How To Save Money

Dear Readers


Welcome to weekend. 95% of the people love weekend. What about you? I love everyday of my life. Why? Because everyday is my earning power source! Dont understand? You can read on...


Many people live from paycheck to paycheck and hardly have any money leftover to save or invest. Such people run the risk of getting into debts in case they need urgent cash due to any emergency. Many of these people already have quite a few debts, towards which they have dedicate almost half and sometimes, more than half, of their paychecks. These debts can be various loans, as well as credit card balances. In these circumstances, it is difficult to save money, but not impossible.


To save money, some basic principles need to be followed. The 1st principle is to discipline spending habits by determining exactly where the money is being spent. Many people spend more than what they earn by obtaining credit from various sources. This is not a healthy habit, as it results in the accumulation of debts that might lead to bankruptcy in certain cases.


People can try to keep a record of every expense made other than regular ones. This will help them determine the course of outflow or their hard-earned money. Unnecessary expenses such as frequent dining out and impulsive on-sale purchase can add considerably to the total expenditure.


Another great way to save money is to automate a savings plan, whereby a fixed amount is transferred from the checking account into a savings or any other account at a fixed date every month. This establishes a compulsory saving habit on behalf of the account holder that can be used to pay off debt or make any desired purchase.


It is necessary to save money not only as preparation for an emergency fund, but also as a means of establishing financial security(I apply 6 months of my expenses). These savings also come handy during retirement or when the capacity to earn becomes low or negligible. Diligent analysis of spending habits and applying appropriate corrective measures can help people save money without feeling pressure.


For me i did an excel sheet to record down all my earned income & expenses where it goes to. Once you know where your money goes to, you will be able to control it and use money to work for you. Remember, it not how much money you made, it how much you keep and know how to use it!


Have a nice weekend.


Below is the example i have for you all reference. Happy saving! :)

Click image to enlarge.

Robert Kiyosaki Live 2009

Dear Readers

Robert Kiyosaki is coming to Singapore LIVE at this date 26th - 28th May 2009 Time: 9am-9pm (3 days) Venue: Singapore Expo.

I have extra 2 tickets available at S$250 each. Let me know if you are interested. Tell your friends too if they are interested.

In case if you do not know who is Robert Kiyosaki. Here is a brief introduction of him.

Robert Toru Kiyosaki (born April 8, 1947) is an investor, businessman, self-help author, motivational speaker and inventor. Kiyosaki is best known for his Rich Dad, Poor Dad series of motivational books and other material. He has written 15 books which combined have sold over 26 million copies. Although beginning as a self-publisher, he was subsequently published by Warner Books, a division of Hachette Book Group USA, currently his new books appear under the Rich Dad Press imprint. Three of his books, Rich Dad Poor Dad, Rich Dad's CASHFLOW Quadrant, and Rich Dad's Guide to Investing, have been on the top 10 best-seller lists simultaneously on The Wall Street Journal, USA Today and the New York Times. The book Rich Kid Smart Kid was published in 2001, with the intent to help parents teach their children financial concepts. He has created three "Cashflow" board and software games for adults and children and has a series of "Rich Dad" audio cassettes and disks. He also publishes a monthly newsletter.

Want to get his books for more discount, check out my amazon section. :)

Multiple Streams of Income

Dear Readers

Did you know that there are only 3 real ways on how to create multiple streams of income in your life? The first one revolves around what most of you do every day. You work in a job. You exchange your time for money. This is the major source of income for approximately 96% of the population. You give 8 - 10 hours or more per day, 5 - 6 days per week in return for an income that doesn’t always meet your needs. If you take into consideration the time it takes you to commute to and from work for no financial gain then that is more time you are using out of your week that is of no real benefit to you financially. Your attempts to save money can be a long and arduous process, and is often achieved at the expense of your health, your family and your lifestyle.

The 2nd source of income for approximately 3% of the population is made by investing. Some people invest in their own business or someone else’s, while others enter the property market or trade in shares. Very few move to this level of investment because for some they do not understand how it works, and for others they don’t want to know anyway. They are happy drifting along with whatever life throws their way. Others will never consider this as they are fearful of losing the little they already have, or they hold lots of self limiting beliefs that prevent them from stepping outside their comfort zone.

The 3rd source of income, having multiple streams of income, is the most effective and only around 1% of the population ever achieve this level. Yet in this day and age anyone can achieve this level of income if they so desire. The only thing that will prevent you from achieving this level of income is the thoughts you hold around whether you think you can, or you think you can’t. If you learn to believe and have total faith in yourself that you deserve to have the best of everything in life, then anything is possible.

Of course I am forgetting to mention that there is a fourth source of income that can make you very wealthy without any effort at all. Unfortunately, most of us do not fall into this category. All you need is to have wealthy parents like Paris Hilton does, or to inherit large sums of money from a wealthy relative. However, the only thing preventing you from having that same wealth is your mindset. Wouldn’t it be nice if you could create that kind of wealth for your kids. Don’t forget that you would need to encourage them to have the right mindset to deal with that wealth, which is perhaps something that Paris Hilton hasn’t discovered as yet.However, as I mentioned above, the most effective way for you to create unlimited wealth is to create Multiple Streams of Income.

Just think about it for a minute. When you have multiple streams of income you can be earning money while you sleep, while you are on holiday and if you so desire you can eventually say goodbye to that 9 - 5 job. There are many opportunities and ideas around that can show you how to create multiple streams of income. Imagine how you would feel if you no longer had to go to work for someone else every day. You get up when you feel like it, not when your alarm clock rudely reminds you to. You can do the things you enjoy doing every day like fishing, going to the gym, enjoying a leisurely lunch at your favourite restaurant, gardening or whatever you choose to do. Imagine being able to go on holidaying when you feel like it, not when your Boss tells you too. Working the hours that suit you, not the hours to suit someone else.

To understand more about multiple streams of income, come back again soon. Will updated you all soon. :)