A Blog Posted by Singapore ’s Youngest Millionaire

By Adam Khoo |

Some of you may already know that I travel around the region pretty
frequently, having to visit and conduct seminars at my offices in Malaysia,
Indonesia, Thailand and Suzhou (China). I am in the airport almost every
other week so I get to bump into many people who have attended my seminars
or have read my books.

Recently, someone came up to me on a plane to KL and looked rather
shocked. He asked, ‘How come a millionaire like you is travelling economy?’
My reply was, ‘That’s why I am a millionaire. ‘ He still looked pretty
confused. This again confirms that greatest lie ever told about wealth
(which I wrote about in my latest book ‘Secrets of Self Made Millionaires’
). Many people have been brainwashed to think that millionaires have to wear
Gucci, Hugo Boss, Rolex, and sit on first class in air travel. This is why
so many people never become rich because the moment that they earn more
money, they think that it is only natural that they spend more, putting them
back to square one.

The truth is that most self-made millionaires are frugal and only spend on
what is necessary and of value. That is why they are able to accumulate and
multiply their wealth so much faster. Over the last 7 years, I have saved
about 80% of my income while today I save only about 60% (because I have my
wife, mother in law, 2 maids, 2 kids, etc. to support). Still, it is way
above most people who save 10% of their income (if they are lucky). I refuse
to buy a first class ticket or to buy a $300 shirt because I think that it
is a complete waste of money. However, I happily pay $1,300 to send my
2-year old daughter to Julia Gabriel Speech and Drama without thinking
twice.

When I joined the YEO (Young Entrepreneur’ s Organization) a few years
back (YEO is an exclusive club open to those who are under 40 and make over
$1m a year in their own business) I discovered that those who were self-made
thought like me. Many of them with net worths well over $5m, travelled
economy class and some even drove Toyota’s and Nissans (not Audis, Mercs,
BMWs).

I noticed that it was only those who never had to work hard to build their
own wealth (there were also a few ministers’ and tycoons’ sons in the club)
who spent like there was no tomorrow. Somehow, when you did not have to
build everything from scratch, you do not really value money. This is
precisely the reason why a family’s wealth (no matter how much) rarely lasts
past the third generation. Thank God my rich dad (oh no! I sound like
Kiyosaki) foresaw this terrible possibility and refused to give me a cent to
start my business.

Then some people ask me, ‘What is the point in making so much money if you
don’t enjoy it?’ The thing is that I don’t really find happiness in buying
branded clothes, jewellery or sitting first class. Even if buying something
makes me happy it is only for a while, it does not last.
Material happiness never last, it just give you a quick fix.
After a while you feel lousy again and have to buy the next thing which
you think will make you happy. I always think that if you need material
things to make you happy, then you live a pretty sad and unfulfilled life.

Instead, what make ME happy is when I see my children laughing and playing
and learning so fast. What makes me happy is when I see my companies and
trainers reaching more and more people every year in so many more countries.
What makes me really happy is when I read all the emails about how my books
and seminars have touched and inspired someone’s life. What makes me really
happy is reading all your wonderful posts about how this BLOG is inspiring
you. This happiness makes me feel really good for a long time, much much
more than what a Rolex would do for me.

I think the point I want to put across is that happiness must come from
doing your life’s work (be in teaching, building homes, designing, trading,
winning tournaments etc..) and the money that comes is only a by-product. If
you hate what you are doing and rely on the money you earn to make you happy
by buying stuff, then I think that you are living a meaningless life.

It’s that time of year once again when every weekend not a few neighbors celebrate the graduation of a family member and videokes blare from all sides. Completing 16+ years of schooling is certainly a cause for celebration. For many fresh graduates the whole summer will be a time of fun, fun, fun, while for some, a few weeks break is all they need and they’re off job hunting.

It will just be a matter of time before new graduates will land their first job. And when they do, more partying and celebrations are to be expected. Iba na talaga kasi yung may sarili ka nang kita. It gives you the freedom to do as you please. Usually, your salary in the first few months won’t last long. There’s the customary treat for family, friends and office mates. There are new clothes, shoes, gadgets and other stuff to buy, to pamper your self. It’s okay to celebrate and lavish yourself, but don’t overdo it. Baka naman 3 years later, tuwing sahod, celebration at pampering pa rin ang iniisip mo.

It may seem absurd and premature, but you have to start thinking of retirement as soon as you land your first job. A vast majority of Pinoys, over 50 years old, are not ready to retire because they failed to plan and prepare when they were younger. In fact, many continue to work hard – not by choice, but out of necessity – even beyond the age of 65. If you put off saving for another day, that day may never come or may come too late. Kapag palagi mong sinasabi na “bukas na yang pag-iipon, enjoy muna,” baka maubusan ka ng bukas.

Don’t allow yourself to get into the habit of spending all of your money, knowing that your pocket gets “recharged” on the next payday. Kapag nasanay ka na palaging inuubos ang iyong sahod, asahan mo na kahit doblehin pa ang iyong kita, mauubos mo pa rin ito. Develop good money habits early on. Train yourself to always set aside a certain amount every month. Think of it as paying for your future.

It should not be too hard to save 20-25% of your salary, especially if you are single. Try to save P1,000 to P3,000 (or more) monthly as soon as you start earning and keep doing it throughout your working years. P3,000 monthly will grow to P7.2 million in 40 years, if the money earns 7% per year. If you start with a monthly saving of P3,000 and increase it by just P100 every year, your total savings in 30 years will be P4.5 million, or about P10 million in 40 years. Certainly, retirement will be more comfortable with this amount.

For someone who has become used to reckless spending, saving P1,000 to P3,000 a month will be big challenge. Fortunately, for new graduates and first time employees, it shouldn’t be that hard because you probably haven’t fully developed bad money habits yet. Magiging mahirap lang ang pag-iipon kung nakasanayan mo na ang paggastos ng lahat ng iyong pera. Kaya bago ka pa mahirapan, sanayin na ang sarili sa pag-iipon.

Here are some tips to get you started on a lifetime of saving:

1. Choose wisely the lifestyle you want to follow. A luxurious lifestyle takes a lot of money to maintain. Many are suffering from a lifetime of debt because they are living a life they could not afford. Would you really want a life that hits you with one financial challenge after another? Stick to a simple lifestyle – simple doesn’t mean it won’t be enjoyable!

2. Create a budget and stick to it. You need to plan how you are going to spend your money and you need a budget to do that. Create a list of all your expenses, including your saving, and set a budget for each item. Avoid overspending by doing your best to stick to your budget.

3. Open a savings account and keep putting money in it. So that you will not be tempted to spend your savings, keep it out of sight and out of your hands. You can put it in a savings account that doesn’t have an ATM card. Other alternatives for keeping your savings are time deposit accounts, insurance policies, pre-need plans, mutual funds and UITFs. Not only is it relatively harder to touch your money in these products it also allows your money to grow.

4. Give up costly bad habits. Don’t smoke, drink moderately and don’t do drugs. It’s bad for the health and harmful to your wallet. You may think these habits are cool, but they’re not. Addiction to nicotine, alcohol and drugs is never cool!

5. Don’t buy too many things that decline in value. That’s like throwing away money. Hindi mo kailangang bumili ng mamahaling cellphone, laptops o electronic gadgets. Buy only the unit that comes with the basic features. Don’t pay extra for features you don’t need or can live without.

6. Avoid expensive hobbies and activities. It may be fun and exciting, but some hobbies & activities can burn a hole in your pocket. Mahirap maging tunay na masaya sa iyong ginagawa kung labis na nasasaktan ang bulsa. Find alternative hobbies and leisure pursuits that are inexpensive. For example, instead of collecting toys, comic books and other expensive stuff, perhaps you can “collect” friends. Hindi mo kailangang gumastos ng malaki para sumaya.

It is unlikely that your school taught you how to responsibly manage your own money. So, you will have to learn it by yourself. Walang ibang magtuturo sa ‘yo tungkol sa tamang paghawak ng pera kundi ang sarili mo. Read books and articles about personal finance. “Kaya Mo, Pinoy! 12 Steps to Build Wealth on Any Income” is a great book for those who have zero or minimal knowledge about personal finance. It s written in plain English & Filipino and covers all aspects of personal money management. The lessons are practical and can be easily followed by ordinary Pinoys. (Read more about the book at http://www.pinoysma rtsavers. com/kayamopinoy. html.)

When you start saving early, you will have time on your side and preparing for your future will be a lot easier. Starting early also gives you the opportunity to retire early, which means you will have a lot more time to really enjoy life. Dear graduates, you have in your hands a golden opportunity to build a financially secure future. Do not squander this chance. Start saving, NOW!

repost from pinoy smart savers

Date: Monday March 29, 2010
Time: 12:00 am - 1:00 am
Repeats: This event repeats every day until Wednesday March 31, 2010.
Location: anywhere
Notes:

Entreplink Philippines, in partnership with M-NORTH, invites you to participate in the 2010 MSME Marketing Benchmarking Study. We need at least 100 Entreplink MSMEs to fill out this online survey in order to see a bird’s eye view of our MSMEs’ marketing performance. We hope you could give back to Entreplink by participating in this study.

Take the survey online now! Click on the link below:
http://bit.ly/entreplink2010benchmark

If you’d like to accomplish a printed version of the survey, simply download it in PDF format, answer it, then fax it to the number indicated on the survey questionnaire.

Click on the link below to download the form:
http://www.m-north.com/msme-marketing-assessment/MSMEMarketingAssessmentv0.9.pdf?attredirects=0

Christmas is just around the corner and what better way to prepare for it
than to start thinking of ways to share and celebrate, with only the best
cakes and pastries one can enjoy.

Scouting for goodies as gifts or own treats can be a chore for those who do
not know where to find them.  MBCI would like to launch its Baker’s Fair
Series to make this easier for us by bringing all the best things right
before us.

*The Ground Floor of Trinoma will transform into an avenue of mouthwatering
desserts and pastries from sixteen (16) of the metro’s favorite home-based
bakers.*
WHAT: Baker’s Fair @ Trinoma
WHEN: November 12 to 15, 2009 (10 AM to 9 PM)
WHERE: Ground Floor, Trinoma near VNC and Gift Gate

Trinoma also has a scheduled Mall-wide Sale on these dates.  Thus, assuring
you of a good crowd.

Bazaar space has an area of 2.0m x 2.0m. We will provide a booth system, one
square table with linen and 2 chairs. Each Concessionaire will provide their
own net (trapal) and signage. Bazaar fee is Php 18,000 for two-sides open
booth and Php 17,000 for one-side open booth.  Pay on or before October 27,
Tuesday and get a Php 1,000 discount.

Payments can be made through Bank of the Philippine Islands under Lourdes
Myren M. Garcia, Savings Account # 3029-0246-09. We also accept major credit
cards.

Reservations should be paid within three (3) working days, otherwise, said
slot will be open and the reservation will be voided.

Interested parties must accomplish and register online at
www.mbcievents.multiply.com. If you do not have a website, we may possibly
ask you to present your products. For inquires, you may call Myren at
710-3711 or 0917-5408697 / 0922-8821075.

Kindly call or send a message if you wish us to e-mail you the lay-out.

Regards,

Myren Garcia
MBCI
Making It Happen
Design, Print, Training and Event Management
Tel. No.: 710-3711
Mobile no: 0917-5408697 / 0922-8821075
Website: www.mbcievents.multiply.com

Suki: A business networking website for SMEs
(The Philippine Star) Updated October 12, 2009 12:00 AM

MANILA, Philippines - Celebrating the inherent Pinoy entrepreneurial nature, PLDT-SME Nation is launching Suki (www.suki.net.ph), the first business-networking site that enables entrepreneurs to interact and transact with their digital customers in a social community-networking set-up.

The launch will happen at the Legazpi Sunday Market grounds in Makati City on Oct. 18, which is open for everyone.

With the onset of the digital market scene, small and medium enterprises (SME) now have the opportunity to tap into a wider customer base, both locally and globally through the Internet.

“SMEs right now are very competitive so they need to pursue every available channel to address their expanding market, and they should take advantage of all the help they can get,” says PLDT-SME Nation vice president and head Kat Luna-Abelarde.

“With Suki, SMEs can try to compete with the big companies in promoting their products online. This social community website also strategically places entrepreneurs in touch with possible business clients and customers,” she added.

PLDT-SME Nation’s Suki is a specialized networking site dedicated to entrepreneurs who want to go into selling and promoting their products and services online.

The Suki site serves as a venue for a user-friendly online community of SMEs, allowing them to do business with customers and fellow SMEs.

After payment gateways become fully operational, Suki will eventually help entrepreneurs increase their profits through secure and easy transactions online — using a networking database of other entrepreneurs in a variety of industries.

SMEs can also take advantage of SWUP, a wireless payment solution, which they can use to accept credit and debit card payments.

Though the site practically is in tune to marketing someone’s business, Suki also incorporate the basic features of an online networking site like blogging, event shout-outs, forums, and networking, among others.

“Doing business has evolved with the changing times and PLDT-SME Nation is addressing this change in the market,” says Abelarde. “With Suki, consumers will be ultimately assured of secure and legitimate transactions from online sellers since membership to this site is strongly filtered and monitored.”

Doing business with Suki

The Suki site lays out features that are specifically appealing to one starting their business without the need for much capital. With the Internet being used as a viable means to promote one’s business, the site is free for any SME owner to register in.

“Suki makes it easy for someone to manage his business even if he doesn’t have an actual physical set-up,” says PLDT-SME Nation marketing head Amil Azurin. “Features in the site are designed to address the basic online activities necessary for SME owners.”

Marking up business-to-business transactions, the different features allow for business owners to make transactions for their day-to-day operations. Business owners can make legitimate orders from different suppliers and vice-versa.

Personalized digital store

Netizens who are registered to the site can actually have full control of how their online store would look and appeal to their potential customers.

Products can also be managed into catalogs for easy viewing, attaching images and certain product information that would make it easier for customers to view and later on purchase in their digital store.

Customers can also check for a history of transactions made by previous customers to assess the reliability of an online store. Other reports that would prove useful for owners and customers alike are Best Sellers, Highest Rated Product, and Sales Performance, among others.

“Suki can enhance any business’ sales performance given that in order for you to naturally sell your products, you’ll only need to register and start doing business here for free,” says PLDT-SME Nation product manager Christian Lim.

PLDT-SME Nation’s Suki not only benefits new entrepreneurs, it also practically provides a digital portal for businesses that are already established, enabling it a kind of online showroom or an online extension office.

With the introduction of Suki, profit is just a click away.

For more information on what PLDT-SME Nation offers business, call 101-888 or visit www.pldtsme-nation.com.ph or www.suki.net.ph.