What Are My Plans Now?

November 21, 2006

Now, my exams are drawing near. But I’m also in the midst of writing a book on how ppl can make money online. You see, over the last 2 months, I’ve went through a huge amount of research and spent quite a huge sum on materials. Thus I really hope to share my knowledge (not a lot, but growing nonetheless) on how ppl can make money online. I’m currently juggling my studies and my research and also my book writing. Of course, I won’t be writing it alone though. Patricia, my girlfriend will be helping me with it. Thus, I many not blog so often for the next two weeks. But once exams are over, I’ll be back! So stay tuned! And my eBook will be free to download for all!

Meanwhile, hope you all have a blessed day ahead!

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15 Ways To Save $50 A Month

November 19, 2006

In the book “Multiple Streams of Income” by Robert Allen, he detailed 50 Ways on how everyone can save $50 a month. I found it really useful. Well, I’ve come up with my very own 15 ways to save $50 a month. So hope it will benefit you too.

1. Always plan your finances ahead. Plan a budget for the month and stick to it.

2. Watch Movies on Weekdays.

3. Use a piggy bank and deposit all your spare change. Do not underestimate the power of multiplication. Over time, your coins are going to convert into huge amounts,

4. Always ask for a discount. There’s no harm trying.

5. Stop before you buy anything and ask yourself this question ‘Do I really need this?’

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How To Spot An Online Scam

November 17, 2006

Now I must state that these are merely my own suggestions. So do not think that all websites that fulfil the following criteria are scams. This is when your sixth sense comes in handy.

1. No Contact Info

This is probably the most important factor in helping you decide if it’s a scam. A real business or marketer would list their contact details because it creates trust. Also they know that some potential customers may have some questions answered before they buy and they would want to help answer those queries.

2. No Opt-in box

By this, I’m referring to the box which asks for your name and contact details. Most people are reluctant to part with their email addresses. They think that if a website asks for their email address, they will get spammed. However, do not fret as I’ve personally signed up for tons of mailing lists and have never gotten spammed once. Nowadays, it’s easy to complain against spam so anyone serious about their online business will not dare to spam.

All real marketers will have an opt-in box. It’s a must. If there’s no opt-in box, it shows that he doesn’t plan to follow up. All he wants is you to buy his stuff and then never to contact him again.

Hence, instead of getting suspicious when a website asks for your email address, be thankful that business owner bothers to follow up.

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Is it True That All Online Business Opportunities Are Scams?

November 15, 2006

First of all, there aren’t as many scams on the internet as the over-hyped “kings of exaggeration” mainline media would have you think. If that’s the case, why do so many people cry scam? Well, I’m not denying that there are indeed some unscrupulous merchants out there intent on cheating your money.

However, many of those who claimed to be scammed are those who never even bother to really take on the opportunities they were presented with. They go into every business opportunity (both online and offline) thinking that they are going to be a millionaire overnight.

And when they do not, they cry scam! They simply expect other people to do the work and bring in the profits for themselves. Now if you belong to this category, here’s the shocker: No one is going to do that for you! You’ve got to take charge of your own success and wealth!

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Why The Internet?

November 11, 2006

Well, there are a couple of reasons why I feel the Internet has the ability to generate passive forms of income streams for everyone. Firstly, the amount of internet users is increasing exponentially every year. Sooner or later, every single household will have a computer and internet connection.

Furthermore, the connection speeds are getting faster as well. Wireless broadband access are also starting to surface and Singapore is soon going to offer island-wide wireless access.

Thus, the internet is becoming a must for every business, both online and offline.

For every business to become successful, it needs to have excellent marketing. Thus, we shall now compare traditional marketing with internet marketing:

Traditional marketing encompasses using snail mail to reach out to consumers. This is slow and entails high maling costs. It is limited to geographical bounaries and the business week and hours. There are high entry costs and high cost of failure.

Internet marketing uses emails which are fast, cheap, efficient and reliable. It can be made available to the whole world and it is available 24 hours, every dingle day.  There are low entry costs, thus it levels the playing field and makes it possible for almost every one to enter the market. There is also low cost of failure as compared to traditional marketing.

Remember, marketing is the oxygen of any business and the Internet has indeed revolutionized the concept of marketing. Still, there remains many skeptics and I shall attempt to dispel some myths in the next post.

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The Difference Between Linear & Residual Income

November 9, 2006

The secret of the wealthy is not that they have more money but that they have more time freedom. Because many of their streams are residual, they have more time to spend on anything they want.

So what’s all this comparison between linear and residual income?  Income that is paid once for every hour you work is linear. Hence, income from a salary is linear. You only get paid once for your effort.

However, with residual income, you work hard once and it unleashes a steady flow of income for months and even years. You get paid over and over again for the same effort. You get paid while you’re sleeping, while you’re watching a movie, 24 hours a day.

Now doesn’t that idea sound nice to you?

So what are the various forms of residual streams of income?

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The Importance of Building Multiple Streams of Income (Part II)

November 7, 2006

I shall now continue from where I left off from the previous post. Many may not realize, but money is one of the most important subjects to study in your entire life. Some of life’s greatest enjoyments and most of life’s greatest disappointments stem from the decisions you make about money. Whether you experience great peace of mind or constant anxiety is dependent on the extent you get your finances under control. Similarly, your relationships can be affected by money decisions too. So many divorces have happened because of disagreements over money.

Hence, understanding how the game of money is played can be crucial to maintaining your success, relationships and happiness. Do not underestimate this skill, as it’s one thing which is severely lacking in most people today. They do not invest their money wisely and rely on only one stream of income.

As I mentioned in the previous post, it’s dangerous to do so. As much as people are skeptical about owning a business, there’s one thing that almost all of the wealthiest men in the world have in common. No, they do not work ten times harder. But simply ,they own a business. And most of them have multiple streams of income.

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The Importance of Building Multiple Streams of Income (Part I)

November 5, 2006

If you have not read the book “Multiple Streams of Income” by Robert Allen, I suggest you go read it. It’s really a good book about the concept of wealth. Let me share with you something which is thought provoking and mentioned in the introduction of his book.

You see, most people will earn at least $25,000 a year. If you were to do the math, more than $1 million will flow through your fingers. Hence, the good news is, we’re all already on track to becoming a millionaires. But the question is, ‘why do so few people ever become a millionaire?’ Simply because most people end up spending almost that they’ve earned. And hence, most retire with little savings.

The reason can be attributed to the fact that nobody teaches us about money. In school, we’re forced to take several compulsory subjects. No doubt it helps in providing a more wholesome education. But we receive no formal education in the most critical of all life skills: how to become financially successful!

You see, it’s not about how much money you earn, but how well you’re able to manage your money that will determine your wealth. Yet, we weren’t taught how to manage money in school.

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Who Is Adam Khoo?

November 3, 2006

If you haven’t heard of Adam Khoo, he’s one of the youngest self-made millionaires in Singapore at the age of 26. Even when he was doing his undergraduate studies at the NUS Business School, he ran his own motivational speaking business and was earning up to $2000 a day. Today at age 32, Adam owns and runs three businesses, with a combined annual turnover of $20 million. Quite impressive if you were to ask me. I also found it coincidental that he’s also an alumni of VJC and NUS Business School.

Now I first picked up the idea of NLP after reading Adam Khoo’s “Master Your Mind, Design Your Destiny” quite some time back. NLP refers to Neuro Linguistic Programming and it is “the technology of the mind that teaches you to use the language of the mind in order to program and reprogram your nervous system to consistently achieve a particular desirable result.”

Adam mentioned in his book that when we believe we can do something, we virtually tap into our brain’s resources. And we will summon all our internal resources to find a way to support that belief. But if we believe that something is impossible, we shut out the possibility altogether. Thus, it instilled in me the power of our beliefs and how our limiting beliefs can stifle our potential.

It is also vital that we live out of our comfort zone and take massive action everyday. Regardless of which area of our life you want to improve, we’ve got to lead each day with a clear purpose.

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How to Find Your Driving Force?

November 1, 2006

Well, I mentioned in my last post that different people have definitions of success. So once you have identified your own definition of success, the next natural step is to work towards it.

But why is it that so few people ever manage to achieve their goals and dreams? I’m sure all of us have dreams. Haven’t you had these thoughts surface in your mind ‘If only I could…’ and ‘How I wish….’ We dream and aspire to do something or to be like someone everyday.

So what is stopping you from achieving what you’ve always dreamt of? What separates those who have managed to achieve what you wanted and yourself?

Well I may be wrong, but it’s probably because those people bothered to take action. Procrastination is the number one obstacle we must overcome if we are serious about achieving success. So why do people procrastinate if they know its hindering their success?

Simple: Because your driving factor is not strong enough! So what’s a driving factor? It is simply a reason which drives you automatically to achieve whatever you want to achieve. It is the driving force which acts as a motivation tool. It is something which I feel is severely lacking in many people.

So what is my driving force to achieve wealth and success? If you’ve read my book, you’ll know it’s from the fact that I want my parents to retire as soon as possible. As I did not come from a well-to-do family, my parents are still working very hard at this time. Thus, I told myself I cannot sit back and just watch them work so hard. Every morning, I wake up and ask myself this question, ‘How long more do you intend to let your parents continue working?’

I found out that really drives me to achieve wealth. As I now know that every minute I procrastinate, I’m effectively delaying the time they can retire. You see, I did some simple calculations. If I were to wait till I graduate and find a job like most people do, they probably have to wait for at least 10 years before they can retire.

Why is that so? Because lets say I graduate 2 years later and manage to find an average paying job of $2000 salary. Take away the CPF, I should be able to take home $1600. As I still have to finance my laptop and tuition loan, I should have around $1000 left. Minus away my expenses, I can possibly have around $500 left. So of course, I want to save up for a car or other luxuries, so I’m left with $200 left to present to my parents.

Yes, that’s right. Just $200! So I wondered to myself, if this were to happen, when will they ever get a chance to retire? And I have plans to buy a car after graduation. Even a house. How are all these ever going to be realized if I were to graduate and get a job and rely it as my only source of income?

Hence, whenever the thought of my parents having to suffer as a result of my procrastination surfaces, that really drove me to seek resources on self- improvement and methods on wealth creation.

So, what is your driving force? Do you even have one in the first place? Without first establishing one for yourself, you are going to find it really difficult to motivate yourself when the going gets tough. We’re bound to face obstacles and failures in your quest for success. Without a strong driving force, we’ll never have the will and determination to push forward when we encounter failures.

Hence, ask yourself what is the one thing which really drives you to achieve your dreams and goals. Write it down, and use it as a reminder everyday and I’m sure you will be on your way to success.

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