The Millionaire's Retirement Plan.

The Millionaire's Retirement Plan.

If you're just entering the workforce, retirement probably seems like a lifetime away. A million dollars by retirement? That's someone else's dream, right? It doesn't have to be. Here is the millionaire's retirement plan. For these calculations, assume an average annual return of 8%, adjusted for inflation at 3% - a reasonable estimate of average market returns.

Age 25: A Good Beginning
You're 25 and landed that first job on your career ladder - congratulations! Before you start living to your new paycheck's standards, budget your retirement savings. If you have a KWSP plan that matches your contributions, use it! These matching dollars are like a guaranteed return on investment. If you don't have a matching KWSP, look for a mutual fund through an investment firm with low fees; many now offer target funds, which allocate your investment risk with your targeted retirement year in mind - great for a beginning investor.
Plan to start by saving about RM200 a month to reach your millionaire goal; increasing this monthly amount by RM10 annually as you get a raise or promotion will only speed up your saving.

Age 35: Rolling Along
By now you have saved about RM45,000 and you've grown in your career with a bigger paycheck, but often, family commitments like children and a mortgage will seem more pressing than saving for your golden years. Don't make the mistake of slowing down your retirement savings. By now, you should ramp up your contributions to about RM400 a month - remember that a matching KWSP will help you in attaining this amount.
If you have kids and worry about saving for their college, look at it this way: the best way to help them in the future is by ensuring you're financially sound in retirement. Make saving for retirement a priority.

Age 45: Holding Steady
You're mid-career, and things are looking good in your retirement portfolio. Your savings have grown to about RM160,000 - not bad, but it still isn't quite time to slow down. Increase your retirement contributions to about RM450 a month or more, and you'll be rolling your way to millionaire status by 65.

Age 55: Close to the Finish Line
By age 55, your retirement portfolio should be at RM400,000 or so. You can start to see the finish line, but begin to wonder about risk. If you've been investing in a target fund, your portfolio has been adjusting its allocation for you; otherwise, look at adjusting some of your investments to reflect a lower risk tolerance. And remember: your income at, say, age 70 won't be withdrawn for another 15 years - plenty of time to ride out market fluctuations.

At age 55, expect to really ramp up your retirement contributions, to roughly RM600 a month, and more if you can manage it. The more you save, the sooner you can leave the nine-to-five behind.

Age 65: Prudent Asset Management
You're at the finish line: a millionaire at 65! Since you have no way to add to your savings now that you're out of the workplace, prudent asset management is vital. Keep a close eye on your portfolio so you can make your nest egg last. Protect yourself against inflation as well as market risk, and you'll be enjoying your golden years without financial worries.

With steady savings and smart financial habits, you can retire a millionaire - maybe even before you're 65.

The Millionaire's Retirement Plan
Fleur Bradley

7 Amanat Syed Mokhtar Al-Bukhary kepada usahawan

1. Fokus sebelum mempelbagaikan cabang perniagaan.

Usahawan perlu fokus kepada sesuatu perniagaan sehingga stabil dan kukuh sebelum mempelbagaikan perniagaan.

2. Perniagaan perlukan masa dan usaha.

 Usahawan muda jangan terlalu cepat ingin Berjaya.Setiap usaha memerlukan fasa kesusahan, cabaran dan sebagainya.

3. jangan mudah berputus asa.

Setiap perniagaan sama ada kecil atau besar akan ada masalah, cabaran dan kerenah yang tersendiri. oleh itu usahawan tidak boleh mudah berputus asa dan mengalah pada pada cabaran.

4. Jangan sering mengharap untuk dibantu.

• Para usahawan tidak boleh sekadar berharap untuk dibantu, tetapi perlu bersedia daripada segi fizikal dan mental sebelum sebelum menceburi bidang keusahawanan.

5. Yakin dengan kemampuan dan kelebihan diri sendiri.

•     Usahawan perlu yakin dengan diri sendiri dan apa yang sedang diusahakan.Ramai usahawan Bumiputera tidak berjaya bukan kerana idea mereka tidak bagus, tetapi tidak yakin dengan kemampuan sendiri.

6. Berniaga bukan untuk siri sendiri.

•      Usahawan perlu kembali menyumbang kepada masyarakat. Jangan menjual perniagaan kepada orang lain kerana perlu memikirkan tentang nasib para pekerja yang selama ini bergantung rezeki dengan perniagaan yang diusahakan.

7. Usahawan Islam ada akhirat.

•      Setiap usahawan Islam tidak sama dengan usahawan bukan islam dan perlu memikirkan tentang manfaat di dunia dan akhirat.

   

Rahsia Kekayaan

Rahsia Kekayaan

Sama ada anda ingin melabur dalam saham atau melabur dalam pelbagai kelas aset , dana unit amanah menyediakan anda dengan satu faedah yang boleh menjadi sangat sukar bagi pelabur individu untuk mencapai - kepelbagaian.



Ramai orang melabur tetapi hanya beberapa menjadi kaya. Mengapa ?

Kesilapan ramai orang membuat apabila mereka melihat pelaburan mereka iaitu menyimpan.

Menyimpan VS Pelaburan

Jadi, apakah perbezaan antara penjimatan dan melabur ? Penjimatan adalah apa yang anda lakukan untuk membina dana untuk sesuatu, seperti bercuti, dan apabila anda mempunyai jumlah yang disimpan anda mengeluarkan modal anda dari pelaburan anda dan membelanjakannya pada cuti. Selepas cuti anda mempunyai apa yang tinggal , dan memulakan proses sekali lagi.

Tetapi membina kekayaan adalah berbeza. Orang yang ingin membina kekayaan melabur wang mereka untuk jangka masa panjang dalam 'aset pertumbuhan' seperti saham dan hartanah.

Strategi mereka adalah untuk menghabiskan pendapatan pelaburan yang menghasilkan, tetapi untuk meninggalkan modal yang dilaburkan. Mereka tidak mengeluarkan modal, jadi ia kekal di sana berkembang dan mengkompaun , dan menghasilkan lebih banyak pendapatan setiap tahun.

Jika anda melakukan ini, ia akan membawa anda beberapa lama lagi pada mulanya untuk sampai ke matlamat pelaburan anda, tetapi dalam jangka masa panjang anda akan mendapati bahawa penantian tambahan telah berbaloi. Seperti tahun-tahun berlalu , anda akan mempunyai peningkatan aliran pendapatan tambahan daripada pelaburan anda dan taraf hidup anda boleh meningkat dengan sewajarnya !Sekiranya saya terus mengekalkan modal dalam persaraan ?

Mengekalkan modal anda adalah satu strategi yang baik untuk digunakan untuk pengumpulan kekayaan. Sudah tentu apabila anda berhenti bekerja di kemudian hari, strategi anda mungkin berubah. Pada ketika itu ia selalunya boleh memberi manfaat kepada anda dalam menjalani kehidupan yang selesa.

 

7 Sebab Kenapa Anda Tidak menjadi Jutawan

Jika anda bukan seorang jutawan sekarang, anda haruslah  tidak berputus asa harapan bahawa anda akan menjadi Jutawan  suatu hari nanti. Perhatikan sebab-sebab anda tidak menjadi jutawan dan berazam untuk membuat perubahan yang akan membuat satu juta dolar.

1. Anda Tidak menjadi Boss Anda Sendiri

Walaupun tidak ada jaminan yang bekerja sendiri akan mendapat satu juta Ringgir , ia benar-benar tidak mungkin bekerja untuk orang lain akan membawa anda mendapar RM 1 juta. Tidak banyak pekerjaan yang membayar gaji juta Ringgit. Jangan berhenti kerja hari ini atau esok untuk memulakan perniagaan , bagaimanapun. Sebaliknya, pertimbangkan mengekalkan pekerjaan hari ini sambil anda  anda memulakan perniagaan. Anda akan mempunyai keselamatan gaji semasa anda bersama-sama dengan peluang untuk mewujudkan perniagaan di mana anda boleh mendapatkan wang tunai tambahan .

 2. Anda Elakkan Mengambil Risiko

Orang ramai tidak menjadi jutawan tanpa mengambil apa-apa risiko. Mengambil risiko tidak bermakna anda perlu melabur semua wang anda dalam satu pelaburan sahaja Walau bagaimanapun , dengan mengambil risiko dikira sering sebahagian daripada pengurusan wang yang baik. Tiada mendapat kaya ke atas faedah yang mereka peroleh dari bank. Sebaliknya, jutawan tahu bagaimana untuk melabur wang mereka dengan bijak.

 3. Anda Tidak bertindak dengan Idea anda

Ia satu perkara untuk datang dengan idea-idea juta Ringgit, tetapi satu perkara yang berbeza untuk bertindak  . Sekiranya anda lebih pengkhayal yang tidak pernah meletakkan wang itu di mana mulutnya adalah , anda tidak akan menjadi kaya. Jutawan tidak duduk-duduk dan menonton orang lain maju dalam hidup. Mereka mengambil tindakan untuk membantu mereka mencapai matlamat mereka.

 4. Anda Tidak Mengurus Wang Anda Bijak

 Rata-rata orang mempunyai potensi untuk menjadi jutawan di dunia hari ini. Pelaburan , bajet yang kukuh, dan matlamat yang jelas boleh bermakna bahawa seseorang yang mendapat gaji purata boleh menjadi jutawan dengan persaraan.Jika anda tidak menguruskan wang anda dengan bijak sekarang, walau bagaimanapun, ia tidak mungkin bahawa anda akan dapat untuk mengendalikan satu juta Ringgit dengan rasa yang baik. Mewujudkan satu belanjawan dan mewujudkan matlamat untuk diri sendiri untuk membantu anda menjimatkan wang sekarang.

5. Anda TidakTetapkan Matlamat yang jelas bagi Diri

Orang yang tidak mempunyai matlamat yang jelas tidak akan membuat keputusan wang pintar. Anda perlu bermatlamat untuk membantu anda menjimatkan wang dan melabur dengan bijak .Mewujudkan matlamat , seperti bangun dari hutang atau menabung untuk rumah bercuti. Mewujudkan matlamat akan membantu anda menentukan sama ada atau tidak anda harus membelanjakan wang anda pada perkara-perkara lain yang datang dalam masa yang sama . Jika anda menyimpan dengan matlamat tertentu dalam fikiran, ia lebih mudah untuk mengatakan tidak kepada peluang tergoda untuk menghabiskan wang.


 6. Anda Tidak Masukkan Cukup Masa , Usaha, dan Tenaga

 Tiada siapa yang membuat satu juta Ringgit dengan menonton TV atau tidur 12 jam malam . Melainkan jika anda bernasib baik untuk memenangi loteri atau mewarisi durian runtuh , menjadi jutawan memerlukan kerja keras .Jutawan mempertimbangkan masa dan tenaga mereka dimasukkan ke dalam projek untuk menjadi satu pelaburan. Mereka faham bahawa mereka tidak akan mendapatkan hasil serta-merta tetapi sanggup untuk dimasukkan ke dalam kerja keras yang diperlukan untuk melihat hasil kerja mereka. Belajar bagaimana untuk menguruskan masa anda dengan bijak supaya anda boleh menjadi lebih produktif dengan usaha anda.

7. Anda tidak mempunyai Jaringan dengan masyarakat.

Anda tidak akan berjaya dalam hidup jika anda menghabiskan masa dengan orang-orang yang malas yang tidak berminat untuk menguruskan wang mereka dengan bijak. Walau bagaimanapun , jika anda mengelilingi diri dengan  orang yang bertenaga, orang yang berjaya, ia akan memberi kesan kepada anda .Membangunkan hubungan dengan mereka yang berjaya di komuniti anda. Mencari orang yang boleh menjadi mentor anda dalam usaha anda untuk menguruskan kewangan anda, melabur dengan bijak , atau membina perniagaan. Menghabiskan masa dengan orang lain yang berkongsi matlamat yang anda boleh membantu menjana minat dan usaha untuk menjadi jutawan yang berjaya anda.

Tha Road Not Taken

 

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim
Because it was grassy and wanted wear,
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I,
I took the one less traveled by,
And that has made all the difference.

 

Robert Frost

Cara untuk Simpan Wang Lebih untuk Persaraan

Faktor yang paling penting yang menentukan sama ada seseorang boleh bersara dengan selesa adalah berapa banyak mereka simpan. Berikut adalah cadangan yang akan membantu anda menjimatkan lebih banyak wang .

Menetapkan satu had perbelanjaan anda.
Menetapkan perbelanjaan boleh menjadi sukar. Tetapi jika anda boleh mendapatkan idea  berapa banyak anda berbelanja dan meletakkan ketetapan pada setiap bulan , diri masa depan anda akan selesa di kemudian hari. Satu lagi faedah menetapkan had dan berfikir tentang di mana anda membelanjakan wang secara tetap ialah ia mengurangkan kemungkinan gaya hidup.

 Membayar diri pertama.
 Anda boleh menetapkan akaun anda supaya wang disimpan secara automatik dipindahkan ke akaun simpanan atau pelaburan. Lebih baik lagi, gaji pada setiap bulan pergi terus ke dalam akaun simpanan anda dan hanya memindahkan sebahagian daripada ke akaun anda daripada mendaftar dan menggunakannya sebagai bajet anda.

Menggabungkan akaun anda apabila sesuai.
Mempunyai banyak pelaburan anda ditempatkan dengan institusi kewangan yang sama kadang-kadang boleh bersih anda penjimatan yang lebih besar . Mungkin anda boleh membayar sedikit lebih gadai janji anda. Dan kadang-kadang jika anda menyatukan simpanan anda ke dalam satu akaun, anda akan mendapat kadar faedah yang lebih tinggi . Kadang-kadang, satu campur satu sebenarnya sama dengan lebih daripada dua orang.

Membuat lebih banyak wang .
Pertimbangkan memulakan perniagaan sampingan untuk membuat wang tambahan. Tetapi dengan ketekunan dan kerja keras, anda akan membuat lebih banyak wang. Simpan pada itu dan anda akan bersara dengan lebih selesa.

Menghapuskan perbelanjaan beberapa sedikit.
Lihatlah semua yuran yang telah dibayar dalam 6 bulan lepas. Adakah mereka benar-benar perlu? Bolehkah anda berbuat apa-apa untuk mengurangkan fi dan kos pelaburan? Beberapa dolar semalam Bayaran tidak akan kelihatan seperti banyak, tetapi menambah dalam beberapa tahun yuran ini dan anda boleh melihat keseimbangan yang cukup besar .

Menyatukan hutang anda. 
Mencari jalan untuk menyatukan hutang anda dan anda mungkin boleh menghapuskan tahun bernilai bayaran faedah dalam setiap pinjaman yang anda ambil

Berhati-hatilah dengan susut nilai.
Tidak mengapa untuk membeli barangan mewah. Tetapi ia adalah satu masalah apabila anda terus membeli untuk menggantikan apa yang anda sudah ada, terutama dengan jumlah yang besar seperti kereta . Sama ada membeli kereta besar dan memandu selama bertahun-tahun , atau membeli kereta yang lebih murah supaya anda boleh menukar dengan kerap. Lebih baik lagi, membeli sebuah kereta yang digunakan dan memandu selama bertahun-tahun .

 Mencari alternatif kos rendah.
Anda  boleh mencari alternatif yang lebih murah untuk pelbagai aktiviti yang anda nikmati.

Mendapatkan nasihat pelaburan adalah satu idea dalam merancang perjalanan ke arah persaraan anda,  Anda juga boleh mendapatkan kerja untuk meningkatkan pendapatan atau mengurangkan perbelanjaan kerana itulah lebih mudah untuk mengawal.

Tips untuk berjaya dalam pelaburan

Keputusan pelaburan pertama biasanya yang paling sukar, tetapi ia juga merupakan yang paling mudah - membuat keputusan untuk bermula. Sebaik sahaja anda telah membuat keputusan ini, anda akan mencari jalan untuk memilih pelaburan yang betul untuk disesuaikan dengan bajet anda , gaya hidup dan matlamat akan menjadi lebih jelas.

• Apakah matlamat kewangan semasa dan jangka panjang anda?• Adakah anda perlu untuk membina kekayaan untuk masa depan atau menerima pendapatan daripada
pelaburan anda ?
• Bagaimana anda rasa jika pelaburan anda menurun pada nilai?
• Berapa lama anda merancang untuk melabur?

Salah  satu jenis pelaburan yang anda boleh mempertimbangkan - dana unit amanah...Dana amanah saham adalah pelaburan yang popular bagi orang-orang mencari di luar deposit tetap dan simpanan akaun bank , kerana potensi untuk meningkatkan nilai wang anda adalah jauh lebih besar . Dengan RM1, 000 untuk melabur, anda mempunyai pilihan untuk melabur dalam dana-dana unit amanah.

 Tips untuk berjaya dalam pelaburan

Setiap orang memerlukan untuk melabur - untuk persaraan, untuk mendidik anak-anak atau hanya untuk menyimpan untuk masa depan. Keputusan besar adalah sama ada anda perlu melakukannya sendiri dan menerima semua tanggungjawab untuk membeli pelaburan atau melabur dalam dana unit amanah dan membiarkan pengurus dana profesional melakukannya untuk anda .

Perkara penting yang perlu diingat apabila anda melabur adalah untuk mengikuti beberapa tip-tip mudah :

Berikan diri anda jangka masa yang .
Anda mungkin mahu menyimpan RM100 setiap bulan selama sepuluh tahun, atau anda mungkin ingin melabur RM10, 000 dan biarkan selama lima tahun atau lebih. Yang penting, realistik mengenai batas masa pelaburan anda .

Memahami tahap risiko anda rasa selesa dengan.
Sesetengah pelabur memilih untuk melepaskan potensi untuk mendapat pulangan yang lebih tinggi untuk keselamatan yang nilai wang mereka tidak akan jatuh. Lain menerima bahawa nilai wang mereka boleh pergi atas dan ke bawah dalam tempoh yang singkat untuk mendapatkan pulangan yang lebih tinggi dalam jangka panjang. Ia semua bergantung kepada toleransi anda sendiri ke arah risiko dan rangka masa pelaburan.

Bersabar.
Dalam pasaran yang tidak menentu ramai pelabur cuba untuk mengambil perkara-perkara ke dalam tangan mereka sendiri, bergerak dalam dan luar pelaburan atau pasaran. Selalunya mereka menyesal keputusan yang mereka buat .  pelabur yang berjaya adalah orang yang melakukan dirinya untuk melabur sejumlah wang untuk tempoh satu set masa , tanpa mengira pergerakan pasaran dalam tempoh jangka pendek.

Serahkan kepada pakar-pakar.
Menjaga di atas keadaan ekonomi, pergerakan pasaran dan peluang-peluang pelaburan baru boleh menjadi satu pekerjaan sepenuh masa untuk ramai orang. Ramai pelabur meninggalkan ini kepada pakar - menggunakan sumber-sumber dan kepakaran pengurus dana profesional bagi menguruskan pelaburan mereka.

'Rich Dad Poor Dad'

Robert Kiyosaki berkata di dalam bukunya 'Rich Dad Poor Dad' -
Be an investor, don't be a saver. Jangan simpan duit anda di dalam bank semata mata, laburkan. Banyak saluran, dari kurang berisiko hingga ke yang berisiko.

Refinance @ Pembiayaan Semula Rumah

     Membiayai semula rumah ada baik dan buruknya, bergantung kepada keperluan anda. Sememangnya pada dasarnya, anda boleh melakukan pembiayaan semula rumah anda dan membayar jumlah lebih rendah.

     Ini satu kebaikannya, tetapi perlu fikir juga keburukannya dari segi jangka panjang membabitkan kos yang anda perlu tanggung yang adakalanya tidak juga menjimatkan wang.

     Pembiayaan semula satu kemudahan yang diberikan institusi kewangan untuk membantu individu mendapatkan kadar faedah lebih rendah. Namun, bergantung kepada kemampuan individu, pakej pembiayaan semula dan kos jangka panjang yang akan dikenakan, anda perlu mengambil kalkulator, pen dan kertas serta mempertimbangkan dengan sewajarnya mengenai keperluan pembiayaan semula mengikut keadaan anda.

     Pembiayaan semula dapat memberi kelebihan kepada anda seperti penjimatan kadar interest, bertukar sistem riba kepada perbankan Islam, mendapatkan modal tunai, penyatuan hutang dan sebagainya.

Tip MembeLi RuMAh

1: Selidik rumah idaman
    Oleh kerana perbelanjaan membeli rumah sememangnya besar, justeru masa juga perlu diperbanyakkan dalam menyelidik rumah idaman.
     Kini, terdapat pelbagai laman web hartanah dan jual beli rumah yang anda boleh dilayari untuk melakukan penyelidikan. Menariknya, melakukan penyelidikan secara dalam talian tidak memerlukan anda keluar rumah dan mengambil lebih banyak masa untuk memantau rumah dan kawasan mengikut kesesuaian anda.
Namun, bergantung 100 peratus kepada penyelidikan secara dalam talian juga tidak digalakkan. Apabila anda sudah mendapat beberapa idea rumah dan lokasi terbaik untuk anda, anda perlu melawat beberapa tempat dan lakukan penyelidikan di lokasi pula.
     Apabila melawat, disarankan juga untuk melawat tempat yang sama pada waktu-waktu yang berbeza untuk mendapat gambaran keseluruhan kawasan perumahan tersebut.

2: Ukur baju pada badan sendiri
     Keputusan membeli rumah perlu mengikut kemampuan anda. Bukan kemahuan anda sekiranya tidak mampu. Ramai orang mahukan rumah besar, hebat, cantik dan kawasan ternama. Namun rumah besar, hebat dan cantik di lokasi ternama pasti tinggi juga harganya.
     Satu amalan kewangan yang baik ketika memilih membeli rumah adalah dengan melakukan perkiraan bayaran bulanan rumah dibandingkan dengan gaji anda. Angka yang baik membabitkan bayaran bulanan rumah tidak sepatutnya melebihi 30 peratus daripada gaji bulanan anda. 
     Ertinya, sekiranya gaji bulanan adalah RM3,000 sebulan, sebaiknya bayaran bulanan rumah kurang daripada RM900 dan tidak lebih. Angka ini sedikit sebanyak dapat menjadi panduan kepada kemampuan anda memiliki sesuatu rumah.
     Selain itu, jangan lupa harga rumah yang tinggi pasti memerlukan bayaran pendahuluan rumah yang banyak. Apabila melakukan bayaran pendahuluan rumah pula, jangan sehingga habis segala simpanan anda. Pastikan masih terdapat lebihan simpanan kecemasan sekurang-kurangnya tiga hingga enam bulan perbelanjaan.


3: Kos jangka panjang
     Pastikan anda memikirkan kos jangka panjang memiliki rumah berkenaan. Sememangnya melakukan bayaran pendahuluan dan mampu membayar bulanan satu langkah pertama. Terdapat lagi kos yang anda perlu fikirkan.
     Sebagai contoh, rumah yang besar lazimnya memerlukan perbelanjaan yang besar untuk melengkapi setiap bilik dan penjuru. Mampukah anda membeli segala perabot untuk memenuhinya? Begitu juga pertimbangan rumah yang hebat, apabila tiba masa memperbaiki kerosakan kelak pasti kosnya juga hebat.
     Fikirkan juga kos pengangkutan iaitu rumah yang jauh dari tempat kerja akan memakan belanja petrol dan tol yang ting­gi. 
     Itu belum termasuk kos penyelenggaraan kereta. Begitu juga sekiranya anda berkeluarga, perlu fikir lokasi dan kemudahan untuk menghantar anak ke sekolah yang akan memakan kos tambahan.Bukan itu saja, kos dari segi masa juga perlu diambil kira seperti contoh rakan saya tadi yang membuang banyak masa sehingga 40 minit setiap pagi apabila tersilap membeli rumah.
     Membeli rumah baru amat mengujakan dan perlu dipertimbangkan dari pelbagai sudut. Apabila perbelanjaan tinggi, risiko kesilapan membeli juga tinggi dan ini memerlukan anda membuat keputusan penting dalam hidup anda.

How to Become a Millionaire

However, achieving millionaire status is as good as praying for money to rain down from the sky if one does not forge a determination to shed old habits and mindsets, and the discipline to do something about it.
For those who want to realise their dream of becoming a millionaire, it is not entirely far-fetched. Here are the do’s and don’ts that may help you in your journey to becoming a millionaire.
Do: Have the courage to work for yourself
While not completely impossible, most people can attest to the fact that the journey to becoming a millionaire is exponentially longer when working for someone else.
Being able to climb the corporate ladder and finding a company that can afford to pay you a high salary aside, working for someone else means you’re trading your time and skills for money; and since your time is limited, your ability to earn is also limited.

Don’t: Be impatient
The road to being a millionaire is paved with knowledge, experience, and knowing the right people; all of which can only be attained from years of working under someone (or a group of people) whom already possesses them.

Do: Believe in becoming a millionaire
Based on the law of attraction, the first step to become a millionaire is to start acting like one. Becoming a millionaire is as much the way you think as it is the actions you take. Everybody wants to be a millionaire but not everybody believes that they can be or that they deserve to be; and it is this lack of belief that causes wealth to elude them.
Warren Buffet, widely considered the most successful investor of the 20^th century says “I always knew I was going to be rich. I don’t think I ever doubted it for a minute”.

Don’t: Let your mindset weigh you down
As mentioned above, many do not believe they deserve to be a millionaire, in fact, many associate wealth with corruption, evil, and ignobility.
To be on track to be a millionaire, you should purge this mindset, stop undervaluing yourself, and know that you deserve the rewards of your hard work.

Do: Be tenacious and open to learning
Nobody ever said that becoming rich is easy – in fact, your journey to wealth is almost definitely going to be riddled with people who will get in your way, frustration, and even failure.
Hold firm to you beliefs, get up after every failure and most importantly, learn from your failures and the failures of other millionaires.

Don’t: Be a self-absorbed snob
The biggest obstacle to learning is thinking that you already know everything there is to know. When you are unable to learn, you are unable to manage your wealth as it grows; every decision you make that concerns your finances must be built on a solid foundation of knowledge.
Quoting Warren Buffet once more, “It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction”.

Do: Live beneath your means and enjoy the least expensive things in life
Part of becoming a millionaire is to be thrifty; because money spent on lavish and expensive things is money not going towards building your wealth. Identify the things you enjoy doing now and continue to do those things, because if you can afford them when you’re not a millionaire, you can definitely afford them being one.

Don’t: Get caught in lifestyle inflation
Lifestyle inflation occurs when you raise your standard of living following an increase in income or wealth, which ultimately results in status quo (i.e. you’re no better off with more money than you were without) or worse.
A few pointers to manage lifestyle inflation includes:

• Don’t immediately spend more when you earn more.
• Don’t collect things that require substantial and continuous injection of funds.
• Get a car of an ordinary brand that suits your needs.
• Stop equating spending with happiness.

" kita menghabiskan masa bertahun-tahun di sekolah, tetapi tidak diajar apa-apa berkenaan wang. inilah sebab utama kenapa kita menghadapi masalah kewangan. Akibatnya kita hanya belajar cara bekerja untuk wang, bukannya belajar cara menjadikan wang bekerja untuk kita."

- Robert T. Kiyosaki -

Quote of the Day . Finance Quotes

A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.

Suze Orman

 

Money is like manure. You have to spread it around or it smells.

J. Paul Getty

It's not the having, it's the getting.

Charles Spurgeon

All days are not same. Save for a rainy day. When you don't work, savings will work for you. M.K. Soni

 

Personally, I tend to worry about what I save, not what I spend.

 Paul Clitheroe

 

A penny saved is a penny earned.

Benjamin Franklin

 

Save a part of your income and begin now, for the man with a surplus controls circumstances and the man without a surplus is controlled by circumstances.

Henry Buckley

 

A bargain ain't a bargain unless it's something you need.

Sidney Carroll

 

If saving money is wrong, I don't want to be right.

William Shatner

 

In prosperity prepare for a change; in adversity hope for one.

James Burgh

 

Wealth can only be accumulated by the earnings of industry and the savings of frugality.

John Tyler

 

A penny here, and a dollar there, placed at interest, goes on accumulating, and in this way the desired result is attained. It requires some training, perhaps, to accomplish this economy, but when once used to it, you will find there is more satisfaction in rational saving than in irrational spending.

P. T. Barnum

 

A simple fact that is hard to learn is that the time to save money is when you have some.

Joe Moore

 

He who does not economize will have to agonize.

Confucius

 

The best way to save money is not to lose it.

Les Williams

 

A woman's best protection is a little money of her own.

Clare Boothe Luce

 

I have learnt to seek my happiness in limiting my desires, rather than attempting to satisfy them.

John Stuart Mill

 

Savings represent much more than mere money value. They are the proof that the saver is worth something in himself. Any fool can waste; any fool can muddle; but it takes something more of a man to save and the more he saves the more of a man he makes of himself. Waste and extravagance unsettle a man's mind for every crisis; thrift, which means some form of self-restraint, steadies it.

Rudyard Kipling

Top Ten Financial Tips

Keys to Financial Success

Although making resolutions to improve your financial situation is a good thing to do at any time of year, many people find it easier at the beginning of a new year. Regardless of when you begin, the basics remain the same. Here are my top ten keys to getting ahead financially.

 

1. Get Paid What You're Worth and Spend Less Than You Earn It sounds simplistic, but many people struggle with this first basic rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your working life. No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn. Often it's easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn't always have to involve making big sacrifices.

2. Stick to a Budget
One of my favorite subjects: budgeting. It's not a four-letter word. How can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need a budget whether you make thousands or hundreds of thousands of dollars a year.

3. Pay Off Credit Card Debt
Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so easy to use, and it's so easy to forget that it's real money we're dealing with when we whip them out to pay for a purchase, large or small. Despite our good resolves to pay the balance off quickly, the reality is that we often don't, and end up paying far more for things than we would have paid if we had used cash.

4. Contribute to a Retirement Plan
If your employer has a 401(k) plan and you don't contribute to it, you're walking away from one of the best deals out there. Ask your employer if they have a 401(k) plan (or similar plan), and sign up today. If you're already contributing, try to increase your contribution. If your employer doesn't offer a retirement plan, consider an IRA.

5. Have a Savings Plan
You've heard it before: Pay yourself first! If you wait until you've met all your other financial obligations before seeing what's left over for saving, chances are you'll never have a healthy savings account or investments. Resolve to set aside a minimum of 5% to 10% of your salary for savings BEFORE you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.

6. Invest!
If you're contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better.

7. Maximize Your Employment Benefits
Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you're maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.

8. Review Your Insurance Coverages
Too many people are talked into paying too much for life and disability insurance, whether it's by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents. On the other hand, it's important that you have enough insurance to protect your dependents and your income in the case of death or disability.

9. Update Your Will70% of Americans don't have a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn't too complicated you can even do your own with software like WillMaker from Nolo Press. Protect your loved ones. Write a will.

10. Keep Good Records
If you don't keep good records, you're probably not claiming all your allowable income tax deductions and credits. Set up a system now and use it all year. It's much easier than scrambling to find everything at tax time, only to miss items that might have saved you money.

Reality Check
How are you doing on the top ten list? If you're not doing at least six of the ten, resolve to make improvements. Choose one area at a time and set a goal for incorporating all ten into your lifestyle.

10 Ways to Get Rich Warren Buffett's

10 Ways to Get Rich  Warren Buffett's 

1. Reinvest Your Profits: When you first make money in the stock market, you may be tempted to spend it. Don't. Instead, reinvest the profits. Warren Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he'd amassed $174,000 -- or $1.4 million in today's money. Even a small sum can turn into great wealth.

2. Be Willing To Be Different: Don't base your decisions upon what everyone is saying or doing. When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million. Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. To Warren Buffett, the average is just that -- what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world's.

3. Never Suck Your Thumb: Gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Warren Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb sucking." When people offer him a business or an investment, he says, "I won't talk unless they bring me a price." He gives them an answer on the spot.

4. Spell Out The Deal Before You Start: Your bargaining leverage is always greatest before you begin a job -- that's when you have something to offer that the other party wants. Warren Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Warren Buffett was horrified that he performed such backbreaking work only to earn pennies an hour. Always nail down the specifics of a deal in advance -- even with your friends and relatives.

5. Watch Small Expenses: Warren Buffett invests in businesses run by managers who obsess over the tiniest costs. He one acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only on the side of his office building that faced the road. Exercising vigilance over every expense can make your profits -- and your paycheck -- go much further.

6. Limit What You Borrow: Living on credit cards and loans won't make you rich. Warren Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heart-rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.

7. Be Persistent: With tenacity and ingenuity, you can win against a more established competitor. Warren Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Bumpkin

, did business. A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator. To Warren Buffett, Rose embodied the unwavering courage that makes a winner out of an underdog.

8. Know When To Quit: Once, when Warren Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick -- he had squandered nearly a week's earnings. Warren Buffett never repeated that mistake. Know when to walk away from a loss, and don't let anxiety fool you into trying again.

9. Assess The Risk: In 1995, the employer of Warren Buffett's son, Howie, was accused by the FBI of price-fixing. Warren Buffett advised Howie to imagine the worst-and-best-case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day. Asking yourself "and then what?" can help you see all of the possible consequences when you're struggling to make a decision -- and can guide you to the smartest choice.

10. Know What Success Really Means: Despite his wealth, Warren Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He's adamant about not funding monuments to himself -- no Warren Buffett buildings or halls. "I know people who have a lot of money," he says, "and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you'll measure your success in life by how many of the people you want to have love you, actually do love you. That's the ultimate test of how you've lived your life.

 

PIAM provides clarification about insurance premium revisions

The General Insurance Association of Malaysia (PIAM) has provided clarification on the new motor insurance premiums (soon to be introduced) which the public has become aware of recently as the tariff chart has been circulated on the internet. 

 

The association explained that gradual premium adjustment is undertaken under the new motor cover framework which was introduced in 2012, so it is not a new development. Back in January 2012, Bank Negara had announced that there will be a gradual revision in the insurance premium rates, the first to be undertaken after no revision for more than 30 years.

 

This move is to enhance efficiency in the provision of insurance cover by the industry with a gradual price adjustment that will ensure that public is able to purchase motor insurance at affordable premiums. 

Under the framework, premium adjustments began from January 1, 2012 over a period of 4 years. The 4-year period is to allow the adjustments to be small and implemented gradually in stages. This year, with effect from February 15, will see the third round of adjustments on the rates.

 

In respect of Third Party cover (the minimum required by law), the insurance premium for motorcycles of 110 cc, for example, will increase by between RM1.00 – RM3.50 per year over the next 4 years. 

 

For a privately-registered car with a 1400 cc engine, the premium adjustment will be between RM6.00 – RM34.00 per year over the same period. 

 

For express buses, the impact of the premium adjustment on the passengers is expected to be minimal at less than 10 sen per passenger per trip. 

 

Unlike previous years, there is no premium adjustment for the commercial goods carrying vehicles, taxis and hire cars (chauffeur-driven) during this round of adjustment.

 

Meanwhile, there are other classes of vehicles, such as school buses, factory buses, stage buses and tourist buses as well as hire cars (from car rental companies) which will not have any premium adjustment. PIAM says this is because of their relatively better overall claims experience, presumably meaning the owners do not make many or expensive claims for compensation. 

 

PIAM sees the new motor insurance framework as ‘a positive step towards promoting a liberalised insurance sector with further measures taken to improve the motor insurance and claims settlement processes’.  

 

To enhance the claims settlement processes, various measures have been adopted by insurers, one of them being the introduction of the Accident Assist Call Centre to provide emergency assistance to policyholders involved in road accidents. This 24-hour hotline 1300-22-11-88 also offers assistance to contact authorized tow-truck operators (for those involved in an accident) and answer claims enquiries. 

 

The association advises policy owners who wish to obtain clarification on how the new motor insurance framework will impact them to direct enquiries to their respective insurance company.

How to Buy Insurance for Your Retirement

One of the most common fears among retirees and the soon-to-be-retired is they will outlive their retirement savings. This is a very legitimate concern as more people are living into their 90s and even 100s than ever before.

However, there may be some relief for these worries. A deferred-income annuity can be used as a sort of "insurance" in case you live longer than you expect.

The problemLet's say you plan to retire at 65, and you plan to have a total of $2 million in total savings during retirement. Using the "4% withdrawal rule" that is common among retirement planners; this translates to an annual income of $80,000 with increases for inflation each year, that should last for 30 years or more.

The concern is: What happens if it doesn't last? What if there is a severe recession, or even a depression along the way? What if your money lasts for 30 years as planned, and you end up living to be 105 years old? While there is an excellent chance your money will last as long as you need by withdrawing 4% annually, it is still just that, a chance.

What is a deferred-income annuity?A deferred-income annuity basically means you give a company a sum of money now, or when you reach a certain age, in order to establish a pre-defined income stream later. The sooner you buy, and the later you hope to collect, the higher the eventual income will be.

Using a current chart of deferred-income annuity payouts, if you buy a $100,000 annuity when you are 55 that will begin paying out at age 75, your annual income (for life) after reaching 75 might be around $26,000. If you buy a similar annuity 10 years earlier, at 45, the annual income jumps to $42,000.

How much and when?There is no definite answer to this that works for everyone, but the obvious guideline is you never want to run out of money or be forced to make significant cutbacks in your lifestyle. Let's take a look at our earlier example of a retiree that is expecting $80,000 in income from his savings each year.

A good "insurance policy" could be an annuity that kicks in at 80 years old, bought for $100,000. Out of a $2 million retirement nest egg, this isn't that significant, and can provide tremendous peace of mind in the even if things go poorly with your portfolio. Such an annuity purchased at age 55 would produce around $45,000 in annual income for life after age 80. If the annuity income were further delayed until 85 (your money should last this long unless something extreme happens), the annual payout jumps to $87,000, which would more than replace every dime of expected income.

Of course, we hope our portfolios will provide us with plenty of income for as long as we may live. If things go according to plan, an annuity like this could also provide a nice income bonus during your later years, more than enough for a few extra cruises or some serious spoiling of the grandkids.

Looking decades aheadI generally don't advocate annuities as sound investment choices. In fact, I usually discourage people from getting involved in annuities because it's not too hard to get better returns elsewhere, and when you die, so does your nest egg.

However, the deferred-income annuities are not a bad idea as a supplement to a sound retirement plan. The peace of mind you will be taken care of even if you live to 120 is easily worth the small portion of your savings it will cost. If your main goal is to create a worry-free retirement for you and your spouse, a deferred-income annuity is certainly worth looking into.

Dividend stocks can make you rich. It's as simple as that. While they don't garner the notoriety of high-flying growth stocks, they're also less likely to crash and burn. And over the long term, the compounding effect of the quarterly payouts, as well as their growth, adds up faster than most investors imagine. With this in mind, our analysts sat down to identify the absolute best of the best when it comes to rock-solid dividend stocks, drawing up a list in this free report of nine that fit the bill. To discover the identities of these companies before the rest of the market catches on.

5 Smart Steps for Managing Money in Retirement

It is natural to think of retirement as a time of shutting down and taking it easy. From a money management standpoint though, retirement is when the real work begins.
Saving for retirement is tough, but perhaps the biggest financial challenge comes once you stop working. After all, those years leading up to retirement leave you a certain margin for error -- if your retirement savings start falling behind, you have options such as increasing your retirement savings rates over the next few years or even working a while longer than originally planned. Once you walk away from the workplace though, your savings are somewhat locked in -- now you have to make them last.

To help stretch your savings over the course of your retirement and take care of other financial responsibilities in the later part of your life, here are five things you should plan on attending to once you retire.

1. Fine-tune your asset allocationIn terms of risk management, retirement is a real watershed event. It is the point at which you typically go from adding money to a retirement plan to taking money out. That is important, because it has a substantial impact on your liquidity needs and your portfolio's ability to withstand market volatility.
So, once you start drawing from your retirement plan, you should consider shifting to a more conservative asset mix so the portfolio is more stable and liquid. However, you still have a long enough time horizon that you should not totally abandon growth investments, especially given how low bond yields and savings account rates are these days.

2. Consider a second careerMany people cannot wait to quit working -- until they try it. Then, they find themselves missing the activity and engagement of having a job. Finding part-time work can be the ideal solution to fill that void without recreating all the strain of a full-time job. Financially, it has the double benefit of providing income and giving your portfolio more time to grow before you have to start drawing on it heavily.

3. Reset spending targetsYou should be drawing a budgeted amount out of retirement savings that will allow those savings to last throughout your retirement. This is not an exact science, so you need to revisit your spending targets every year, to make sure you are not depleting your assets more quickly than planned.

4. Update your willRetirement is a good time to take a fresh look at your will. Both your resources and priorities may have changed considerably since you first made a will.

5. Make a living will and durable power of attorneyNobody likes to think about the possibility of becoming physically or mentally incapacitated, but these are possibilities for which you need to prepare. A living will makes it clear what level of medical care you want to receive. A durable power of attorney allows a trusted friend or relative to make financial decisions on your behalf. The nature of both types of instructions is that you need to get these documents in place before you need them, because you won't be in a position to do so once the time comes to employ them.
The original article: 5 Smart Steps for Managing Money in Retirement appeared on MoneyRates.com.

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