According to Psychologists. Although Situations Factors accounted for 10%. But actually 90% of the Responses are controllable. For example. The you are borned in a poor family. The your father is a gambler. The your mother works like shits unable to give you a BBA (Business Degree) education. MCQ (Multiple Choice Questions) = Do You (A) quit schools + join gangs + get addicted to drugs + killed by police on the streets. Or (B) both part time work in MacDonald & studies to Certificate Business Administration + start a Small Online Business + learn as much from Teachers as possible + build a Business Empire while part time studies to BBA (Business Degree) Education. Your Call. Your Choice. You Decide the other 90%.
Do not live pay cheque to pay cheque. Amass some Wealth = Business Assets like profitable companies + Education Assets for everyone like BBA (Business degree) + Helping fellow Christians to amass Wealth also + House Asset Co-own 50% with Wife + Income Streams + Knowledges Assets like good books + Retirement Savings Portfolio + ... Read this whole Webpage to know how.
When you have excess savings. Build huge huge Emergency Funds. When you have more money in Emergency Funds. It means more liquidity. You need not cash out your investments (buy high sell low) when out of buffer money. It means you are better prepared for emergencies like health expenses, job loss/switch, unexpected babies, ... Also. Emergency Funds are savings. Having them encourage you to save.
When you are in heavy debts. Before you consolidate all your credit cards debts into lower interests loan. Before you borrow money from your house equity asset value to repay the debts. First. The you need to change your spending habits first. Because if you do not change your over-spending habits. After consolidating debts & house loans with lesser interests payments. The you go more into debts. Because you do not change your spending styles. With the new more money. The you go into debts again. You need firstly to. Cut destroy your credit cards. Use cash/debit card. Do 2-3 Jobs to clear all your debts. Eat baked beans in tomato sauce with rice every meals.
Do not be like Singapore parents. The their children still live with 60 years old parents. Even when the children are 40 years old. Still jobless & requires feedings. Be like United States Parents. When Their Children reach 21 years old. Parents kick Their Children out of house. Encourage Your Children to be Assets. Not liabilities. *Note: you need to train Your Children all these years to ready Them out of house. Like how to earn money. Like how to get BBA degree education. Like how to get a job...
Do you know if you work in foreign land like Singapore. It is better you have a working spouse. This is because combined income means you can cut costs by together eat/living/take taxi/... Combined Incomes are better than One Person Income.
The recent death of Dennis Ng. A singaporean financial guru. His last reported assets are $2.5million. He keeps on educating the public to invest. But he himself dies off with no chance of seeing his future invested assets. Health is more important than money. What is the use of earning the whole world. But loses your health?
Someone says for inflation: "when high tide comes. All boats get lifted up." Same. When inflation comes. All boats assets get lifted up. The trick to fight inflation is to have many boats assets (like businesses/houses/jobs/shares/...) To spread inflation risks. All these Assets rise in value when inflation comes.
You need to dream. Right. You need to plan also. Right. But it needs to stop there. After that. You need Concrete Actions to execute your Dreams Plans Actions one by one. If not. All those pre-plannings thinkings prcoesses go down the drain. Just like bubble in seawaves.
If you are debt free. The you do not afraid of losing your job. You do not afraid of changing your jobs to lower salary. You are more free. You are more able to make more life choices. You can have a good night sleep when somethings critical happen. Clear all your debts like credit cards, car/housing loans, ... Spend within your means = use debit card, buy older smaller car/house.
(01) Bring Lunch. Bring eggs sandwich to work for lunch. Bring baked beans in tomato sauces rice to work for lunch.
(02) Do Not Eat Too Much. If you do not eat so much. The you cut foods costs & have a slim body also. Which means good health with low medical expenses.
(03) Do Not Soda. Do not soda all the time. Drink cold distilled water. Or better still drink cold filtered tap water.
(04) Do Not Starbucks. Prepare your own morning coffee at home. Do not buy $2 latte coffee.
(05) Do Not Taxi. Wake up 1 hour earlier to take MRT (electric train). The me Cstan98 save $300 a month after stop taking taxi to work & back from work.
(06) Eggs Breakfast. If you take eggs as breakfast. You have more energies in the afternoon.
(07) Milo/UHT Milk Baby Foods. If You cannot afford expensive baby milk powder. Give Your Baby 3-in-1 milo in baby bottle. If adults like it. So is Your Baby. If too many Milo give your Baby sore throat. Consider UHT (Ultra Heat Treatment) Milk for your Baby = are milk in packages which do not need refrigeration. UHT Strawberry for female Babies. UHT Chocolate for male Babies. These are ways to cut costs when baby milk powder have gone too highly expensive.
(08) One Christian Song. If You do not have additional budgets for many songs. Just buy one iTunes Christian Song. Repeat play that one song again & again.
(09) Read Internet. Read internet more often. So that you need not buy so many books.
(10) Read This Cstan98 Knowledge Website (cstan98.com.sg). If You do not have additional budgets for anythings. Re-read this Website again & again.
(11) Used Car. If you need to buy a car, buy a used good working car. Do not buy a new car. You just either buy a used car with low mileage or buy a well maintained car.
(12) Used Smallest House. Buy the smallest good House possible. Then slowly save leapfrog upgradings.
(13) Switch Off Lights. Cut down electricity costs. Always switch off lights after use.
(14) Watch Movie Every Week. Do not cable tv. Watch the latest Movie every week.
(01) Balance Your Budget. If you over-spend one category in your Budget, you need to spend less in another category. So that you not over spend that month.
(02) Budget. Come up with a Budget.
(03) Clear Your Debts. You need to be debt-free, in order not to pay high interests for your debts.
(04) Cut Down $5-10 For Big Expenses Every Month. If you have a big spending expense, budget to cut down every month. This means more savings for you.
(05) Debit Card. Use debit card, do not use credit card. Avoid as much as possible.
(06) Decrease Your Spendings. It is said for Budgeting = 20% to Save, 50% for needs, 30% for wants. Keep on cutting down on your wants expenses.
(07) Financial Tracking. Know Where Your Money Go To. Track your money first, so that you can keep your finance house in order. The me use Apple Numbers which require a MacBook Air Laptop. See Apple Numbers Spreadsheet in this Website Official Accounting.
(08) Increase Your Income. Do 2-3 Jobs. Do Side Line Business like blogging/coaching/...
(09) Keep On Cutting Down Expenses. Keep on each month reducing your spendings.
(10) Stick To Your Budget. You need to monitor every spending day to keep to your Budget.
(01) Different Accounts. The me Cstan98 has one bank account for B&W Tithes Savings & another Wallet Compartment for Daily Funds.
(02) Financial Goals. You need Goals to motivate you to save towards a particular Goal. Save enough for Retirement & Emergency Funds
(03) Habit Of Savings. Napoleon Hill says: "habit of savings is foundation of wealth."
(04) Increase Incomes. The more you earn. It means the more you can save.
(05) Increase Savings Each Month. Your Savings should grow each month. Even it is just a small $5.
(06) Love To Save. Love to see your savings grow each month. Love to see your this month savings amount.
(07) Maintain Your Budget. Let say you spend $500 budget every month. When your income increase. Try to maintain that $500 budget. This mean you save more.
(08) Spend Less You Earn. If you are unable to save because you live pay cheque to pay cheque. Start with $5 savings per month. Start small. Think big.
(09) Start 10%. Aim For 30%. Better Still 50%. You need to save 10% of gross income at first. Step by step. Then save 30%. Then save 50%.
(10) Track Your Expenses. You need to track to control. See Apple Numbers Spreadsheet this website Official Accounting.
(11) Trim Your Budget. Try to spend less than your Budget. This mean you save more.
There is a story of a CFO (chief finanical oficer) who is one of my relative. The he and his wife save & invest over 75% of their salaries. The they over-save & over-invest that the wife can only stay at home to watch tv (to cut costs). When a playboy seduces his wife with expensive restaurants dinners. The wife files for divorce. Which is more important your Marriage or a future investment of $1million? Do not be too frugal. Set aside some money to enjoy with your family.
Some people want to increase their net worth so much. that they work themselves to death. Do not be a slave to money. Earn enough to do. Use the money. Enjoy the fruits of your working efforts. The me Cstan98 works so hard writing this Website. Because have a goal to create many Black & White Companies to provide Jobs for everyone. But me does not over-work. Still arrange to have free leisure times for me to relax. Still watch movies & go library. Also have a Sabbath Sunday to go to Church.
If you spend spend on unnecessary things. Tt means later you need to work work like mad. To earn enough money to pay for the things. Spend less. So that you need to work less. Simplify Your Life. Lower your greeds for things. Holy Bible: "godliness & contentment are great gains."
Other people words cannot damage You if You don't allow them. But Your Words to Yourself cause the most damages. Other people do not decide Your Fate. You decide Your Own.
After you know what you want. Have clear goals to reach them. Then Dream Big. Start Small. Have Big Dreams for what you want. Then break these Goals (Start Big) to Small Things (Start Small) = come up with a Daily To-Do List. The me recommend iPhone App Daily Habits & Task Office (for daily to-do habits lists), App Numbers (financial goals setting), ... to organize your Small Things to reach your Big Dreams. Keep a Journal (me uses Cstan98 Website Blogging) to organize Your life & meanings around Your life.
Easy Money earned is when you are doing your Dream Job. For me. A Blogger of Cstan98 Website is my Dream Job. Am enjoying every bit of the process of writing it. Since it is your Dream Job. Money earned is Easy Money. Because you don't feel that you are working. You feel you are living your dreams to pursue your Life Goals.
It is better you organized a Financial Data File. Where you keep all your finanical accounts details/legal will/... Keep it in a safe where your loved ones know that the data are inside that data file. So that if you have any mishap. Your Family is able to access your money.
Use Apple Numbers or a simple notebook. Write down your Financial Statements of.
(1) Financial Goals. Fix this month. Next month. Next next month. Rest of month to end of this year. Next year.
(2) Financial Plans. On how to achieve those Financial Goals.
(01) Decrease Your Expense. Wisdom Cost-cutting. Simplify your life. Ok your desires.
(02) Increase Your Income. Sell your ideas to get incomes. Improve your earning capabilities like education.
(03) No Bad Habits. The casinos/drugs/gambling/polygamy/prostitute/smoking = all cost very expensive money. And when these habits become bigger & bigger. The you soon bankrupt or go to jail.
(03) Set Goals & Do. Allocate your earning & spending budgets. Go for them.
(04) Singapore Cstan98. For me. Like to invest in books (that give me additional branch of knowledge) & monthly mobile unlimited data subscription (assess to the whole Internet Library of Knowledges once you know the keywords to search in the Search Engines). That selling Them in Cstan98 Knowledge Website for 1% B&W (Black & White) Fees.
(05) Singapore Widow. Consider 2/3 Jobs. Heard of a Singapore Widow who does 3 Jobs to bring up 3 Children to become University Graduates.
(06) Taiwan Eat Bread & Water. 1 Reporter who loses hundreds thousands of dollars in a bad stock IPO. She & her husband only eat cheap plain meals. She writes as many essay submissions to all newspapers & magazines a day. In 2 years. She gets their house property back & repays all bad loans. From this experience. She knows that a person is capable to earn thousands of dollars. If You know push yourself to the limits as You have no other way back.
(07) Taiwan Invest In Yourself. 1 TV Presenter. Instead of investing in stocks or property which after up & down. Earning a bit return. Why not invest in a knowledge (management), language (Japanese), skill (computer) to add your earning capability. She has a Friend whose husband is very skilled in house design. This Couple Team redesigns rebuilds resells houses making good profits. Turn your interests into incomes.
(*) Recommend Apple Numbers to know where all your money go to.
(01) After you track your expenses. Develop methods to cut down high expenses. Like a budget system. For example. With Financial Tracking. Discover Daily Spending out of control from $20-50. Budget limit $20 per Day. If $5 taxi mean less on foods. Without $5 taxi mean more on foods.
(02) For things like bank accounts passbook. Update immediately after transaction to check transactions.
(03) For things like cash. Put $20 cash each day for tomorrow spending. Tonight spend finish even $0.10 coin of that today $20.
(04) For things like store-value cards. Just remember the nearest dollar in cards. Ignore the cents. Need not Apple Numbers.
(*) You need 3 things to consider financial well-off.
(01) Enhancement = a fully paid education (ok business degree. Include children/parents/self/spouse).
(02) Protection = a fully paid house (may be small. For children/parents/self/spouse).
(03) Retirement = $1000 monthly annuity for lifetime (cheap at old age. Include children/parents/self/spouse).
After you clear all your debts. Build 12 Months Emergency Funds. Pay 50% for your house with Wife, Save complete your Retirement Funds. It is now time to invest to get $1million Net Worth. Because it is in investment compounding returns that you can test your Financial Knowledges.
Expected Net Worth = [(your Age) x (your Monthly Income) x 12 ] / 10. You multiply your age with your annual income then divide by 10. For example. For me Cstan98 at 28/04/2017 = 48x$1000x12/10 = $57600. This is to calculate how much you are expected to have by now. And see whether you under-saved or not.
Calculate at least 2 times a year. Net Worth = Assets (bank accounts/house value/...) - Liabilities (all loans/...). Don't include assets that are less than $500. *Note: Net Worth should be positive. If it is negative. You must spend less & save more. It should increase over time.
To increase your Net Worth. You need to aggressively both increase your Incomes & decreases your Costs. If you increase your Incomes. But your Costs keep on increasing. Your Net Worth does not increase. Watch both of them at same time.
Real Hour Rate Of Job Salary = (Day Salary - Clothings Expenses - Food Expenses - Job Stress Medical Expenses - Laundry Expenses - Transport Expenses, ...) / (Job Day Total Hours + Lunch Break Total Hours + To & Fro Transport Total Hours + + Wake Up Prepare Breakfasts Total Hours + ...). To compare jobs. Use this formula. Your pay may be actually higher. For Jobs near your house. Able to wear less professional clothings job. Go for a Job that have a higher real hour rate job.
Calculate what you need to retire. [Retirement Net Worth = Monthly Retirement Spending *12 / 4%]. This formula is derived from formula [Monthly Retirement Spending = (Net Worth x 4%)/12 Months]. If you do not have enough. Trust GOD JEHOVAH PROGRAM for your old age retirement. The me believes by the time you retire at year 2025. JESUS CHRIST Kingdom should come already.
Someone: "it is fortune for the Wise to get more money. It is misfortune for the foolish."
You hear the phrase "rubbish in. Rubbish out". So don't. Instead must "good in. Good out". Read only the best books/ebooks/Holy Bible/websites/... Do the best things like love your Wife & Children. Write your Blog Website. ... Surround yourself with good things. For example. If because of money budget. You cannot buy another good Book to read. Then re-read those good Books you have. For example. If you have no money to do good stuffs. Then re-read this Website Cstan98. See favourite YouTube Video again & again ... You just keep on "good in. Good out." Soon your Life is filled with Goodness.
If you buy. May have liabilities loans but no need to pay rent. If you rent. No debts but you are paying someone to own a house. Therefore. Cstan98 Half Stroke = live in Children, Brothers/Sisters, Friends, Parents, Husband/Wife, ... House & pay Them rent. Quickly save enough to buy the smallest possible house outfront 100% & move out. Then Repeat Upgrade Stroke to a bigger & bigger House.
The United States Mass House Foreclosure Crisis has taught us. It is safer to buy the house 100% with a lumpsum than to buy a house on house loan. Let say you pay 25 years out of a 30 years house loan. If at 25th year. The you are unable to pay the monthly house loans. The bank foreclosures your house. And take back the house. Not refund you the 25 years of monthly sum you pay to the bank.
Like car. A house price depends on her house/land lease (lifespan) left. For example. If a 99-years lease 4 rooms house only have 10 years left. Of course. It is very cheap. But you can only live 10 years there only. For land lease. It is the same. Some landed properties the land lease may expire in 10 years time. So check & decide carefully.
(01) 1 Month Budget. After the year buget. Spend finish all this month budget. For money after this month. Leave it to GOD JEHOVAH PROGRAM.
(02) 1 Month Communication. Stock up 1 month of mobile/website expenses. Put aside monthly bills amount.
(03) 1 Month Foods. Stock up 1 month food supply money. May be $20 each for 30 days uses.
(04) 1 Month Transport. Once my payday. Stock up 1 month transport expense to go work. Deposit $20 lumpsum into transport fare card.
(05) Beginning Emergency Fund. $100-1000. To safe buffer you before getting new incomes.
(06) Daily Budget. Sometimes you need to come up your Daily Budget from your Monthly Budget. Or else. You have difficulties to keep to the Budget. Daily Budget is more action-orientated.
(07) Daily/Monthly Basis. The me Cstan98 uses both at the same time.
(08) Discipline Budget System. If you want to buy somethings. Arrange money budgets for them.
(09) Save Budget Daily. If you draw daily salary. Save daily amount like $10.
(10) Save Budget Monthly. If you draw monthly salary. Budget an amount to save monthly like $100. And save that amount at the beginning of the month. They call it Pay Yourself First. Pay Yourself First = when you get the salary. Invest in a lump sum first (priority you). Then pay the bills. If not enough money later. Find ways to raise money like working part-time jobs.
(01) 2-3 Jobs. Work 2-3 Jobs for enough incomes to clear your debts fast.
(02) Beans & Rice. When trying to pay your debts. Everyday eat Beans in Tomato Sauce + Rice. They are very delicious when you are hungry. And you save a lots of money for clearing your debts. Beans & Rice have all the necessary daily carbohydrates/fats/proteins.
(03) Casino Debts. Let say you owe casino $1million for gambling debts. Instead of fighting court cases with casino. Try re-negotiate with the casino whether can give you a discount to make the debts into $800,000 for example. The casino most likely re-negotiate to avoid court cases. As they don't want to pay legal expenses.
(04) Clear Your Smallest Amounts Credit Cards Debts First. Do not pay clear highest interest credit cards debts first. Pay smallest amounts credit cards debts first. This is because smallest amounts credit cards to clear are the most easy ones. The highest interest credit cards debts are hardest. You feel more motivated once you clear first smallest credit cards debts. Then clear next smallest & so on. (Also. If you clear your biggest amounts credit cards debts. When half-way. The you may relapse & use your smaller amounts credit cards. But if you clear your smallest amounts credit cards first. You can cut destroy more & more smallest amounts credit cards so that you don't relapse into using them.)
(05) Credit Cards Debts. Call up the credit cards companies. Re-negotiate the debts. Some banks negotiate with you. Because if you declare bankrupt. The they get nothing back. They may stop future interests. Just want the current sums back.
(06) Credit Card Debts2. Let say credit cards debts interest rate is 24%. If you can find a rich friend who loan you the sum for interest rate 14%. Then you cut down the interest rate by 10%. And your rich friend invest in your loan for 14% return. It is a win-win. Because your rich friend is very difficult to get 14% return in the market. Make sure you don't default. And pay your friend promptly.
Warning: You may lose 100% of Your Capitals at first few attempts. Binary Option = Very Simple Game Play = You guess the commodity/currency forex/market index/share price go up or down after 6/12/24 hours. You read all the available news. Play 1-5 items you know best. Must start at start market. Don't aim short term. Aim long term. Best is until end market. You confirm get 3/4 chances right. Just be careful of people manipulating the markets. Repeat Strokes. Analyze all bad/good moves.
Warning: You may lose 100% of Your Capitals at first few attempts. From Millionaire Stock Guru (He says Teachers come in His Dreams to teach Him). Know news well. Know the shares well. Enter market and buy. Once reach Your 100% of capital invested. Sell enough portions to get back your capital. The rest still invested to take more risks. If enter market and buy. Become drop. Mean money tied-up until reach back your 100% capital invested. So must get right before enter. Repeat Strokes. Each Stroke aim for a Target Return of say 10-50%. Analyze all bad/good moves. From a Millionaire Stock Uncle (me Cstan98 thinks it is because He is a very good English Chess Player). Wait for churches to be in financial troubles. Then help them just enough to get Blessings. Because confirmed the money go to Church Expenses. And not pastors sport cars. From me Cstan98. Good at Poverty Spiritual Gift. Live like a Citizen JESUS CHRIST when He is a King. Self-administer own 10% GOD JEHOVAH PROGRAM Tithes. For extra funds. Fund GUAN YIN & JESUS CHRIST Operations aggressively to get Blessings.
(01) Read Many Books As Possible.
(02) Start Writing .
(03) Keep On Revising.
(04) Email The Publisher Of Your Favourite Books.
(05) Ask Politely You Are Interested to Publish Books With Them.
(*) Some online ebooks publisher cheat manipulate sales data. Best is physical books.
If you are not working. And you depend on your working Wife for incomes. Then you should try your best to reduce burdens of your Wife. Do all dishes/houseworks/laundry/simple meals for your Wife. Look after all babies/children/... Be useful. And support your Wife by relieving all your Wife home duties. This also applies when your Wife incomes are higher than yours.
Your Jobs are your assets. It gives you money income. With money. You can buy foods/things You like. During the end times. It is very difficult to find a good job which pays you well. This is because GOD JEHOVAH PROGRAM is playing chess with satan the devil ceo on this planet earth. According to Holy Bible. There are financial disasters (food harvests/jobs economy/stock markets collapse), global earthquakes, plaque, tornadoes, ... You only earn enough to buy daily foods for survival. As foods prices inflation go sky rocket high.
The me Cstan98: "if you know what you want. You get them. If you don't know what you want. The you do not get them."
What are You after in Your Life?:
(1) Is It A Life According To Holy Bible?
(2) Is It A Soulmate With A Family?
(3) Is It A Wow Life?
(4) Is It Money Wealth?
(5) Is It Treasures In Heaven?
Carlson Rule Of Stuff states that "stuff begets stuff begets stuff". What it means is that when you buy something. That something makes you buy further things. For example. The you buy iPhone. You need to further buy electricity to charge, monthly internet subscription, iTunes songs, Productivity Apps, ... To apply this Law = do not buy too many things + simplify your life. Only buy few essential stuffs.
Parkinson Law states that "your expenses increase to meet your income." That means if you earn $700 a month. The you spend $700 . A year later. Let say you earn $1000. Parkinson Law says that: "most people now spend $1000 also." To counter = Pay Yourself First = transfer 50%/100% of increase in income to save. You need to do something. Or you save nothing. No matter how high is your income.
Someone (Bill Gates?): "life is unfair. Get used to it." Millionaires live millionaire life. Because they work a millionaire hardworking job. The me Cstan98: "life is unfair. Start working very hard to reach your Dreams." No one owes you a millionaire life. Not your parents. Not GOD JEHOVAH PROGRAM. If You want it. You have to fight for it.
If you want to become rich. Marry right. Either marry a wealthy spouse who has many assets. Or marry a graduate who has high incomes. Or marry someone with good financial habits. So that you couple can accumulate wealth together. If you marry someone who has low incomes & in debts with poor money knowledges. You definitely become poorer. Actually you need not always marry a rich person to get rich. You just a Person who has high potentials to get rich. Then just groom that Person with your Trainings.
We want money is because it can buy Us dreams. But if more money means bad health/bankruptcy/divorce/... Then why have then.
Someone: "money is like shits. If you keep them in your bedroom. It stinks like hell. If you distribute them to everyone. It becomes good fertilizer for many farmings." Money needs to go around to increase overall wealth of the Country.
Divorces are costly affairs. When you two persons marriage couple split out. It means both of you now need two houses to live. Instead of one (cost more money). Also mean two cars instead of one (again cost more money). If you have arguments how to split your wealth or children. The you people go to expensive lengthy court cases (again cost more money). The male side still needs to pay living expenses to his wife & children (more money). A total finance disaster. Marry right the first place. Do not land in divorce.
If you want to save. You need to Pay Your Savings Bill. Save as if you are paying a big bill at the start of the month. If you don't Pay Yourself First (Pay Savings Bill). The you never save for yourself. Because Parkinson Law: "you spend & spend until nothing left = your spendings always reach your income level."
Pay Yourself First means when you receive your income into your bank account. The first thing is transferred part of it (like 10%) into an investment/savings account. You should invest in yourself first. Before spending on other things. This force you to invest/save for yourself first before the rest of expenses things.
Not only do you pay yourself first. You should also pay yourself last also. Mean at the end of month. Try to have remainder budget surplus to invest/save. Transfer the remainder surplus to your investment or savings account. You should have a habit of having budget surpluses every month.
Baby Steps mean you take little small steps for each thing. Results are tremendous. For example. If you invest $100 per month at 7% return. The you become a millionaire in 60 years time. If you invest $200 instead of $100 & at a return of 8% instead of 7%. The you become millionaire in 46 years instead of 60 years time. Small tweaks make huge differences.
Do you know you need to get your Credit Report every year. Credit Report is your Financial Report which banks base on to give you house loans/... You need to clean up your Credit Reports. Another thing about seeing your Credit Reports is to ensure there are no fraud cases of issued credit cards or illegal loans created on your account. For Singapore. Google Search - credit report singapore. You need to improve your credit scores now. You don't know when you need to approach a bank for loans.
After you clear all your debts. Build 1 year Emergency Funds, pay 50% co-own for your house. It is time to save for Retirement Funds. Put into Government Compulsory Funds like Singapore CPF. Find out the minimum sum now needed at your target age. For example. The you reach age 55 in 2024. Google search - cpf minimum sum 2024. Then calculate the sum needed now with the returns growth to reach it. *Warning: if Your country government goes down. Retirement savings may be all gone. But if that is the case. All the country currency in the banks also may be gone.
If you cannot retire & at the same time don't feel like working. Go for Semi-Retirement = you work part-time jobs, earn just enough to cover your expenses, & lead a Half Stroke Life.
Before retirement. The you need to cut expenses. Because if you lower your expenses. The you have more money to save for retirement. Also. If you lower your expenses. Then you need to save lesser for retirement. This is because if your retirement expenses are lower. Lesser savings for retirement are needed. Therefore. You need to cut your expenses now to save for retirement.
Do you know in Singapore? Some people sell their bigger house & buy a smaller house. It is called downgrading. It is recommended you pay the smaller house in full. Do not put smaller house on house loan. This is because you are getting older. The you may be unable to work further to repay the new smaller house loan. Many have become homeless because they are unable to pay the smaller house loans after downgrading.
(*) Lower all risks to minimum so you need not insurance.
(01) Death With Dependants. Invest & pay finish the house totally (as fast as possible) so that after you die. Your family dependants need not worry about house loan payments (the main bulk of monthly money needed). Or you buy Mortgage Insurance which pay finish the house loan when the breadwinner dies.
(02) Earthquakes & Typhoons. Teach Holy Bible goodness as much as possible to local community & on internet. To prevent GOD JEHOVAH PROGRAM Disasters.
(03) House Fire. Install 8 hours fire resistance doors & fire extinguisher/s. So when fire. Use fire extinguisher. If fire too big. Shut that room door close & call fire engine. Fire at most only damage 1 room. Manageable loss.
(04) Invest Huge Huge Emergency Funds. So that you become wealthier each year & planning all life event changes.
(05) Medical Health Costs. Minimum Sugars + Vegetarian = minimum health costs & problems. You can buy deductible co-insurance health insurance or no need any because of healthy life style.
(06) Retirement Longevity. Invest $50,000 for 29 years at 5% investment rate. At 65 years old. You can take out monthly $400 to spend without decreasing that sum at that old age or $1000 payout per month annuity.
Do you know in Singapore? If you buy Landed Properties on 999 years land lease. You may have to pay Land Tax in addition to Property Tax. Find out carefully before buying Landed Properties
Do you know in Singapore? If you buy a Condominium. You may have to pay a higher Property Tax than your HDB Public Housing. Find out carefully before buying Condominium.
4% Rule = it is said if you take only 4% per year out of your savings portfolio. The money portfolio can last forever. You can live on the 4% per year of your money portfolio until you die. Leave them as an inheritance to your offspring. The logic is that it is very easy to setup a 4% return of bonds/dividends shares/real estates. *Warning: theory for me Cstan98 + no real setup running experience.
When you want to spend on big price items. Don't buy immediately. Cool down for 30 days. After 30 days ponderings. If you still decide to buy it. Then buy it. This prevent impulse buyings. And make you conscious on what you spend & buy.
Einstein. Compounding Power Of 72. Let say your investment returns from your investment is 10%. Then 72/10 = in 7.2 years your investment sums double. If you able to increase your investment returns to 20%. Then 72/20 = roughly 3.5 years your investment sums double. Therefore. If you can increase your investment returns by just 1%. It means a lots in compounding powers.
The dollar value drop by 50% using the calculation of 70. For example. If inflation rate is 7%. Then 70/7 = in 10 years time the dollar decrease its value from $1 to $0.50. So that you can guess the effect of the current inflation rate in your country.
Someone says "save 10% is for basic. Save 15% is for comfort. Save 20% is for freedom." Try to save minimum 10% of your gross income. Napoleon Hill: "savings habit is the principle of wealth." Learn the savings habits. Do not spend everything you earn.
Do not sell something to buy something you love. Sell something you love. For example. Do not sell precious stones to buy Hello Kitty Money Notes. Sell directly Hello Kitty Money Notes you love. See what happens when Steve Jobs sell iPad & iPhone. Sell something you love passionately.
Spend less than you earn = surplus. Spend more than you earn = debts & deficit. If you are poor in income. The more you need to save. Cook & bring your own lunch to work like rice with eggs/salt/soya sauce/tomato sauces baked beans/... Do not drink & smoke. Share rental your room with room-mates. Spend less than you earn. Save the surplus. Use to that frugal lifestyle. When your incomes increase. Remain to that frugal lifestyle. Save also your total increase amount of income everytime your income increase.
Your money resources are limited. Spend Wisely = every penny counts + use each penny wisely. Waste Little = every penny counts + do not even waste a single penny. Start with every unit. Do not look down on even a single cent. When you take care of the little things. GOD JEHOVAH PROGRAM takes care of the big things for you.
If your boat (money management) is sinking. The you need to fix all the leaks. After you track where all your money gone to (like using MacBook App Numbers). Next thing you need to urgently do is to fix all the leaks = which expenses are making you over-spend monthly + you need to cut down these over-expenses (leaks) fast. If you do not know where are your leaks. It is very difficult to fix them. See Apple Numbers Spreadsheet in this website Official Accounting.
Brainstorm 5-10 ways for you to earn more money & organize sort them in Apple Numbers Spreadsheet. Focus choose a few of them to earn more money income now. Increase your multiple streams of money incomes.
(01) Donate. Donate 10% Tithes of your incomes to a good JESUS CHRIST Church. To get GOD JEHOVAH PROGRAM Blessings. JESUS CHRIST: "build treasures in Heaven."
(02) Honour Your Parents. JESUS CHRIST: "honour your parents (when they are right). Leave your parents (when they are wrong)." When jobs working. To Honour Your Parents is to return give Them back a monthly money allowance for Them to live. They spent so much money & energies to rear you up to working adult. It is time to pay back.
(03) Lessen Greeds Desires. Do not let your greeds desires grow too big.
(04) No Adultery. No adultery to have blessed good looks so as to get a good high-paying job.
(05) No Bankruptcy. Negative money. You guess what homeless people do in their past lives. Bankrupt!
(06) No Credit/Loan. Buy 100% upfront. If you cannot afford it. Don't buy it. Do not live outside your means. Do not over-borrow. Use debit card instead.
(07) No Debt. Pay off high interest 24% p.a. credit cards debt off as fast as possible. Pay off house loan as fast as possible. Because if you stop making payment to the monthly house loan. The bank foreclosure your house & not receive a cent back from all the past monthly house loan sum you have paid.
(08) No Gamble. After long poorness with Cultivation. GOD JEHOVAH PROGRAM bless you with Riches. But you need to help yourself with new business idea/jobs/...
Simplify Your Living. Cut wasteful living.
(09) Poor 95%. A Study show that 95% of population cannot earn enough for a basic living = education/food/house/... Most likely you are 1 of the 95% like me Cstan98. You are not alone.
(01) Big Money Is From GOD JEHOVAH PROGRAM, Small Money Is From Saving.
(02) Compassion. Think business ideas for others.
(03) Courage. Dare to earn.
(04) Invest In Assets. Invest in a company/patent/website/... to get more money to help people.
(05) Invest In Healthy Foods. So you do not incur expensive medical costs because of malnutrition.
(06) Invest In Jobs. Have many multi-stream of incomes. Still give high-flyer quality works performance for all bosses.
(07) Invest In More Foods. More energy to get more money & foods.
(08) Invest In Yourself. From English + Mathematics. To Business Certificate. To Diploma. To BBA (Business Degree).
(09) Save For Projects. Future budget yourself for a Children university education/Christianity car/house/...
(10) Spend Finish Your Money. Leave your future to GOD JEHOVAH PROGRAM. One sister asks Mother Theresa: "how come you give all the foods to today poor hungry people. What about tomorrow for us?" Mother Theresa: "leave tomorrow to GOD JEHOVAH PROGRAM."
Person asks Wiseman: "what is Way of Prosperity." Answer: "contentment. Because when You are contented. You have more of everythings."
Know the Why Questions behind your actions to push You further & further:
(1) Why Budgeting? So as to know where my money goes to. So to know the areas to cut costs.
(2) Why Cutting Expenses? It is a necessary so that me can save & invest more.
(3) Why Investing? To grow my wealth faster. To quicken the rate me save for Retirement.
(4) Why Saving? To build wealth. To retire in the future.
(5) Why Working So Hard To Earn More Money? So that me can be more Blessings to this world.
Working a job you don't like is work. Working a job you like is having fun. Work for your Dream Job even it is lower pay or harder work. Your lifespan is limited. Why not make use of your Lifespan effectively? Enjoy your Life. Work Your Dream Job. Work something you love.