The Youngest Millionaire who started his company in his bedroom at the age of 16 and went on to sell his first company for 40 million to Yahoo. That was not all. He started another company and went on to sell it for 300 million.
Listen to words of wisdom from this young enterpruner. The definition of "preception created reality".
Thursday, December 10, 2009
Wednesday, December 9, 2009
The F Word?
Wait a minute! It not what you think. The word is FEAR.
There are many things that people fear. Top on the list is the fear of public speaking and getting a drill put into your mouth by the dentist. And the list goes on....
But what I want to talk about is how different people deal with their fear and how it effects their lives. For many, fear run their lives and a small minority use fear as a stepping stone for self improvement.
For majority of people, fear stands for how they feel and what they can or can not do in their lives. From my own personal experience, I found out that most of my fears are without merit. It something my conscious or sub-conscious mind conjures up. So the word fear stands for :
False
Evidence
Appearing
Real.
But the question might be raised, " Dont successful people experience fear?"
Yes they do. But it how they view and act upon their fear that makes them successful. For the successful people the word fear stands for :
Fail
Early
And
Responsibly.
Successful people know that we are all not perfect and there is already a set number of failures in life to be experienced. So they fail more then anyone else, and in the process they learn and grow faster then anyone else. Fear is seen as a partner in their definite success in life.
There are many things that people fear. Top on the list is the fear of public speaking and getting a drill put into your mouth by the dentist. And the list goes on....
But what I want to talk about is how different people deal with their fear and how it effects their lives. For many, fear run their lives and a small minority use fear as a stepping stone for self improvement.
For majority of people, fear stands for how they feel and what they can or can not do in their lives. From my own personal experience, I found out that most of my fears are without merit. It something my conscious or sub-conscious mind conjures up. So the word fear stands for :
False
Evidence
Appearing
Real.
But the question might be raised, " Dont successful people experience fear?"
Yes they do. But it how they view and act upon their fear that makes them successful. For the successful people the word fear stands for :
Fail
Early
And
Responsibly.
Successful people know that we are all not perfect and there is already a set number of failures in life to be experienced. So they fail more then anyone else, and in the process they learn and grow faster then anyone else. Fear is seen as a partner in their definite success in life.
Sunday, December 6, 2009
Li ka Shing's Secret of Manging and Wealth Accumulation
This is a condensed version of a article I read recently. It has wisdom that worth taking note.
"Li Ka Shing was born in a poor family in China. After half a century of hard work and struggle, he became a household name in the business community(a "Who's Who" in Forbes and Fortune Magazine). He attributes his extraordinary success, to hard work and diligence. But here he shares his secrets of managing and accumulating wealth.
Li Ka Shing believes that before a person reaches the age of 20, all his money should come from working hard using his own two hands. Between the age of 20 to 30 is the time to work hard earning money and simultaneously saving money. After the age of 30, the importance of investing and managing money is greatly increased. After middle age, how much you earn is less important; it is how to manage your money that becomes important.
The importance of continued patience - If a person can start saving HK$14,000 a year, and invest all the accumulation into stock and real estate investment, obtaining 20% average annual rate of return, after 40 years his wealth will accumulate to HK$102,810,000 and become a 100X millionaire(yi-wan-fu-weng). Many people who attend Li Ka Shing's talk comment, "If it takes 40 years to become a "yi-wan-fu-weng", it takes too long."
Li Ka Shing answers "Managing and accumulating wealth take a long time". You will not be able to see any results within a short time. Any person who wish to use any method of managing wealth to get-rich-quick, his wish is totally hopeless and destined to fail. Based on Li Ka Shing's method, after working hard for 10 years, a person can only accumulate enough to buy a car, very far from the objective of becoming a yi-wan-fu-weng. Therefore, a wealth-accumulator needs to realize that the activities of managing wealth is a "marathon run", not a "100 meter dash". What you need is stamina, and not explosive sprint. To invest, manage and accumulate wealth, you need a long period of waiting time to see the results.
At first it seems difficult, later it becomes easy. If a person can save HK$14,000 and obtain an average annual rate of return of 20%, after 20 years, the accumulated wealth is only HK$2,610,000- far behind the objective of HK$100 million.
Only after continuing the wealth accumulation plan for 40 years, can a person reach the platform of yi-wan-fu-weng, accumulating HK$102,810,000. In conclusion, Li Ka Shing also confesses that, "It's easier to earn the second 10 million than the first one million."
Saturday, December 5, 2009
The Greatest Discovery
When I was working and observing people(which is my hobby), I discovered that no matter how much you know in terms of knowledge, it's totally different when you put what you have learnt into practice.
That's when I discovered that being rich is a state of mind and not a thing to acquire. All rich people spend their time in sharpening and honing their skill in attracting more wealth into their life. The word "JOB" stands for Just Over Broke. That right! If you have a job and if that's your only income, then you will always be "just over broke". The rich consider a JOB as a waste of their time.
Before we get into what is the richest game in the world, we must understand who are the players in this game.
First you have the Employees.
Second is the Self Employed or Small Business Owner.
Third is the Business Man
And the forth is the Investor.
You can always tell from their Language, which category they fall under.
An employee will always ask "I want a safe secure job with benefits."
A self employed or small business owner will say things like " I charge you by the hour or I charge 5% for one job."
A businessman will say things like "I am looking for a system and the best minds to expand my business."
An investor will say things like "What is my ROI(Return On Investment) and how soon can I see my money back?"
Each have different Emotions that drive them.
An employee is driven by Fear and Insecurity. They often don't plan for the future and live only for today.
A self employed is driven by pride and is usually a perfectionist. You will find doctors, lawyers and skilled craftsman in this category.
A business man is driven by patients. They can go for years without being paid.
An investor is totally different as they are unemotional. To them, it doesn't matter what happens, they make money either way. It just a matter of how much they make and how soon they see their money back.
Knowing this different players and what drives them will help you in identify which group you fall in and chart out your growth as a person. Which eventually will determine what kind of life you will live.
That's when I discovered that being rich is a state of mind and not a thing to acquire. All rich people spend their time in sharpening and honing their skill in attracting more wealth into their life. The word "JOB" stands for Just Over Broke. That right! If you have a job and if that's your only income, then you will always be "just over broke". The rich consider a JOB as a waste of their time.
Before we get into what is the richest game in the world, we must understand who are the players in this game.
First you have the Employees.
Second is the Self Employed or Small Business Owner.
Third is the Business Man
And the forth is the Investor.
You can always tell from their Language, which category they fall under.
An employee will always ask "I want a safe secure job with benefits."
A self employed or small business owner will say things like " I charge you by the hour or I charge 5% for one job."
A businessman will say things like "I am looking for a system and the best minds to expand my business."
An investor will say things like "What is my ROI(Return On Investment) and how soon can I see my money back?"
Each have different Emotions that drive them.
An employee is driven by Fear and Insecurity. They often don't plan for the future and live only for today.
A self employed is driven by pride and is usually a perfectionist. You will find doctors, lawyers and skilled craftsman in this category.
A business man is driven by patients. They can go for years without being paid.
An investor is totally different as they are unemotional. To them, it doesn't matter what happens, they make money either way. It just a matter of how much they make and how soon they see their money back.
Knowing this different players and what drives them will help you in identify which group you fall in and chart out your growth as a person. Which eventually will determine what kind of life you will live.
Friday, December 4, 2009
Systems!
Imagine going to a supermarket and looking for what you want where all the things are on the floor, without selves, without signs, without cash register, without a basket or trolley, without sales assistance and of course without place to park your car.
What are the chances you will visit this supermarket again?
There are systems everywhere. Sometimes we take it for granted. But systems run our lives. There are systems for everything, from the moment we wake up in the morning to the time we go to bed.
The Rich are always interested in systems that run a business. Have you heard of Franchise? That a system. A system that generated cash, provide goods and services at a profit.
Imagine if you could duplicate yourself into 100,000 times and you could do 100,000 more things and earn 100,000 more income. That what a system offers.
Next time you are at a store, ask yourself " What can I do to duplicate myself?"
What are the chances you will visit this supermarket again?
There are systems everywhere. Sometimes we take it for granted. But systems run our lives. There are systems for everything, from the moment we wake up in the morning to the time we go to bed.
The Rich are always interested in systems that run a business. Have you heard of Franchise? That a system. A system that generated cash, provide goods and services at a profit.
Imagine if you could duplicate yourself into 100,000 times and you could do 100,000 more things and earn 100,000 more income. That what a system offers.
Next time you are at a store, ask yourself " What can I do to duplicate myself?"
The Unlimited Field of Goal!
Ideas! Every business or invention that changed the world came from a idea!
Think about all the things that we can't do without in our lives, like the car, the cloths we ware, the food we eat, how it reached us, the internet and many more, where would we all be if someone did not take these ideas and made it a reality.
The Rich are rich because they can take a idea and turn it into a business that changes peoples lives. The single most sought after skill is the ability to turn an idea into something real. The story of a 65 years old man by the name Colonel Sanders who took an idea and made it a house hold name is a good example. What about the story of Bill Gates who started a company with a product that was not even his. And the story of a collage student who started a small business from his garage selling computers.
Think about all the things that we can't do without in our lives, like the car, the cloths we ware, the food we eat, how it reached us, the internet and many more, where would we all be if someone did not take these ideas and made it a reality.
The Rich are rich because they can take a idea and turn it into a business that changes peoples lives. The single most sought after skill is the ability to turn an idea into something real. The story of a 65 years old man by the name Colonel Sanders who took an idea and made it a house hold name is a good example. What about the story of Bill Gates who started a company with a product that was not even his. And the story of a collage student who started a small business from his garage selling computers.
Good Debt Versus Bad Debt!
Our attitude to money is reflected in how we handle debt!
If you think that debt is bad and you should pay it off or default on it, then you will always remain poor or average.
The Rich always take on debt because they know how to manage their debt well and make it generate income to eventually pay off it self. The Rich understand the more money you have, the bigger the net is and the bigger the catch will be, the faster they can retire. All of this is done with the view of creating value and growing a business. That take skill, hard work and discipline.
If you think that debt is bad and you should pay it off or default on it, then you will always remain poor or average.
The Rich always take on debt because they know how to manage their debt well and make it generate income to eventually pay off it self. The Rich understand the more money you have, the bigger the net is and the bigger the catch will be, the faster they can retire. All of this is done with the view of creating value and growing a business. That take skill, hard work and discipline.
OPT or Other People's Time!
How much can you do with your two hands, two legs and 24 hours a day?
Not much!
How much can you get done with unlimited hands, unlimited legs and with the same 24 hours?
Unlimited results!
That's has always been the challenge for the Rich. How to find the smartest minds and how best to employ them. The goal here is to build a business that eventually don't need the owners. They go on vacation and come back to a business that is bigger and doing better in their absence.
Not much!
How much can you get done with unlimited hands, unlimited legs and with the same 24 hours?
Unlimited results!
That's has always been the challenge for the Rich. How to find the smartest minds and how best to employ them. The goal here is to build a business that eventually don't need the owners. They go on vacation and come back to a business that is bigger and doing better in their absence.
OPM or Other People's Money.
How long would it take you to save $1,000,000?
A couple of lifetime at least, right!
How long would it take you to borrow $1,000,000?
Less then an hour, with the right fundementals. You can go to any bank and ask what do you need to have to qualify for a business loan. Bankers will not ask you for your school report card! They are interested in if you know how to manage your money well and have proof to back it up. That is why it is important to learn the language of money. It is like any other spoken language out there but they don't teach it in school.
The Rich know how to do this and they know how to get free money(that is money they don't have to pay back)!
How do they do that? Have you heard of the Stock Market? That how millions in capital is raised, interest free!
A couple of lifetime at least, right!
How long would it take you to borrow $1,000,000?
Less then an hour, with the right fundementals. You can go to any bank and ask what do you need to have to qualify for a business loan. Bankers will not ask you for your school report card! They are interested in if you know how to manage your money well and have proof to back it up. That is why it is important to learn the language of money. It is like any other spoken language out there but they don't teach it in school.
The Rich know how to do this and they know how to get free money(that is money they don't have to pay back)!
How do they do that? Have you heard of the Stock Market? That how millions in capital is raised, interest free!
Thursday, December 3, 2009
Leverage!
What is Leverage?
Leverage is the tool that helps you achieve your goals and dream faster that anyone else.
I am sure you have ridden in a car or airplane before. Imagine if there were no car or airplane! You can look forward to a long slow walk.
The Rich know how to use Leverage like:
1. OPM(Other People's Money)
2. OPT(Other People's Time)
3. Debt
4. Ideas
5. Systems
Let see how each one can help you achieve your goals and dreams.
Leverage is the tool that helps you achieve your goals and dream faster that anyone else.
I am sure you have ridden in a car or airplane before. Imagine if there were no car or airplane! You can look forward to a long slow walk.
The Rich know how to use Leverage like:
1. OPM(Other People's Money)
2. OPT(Other People's Time)
3. Debt
4. Ideas
5. Systems
Let see how each one can help you achieve your goals and dreams.
The Plan!
Ask yourself this question!
Has anything good in your life come without it being planned?
Think about it for a while and you will find that there is always a plan, either it's your own plan or someone planned it for you.
When it come to money, your dreams and goals, it's the same. It starts with a plan.
Have you put any thought into your financial freedom. What's that I hear? NO!
Why not?
Don't worry! Your are not alone! People spend more time planning their vacation then planning their future!
What is a plan and what does it look like? It depends on what you want to achieve in your life.
We will talk more about it later, but first let look at why should we plan!
Has anything good in your life come without it being planned?
Think about it for a while and you will find that there is always a plan, either it's your own plan or someone planned it for you.
When it come to money, your dreams and goals, it's the same. It starts with a plan.
Have you put any thought into your financial freedom. What's that I hear? NO!
Why not?
Don't worry! Your are not alone! People spend more time planning their vacation then planning their future!
What is a plan and what does it look like? It depends on what you want to achieve in your life.
We will talk more about it later, but first let look at why should we plan!
The Holy Grail Of Wealth
You might be wondering "What is It?"
Don't be suprise. It a word that seems innocent enough, but has a life of it's own. The word is(Drum Role Please........)
SAVE!
Yes, that where it all starts. The rich know that, it's not what you make but it's what you keep that makes you rich. The rich know the skill and art of getting money to work harder then they could ever work in their whole lifetime.
If you are starting out in life and have a plan to enjoy the good life, then your starting point is 30% SAVING and 70% SPENDING. If this is not your ratio, then you are in trouble, my friend.
Ever person who know what financial freedom is started here and worked up to 70% SAVING and 30% SPENDING.
Don't be suprise. It a word that seems innocent enough, but has a life of it's own. The word is(Drum Role Please........)
SAVE!
Yes, that where it all starts. The rich know that, it's not what you make but it's what you keep that makes you rich. The rich know the skill and art of getting money to work harder then they could ever work in their whole lifetime.
If you are starting out in life and have a plan to enjoy the good life, then your starting point is 30% SAVING and 70% SPENDING. If this is not your ratio, then you are in trouble, my friend.
Ever person who know what financial freedom is started here and worked up to 70% SAVING and 30% SPENDING.
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