The Chinese word for ‘CRISIS’ is a synergy of 2 separate words – ‘DANGER’ and ‘OPPORTUNITY’. It aptly depict that under turbulent times, despite the doom and gloom, opportunities exists if you know where to look and stay sharp.
It is quite easy to get depressed over all the horrible news on financial disasters, diminished retirement funds, corporate bailouts, retrenchments and individual sufferings; and blame the government, corporate heads, and everybody around us for the mess. That’s not going to change anything – the “disease” is now full-blown - it has to take its course before it settles into some state before “healing” can set in - for recovery to set in.
Just take a deep breath, relax for a moment and ask: where are the opportunities? You’ll be surprised – in every adversity, there are lessons to be learned and possibly opportunities which you can capitalize on. The only question is, are you open and ready to receive it.
Showing posts with label financial planning. Show all posts
Showing posts with label financial planning. Show all posts
Friday, December 26, 2008
Sunday, December 21, 2008
ECONOMIC CRISIS: TIME TO ACT
For years I have been advocating and promoting the idea of a diversified income base for the financial security. Some took my advice; others asked why chase after money – afterall, their job or business provided enough for day-to-day living expenses with surplus for other luxuries. Under current economic conditions, those that didn’t will probably wished they have listened and acted on my advice.
Friends, I would say, it’s not too late. Business and economic experts are saying that we are still in the early stages of a downturn; and MNCs will likely to feel the effects on this melt-down in 6 to 8 months. That means you have approximately that amount of lead time to create another income source in case your current base evaporates. But, if you happen to one of those early victims of this current crisis, I am afraid you just have to move more quickly than the others.
All indications suggest that this downturn will be severe; and, we’re in for a long haul. Be prepared and keep your fingers cross – and ride out this turmoil.
In the meantime, may you & your families have a Merry X’mas and a Happy, Healthy and Successful New Year!
Friends, I would say, it’s not too late. Business and economic experts are saying that we are still in the early stages of a downturn; and MNCs will likely to feel the effects on this melt-down in 6 to 8 months. That means you have approximately that amount of lead time to create another income source in case your current base evaporates. But, if you happen to one of those early victims of this current crisis, I am afraid you just have to move more quickly than the others.
All indications suggest that this downturn will be severe; and, we’re in for a long haul. Be prepared and keep your fingers cross – and ride out this turmoil.
In the meantime, may you & your families have a Merry X’mas and a Happy, Healthy and Successful New Year!
Monday, November 5, 2007
LESSONS FROM THE MILLIONAIRE NEXT DOOR
If you want to retire comfortably, one of the must-read is the #1 best selling book “The Millionaire Next Door” by Thomas J Stanley and William D Danko. The book revealed that, contrary to popular notions, most of America’s millionaires are not the high-income people!
According to the authors, one of the key traits of America’s millionaires is that they are meticulous planners and they spend years carving their financial future. They allocate significantly more time planning, managing and studying their financial futures and investments than non-millionaires.
The other key trait of millionaires is that they understand the foundation of wealth-building is being frugal. And few live a high-consumption lifestyle and become a millionaire at the same time. Many maintain a family budget and have tight control over their expenditure.
If becoming a millionaire is that simple, why aren’t there more millionaires? Because despite the knowledge, most people don’t have the discipline to do what it takes to accumulate wealth. It’s similar to getting physically fit – most people know what is required but can’t lift the finger, so to speak!
“The Millionaire Next Door” is available in www.amazon.com. Check it out. Cheers.
According to the authors, one of the key traits of America’s millionaires is that they are meticulous planners and they spend years carving their financial future. They allocate significantly more time planning, managing and studying their financial futures and investments than non-millionaires.
The other key trait of millionaires is that they understand the foundation of wealth-building is being frugal. And few live a high-consumption lifestyle and become a millionaire at the same time. Many maintain a family budget and have tight control over their expenditure.
If becoming a millionaire is that simple, why aren’t there more millionaires? Because despite the knowledge, most people don’t have the discipline to do what it takes to accumulate wealth. It’s similar to getting physically fit – most people know what is required but can’t lift the finger, so to speak!
“The Millionaire Next Door” is available in www.amazon.com. Check it out. Cheers.
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