After the Chinese New Year break, is time to pick up what I've left behind. This time, I would like to make a fresh start for my future.
After reading Gobala's posting today, it really struck me that all along till now, I didn't really take stock of what I'm doing in the pass whether is what I really wanted/ like to do. It just like I'm walking through life without realising where am I heading.
The following is an exercise I did after reading a book called "21st Century Overdrive Building" by Steve Chen. He's the Asian spoke-person for Anthony Robbin. This book is in Chinese, I'm not sure whether there is a English version. Anyway, those who read Chinese books, the ISBN# is 7-5015-3295-8. You can check out his book in all major bookstores using the ISBN#.
Back to my subject. The exercise I did was pretty simple yet it play a very important role in shaping my future. This is how the exercise looks like:
1) Take out a piece of paper, draw a straight line in between.
2) On the right side, put a heading of "What I like to do & do it well".
3) On the left side, put a heading of "What I dislike doing & do it badly".
4) List down as many things as I can think of. Important: I don't prejudge the activities.
5) After that, I start going throught the list. I found out what makes me say "Oh Ya!" & "No Way!".
6) From the analysis, I can now decide whether the "Oh Ya!" list of things are the areas I like to develop & shape my future.
Well, that's a pretty easy thing to do, right? Simple yet important cause my future lies there.
Note: I have more than one areas to develop, so I decided to pick one & start focusing on that till I see result. Then, only then, the other one. A journey of a thousand miles begin with a single step.
Sunday, February 25, 2007
Wednesday, January 17, 2007
Are your income Active or Passive?
What sort of income are you earning? Is it Active or Passive? Or both?
If your answer is Active, you might want to take a serious look at it. If is Passive, good for you.
Why the heck do I have to know whether my income is Active or Passive? What's the diff?
Well, let us look at what are they:
Active income - Is also called Linear Income. This is that kinda of income that the majority are earning. That is trading your time for money. You only get paid for once for the effort you put in. Examples will be employees working for others. Even professionals like doctors, lawyers, & accountants falls into this category. Surprised? Don't be! Just ask yourself this questions, how many times does a patient paid to see the doctor? Once or many times?
Passive income - This is sometimes called recurring or residual income. This is usually income that keeps flowing into your bank account irregardless whether you are present or not. Imagine how many times JK Rowling was paid for Harry Potter's books, movies & merchandises? Over & over again. She created Harry Potter only once, but was paid overtime for years to come. Wow, that's wonderful, isn't it?
So, which one are you earning? If you have the intention to create wealth & attain financial freedom, you need to have passive income. This is because you will have the option to trade humans most scarcest resources, i.e. TIME. With passive income, you'll be able to have the time freedom to do whatever, whenever, wherever you desire because financially you have no worries as the money will still come into your bank account with or without you. That's the beauty of passive income.
So, what are the passive income available? Well, stay tune! I'll be with you the next time.Monday, January 8, 2007
Where am I heading?
Most often, when we begin charting out our resolution for a new year, we always ask "What I want to achieve this year?"
For my situation, I do that as well. But, it seems we are missing something here. What's that? Before that, let me share something with you. I often listen & read about gurus told us to have big dreams, see the big picture, blah...... don't you?
What I realised is this, no matter how big you would like to paint your big picture, you still must understand one important question - "Where are you now?" Without knowing where you are, you wouldn't know how you want to go where you want to be, isn't it?
Just like when your friend would ask you for direction to somewhere else, would you tell him/ her "go this way, then turn left. At the junction, turn right....." or you would ask him/ her "where are you now?".
Most of the time when I ask my friends, they would offer plenty full of ideas & ways for me to choose. It almost always goes like this, "You know what, you should do this, that. Then, this & that......." I understand where they are coming from, they want to be as helpful as possible. For that, I thank you them.
From the learning of Money Mastery Mentorship Programme, I understand that no matter where you want to be, you have to understand where you are. Without knowing where you are, you won't be able to chart out a good plan for your future endeavors. You would either fail to carry out your plan or got confuse along the way.
Charting out a good plan also means that you have to know what are the resources that are available to you. That includes your time allocation, your money spend, etc. Any plan to be carried out, you need time & money commitment as well as your family understanding. Without all these, what's the point of having good plan but fail to take action? Worse still, giving excuses like "I don't have time!", "I'm having a tight budget this month!", "I've a family to feed, you know?", "My the other half just couldn't understand me!". Got the point?
I would like to share the following three questions that I use to chart out my plan, hope is helpful to you.
Q#1: Where am I now? (Financially, Time commitment, other aspect of life)
Q#2: Where I want to be? (Resources I have to enable to carry out the plan)
Q#3: What are the option(s) I have? (From here you'll understand what is lacking or is favorable to you & you'll be able to find ways to accomplish what you want)
For my situation, I do that as well. But, it seems we are missing something here. What's that? Before that, let me share something with you. I often listen & read about gurus told us to have big dreams, see the big picture, blah...... don't you?
What I realised is this, no matter how big you would like to paint your big picture, you still must understand one important question - "Where are you now?" Without knowing where you are, you wouldn't know how you want to go where you want to be, isn't it?
Just like when your friend would ask you for direction to somewhere else, would you tell him/ her "go this way, then turn left. At the junction, turn right....." or you would ask him/ her "where are you now?".
Most of the time when I ask my friends, they would offer plenty full of ideas & ways for me to choose. It almost always goes like this, "You know what, you should do this, that. Then, this & that......." I understand where they are coming from, they want to be as helpful as possible. For that, I thank you them.
From the learning of Money Mastery Mentorship Programme, I understand that no matter where you want to be, you have to understand where you are. Without knowing where you are, you won't be able to chart out a good plan for your future endeavors. You would either fail to carry out your plan or got confuse along the way.
Charting out a good plan also means that you have to know what are the resources that are available to you. That includes your time allocation, your money spend, etc. Any plan to be carried out, you need time & money commitment as well as your family understanding. Without all these, what's the point of having good plan but fail to take action? Worse still, giving excuses like "I don't have time!", "I'm having a tight budget this month!", "I've a family to feed, you know?", "My the other half just couldn't understand me!". Got the point?
I would like to share the following three questions that I use to chart out my plan, hope is helpful to you.
Q#1: Where am I now? (Financially, Time commitment, other aspect of life)
Q#2: Where I want to be? (Resources I have to enable to carry out the plan)
Q#3: What are the option(s) I have? (From here you'll understand what is lacking or is favorable to you & you'll be able to find ways to accomplish what you want)
Thursday, January 4, 2007
My Passion & Success
As we are having our regular Mastermind session today, our teammate, Christina, suggest that we start a blog on Passion & Success. Hey, that's a good idea! Why? As one of our intention is to take Money Mastery's learnings into action and at the same time share with the rest. Well, maybe I should say - why not?
So, what's this all gonna do with "Passion & Success"? And what's that? Well, from the info I gathered, Passion & Success is an idea initiated by Money Mastery's principal coach, Mr KC See. Passion & Success is a team of people with the following mission - "dedicated towards helping ordinary people embark on their journey towards living their life with Passion and securing financial Success for themselves". How can this be done? I'm afraid you never ask. We do this through a systematic processs of mentorship, education & sharing.
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