Building wealth

Day 21

2006-10-13T02:56:00.000-07:00

MONEY IS A LIFETIME ISSUE

Youth is the time of getting, middle age of improving, and old age of spending --- Anne Bradstreet.

You are a financial being since the day you were born, you are not aware of it until adulthood.

After graduation or even earlier, you need to develop a good career, open a savings a/c and save to find a house.

After which you get married and have babies, you must get for yourself and family insurance.

You have to think for you kid’s education when they grow up. If your spouse drops out of the work force to care for the children you need to make up for that lost income.

Divorce or health crises will eat up money faster than you could possibly imagine.

Assuming you stay healthy, you don’t smoke and drink and don’t fool around and relatively free of financial worries.

You are still not off the hook, because once you reach middle age, it is high time to think about retirement.

Many people, especially in developed countries, the people live past 80 easily, you have got to plan for the future, and the only realistic way is through savings and investments.

In a nutshell, it is never too early to plan and make yourself financial responsible.

Day 20

2006-10-08T04:59:00.000-07:00

“POOR ME”

Your financial health is a function of the attitudes you have learned and taught yourself about money over the years --- Albert Ellis, PhD

Despite women’s growing earning power, the issue of unequal pay for working women is evident now as the average retired woman has a monthly pension income of about 57% collected by the average retired man.

Women live about 7 years longer than men, so they need to pay closer attention to wealth building.

Women should not become a financial burden to their families.

They should learn to take care of themselves financially.

Day 19

2006-10-07T04:52:00.000-07:00

PRIORITIES

Life is what happens to you while you are busy making other plans --- John Lennon

Financial planning = life planning.

You can deal with your financial life in 2 ways, you can react or initiate.

Do you wait for your PC to end up in the junkyard before you think about getting another or wait for it to crash.

Doing homework is the keyword here, it can save you 20-30% of lots of aggravation and get you an affordable deal.

Plan is the operative word here, you will be surprised at how much aggravation you avoid and how much you will save.

It does not matter whether you are an adult or teenager- you always need to plan how to use your money wisely.

Learn from some financial gurus such as Warren Buffett, and buy his books to read, it will cut short your learning curve. You will be ahead of your pack.

When you have no plan for your life, chances are you will end up in a place you never wanted to be.

Planning is about allocating and designating funds for specific goals and objectives – until you do, you are still in uncharted waters. Barely afloat!

Day 18

2006-10-06T07:51:00.000-07:00

TO HAVE SOMETHING

The trick to money is having some! --- Stuart Wilde

Most people in their late 20s’ or early 30s’ barely managed to hold on to their paycheck from month to month.

“Financial planning” is such a far fetch notion and could not possibly apply to their lives.

They have no savings and no long term goals like retirement.

If you want to “have something” one day, first and foremost you must learn how to invest. You could probably start investing small amounts in mutual funds. Maybe few months later, you could engage a financial consultant and convince yourself that you could get into adding investing to your life.

Wherever in your life, you can begin learning about saving and investing.

Day 17

2006-10-05T02:40:00.000-07:00

CREATING MORE MONEY IN YOUR LIFE

I’d like to live like a poor man with lots of money --- Pablo Picasso

Perhaps one of the reasons you avoid the money issue like a plaque is because you earn so little. Whatever your current situation is, it could be better.

With all the corporate mergers that have occurred, the end result usually is downsizing and layoffs.

Your future paycheck could be in jeopardy, as such your first and foremost priority should be to working for yourself – even if you are on someone else’s payroll for now.

Starting a part-time business on the side for greater income are possible for everyone.

Consider it your duty to yourself to make the most of your income prospects.

You must affirm yourself that focus on having a job or being self-employed in a way that pays well and provides daily satisfaction.

Day 16

2006-10-04T03:13:00.000-07:00

FIND THE TIME!

Procrastination is the thief of time. --- Edward Young

When dealing with money issues, we often look for any excuse to avoid them. Find some time for yourself to gain a better understanding of new financial opportunities that await you.

Watch a personal finance show on CNBC or CNN-FN, or browse through internet websites for finance on various topics such as credit card, mortgage and car leasing.

Each week as you become more comfortable with new financial concepts, you will expand the time and look forward to it.

Affirm yourself that you deserve to take a moment out of each week to get your financial life in order.

Day 15

2006-10-03T00:54:00.000-07:00

WORRY,WONDER, OR PLAN?

My life seems like one long obstacle course, with me as the chief obstacle --- Jack Paar

In the world of money and building wealth, wishing alone will not make your dreams come true.
Most people choose to address their financial lives by 1) They worry about what will happen, 2) look for scapegoat when nothing is happening and 3) like the ostrich, keep their heads in the sand and hope the problem will be resolved by itself.

None of these 3 scenarios leads to anything but frustration. and lack of financial growth.

The only choice to build wealth is planning.

Creating wealth starts with changing your behavior and perspective. Remember the definition of insanity is “doing the same thing and expect different results.”

The choice is entirely yours.

Which do you want to do? Worry, wonder or plan?

Affirm yourself that something positive will happen today.

Day 14

2006-10-02T05:49:00.000-07:00

SPIRITUAL MATERIALISM

Money cannot buy happiness but then, happiness cannot buy money either --- Sir Joseph Goldsmith.

A truly spiritual person sees that money can be used for good or ill.

The confusion of how money should be used as an example of our commitment to faith and charity comes from within us.

It is within your power to make a positive use of money and direct it toward a good purpose in the world around you

Day 13

2006-10-01T08:34:00.000-07:00

WATCH YOURSELF

We are what we repeatedly do. Excellence then is not an act but a habit.--- Aristotle

Money flows through your life in several ways but you often do not notice it.

Before you can change a habit you have to know what it is! Sure you can recite the rent or mortgage payment in your sleep and not to mention all the loans and the monthly insurance premiums.

But these expenses are usually less than half your monthly income (or they should be!).

You have and idea what the telephone and utility bills usually are (or you should!), but the rest is a mystery. In the computerized world of electronic money, credit cards, checks, and cashless payments, we spend without thinking because we do not see cash going through our fingers. A recent merchandising study proved that people who shop with credit cards spend 25% more than people who use only cash.

Stop and watch yourself.

Watching your spending is the first step towards empowering yourself financially.

Day 12

2006-09-30T02:42:00.000-07:00

MONEY AND EMOTIONS

Money is a topic that activates shame for everyone. When you are ashamed about money, no amount seems right… money is a whole lot more subjective than is commonly believed.--- Pjil Laut

Based upon what we have learned from our family friends, peers, society, school or church, we view money either as a blessing or a stigma, something to use for empowerment or to be secretly coveted and hated at the same time.

Emotional reactions to money are often very negative and very powerful, and can include all kinds of negative emotions such as anger and anxiety.

Yet in the heat of our emotions, we forget 2 major things 1) Money does not have any feelings – people do.

2) Money is just a tool. It can be used to attain specific goals for you and for people and that you touch.

You should affirm to yourself that you can use money for many good purposes in your life.

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Day 11

2006-09-29T04:47:00.000-07:00

THE ROAD TO WEALTH IS PAVED WITH KNOWLEDGE

Only fools despise wisdom and discipline --- Proverbs 1:7

With today’s information resources, your first stop should be your own internet access. From CNN.com you can look up for your stocks’ performance and read report on the stocks you have purchased.

You could also be earning quarterly dividends if you are into blue chips.

Spend some time in the library to look up for more resources pertaining to wealth building.

Watch your mind and your world begin to open up to a new vision of stretching your dollars and your paycheck.

Your questions about your financial situation will not be resolved unless you make it an effort to find ways to your questions.

You must affirm to learn or absorb more information that empowers you to change your financial reality.

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Day 10

2006-09-27T22:56:00.000-07:00

EXCUSES, FEARS, AND WORRY

He/She who is good at excuses is seldom good at anything else --- Sllie Adams Brooks

Have you ever heard someone say “ I’m not into money?” That is like tantamount to saying “ I am not into breathing, bathing, eating or working.

You can’t have a life without money. Money is simply another way of keep score of how well you fare in your life’s activities.

Accepting money for what it can offer is the first step toward being a financially responsible adult.

List your daily activities that do not have a money-related component. Then list the ones that do and see which list is longer.

Be honest with yourself and try to explain how important money is to you for accomplishing your goals.

Day 9

2006-09-27T02:02:00.000-07:00

BELIEFS BECOME BEHAVIOR

We are what we think. All that we are arises with our thoughts. And with our thoughts, we make our world. --- Gautama Buddha

If you grow up thinking that money is dirty and talking about money is a taboo, in such a case your adult behavior will exhibit these beliefs.

You also probably do not think about the terms of your health and life insurance or any other form of financial obligation until it becomes a crisis.

If talking about 401(k) plans, writing wills, or setting up an investment plan gives you an anxiety attack, then you will need to work through your feelings if you want your life to develop financially over the next decade.

On the left side of a sheet of paper write down everything you own, from cash and savings in the bank, to IRAs, insurance policies, stocks and bonds, car and real estate- all of it. These are your assets. Put a money value to it and sum it all up.

On the right side of your paper, put down all your debts, your mortgage loans, and your liabilities, and see the total of all these.

Which is larger? If your asset is higher, congrats. If your debts are greater, in that case, think about how you want to change them. This is your net worth statement.

Your long term financial commitment to build wealth is to increase the total of your left side of the paper and decrease the quantum of your debts.

Do it now, it helps a great deal.

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Day 8

2006-09-26T01:54:00.000-07:00

MONEY MESSAGES

By taking stock of all the past influences on your money life, you will become more and more detached from their powerful voices. This will enable you to relate to money as you alone would choose to do, in a way that reflects your fundamental values --- Olivia Mellan

Money messages are so deeply ingrained in our childhood and more often than not, it triggered some form of painful emotional reactions.

What did our parents convey the messages of money to us? Did they discuss it openly? How many negative remarks did you hear as a kid, when you asked for an extra dollar, most likely you will get a response of “ Do you think I print money or what, or money does not grow on trees!”

These statements have encoded in our head and control our daily behavior, yet we are barely conscious of their influence.

We may earn more than our parents, however we are still replaying their disapproving messages.

It is high time to put a stop to all these and record a different message for your own financial well being.

Maybe your parents did not invest in stocks, shares and mutual funds, but how do you reasonably know that they would not have if they had known about them?

Getting unstuck from your past unpleasant memories takes time. You can turn your financial life around, but it means a willingness on your part to explore opportunities that your parents may never have heard of.

You may not attain wealth beyond your dreams within the next year, buy you will be much closer to it if you bury your past experiences with those unpromising money messages.

New financial ideas and new behavior that will encourage wealth begin in your head.

Write down all the negative comments you heard about money while rowing up. Then rewrite each negative comment as a positive statement.

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Day 7

2006-09-24T22:55:00.000-07:00

GETTING PAST THE FEAR

It’s a kind of spiritual snobbery that makes people think they can be happy without money --- Albert Camus

Some of us hated money at one time or another. Some people become “money monks” declaring money is evil, or the love for the money is evil. All these people are “morally and spiritually superior” since their life goals have nothing to do with the filthy stuff (money).

However, a truly spiritual person is aware of the power of money. Mother Teresa was well aware of how many children she could feed and care for with the $1 million Nobel Peace Prize.

The fear that surrounds money like any taboo subject, paralyzes us from becoming financially responsible beings.

As long as we cling on to our fear, we reject prosperity.

Fear can be eliminated by developing a different view of money.

Make it an affirmation that You accept money into your life without fear or shame.

Day 6

2006-09-22T21:10:00.000-07:00

GETTING STARTED

Just Do It! – Nike Slogan

You don’t have to be a rocket scientist to keep track of your spending and money.

What you need is a calculator, a small note pad and a ball point. Write down all your expenses each day in ink so you can’t lie to yourself for some unnecessary items and erase it off.

Become a “dollar detective” in your own life for a few days, only you are the sleuth and the subject under surveillance.

This is to know yourself and your financial values.

How many trips you make to the ATM and how much you withdraw each visit, 50 or 100 bucks?

What you do with that cash, eat out, grocery shopping or paying for a car repair. How did you spend that cash, newspapers, magazines, haircuts?

Write it down in your notepad. Just make sure you have a system for keeping track of it all.

Knowing where your money goes is huge step toward taking control. This will become habitual and will keep you aware of what you are doing with your money.

Make it a habit to start analyze your money pattern and learn from them.

Devote at least 2 weeks to recording all your cash activities, then ask yourself what you could do differently.

Day 5

2006-09-21T22:12:00.000-07:00

MONEY AND VALUES

Since money has as much to do with values as with Value, should some future archeologist want to get a lead on our priorities, even our character, all he or she will have to do is read our check stubs --- F. Forrester Church.

Our values are based on past experiences and our future expectations. What evidence of your money habits would someone who peeked in your checkbook find? More payments for loans and bills than for savings and investments?

Frequent purchases of shoes, clothes and entertainment? Well ,you’re not alone in this aspect.

Most people whose spending is out of control they simply don’t keep track of what they are spending.

Think about it, if you want to be proud of the evidence of your spendings you have to develop new habits for handling money.

You can get help to break the cycle of excess spending but first your must pay attention to what you’re doing with your money. Starting today

Start keeping a financial journal or make notes in your daily appointment book of the ways you spend money that do not require cash.. It adds up!

Day 4

2006-09-21T01:06:00.000-07:00

ATTITUDE ADJUSTMENT

Making my first million was easy. Convincing myself that I could do it was the hard part! – Les Brown

Les Brown and his brother was born in a Miami ghetto and abandoned by their mum. Les was deemed retarded and uneducable, and he quietly accepted all these.

One fine day, his teacher told him that if he believed he could do better and worked at it, he could make something of himself.

Ever since then, Les never looked back and become one of the highest paid motivational speakers in the country.

If you see yourself as always being financially insecure and struggling from paycheck to paycheck, then it’s pretty likely that that’s all you’ll ever attain in life. It pays to examine your underlying beliefs about money, wealth and prosperity.

Attitude is the most important ingredient in changing your financial life.

No amount of information or group support can overcome a cynical attitude about prosperity.

The possibility of wealth begins in your head. Affirmations help conquer conflicting ideas that keep you at war with yourself. They change the direction of your energy to make your dreams a reality.

Thought/habit (that you will become wealthy one day) gradually takes hold and begins to influence your actions each day.

Always tell yourself : I can achieve financial well-being! (Write this down for 1 month and you might see some results).

Day 3

2006-09-19T19:44:00.000-07:00

Money and YOU

Money is a terrible master but an excellent servant - PT Barnum

Every relationship takes effort, be it husband & wife, boyfriend and girlfriend, and its no different with money.

Perhaps you perceive money as an employee you have hired to perform a service that you require, or a servant waiting to do your bidding.

One thing is for sure, you have to take charge and decide who is the BOSS.

The best relationship is based upon defining money as a tool to attain material goods as well as a means to achieve fulfillment and pleasure for yourself and others.

Will your relationship with money be stressful and tense, hostile and silent, or calm and in control? You and you alone determine how much work your’re willing to do to create a positive, healthy, and profitable interaction with the money that come through your life.

Wealth is worth the effort

Review your daily schedule and set aside ten minutes at lunchtime or before going to sleep each night to write out the money issues you wrestle with and how they limit your growth.

Day 2

2006-09-18T23:19:00.000-07:00

Focus on the INVISIBLES

Only poor people put on a show – Ashanti Proverb

Now that you have roughly realize the definition of money is, consider the difference between money and wealth.

One relates to your income and the other is defined by what assets you own and how wisely you use them.

True wealth has no correlation whit whatever materials stuff you possess, such as the clothes you wear and that bulge in your wallet.

True wealth comes from the self-assurance and sense of well being that derives from the knowledge that you own them and use them to your advantage.

There is a certain peace of mind within you that the rest of world cannot see.

They fail to see that all your bills are being paid; that your life and health insurance is sufficient to care for your family in comfort during your absence.

You possess a portfolio of investments which are growing with your income, that your retirement plan is going to reach the magical 1 million bucks or more.

In a nutshell, the instrument of true wealth is not gauged by anyone but you.

Start a discussion among some friends, see how they define money and wealth, I bet few even know the difference.

Day 1

2006-09-18T02:44:00.000-07:00

Money is ...... WHAT?

Money is something! Does it represent the power to impress, embarrass, or get even with your enemies? Would endless money mean that you could shop til you drop?

Or you can buy anything under the sun? However you may define money, it is a fact of life that is dangerous to deny or ignore.

Money must be reckoned with.

You must have your own definition of money, and how you want it to work in your life.

A personal definition of money also means you understand its power and have begun to take the mystery out of how it operates in your life.

Perhaps you see money as the path to a life of prosperity and unlimited luxury.

The meaning and purpose of money in your life must come within your own heart.

More importantly, do not be envious of others' wealth, every one including myself have gone thru' that path, and I am putting my experience here for all to share.

Building wealth within a year.

2006-09-18T00:56:00.000-07:00

Greetings and welcome to my blog.

I wish to reiterate one more time, this is not a fast bucks site nor instant riches scams.

This is about how you build your wealth steadily within the next 365 days. Every day (well, sometimes could be 2 or 3 days later), I will put up a new guideline or strategy for you to follow.

After all, slow and steady win the race and Rome city is definitely not built within one day.

Ask yourself this question: Does a secure financial life seem to be a million mile journey, one too difficult or complex even to begin?

Does wealth strike you as an impossible dream, one not meant for you? Whether you are trying to make ends meet or buried under a mountain of credit card debt, all you need is some form of little help from my postings.

By spending less than 15 mins a day to read thru' my posts you'll build up some wealth and lead you to real financial freedom. Hopefully by which time, you could contribute some of your wealth back to the less fortunate ones in the society.

Thank you