Blueroselady's Weblog

I wish you abundant happiness, health & wealth

Posts Tagged ‘invest

How do you perceive money and wealth?

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The media (TV, movies, magazines, newspapers) often portray the wealthy as those who wear designer clothes, eat fine dining, drive luxurious cars, and fly first class. Growing up and being fed by such information make many of us believe that is how the wealthy live their lives. In reality, this is only true for those who inherit their wealth, strike lotteries, or those super talented artists and sportsmen, but they risk losing their wealth without proper wealth management.

Examples:
Doris Day, a famous 60s Hollywood singer-actress, lost her fortune when her husband-manager cheater her and ran off.
Mike Tyson, a heavyweight champion who earned over $500 million, filed for bankruptcy because of his lavish lifestyle of luxury cars, huge mansions, and Bengal tigers.
Michael Jackson, earned over $700 million in his career, but he spent $20-$30 million more than he earns every year.

On the other hand, many people stay poor because of common negative beliefs about money and wealth. For example, when one sees one’s parents work so hard, being cheated, and still remain poor, they may adopt the common negative beliefs.
Here, I list the common negative beliefs and debunk why they are not true.

Myth: Having a lot of money will change you (into a bad person)
Myth: Money will make you less spiritual.
Myth: Money is the ‘root of all evil’
Fact: Money is a personality magnifier, it is neutral on its own, it is just a tool.
If one is selfish, having money will make him even more selfish.
Majority of causes of murder, cheating, stealing, lying are poverty (lack of money) and greed.
If one is kind and generous, money will enables him to give more to others, do God’s work.
When you no need to worry about money anymore, you can focus on more important things in life.
Some wealthy people believe that they do not own their money, they are merely custodians of God’s wealth.

Myth: We do not have a lot of money / time to make money because we love our children.
Fact: People who believe in this myth are giving themselves excuses. If they love their children, they will provide their best for their children, and not use their children as an excuse / justification for their lack of money.

Myth: Money will not buy you happiness.
Myth: Money is not that important.
Myth: Money is not everything.
Fact: It is true that money is not everything but everything is money. Without money, you cannot buy food / clothes and provide shelter for your family, you cannot buy presents for you friends, you cannot send your children to schools. Money can enhance the things that matter: family, friends, health, spirituality, career, education. Note that when someone says "money is not that important", he is just consoling himself. Analyze carefully before believing what others say.

Myth: The wealthy are materialistic.
Myth: The wealthy worship money.
Myth: Rich people are greedy and selfish.
Fact: Not all wealthy people work for money, some of them work for their passion / personal mission. People who lack money can also be materialistic, they constantly worry about money or are envious of their richer neighbors / relatives / friends.
If you resent rich people and think that they are bad, then your subconscious mind will never allow you to become rich.
It is important to find role models (rich people with integrity and kindness) whom you admire and are keen to learn from, instead of making hasty generalization.

Myth: If I am wealthy, my friends / family / relatives will look at me differently.
Myth: If I became wealth, I will lose all my friends.
Fact: If you lose some of your friends, then you realize that they are your false friends. True friends will be happy for your success and wealth. When you become wealthy, you will make new friends with wealthy mindset.

Myth: To have more money, I will be depriving others of it.
Myth: There is no enough money for everyone to be rich.
Myth: There are less opportunities to make money nowadays.
Fact: There is abundance in the universe. There are always enough / new resources for people who pursue wealth with integrity. In your process to make money (ethically, legally), you will create new / better products / services and jobs for others.

Myth: Having a lot of money will give you worries / problems.
Myth: The wealthy have a lot to manage.
Fact: Most problems in life (relationships, health, career) are the results of the lack of money.
Blueroselady’s reflection: I used to follow the myth in my early 20s, until a mentor VB told me that if I have no money, I will have more things to manage.

Myth: If God wanted us to have money, he would give it to us.
Fact: God helps those who help themselves. There is no free lunch in this world. Be self-sustainable. You have to ask (through prayer), believe that you deserve prosperity, and take action (work hard and smart).
Blueroselady’s reflection: Spending a larger proportion of my life seeking knowledge (as a student) than seeking wealth, the same principle applies. If we do not put in efforts in our study, we will not get good results, we will not gain wisdom, no matter how hard we pray, we need to take action. Now, in my chapter of life in seeking wealth to nurture the next generation, I will put my best efforts together with prayer to God.

Written by blueroselady

September 17, 2012 at 2:00 pm

Tips: finance for women

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BUDGET
Since the first day leaving away from my parents at the tender age of 14, I started budgeting. Recording my expenditure (to be in control so that they do not exceed my income). My income was money sent by my parents. As I made progress in my study, my income include money generously given by my benefactors, part-time work (though lowly paid hourly based salary, I still cherished it!), giving tuition to my juniors.

avoid DEBTS if possible.
Now I only have housing mortgage.
Please try your best to pay your credit card bills.
I only subscribe to credit cards that give annual fee waiver, therefore I do not keep many credit cards.
Be firm to reject the temptations that come with credit card applications.

EMERGENCY
Consider possibilities of emergency.
e.g. of emergency: illness (which troubles me in March 2012!), home repair, vehicle repair, parents health need.

buy a HOME.
I used to rent due to my nomadic life, but the $ I use for paying rent is better spent to pay for mortgage.
Our current home is not really our home, but at least we can sell it in the event of emergency.
Why is it not really our home?
1. It will only be under our name after we finish paying all the 30-years mortgage.
2. At the end of several decades, we have to return it (due to 99-year lease). We cannot give it to the next generation!
Thus, (1) I must not be too attached to our home. Being unattached is a way to raise our consciousness. (2) a dream is to buy a more permanent home.
Home LOCATION is important!
Is it safe (especially for women)?

INVEST in yourself, stocks, bluechips, trusted business partners.
Since the beginning of 2012, I have been actively investing in myself (my intelligence, consciousness, enterprise).
I share my tips to you all my Dear friends, as I want you also to benefit from my growth.
Go for an occasional indulgence.
I always plan for at least 1x trip to a new destination.

RETIREMENT seems so far for me.
Ladies, by all means, I encourage you to plan for your retirement.
If you have tips for me, I would be very happy to listen to 🙂

SAVE for emergency.
Blueroselady, you have to work hard for this!
With my current income, I do not have much to save, but I am trying to find ways to do so.
If you have any suggestion, I am more than happy to learn about it and will be forever grateful to you 🙂

avoid EMOTIONAL SPENDING.
Beware of EXPERIENCED SALESMEN/ SALESWOMEN who will show you a higher-priced item first (the anchoring / 1st thought trap).
Buy products based on their MERITS, instead of popularity.

Note: first written in March 2012.

Written by blueroselady

March 20, 2012 at 6:52 am

Posted in finance, lifestyle

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