PROFILE
Name: Amy
Country: Singapore
Birthday: 7th March 1986
Gender: Female
Interests: asian food/ good movies/ reading good books/ bargain shopping/ God/ make-up/ magazines/ taking pics/ design/ blogging/ice-cream/ good ole-fashioned love/ business/ new experience/ health/ mtv dancing/ beauty/ fruits
Expertise: Health & Beauty
Occupation:Financial Consultant
Affiliation: New Creation Church
Studies:
Singapore Institue of Management
Email: yy_sensation@hotmail.com
Website: visit my website
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Apologies for my loyal readers for not updating my blog for quite a while.
Previously I read a few books one of which is Rich Dad, Poor Dad and its series. My! it did open my eyes to a lot of things. I began to realise how differently the rich and the poor thinks. Just the thinking alone can make a huge difference in the results that they will be having.
One thing you will be amazed, poor and middle class people are bringing home only 50 percent of their income. So you will be asking where has the other 50% went to. Well, where else but to the government in the form of tax. Then you will wondering how about the rich? Well, rich people can determine how much tax they want to pay. They spend most of the money on buying assets and the remaining amount they have are taxed. That amount is so much lesser than the poor whose tax are deducted from the total amount of money they earn.
The way they manage their money is also different. The poor scrimp and save, scrimp and save and living frugally, woring hard all their lives for other people only to be depending on the CPF for retirement. They believe that they work hard all their life only to be poor when they are old.
How about the rich? They are open to opportunities coming their ways. They use their money wisely in investing on assets in businesses etc. They know how to utilise other people's money to get the money to buy assets which provide passive income to them. They believe in retiring young and rich.
So have you ever thought where you are heading to in life? Do you see yourself as one who is old and feeble with the only leisure being watching afternoon time movies and eating porridge or one who is just 40+ exploring the other continents and doing activities like wind surfing eating lobster for breakfast with your loved ones?
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Differences between a rich person and a poor person
The poor person has a habit of putting his brain to sleep when it comes to money matters, the rich person had a habit of exercising his brain when it comes to money matters.
The poor person thought that the rich should pay more in taxes to take care of the poor.
The rich person say taxes punish those who produce and reward those who don't produce.
The poor say study hard so you can find a good company to work for.
The rich say study hard so you can find a good company to buy.
The poor say when it comes to money, play it safe, don't take risk.
The rich say learn to manage risk.
The poor is concerned about pay rises, retirement plans, medical benefits, sick leave, vacation leave and other peaks. the idea of job protection and job benefits seems more important than the job.
The rich person believe in total financial self-reliance.
The poor struggle to save a few dollars.
The rich simply created investments.
The poor is always thinking about how to write a better resume so that he can find a good job.
The rich thinks about how to write strong business and financial plans so he could create jobs.
The poor say he is not interested in money.
The rich say money is power.
If you are a person with no guts, you will live all your life playing it safe, doing the right things, saving yourself for some events that never happen. You die a boring man. You will have lots of friends who really like you because you are such a nice hardworking person. You spend a life playing it safe, doing the right things but you know in your heart that you let life push you into submission. Deep down you were terrified of taking risks. You really wanted to win but your fear of losing was greater than the excitement of winning.. deep inside you will know you didn't go for it. You chose to play it safe.
Its fear that keeps people working at work. The fear of not paying bills. The fear of being fired. the fear of having not enough money. The fear of staring over. That is the price of studying to learn a professional or trade and than working for money. Most people become a slave to money and than become angry with their boss.
An asset is something that puts money in my pocket.
A liability is something that takes money out of my pocket.
A intelligent person hires person more intelligent than him.
The middle class find itself in a constant state of financial struggle. Their primary income is through wages and as their wages increase so do their taxes. Their expenses tent to increase in equal increments as their wages and hence the term "the rat race".
Wealth is a person's ability to survive so many days forward or if I stop working today, how long could i survive?
The rich buy assets. The poor only have expenses. The middle class buy liabilities that they think are assets.
The mistake in becoming what you study is that too many people forgot to mind their own business.They spend their lives minding someone else business and making that person rich.
The rich focus on their asset column while everyone else focus on their income statement.
The ideas of "I need a increment. I need a promotion. I am going to study more so I can get a better job. I am going to work overtime. I need a second job" focus on the income column and will only help a person become more financially secure if the additional money is used to purchase income generating assets.
Keep your expenses low, reduce your liabilities and build a base of solid assets. Start building a solid asset column before getting married, buying a house, having kids etc and getting stuck in a risky financial position, clinging on to a job and buying everything on a credit.
Real assets fall into these categories:
Business that do not need my presence. I own them but they are managed by other people. If I have to work there, its not a business. It is my job.
Stocks.
Bonds.
Mutual funds.
Income generating real assets.
Keep your daytime job, be a hardworking employee but keep on building your asset column.
Rich person buy luxuries last while poor and middle class person buy luxuries first.
By 
, at
12:38 AM
tts interesting... do u have msn? care to add me? yy_sensation@hotmail.com
I have added you in msn. And in friendster too that is provided that you are willing to accept me in friendster.
By , at
1:07 PM
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