applicable where age of eldest member at entry is 61 years or above) | 20% (Applicable where age of eldest member at entry is 61 years or above) |
| Tenure | 3 Years | 1 Year / 2 Year / 3 Years |
What is not Covered in Religare Maternity Health Insurance ?
- Any pre-existing ailment/injury that was diagnosed/acquired within 48 months prior to issuance of the first policy
- Any diseases contracted during first 30 days of the policy start date except those arising out of accidents
- Non-allopathic treatment.
- Expenses attributable to self-inflicted injury (resulting from suicide, attempted suicide)
- Expenses arising out of or attributable to alcohol or drug use/misuse/abuse
- Cost of spectacles/contact lenses, dental treatment
- Medical expenses incurred for treatment of AIDS
- Congenital disease
- Tests and treatment relating to infertility and in-vitro fertilisation.
Religare Maternity Health Insurance Policy Terms | ||
| Entry Age - Minimum | Adult: 18 years | |
| Child: 1 Day | ||
| New Born: 1 Day | ||
| Entry Age - Maximum | Adult: 65 years | |
| Child: 24 years | ||
| New Born: 90 Days | ||
| Exit Age | Lifelong | |
| Cover Type | Individual / Family Floater | |
| Renewal | Lifelong Renewability. The policy can be renewed under the then prevailing Health Insurance with Maternity Benefit Product or its nearest substitute approved by IRDA | |
| Co-payment | If you enroll at the age of 61 years or more, you will have to pay 20% of the claim amount under the policy. We pay the rest. | |
| Waiting Period | 30 days for any illness except accident | |
| 24 months for maternity of Joy tomorrow | ||
| 9 months for maternity of Joy today | ||
| 2 years for specific treatments/illness | ||
| 4 years for pre-existing diseases | ||
| Grace Period | 30 days from the date of expiry to renew the policy | |
| Policy Tenure | 3 years | |
| Maternity Cover | Available only up to 45 years of age | |
Wednesday, 14 January 2015
Family First Life Launches New Website
FamilyFirstLifeJobs.com
Family First Life Announces Its Launch Of A Website Dedicated To Hiring Agents
By Frank Eufemia
January 14, 2015
Baltimore, MD – The Maryland branch of Family First Life announced today that it will be launching a new website, FamilyFirstLifeJobs.com, aimed at providing a single location where prospective insurance agents can review, apply and learn about the opportunity provided by Family First Life. The site will provide agents with information about the company and resources provided by the company. If an agent chooses, they can either call their Toll-Free number directly and be connected to a manager with the company or submit their information for a confidential call back. The company is hiring both new agents and current agents that already hold an insurance license.
Family First Life was founded in December, 2014 by Shawn Meaike and is currently the fastest growing insurance IMO in the nation. They are also, in the short period of time they have been open, hold the number one position, in terms of sales, with several insurance carriers. Family First Life recently announced the formation of an “Advisory Board” to provide Shawn with sound advice on the growth and direction of the company.
The Maryland branch was opened and started by Frank and Jaime Eufemia, Advisory Board Members, and saw immediate success. They are currently in an expansion phase and looking to hire agents around the country to join their team. It has taken several months to implement the necessary infrastructure to support the number of agents they are looking to hire, which according to Frank Eufemia could be in the hundreds. Agents who join the company will notice their compensation plan is higher than that provided by most IMOs, has a unique lead program, top notch training and they also allow their agents to keep and maintain 100% of their renewals. All of this is done to ensure their agents have to ability to earn top pay in the insurance industry.
Please visit www.FamilyFirstLifeJobs.comto obtain information on becoming an agent with Family First Life!
For more information, please visit http://www.familyfirstlifejobs.com.
Contact Information:
To learn more about opportunity, please contact
Frank Eufemia, Agency Manager
Office: (443) 790-9341
Fax: (443) 213-1078
feufemia@familyfirstlifemd.com
###
Insurance Business Opportunity
Insurance Business Opportunity
Many opportunities exist if you are willing to open your eyes and see what is out there. Almost all of them work, but it depends on what you are comfortable with and how much time and money you have to invest. All opportunities don't necessarily require a substantial cash investment, some just require time and the willingness to learn!Be careful of passing on everything you see only because the time does not seem perfect, or maybe you think you don't understand everything upfront. Consider the following:
- Joe Green said NO to Facebook and lost $40 billion on passing.
- Ron Wayne sold his 10% share of Apple Inc. for $800 in 1976 which today would be worth $35 billion.
- Howard Schultz showed Starbucks to 242 investors and 212 said NO. Today Starbucks is worth $1.5 billion.
There are many stories like this out there. Don't let one of these stories be yours!
If you are unhappy with what you are doing, or you would just like to change your life, be your own boss and have the ability to change your family's financial future forever, give me a call or send me a message to discuss what selling life insurance could do for you.
Michael Pfeil
Family First Life
www.FamilyFirstLifeMD.com
www.FamilyFirstLifeJobs.com
410-220-2785
mpfeil@FamilyFirstLifeMD.com
Tuesday, 13 January 2015
Position Yourself as a Magnet of Attraction - A New Dream For 2015
People are always searching for something in their lives. They may be searching for a purpose, for love, for friendship, for money, for power and many more. It gets tiring to keep on searching and searching but end up finding nothing. Its like a treasure hunt game where you search for hours upon hours but still cannot find the treasure you're looking for.
The search for money is very prevalent once we reach the young adult stage. Its so obvious that people are trying to pull another person down just to be on top in their career. Businessman try to make money while taking advantage of others. Sales people use deceit just to get their commission. I'm sure you've seen this happening all around you.
On the other side, you also see people who became rich but they did not search for money as much. Even when they are rich, they still live a simple life just like your neighbour next door. Money doesn't interest them as much.
Clearly, these people are worth billions of dollars but they still live like how they did before. They did not search for money just to fulfil their material desires of driving luxurious cars and buying branded goods.
So how did they become so rich when they did not search for money?
Herein lies the secret of the law of attraction. Yes, money can be attracted into our lives instead of us searching for it.
Here's what you can do to position yourself to attract money:
1. Be Value Conscious
Be value conscious and you'll realise money sticks to you automatically like you're a magnet.
4. The Law of Attraction
The law of attraction applies not just to money but also to every aspect of our lives. If we're drowned in negativity, we attract all the negative things into our lives. If you're poor now, don't be limited by your situation. Instead of saying its hard to be rich, ask yourself how you can be rich?
Set goals and have dreams. After that, be emotionally connected to your dreams. Visualise the life that you want to have. In your mind, see that it has already happened. You'll be surprised that it will happen sometime down the road. It may be months, it may be years but it has happened to a lot of people already.
Do you want to be a millionaire? Dream for it!
Do you want to be financially free? Visualise it!
I shared a video on The secret movie - The law of attraction. It was a good film and I realised that the law of attraction happened in my life also. Read the post and watch the movie to know more about the law of attraction and how it applies to my life.
There you go, 4 easy ways to position yourself as a magnet of attraction. Focus on doing the right things and at the right place and the right time, you'll end up attracting all the good things in life for your relationships, your financial life, your career, your family and your business. It doesn't matter if you have got nothing to your name now. It doesn't matter if you're still a young student. All of us have to start somewhere. Start dreaming and acting upon it and one day your dreams will become reality.
"We become what we want to be by consistently being what we want to become each day" - Richard G. Scott
Related Posts:
1. How Not To Be a Cheapskate In Your Journey To Financial Freedom
2. The search for a better quality of life
3. Practising Frugality to Achieve Happiness in a High Cost of Living Environment
Credit: https://farm5.static.flickr.com/4102/4925267732_8b4a2cf887.jpg
The search for money is very prevalent once we reach the young adult stage. Its so obvious that people are trying to pull another person down just to be on top in their career. Businessman try to make money while taking advantage of others. Sales people use deceit just to get their commission. I'm sure you've seen this happening all around you.
On the other side, you also see people who became rich but they did not search for money as much. Even when they are rich, they still live a simple life just like your neighbour next door. Money doesn't interest them as much.
- Warren Buffet still lives in his old house he bought 50 years ago.
- Ingvar Kamprad, the founder of Ikea, drove a 15 year volvo and always flew economy class
- Sergy Brin, co-founder of Google, said he prefers not to leave anything on the plate uneaten and still looks at prices when he buys stuff.
So how did they become so rich when they did not search for money?
Herein lies the secret of the law of attraction. Yes, money can be attracted into our lives instead of us searching for it.
Here's what you can do to position yourself to attract money:
1. Be Value Conscious
Never buy overpriced products. Did you know prices for the same product can cost differently? For example, I can buy the same plane tickets as the one sitting next to me but for half the price. This was what I did for my Taiwan trip. Just $200 for a 2 ways air ticket.
You can buy the same house as your neighbour but at a much cheaper price just one year later.
You can get the same food as what your friend is eating but at a discounted rate.
You can buy the same quality of clothes at half the price.
You can watch the same movie at the same cinema but yours is at a cheaper rate or even free with a popcorn.
A little everyday adds up to a lot. The best thing is you're still enjoying the same thing as all others but you end up having more money in your pockets. Having said that, we should not just pounce on every discount and end up spending more instead. Spend on what you need and minimize wastage. If you buy too much, it ends up in your storeroom anyway.
You can buy the same house as your neighbour but at a much cheaper price just one year later.
You can get the same food as what your friend is eating but at a discounted rate.
You can buy the same quality of clothes at half the price.
You can watch the same movie at the same cinema but yours is at a cheaper rate or even free with a popcorn.
A little everyday adds up to a lot. The best thing is you're still enjoying the same thing as all others but you end up having more money in your pockets. Having said that, we should not just pounce on every discount and end up spending more instead. Spend on what you need and minimize wastage. If you buy too much, it ends up in your storeroom anyway.
Be value conscious and you'll realise money sticks to you automatically like you're a magnet.
2. Focus on Providing Value
Instead of always wanting to make more money, try shifting your focus to providing value. In your work, contribute ideas as much as you can to improve your company. In business, create the best value for your customers. Money will come as a result of providing value.
However, your value is only as important as what others sees it as. If you're working very hard but your boss doesn't see it, there's no value to him. If you create a product for your business but customers don't experience the benefit, its of no value to them. Focus on creating experiences. Put yourself into the shoes of others and know what they want (your boss included).
However, your value is only as important as what others sees it as. If you're working very hard but your boss doesn't see it, there's no value to him. If you create a product for your business but customers don't experience the benefit, its of no value to them. Focus on creating experiences. Put yourself into the shoes of others and know what they want (your boss included).
3. Respect Money, Respect People
Money is a by-product of the things that we do. We have to take care of it just like how we raise a child. A child grows up healthily because the parents take the effort to sacrifice their sleep to wake up in the middle of the night just to feed her. The parents even sacrifice their entertainment needs just to give the child a better life.
Besides growing up healthily physically, a child needs to grow up healthily emotionally also. If a parent thinks the child is evil and naughty, the child grows up to be wayward and rebellious. If a parent thinks the child is smart, the child grows up being smart.
Money is like a child. If we manage it well, it grows healthily. If not, it can disappear once and for all. We also have to take note of our mindset towards money. If you think money is evil, it will run away from you just like how a rebellious child run away from home.
Relationships are built over time. Trust and respect are important for a relationship to work out well. Make more friends than enemies and your world will be a better place. If you respect people, most likely they will respect you too. If you do good to others, others will do good to you too. There may be exceptional cases so just watch out and you'll be fine.
Relationships are built over time. Trust and respect are important for a relationship to work out well. Make more friends than enemies and your world will be a better place. If you respect people, most likely they will respect you too. If you do good to others, others will do good to you too. There may be exceptional cases so just watch out and you'll be fine.
The law of attraction applies not just to money but also to every aspect of our lives. If we're drowned in negativity, we attract all the negative things into our lives. If you're poor now, don't be limited by your situation. Instead of saying its hard to be rich, ask yourself how you can be rich?
Set goals and have dreams. After that, be emotionally connected to your dreams. Visualise the life that you want to have. In your mind, see that it has already happened. You'll be surprised that it will happen sometime down the road. It may be months, it may be years but it has happened to a lot of people already.
Do you want to be a millionaire? Dream for it!
Do you want to be financially free? Visualise it!
I shared a video on The secret movie - The law of attraction. It was a good film and I realised that the law of attraction happened in my life also. Read the post and watch the movie to know more about the law of attraction and how it applies to my life.
There you go, 4 easy ways to position yourself as a magnet of attraction. Focus on doing the right things and at the right place and the right time, you'll end up attracting all the good things in life for your relationships, your financial life, your career, your family and your business. It doesn't matter if you have got nothing to your name now. It doesn't matter if you're still a young student. All of us have to start somewhere. Start dreaming and acting upon it and one day your dreams will become reality.
"We become what we want to be by consistently being what we want to become each day" - Richard G. Scott
Enjoyed my articles?
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. How Not To Be a Cheapskate In Your Journey To Financial Freedom
2. The search for a better quality of life
3. Practising Frugality to Achieve Happiness in a High Cost of Living Environment
Friday, 9 January 2015
National insurance watchdog finds OIC meets, exceeds accreditation standards
The OIC has retained its accreditation with the National Association of Insurance Commissioners (NAIC). Every five years, the NAIC conducts a rigorous, in-depth review by an outside team of experts to ensure the OIC meets or exceeds nationwide financial solvency policies and standards in its regulatory oversight of insurance companies that do business in Washington state. It also allows insurance companies to expect consistent regulation in all accredited states.
The OIC’s most recent review resulted in no findings and a recommendation for full reaccreditation for another five years. The efforts of the OIC, led by Commissioner Kreidler, in fulfilling its mission in this area give assurance to Washington consumers that the companies they do business with are financially sound and fully complying with all required rules and regulations.
This OIC has maintained its NAIC reaccreditation for the past 15 years under Commissioner Kreidler. Our next review is in 2019.
The OIC’s most recent review resulted in no findings and a recommendation for full reaccreditation for another five years. The efforts of the OIC, led by Commissioner Kreidler, in fulfilling its mission in this area give assurance to Washington consumers that the companies they do business with are financially sound and fully complying with all required rules and regulations.
This OIC has maintained its NAIC reaccreditation for the past 15 years under Commissioner Kreidler. Our next review is in 2019.
Tuesday, 6 January 2015
The Two Approaches to Making Money
Sometimes life can get really boring. Let's ask ourselves what have we been doing in our lives so far? Study hard, graduate, start working, earn money, spend money and what's next? What we are focusing on right now will change our lives forever. In this post, we'll explore the 2 different approaches to money and how it will impact us in the future. By the end of this post, you'll be able to differentiate and choose the path which you desire for a better future.
The first approach - Make money working for money
Most of us are at this stage. We studied hard to earn our certification, diploma or degree and then land ourself in a job with quite a stable salary to give us a decent life. Some are not so fortunate and earn lesser than others so they have a simpler life. But, for these 2 groups of people, life is actually the same. Both are working and earning money through the exchange of time. The person who earned a higher salary may seem to be living a better life with a bigger house and a bigger car but in fact, he or she is no different from the man who earned a lower salary. Why is this so?
Happiness does not come from living a more luxurious life
It has been reported again and again that Singapore, although being a developed nation, has one of the most unhappy people in the world. Our local newspaper, The Straits Times, reported on 20 December that Singaporeans are not only emotionless but unhappy as well. Singaporeans are apparently less upbeat than the people in places like Iraq, Yemen, Afghanistan and Haiti. This is getting quite ridiculous. In the report, the main reasons cited for the negativity was the competitive culture, work pressure and rising cost of living. Are we focusing on making money so much to the extent we lose our happiness?
We do business but still focus on making money
When we can't earn enough from a salaried job, many people start their own business thinking it will give them more money to have a better future. Some work so hard to make their business successful that they neglect their family. They grow cold with their spouse and their children grow up without the love of a family. Before they realise it, it may have been too late to go back in time.
Trading in the stock market
There are also those who think it is easy to earn money from the stock market. Using $1000 to make $10,000? Its becoming a common mindset now. But what is the result? Most people lose money in the stock market, lose their sleep and even their lives. Yes, some people literally commit suicide because they lost too much money from the stock market. Trading in the stock market is also active income. It is a professional job which amateurs should learn the ropes before joining the leagues.
The problem with active income
Now, you might have realised money is not the source of happiness and sacrificing time for money makes it even worse. Having said that, money is not everything but everything we see around us involves money. It would be foolish to say that money is not important.
Most of us climb the corporate ladder to earn a higher pay check. As our salary increases, so does our standard of living.
Our lives evolves from this:
To this:
I'm not against living a luxurious life. But did you know most people's luxurious lives are short lived while a small group of people will be rich forever?
This is why most people's luxurious lives are short lived:
The Second Approach - Make money letting money work for you
The second approach is what I call the visionary road. Only those who look far ahead will see it. You'll see how a person who take this road will have money that last him a lifetime.
This is how it looks like:
Related Posts:
1. Why extreme savings is more powerful than investing
2. Going from working middle class to rich with a simple tweak
The first approach - Make money working for money
Most of us are at this stage. We studied hard to earn our certification, diploma or degree and then land ourself in a job with quite a stable salary to give us a decent life. Some are not so fortunate and earn lesser than others so they have a simpler life. But, for these 2 groups of people, life is actually the same. Both are working and earning money through the exchange of time. The person who earned a higher salary may seem to be living a better life with a bigger house and a bigger car but in fact, he or she is no different from the man who earned a lower salary. Why is this so?
Happiness does not come from living a more luxurious life
It has been reported again and again that Singapore, although being a developed nation, has one of the most unhappy people in the world. Our local newspaper, The Straits Times, reported on 20 December that Singaporeans are not only emotionless but unhappy as well. Singaporeans are apparently less upbeat than the people in places like Iraq, Yemen, Afghanistan and Haiti. This is getting quite ridiculous. In the report, the main reasons cited for the negativity was the competitive culture, work pressure and rising cost of living. Are we focusing on making money so much to the extent we lose our happiness?
We do business but still focus on making money
When we can't earn enough from a salaried job, many people start their own business thinking it will give them more money to have a better future. Some work so hard to make their business successful that they neglect their family. They grow cold with their spouse and their children grow up without the love of a family. Before they realise it, it may have been too late to go back in time.
Trading in the stock market
There are also those who think it is easy to earn money from the stock market. Using $1000 to make $10,000? Its becoming a common mindset now. But what is the result? Most people lose money in the stock market, lose their sleep and even their lives. Yes, some people literally commit suicide because they lost too much money from the stock market. Trading in the stock market is also active income. It is a professional job which amateurs should learn the ropes before joining the leagues.
The problem with active income
Now, you might have realised money is not the source of happiness and sacrificing time for money makes it even worse. Having said that, money is not everything but everything we see around us involves money. It would be foolish to say that money is not important.
Most of us climb the corporate ladder to earn a higher pay check. As our salary increases, so does our standard of living.
Our lives evolves from this:
To this:
I'm not against living a luxurious life. But did you know most people's luxurious lives are short lived while a small group of people will be rich forever?
This is why most people's luxurious lives are short lived:
One year later:
Once this high income earner loses his job, he still has to pay for the mortgages for his house and car and other miscellaneous expenses. If we assume his savings to be $24,000, it can only last him for a maximum of 3 months. If he cannot find a job within that period, the consequences will be undesirable.
The above person is having 80% of his income in debt which is very dangerous. That is why the TDSR was introduced to limit all debts to 60% of your income. For the above example, if debt is limited to 60% of his income, his savings would have doubled and can last him more than 6 months. That is the power of just 20% more savings in a year.
You may ask how does the above calculation work out? Assuming the above person is limited by the TDSR of 60%, his debt repayment would only be 6k every month instead of the 8k loan repayment he has now. As such, he would have an extra 2k savings per month which is 24k a year. This brings his total savings to 48k a year which is doubled of his initial savings if he had a 8k loan. That is how with just 20% more savings per month, your savings would have doubled in a year.
Fast forward 30 years later at retirement age, this person would have accumulated a savings of $720,000. But without any investment or passive income, the income could only last him 7.5 years if he stops working. We might say he would have finished paying for the house by then so his expenses would have been lower. Even with a lower expense of $5000, his savings over the 30 years would only last 12 years.
Imagine working for 30 years and your savings could only last you 7.5 or 12 years. That is what happened to a lot of people who took the make money working for money approach.
The Second Approach - Make money letting money work for you
The second approach is what I call the visionary road. Only those who look far ahead will see it. You'll see how a person who take this road will have money that last him a lifetime.
This is how it looks like:
One year later:
This same person loses his job but because of his low expense and high savings ratio, he manage to accumulate a savings of $100,800 which can last him 50 months. This is approximately 4.2 years. Don't forget because this person focuses on letting money work for him, he has steadily achieved a passive income of $420 per month.
The magic happens from here forward. Assuming this person finds another job but earns much lower now than before. He only manage to get a $5000 per month salary.
Let's see what happens in 10 years time.
In 10 years time, this person, although earning a lesser salary at $5000, managed to accumulate a savings of $553,330 through prudent savings and investment at 5% compounded. What he did was to just to invest, get dividends and reinvest the dividends. Within just 10 years, this person has achieved financial independence with $2305 passive income per month. Even if he loses his job, he still can live normally for the rest of his life. He could even choose not to work any more.
Let's move even further to 10 more years ahead:
With consistent savings and investment, this person's passive income more than doubled. Money does work harder for you at a compounded rate.
Key takeaways of the 2 approaches
- High income with high expenses is suicidal
- Money can work for you if you create passive income
- Passive income grows at a compounded rate.
Enjoyed my articles?
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Why extreme savings is more powerful than investing
2. Going from working middle class to rich with a simple tweak
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