Friday 23 May 2014

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Want to save money? Here's 6 things you should do

Posted by Unknown at 7:00 pm No comments :
We all know that saving money is part of the essential way of life. You can earn as much money as you possibly can, but without saving it all goes down the drain like water. 

Perhaps you already know that you should be saving money. Or maybe you wants to save even more than you already did. Higher expenses and price of goods getting more expensive all the time. It just wouldn't stop! You can't seem to find a way to control your expenditure any more. Sometimes you didn't even realize that you did not have much money left, and its only the second week of the month! Salary is not until the end of the month.

Saving money comes from cutting your spending. All you need to do is just to follow the "life-saver tips to saving extra bucks". I am going to show you. Make it a habit and subconsciously you may realize you have a fatter wallet than before.
*Image courtesy of FreeDigitalPhotos.net

1st Life-Saver Tip - Cook your own meal. 
I can't deny food is the giant that burns a hole in your wallet. What's more, food consumption made daily, hence, you need to first save on the money spend on food. Try to spend more time cooking at home. If you're a busy person, perhaps arrange a ratio of 4:3 over dining out and cooking at home. 4 days of cooking, 3 days of eating out. 

Assuming you have to spend $10 every meal when you eat out. Cooking at home may just cost you $6. You saved $4 for a meal. Now, calculate how much you can save for 3 meals in a day, for 4 days. You saved about $360 in a month! 

2nd Life-Saver Tip - Make a weekly budget
I can't stress how important is this. Setting up a budget keeps you in control. Each week, estimate how much you are going to spend. And set a budget of how much you are likely to spend on variable expenses (such as food, clothes, entertainment, etc). 

Yes, I know this is tedious. By reading the title it turns you off. But if weekly budget sounds too tedious for a busy person like you. Try starting out with a monthly budget first. You won't notice at first,.but you will see the effect at the end of the month. It works like magic!  

3rd Life-Saver Tip - Don't buy on impulse
When you first saw the things you want to buy, pause. Wait for another day before you buy it. The point is, you may not even know if you really need it. It may somehow be an impulse emotion. If you wait for another day you may forget all about it, thus save you 200 bucks! 

4th Life-Saver Tip - Plan for big-ticket items
Let me explain. Saving doesn't mean you need to be frugal. The good news is that you can still buy your big ticket items! But, you must plan for it.

Big ticket items such as cars, luxury items, gadgets or designer clothes requires planning purchase stage. How much do you have left after buying it? Can you survive the remaining days before your next income? How much does it mean to you to own this item? 

5th Life-Saver Tip - Credit card is the Angel and the Devil
A simple notch, if you are a good money planner, credit card gives you plenty of benefits. There are many banks offering discount on merchants or retailers that you can take advantage from. If you want to use it, find credit cards that offer benefits for your necessity or daily spending. Such as cash back value for grocery shopping, or pump of gas or petrol for your vehicle. 

But if you care less about credit cards benefits, please do not use a credit card at all. Use cash instead. 
And if care less and insist to use credit cards  because it makes you look good and prestigious...use at your own risk. 

6th Life-Saver Tip - Make it a habit
You can save if you are consistent. If it was done for a month just because you're running out of money, it won't last. It may happen perhaps the next 3 months again. By saving money, I mean consistency. Make it a habit, changing your lifestyle through all these life-saver tip and trust me, you will worry less about money than you did before!
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Tuesday 20 May 2014

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Are entrepreneurs happy with what they are doing?

Posted by Unknown at 8:59 pm No comments :
There are a lot of assumptions about being an entrepreneur. Some would agree that being an entrepreneur gives you the time you want to do things you love. An entrepreneur means having the authority to make your own decision. Doing the things that you are passionate about. Successful entrepreneur will reap all the rewards in the form of satisfaction and monetary value. 

Isn't these good enough to make you a happy entrepreneur! 

But well, not to forget that being an entrepreneur is not an easy feat. Everything you heard about an ordinary man suddenly became an overnight millionaire is bullshit. Its very rare that such thing will happen overnight. 

My very honest truth is that startup is not simple. When you first started, you'll suffer the day and night thinking about your business because no one else will think on your behalf. You are the decision maker for your business, whatever rise and fall of your business is all totally on you. No supervisors or bosses are going to back you up should something bad happens, you got to solve it anyway. 

Now knowing all these, think again the same question...Are you happy now as an entrepreneur? 

*Image courtesy of FreeDigitalPhotos.net

Oh hell yes! You are now doing something right from your passion. You have visualized your future and are halfway on the journey to invent your future. You are different from the typical 9-to5vers who are still making ends meet. You decide your own fate. What else is not to be happy about? 

People always get the equation wrong. They assume that all the stress and problem of doing your own business is not making you happy. In fact, it makes you angry, or worse drives you mad. If you agree with those people, maybe you are not an entrepreneur. You're just someone who's trying to create a business to survive. 

"True entrepreneurs are always happy at what they do, despite the troubles and stress they have to go through."

Have so many problems in your business? Well screw that. Bring it on! You're already halfway on your success journey, what's there to stop you??
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Saturday 17 May 2014

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The truth about owning a car

Posted by Unknown at 10:23 pm No comments :
This is a very controversial topic, I would say. A simple question to raise to everybody. 

Is it good to own a car? Yes or no? 
My answer a is big NO.


 Can you believe it if I tell you, ever since graduated for more than half a decade...I have not own a car yet. 

Yes, I know I know....you probably reason out saying that you need car because you need it to travel to work. You need it because its more convenient. You need it because its part of life. 

I understand, and I have to agree some people were forced to own a car because of travel distance to work. Thanks to our atrociously, shamelessly poor Malaysian public transport infrastructure. Now many of us need to own a car and owe for debt. A very bad debt.

My piece of advice, if you do not need to own a car, never buy (ohh....i mean borrow loan) for a car! NEVER!  

If you were meant to enjoy life and have car for fun and life, then this post isnt for you anyway, because its all about cost saving. 

Here's my 5 reasons why you should not own a car:-

  1. Car is a bad debt. The moment you bought your very first car, the price of the car immediately drop.
  2. You don't just pay for car instalment. You pay for your car insurance, car petrol, and car maintenance.
  3. If government raises petrol price again, your expenses gradually increase, because your car needs to feed!
  4. Car instalment loan interest rate is fixed. No matter how much more outstanding you owe the bank, they still charge you the same interest rate. Means bank already earn your money very beginning.
  5. Tendency to hangout is higher. What is the point if you own a car and you don't drive out? So it means hangout more, spend more, and save less money. 
I don't mean that forever you should take lrt or bus anywhere else. It sucks if you were forced into such situation your whole life. (Neither would I do that).

Here are 3 reasons when you should own a car:
  1. When you are able to pay a lot more downpayment or pay by cash. The lesser you owe the bank the better, because interest rate is fixed. You don't want to let bank take your money away!
  2. Your car helps you to earn MORE money. Yes is true. Own a car if it helps you to earn more money despite car insurance, petrol and maintenance.
  3. Your lifetime commitment is lesser. You own a house, paid off clean, or rented out for passive income. Your business is taken care of. You have very little commitment...then car is no problem for you.
Yes some people can have many other reasons to own a car. A status, glamour, show off, reputation, etc, etc. Common isn't it? Not unfamilliar. 

No wonder Malaysia's car ownership is the THIRD highest in the world. 

Feel proud? Hold on...you should read this one below. 

It says that Malaysian car is second most expensive in the world. Its ashamed if somebody wants to own a car because they want glamour and willingly spend so much money for a high-end car. And struggling to dig his/her pocket to pay off loan.

"My advise, PLEASE don't buy a car if you can't afford or do not need one. "

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Tuesday 13 May 2014

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4 Basic Rule Every Entrepreneur Should Practice

Posted by Unknown at 9:53 pm No comments :
Every year there are thousands of entrepreneurs born and ready to rule the world. And almost (yes, I mean almost all) of these successful entrepreneurs practice these FOUR RULES of entrepreneurship. I called it MINO. The big four of MINO are: Motivation, Innovation, Networking and Opportunity.

Motivation

This is the ground rule of being an entrepreneur. Every one of us always have to start somewhere, and it is MOTIVATION that push us forward. What motivates you to be an entrepreneur? Is it passion? Freedom? Get away from regular corporate life? Or family? 
You identify what is your motivation, and set a goal towards what drives you to be a successful entrepreneur. This is how you can reach where you want to be.

Innovation
*Image courtesy of FreeDigitalPhotos.net
It is the core of entrepreneurship. Especially during digital era where entering small business is too easy for everyone. Visit GoDaddy.com for a site, sign up with HostGator.com for a host, voila, you open for business!

Sometimes when things become too easy, its where the hardest problem arise. When everyone are doing the same thing doesn't make you any different with other entrepreneurs out there. Millions of them! 

Which is why we need innovation. How are we different from competitors? How to serve the customer the same thing in a different manner? 

Before Facebook, MySpace and Friendster used to dominate the social networking world. But Facebook stands out due to innovation. The creation of 'Newsfeed' is proven to be something out of the world. Offering the same service with innovation. That's how Facebook stands out.

Networking
*Image courtesy of FreeDigitalPhotos.net
Networking can be done with anybody. Seriously! As an entrepreneur, you should always start by sharing your success or problems with your family or close friends. Listen to them, get their support, this is what keeps entrepreneurs going. 

Even for some entrepreneurs, networking is parts and pieces of success in the business. Always know someone better than you and learn from experience of veterans who have 'been there, done that'.

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” - Warren Buffett

Opportunity
*Image courtesy of FreeDigitalPhotos.net
Every entrepreneur will always have to start somewhere. Where did you begin your journey as an entrepreneur? 

When an entrepreneur started their journey, its all because they have identify an opportunity. An unmet needs or new solution that can reach out to their customers. You could have all the motivation you can get, but without the opportunity to start a business, you are still standing at the beginning of the road. 










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Thursday 8 May 2014

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Two types of safe and low risk investment you can find

Posted by Unknown at 12:23 pm No comments :
Let me try to illustrate out two types of people that should be reading this one.

FIRST PERSON, you do not like investment because is risky. You don't know what investment is out there you can earn money from. You rather save it under Fixed Deposit (FD), safe and sound. Or even worst, you prefer not to do anything and leave it in the bank!  

SECOND PERSON, you want to invest. But you still have fear of the risk. And you don't know where to start, and what kind of investment suitable for you. 

I am going to show you no-brainer guide to choosing low risk investment.

*However if you are so good at it, please ignore this post because you probably have better alternative to earn bigger chunk of cash. 

2 TYPES OF SAFE AND LOW RISK INVESTMENT
1. Mutual fund/Unit trust. 
Probably you have heard of it somewhere. This type of investment doesn't work like a single stock/share. 
Unit trust is basically controlled by fund manager who will allocate your money to invest in various sector/industry and companies. 

- WHY INVEST IN UNIT TRUST???
Because, if money is allocate to different sectors, your risk is diversify. If Company A is losing money (share price drop) your money is covered back by Company B or C which is still earning money. If you invest in this over the long-term, the chances of your unit trust rate of return is higher compare to normal stock market investment.

 - HOW DO I START?
Simple, start doing your homework. Go to Google to look for 'what is mutual fund?' to understand it better.
And then, you can look for banks who offer unit trust services. Notable one in Malaysia would be Public Mutual. They have won multiple awards for being best Malaysia Unit Trust player in the market.
Call them, they will arrange a unit trust consultant to look for you. (THEY ARE MORE THAN HAPPY TO LOOK FOR YOU! ITS AGENT'S COMMISSION)

 - WHAT SHOULD I LOOK OUT FOR UNIT TRUST?
Do take note that invest in unit trust is quite expensive. They charge you a fee of 5.5% every time you invest (you're paying fund manager to invest for you anyway). 
Which means - you invest RM 1,000. They will take RM55 as service charge.
And disadvantage is that you cannot control what they have invested. So please constantly look at your investment, if it is not earning as much within a 5 years' time. Start looking at other fund that is performing better. 

2. Exchange- Traded Fund (ETF). 
It works slightly similar to unit trust. But instead of controlled by fund manager, they track the KLCI index. Its very technical, probably you need to Google again to understand further.

- WHY INVEST IN ETF???
Here is the sexy part. ETF is cheap! Low risk, and cheap. It doesn't charged a service fee like unit trust. It only charge normal broker fee just like normal stock (broker fee ranges from 0.25% to 0.5%). And they look at index, meaning if the index has a total of 100 companies, its share price is diversify too. Its advisable to invest in it long term because in a short period of time you can't see much differences. BUT in long term, the reward is there. 
"The younger you invest the better its value is!"
 - HOW DO I START?
In order to invest in ETF, you need a broker account. The link below has a list of available service in Malaysia as well as their charges. 
The best thing, you can start investing online. If you don't know where to start...choose a broker from the list and call them up. They will arrange a broker to serve your account.

 - WHAT SHOULD I LOOK OUT FOR ETF?
There is a drawback, ETF in Malaysia is still not matured. They just started not long ago, unlike countries like US which have started ETF more than 10 years ago. So you need to really study carefully what is the potential ETF, and what index/company they are referring at. 
A better plan is to invest to developed market for example US. Although their broker fee to invest in overseas is extremely high, but, is safer and more profitable in the long run comparing to Malaysia's ETF. 
************************

As a conclusion, you now know where to start, so delay no further. Even if you think it is not suitable for you, but at least understand them. You never know when you may need it. 

Its better than putting your money in FD. Our Malaysia inflation rate was 3.48% as of March 2014. Do you think FD can earn you money? I don't think so, moreover FD doesn't not allow you to withdraw money out without charging you penalty or not giving back interest. So which is better? 
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Monday 5 May 2014

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5 reasons why working for money will FAIL you

Posted by Unknown at 12:30 pm No comments :

"Money is usually attracted, not pursued"
Jim Rohn

So many times we have seen parents told their children to study and earn a better pay for a living. Robert Kiyosaki has many times educating audiences that school taught us the wrong advice. And according to my observation, I can't agree more with this. People have always been seeing it the different way.

Many entrepreneurs have already discovered the way to live a better life. Nonetheless, there are still people who continue to work full time. Sadly, doing it by working hard to pursue money for they think that working hard for money equates to happiness.

I will show 5 reasons why working for money will FAIL you, instead of planting you a success.
*Image courtesy of FreeDigitalPhotos.net

1. MONEY WILL CONTROL YOU
Sad truth behind this is that people constantly think THEY are the source of income. If you have the same thought let's assume this. When you fall sick, you cannot earn money. When you are on holidays, you are not going to earn money. Perfect example are doctors, lawyers, therapist, consultants...If you run a one-man company, then its even harder to manage. Money takes control of you. Without you = no money.

 2. YOU MAY SINK INTO STRESS AND DEPRESSION

 Engineers, fund managers, investment bankers, and some of them work for long hours. 14 hours a day just to cover their asses in their job. If you are one of them, you may have received a 6-figure income pay check. But to what end? Unless you are doing it for the love and passion, else there is no point in life pulling into long hours of work, subsequently suffer depression and stress.

 3. MONEY WON'T MAKE YOU HAPPY
Face it, money will never make you happy. You work harder for it, so that you can enjoy a better life. But if money is your goal, how do you even have time to enjoy that life? You work so hard to earn it, your time is wasted for all that. Happiness is grow from within, not earned from the outer layer. Work on something that makes you happy. When you do, you might not even care how much you are earning.
*Image courtesy of FreeDigitalPhotos.net

 4. CAN YOU CLIMB A HIGHER CORPORATE LADDER?
Unless you have a have a crystal ball to predict future, else you have no certain way to see how far you can go in your career. Every step is a risk, as you grow older you are going to compete against many young graduates who has more time and energy than you. Pareto 80/20 rule. Only 20% of managers will control 80% of his/her subordinates. Now, if there are 100 employees in your company, you are going head to head with your co-workers and only 20 of them earns the throne. If you choose not to compete for that throne, you may risk your career line over younger staffs.



5. THERE IS ALWAYS A LIMIT TO HOW MUCH YOU EARN
Working for people you will be limited to the amount you may earn. Company always secure a budget. You will never get to earn more than you want unless you're not as ambitious. Being an entrepreneur however, is a different story. Sky is the limit. 

"Ridiculous yachts and private planes and big limousines won't make people enjoy life more, and it sends out terrible messages to the people who work for them. It would be so much better if that money was spent in Africa - and it's about getting a balance." 
Richard Branson


"Your time is limited, so don’t waste it living someone else’s life."
Steve Jobs



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Friday 2 May 2014

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How to find the million-dollar business idea for a startup?

Posted by Unknown at 9:34 pm No comments :
Being an entrepreneur isn't a simple feat. It requires so many elements and knowledge to get things started. But before all else begins, it always start with a great business idea. 

How do you find the million-dollar idea? How do you find an idea that could start your engine and begin your great entrepreneur career. I believe many of those who have read this could have the same question. "I am passionate but I just couldn't find the perfect idea!" 
I've been through the same stage, I used to crack my brain to find the perfect idea. Making every move possible  to find the ultimate idea that make millions. But it doesn't work that way. 

 In fact there is no need to crack your brain to think of a million-dollar idea. The fact is, the million-dollar idea is already within you subconsciously, you just find the right way to get it.

FIVE RULES OF FINDING YOUR ULTIMATE STARTUP IDEA.


FIRST, what is your passion? What is your skill?
- What do you like to do or what are the things that can keep you awake doing, and time passes by without you noticing?
- Do you have any particular skill that can be traded for a payable service? Eg. copywriting, programming, consultancy, musical skill, dancing, etc.

SECOND, find a problem and identify solution.
 - By doing this, firstly listen to people. When people around you starts complaining about something, be conscious about it. It is a problem, and if you can think of a solution to people's problem you get the demand for potential business.
 - Can your hobby/skills solve people's problem?

THIRD, think your idea long-term
 - How long do you think your idea can last you? 
 - If it is a seasonal fad, it wont last you too long. When thinking of an idea, you start with the end in mind. How big and how far do you want your startup to grow?

FOURTH, ignore eureka myth, don't find idea that no one has done before.
 - If you are waiting for an eureka moment, you probably gonna wait forever. To source for an idea you need to work on it. Think, observe, identify, that is your eureka. Idea don't just bestow upon you for no reason.
 - Idea is nothing unique. Your new idea is actually the combination of different ideas. You can't waste your time thinking about an idea nobody has ever done before. You wont find it. A way to solve this, please refer the FIFTH rule.

FIFTH, be different.
- Thousands of entrepreneurs out there doing what you are doing. Your competitive edge is to serve the same business, but do it by being different. 
 - Serve the same audiences by adding something that no competitors has created before? 
 - How Facebook stands out from Friendster and MySpace? The answer, Facebook has newsfeed, the two players don't. That is being different.
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