Wednesday, August 11, 2010
Fun Learnings worth to be shared.: Fun Learnings
Fun Learnings worth to be shared.: Fun Learnings: "I found these insights from Adam Khoo’s million dollar interview and I believe it is worth it sharing these to my friends like you. Hope you..."
Fun Learnings
I found these insights from Adam Khoo’s million dollar interview and I believe it is worth it sharing these to my friends like you. Hope you will also be inspired.
Wealth = X + Y + Z
where: X = making the money, approx. 30%
Y = saving the money, approx. 30%
Z = learning how to invest the money, approx. 30%
A lot of people focus on the first 30% and ignore the 60%. No matter how much money you can make, if you spend more than you earn, which is what a lot of my friends do, then at the end of the day you’re not going to get your financial target. You’re only going to have high income, and high income doesn’t last forever. Because no matter how good your income stream is, it’s not going to last. Because we’re in an era of globalization and competition where you think you’re
in a very good business, two years from now someone’s going to overtake you. So you better have that savings, so that when someone wipes out your income stream, you have the ability to create another stream.
Thanks to Adam Khoo, I now find the reason why people should set goals.
He said, because only when you know what you want you can then you can develop an effective strategy. If you don’t know what you want then there’s no way you can develop a strategy. So the goals drive the strategy. It’s as simple as that.
So what happens if you fail?
I realize the simple answer, "change your strategy".
I also realize how important to have a good and healthy habits. Well, as we all know habits are unconscious consistent actions. You can set all your goals and say that I will do all these, but end of the day it is your habits that will drive you.
These habits include but not limited to:
1. Take responsibility.
Every time something goes wrong, take responsibility for it rather than blaming. Because if you take responsibility then you will have the power to make changes.
2. Learn how to invest more than you spend.
This doesn’t mean always investing in the stock market. Invest in yourself; invest in education, buying books and things like that. Buy assets, not liabilities.
3. Be proactive.
Go out there and make things happen, instead of waiting for people to come and solve your problems for you.
4. Habit of always wanting to be excellent.
Take note, it does not say you should always be excellent. There’s no such thing as perfect. A lot of people want to be perfect, but no one can be perfect. It’s about being excellent, so start having a habit of asking yourself, how can I do this better, how can I do it better, to be paranoid at doing better.
Wealth = X + Y + Z
where: X = making the money, approx. 30%
Y = saving the money, approx. 30%
Z = learning how to invest the money, approx. 30%
A lot of people focus on the first 30% and ignore the 60%. No matter how much money you can make, if you spend more than you earn, which is what a lot of my friends do, then at the end of the day you’re not going to get your financial target. You’re only going to have high income, and high income doesn’t last forever. Because no matter how good your income stream is, it’s not going to last. Because we’re in an era of globalization and competition where you think you’re
in a very good business, two years from now someone’s going to overtake you. So you better have that savings, so that when someone wipes out your income stream, you have the ability to create another stream.
Thanks to Adam Khoo, I now find the reason why people should set goals.
He said, because only when you know what you want you can then you can develop an effective strategy. If you don’t know what you want then there’s no way you can develop a strategy. So the goals drive the strategy. It’s as simple as that.
So what happens if you fail?
I realize the simple answer, "change your strategy".
I also realize how important to have a good and healthy habits. Well, as we all know habits are unconscious consistent actions. You can set all your goals and say that I will do all these, but end of the day it is your habits that will drive you.
These habits include but not limited to:
1. Take responsibility.
Every time something goes wrong, take responsibility for it rather than blaming. Because if you take responsibility then you will have the power to make changes.
2. Learn how to invest more than you spend.
This doesn’t mean always investing in the stock market. Invest in yourself; invest in education, buying books and things like that. Buy assets, not liabilities.
3. Be proactive.
Go out there and make things happen, instead of waiting for people to come and solve your problems for you.
4. Habit of always wanting to be excellent.
Take note, it does not say you should always be excellent. There’s no such thing as perfect. A lot of people want to be perfect, but no one can be perfect. It’s about being excellent, so start having a habit of asking yourself, how can I do this better, how can I do it better, to be paranoid at doing better.
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