5 Steps to Finacial Freedom

Singapore's Self-Made Millionaire Teaches The 5 Steps To Financial Wisdom

Singapore's Self-Made Millionaire Adam Khoo teaches you the 5 steps to financial wisdom... If he can do it as a broke guy who barely passed high school, you can too.

1. When hiring a person to work for you, hire one who is more knowledgeable in the position you intend to hire him/her for. Make sure your employees are SMARTER THAN YOU ARE! This way, you will have less worry if they are able to perform the job. You get to learn from them, and you’ll have more time to attend to other ventures. As long as you compensate them well, EVERYTHING should be fine, so don't worry about being "taken over" or anything silly like that.

2. Changes that involve bargains can spell p-r-o-f-i-t. Take for example in a supermarket where there is a “sale.” People’s most likely reaction is to buy and stock up. It is normal reaction but peculiar when analyzed. In the stock market, when there is a price crash, people tend to shy away. This is contrary to what happens in the supermarket. Why?

Perhaps, we will never know. On the other hand, when prices in a supermarket go up, people shy away. Again, in the stock market, when prices go up, people start buying which shouldn’t be the case.

3. Financial knowledge is knowing the difference between assets and liability.

Well.

Go ahead.

Look it up. Dictionary.com. I will wait.

Actually, an asset or a liability depends on the PERSPECTIVE. What you think is an asset, could be a liability to another person. As mentioned before, anything you own that earns is an asset; otherwise, it is a liability.

4. Oftentimes, we stick to the conventional way of doing business: “This is the way it is done here.” For all we know, the conventional way might not be the best way. Look at it another way, the unconventional way. It could save money, and money saved is money made. In other words, although it is a cliche of sorts...THINK OUTSIDE THE BOX!

5. High emotions (fear included) can sometimes cripple financial knowledge. Do not let your financial ability submit to your emotions. Similarly, making financial decisions without proper training on finances is disastrous.

Money comes and goes. But unlike money, financial knowledge stays. The nourishment it needs to stay keen is to keep it accurate and up-to-date.

If you feel like you’re being pushed around, stay smart, exercise self-discipline, and keep updated.

The basics of financial knowledge should have been taught in school; instead you learned how to sit down, be quite, and take notes. This explains why the poor and middle class comprise the majority of the populace with its gap from the rich ever widening.

If a person winds up with a lot of cash without financial ability, this person is bound to find his/her money gone soon. TRUST ME, it's happened to me already and I'm only 24! We’ve heard of athletes who earned millions during their prime and movie stars who amassed untold fortunes only to grow old broke.

Having financial knowledge is truly vital to maintain and grow your wealth.

Ben Rosario is an aspiring entrepreneur and NLP enthusiast residing in South Texas. He hopes you appreciated the contents of this article. For more info, please visit:

Secrets of Self Made Millionaires

Book Review

The Five Lessons a Millionaire Taught Me-

Richard Paul Evans possesses the ability to simplify important ideas to make them easy to understand. He applies that ability to the lessons that he has learned over the years about creating wealth. Evans has also demonstrated the ability to clearly tell a story and that ability is also applied to the subject of creating wealth. The result is the very informative and easily understandable book, “The Five Lessons a Millionaire Taught Me.”

This is a good self help book about some basic principles of creating wealth and what to do with it once it has been created. Evans introduces the topic with some personal stories from his childhood and how the lessons affected his attitude toward building wealth in his life. The next five chapters reveal the five lessons that he learned about wealth building, lessons which Evans wishes to pass along to others.

One of the teaching techniques in the book that I appreciated was Evans’s wise choice of quotations from noted wealthy people. The quotes were used to introduce topics that Evans wished to discuss and also to create a conclusion to topics that were well covered.

Evans talks about the creation of and growth of a nest egg throughout the book. I enjoyed the way he solidified the concept when he suggested that a person should purchase some precious metals such as silver or gold coins. The lesson is that the physical possession of these precious metal pieces keeps a person focused on their progress toward their financial goals.

The longest chapter, which has also proved to be the most popular chapter, is the chapter about the concept of winning in the margins. Evans does not define the concept but illustrates it with a handful of real life stories that are very effective. In this chapter Evans talks about four different mindsets that help to focus one’s mentality toward wealth. Evans also talks about his favorite question, seven golden words which helps to create a winning margin in many financial transactions; “Is that the best you can do?”

One of my favorite sentences in the book comes during a discussion of the idea that sincere gratitude for what one has will serve as an antidote to the problem caused by our tendency to over consume. Evans says, “Those who forget to be grateful for what they have often waste their lives and wealth looking for more.”

Evans concludes the five lessons with a discussion of the opportunity that the creation of wealth provides for us to give back to others. Evans says, “Ultimately, the most honorable and enjoyable use of money is in serving others.” He wisely says, “Hoarding wealth will make your life small and cold. Giving will warm and expand it.”

Evans includes a call to action by challenging the reader to teach the five lessons to someone they know within 24 hours and to share the book with others. When it comes to creating wealth and sharing it, Evans points out that it is never too late to start.

“The Five Lessons a Millionaire Taught Me About Life and Wealth” by Richard Paul Evans, published by Aurcadia Press. ISBN 1-930817-16-9.

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Garry Gamber is a public school teacher and entrepreneur. He writes articles about politics, real estate, home businesses, poetry, and books. He is the owner of Good Politics Radio Alaska and a BookWise information lens on Squidoo.