Money is an idea, an idea on how to solve problems, especially other people's problems. Look at what other people want; save time, save money, make more money, have peace of mind, comfortable life, being recognised, grow & learn more, be entertained and the list goes on.
One of the richest man, Warren Buffet, what problem did he solved? He help people to make more money, people who invested in his company, Bershire Hathaway. He also create jobs through the many companies that his company owns. Look at Steve Jobs, Bill Gates and the many other entrepreneurs, not only they solve problems with their products or services but they also created many jobs. Now, do you know why successful entrepreneurs are richer compared to employees? They all started with an idea to solve a certain problem, then they add passion, action and perserverance to get to where they are.
If you want to be rich, start thinking out of the box, out of your current reality box.
We will talk about changing your reality box next week.
Thursday, June 9, 2011
Thursday, June 2, 2011
Step 28; Problems are opportunities.
Problems are opportunities, so don't run away from problems, embrace them if you want to be rich. Am I right to say that you don't mind paying someone to solve your problems? Yes, you can solve some of your own problems but what if there is a problem that you cannot solve? For example, if you have a toothache, do you mind paying a dentist to solve that problem? Will you check their fees first before you consult them or do you ask them to solve your problem first before you check their fees? It's obvious what you will do first, isn't it? Ever wonder why good dentist are paid so well?
It is good if you can solve your own problems but it is better if you can solve other people's problems. The more problems you can solve and the bigger the problems, the more money people would be willing to pay you. Start looking at all the problems in this world and see if you can fix it, the more problems you can fix, the more money you can make. It's simple isn't it? Start thinking, start observing.
See you next week.
It is good if you can solve your own problems but it is better if you can solve other people's problems. The more problems you can solve and the bigger the problems, the more money people would be willing to pay you. Start looking at all the problems in this world and see if you can fix it, the more problems you can fix, the more money you can make. It's simple isn't it? Start thinking, start observing.
See you next week.
Thursday, May 26, 2011
Step 27; You see money with your mind, not with your eyes.
What do I mean by you see money with your mind and not with your eyes? Before you could see the physical money, you have to see it with the mind first. For example, before you buy a run down property and sell it for a profit later. You have to imagine how are you going to make improvement to the property? How much are you going to buy it for? How much will you be paying for the renovation? Where do you find the people to buy it? How much will you be selling it when it is renovated? You have to see all this in your mind first and then take action, do whatever it takes and you will see the money at the end of the day.
I was at the East Coast in Singapore last night and saw a group of people riding bicycle and I told my friends about the opportunity that I saw in my mind. Want to know what was the opportunity? Bicycle rental business! The bicycle rental business can be a very good business, why? I was told that the bicycles are rented out at $6 per hour per bicycle. All you need to do is to rent your bicycle for 2 hours a day, multiply it by 365 days per year, you get $4,380. How much does it cost to buy a bicycle? What's the ROI in this case? Of course you will need to look at the rental of the kiosk and the salaries of the workers running the kiosk. Do the numbers, I am sure you will come up with a very decent profit at the end of the day.
Can you see the many opportunities that is available out there? or rather, in your mind? Will share with you more about opportunities next week.
I was at the East Coast in Singapore last night and saw a group of people riding bicycle and I told my friends about the opportunity that I saw in my mind. Want to know what was the opportunity? Bicycle rental business! The bicycle rental business can be a very good business, why? I was told that the bicycles are rented out at $6 per hour per bicycle. All you need to do is to rent your bicycle for 2 hours a day, multiply it by 365 days per year, you get $4,380. How much does it cost to buy a bicycle? What's the ROI in this case? Of course you will need to look at the rental of the kiosk and the salaries of the workers running the kiosk. Do the numbers, I am sure you will come up with a very decent profit at the end of the day.
Can you see the many opportunities that is available out there? or rather, in your mind? Will share with you more about opportunities next week.
Thursday, May 19, 2011
Step 26; How to buy properties with little or no money down?
Method number 3; Joint Venture 2
Another way of joint venture is where you look for owners of land or run down properties. Persuade them to let you build or rebuilt their property and share the proceeds when it is sold for a higher price later. Or share the number of properties that you have built for them.
Example; owner of a piece of land that has got permit to build 8 units of apartments. Offer to build for them for free and share 4 units each when it is completed. Your question will be where do you find the money to build? Here is what you do, convince a builder to build the 8 units and offer him 3 units upon completion and you end up with 1 unit for free.
If you want to do this, you will need to have a very good lawyer to help you with the contract with both the builder and the owner.
Will share more ideas next week
Another way of joint venture is where you look for owners of land or run down properties. Persuade them to let you build or rebuilt their property and share the proceeds when it is sold for a higher price later. Or share the number of properties that you have built for them.
Example; owner of a piece of land that has got permit to build 8 units of apartments. Offer to build for them for free and share 4 units each when it is completed. Your question will be where do you find the money to build? Here is what you do, convince a builder to build the 8 units and offer him 3 units upon completion and you end up with 1 unit for free.
If you want to do this, you will need to have a very good lawyer to help you with the contract with both the builder and the owner.
Will share more ideas next week
Thursday, May 12, 2011
Step 25; How to buy properties with little or no money down?
Method number 2; Joint venture
Find partners that are willing to pay for the deposit and you take up the loan from the bank. Here's an example; property priced at $1,000,000, partner's cash deposit of 20% - $200,000, your bank loan is $800,000. So you don't pay any cash upfront.
Your questions will be; where do I find such partners? You see, there will be people with cash but are not able to take up a loan because of their age or they have already maximised their loans limit or for whatever the reason. These people could be your friends or relatives or people from your network. A good place to network is to come to our property investment seminar. This is where you will find many like-minded people who understand about property investment. You will also need to have a proper legal agreement to do that. I have done many such deals with partners and made infinity returns on my zero dollar investment.
Knowing what to buy, where to buy, how to buy and who to buy from is also very important in property investment.
More method next week
Find partners that are willing to pay for the deposit and you take up the loan from the bank. Here's an example; property priced at $1,000,000, partner's cash deposit of 20% - $200,000, your bank loan is $800,000. So you don't pay any cash upfront.
Your questions will be; where do I find such partners? You see, there will be people with cash but are not able to take up a loan because of their age or they have already maximised their loans limit or for whatever the reason. These people could be your friends or relatives or people from your network. A good place to network is to come to our property investment seminar. This is where you will find many like-minded people who understand about property investment. You will also need to have a proper legal agreement to do that. I have done many such deals with partners and made infinity returns on my zero dollar investment.
Knowing what to buy, where to buy, how to buy and who to buy from is also very important in property investment.
More method next week
Thursday, May 5, 2011
Step 24; How to buy properties with little or no money down?
I will be sharing with you the many methods I used to buy properties with no money down over the next few weeks, one method a week. When I say no money down it does not mean literally no money, it means leveraging on other people's money.
The first method will be leveraging on the bank's money. An example will be a property that I bought in Malaysia. I bought it for Rm860,000 and the bank valuation for the property is Rm1,000,000. The bank is also willing to give me a bank loan of 90% of the valuation amount. In other words, I could get Rm40,000 cash for buying a property.
The key to having such a deal is the ability to buy at below market value. Selling and negotiation skills is very important in such transaction.
More no money down deal next week.
The first method will be leveraging on the bank's money. An example will be a property that I bought in Malaysia. I bought it for Rm860,000 and the bank valuation for the property is Rm1,000,000. The bank is also willing to give me a bank loan of 90% of the valuation amount. In other words, I could get Rm40,000 cash for buying a property.
The key to having such a deal is the ability to buy at below market value. Selling and negotiation skills is very important in such transaction.
More no money down deal next week.
Thursday, April 28, 2011
Step 23; Does your government affect your wealth?
The reason why I asked this question is because of the coming election in my beloved country of Singapore. I want to declare that I am not affiliated to any political party in any way and this merely represents my personal opinion based on the results that I have in my country.
My answer to the above question is yes - if you allow them to affect you and no - if you learn to flow with their policies.
When I was broke, I used to blame the government for all my financial problems. One day, while attending a seminar, I learned the distinction of the word "RESPOSIBILITY". From this word I realised that as long as I don't take responsibility and continue to blame, justify and give excuses, I will continue to give away my power to the external world. I also learned "The most important thing is what I say to myself and believe."
From that day onwards I decided to take charge, be responsible for my life and my own actions. I have to admit that it was my own doing that cause my financial downfall. As soon as I changed my beliefs and mindset, I started to take different actions and of course, I got very different results.
Having an academic qualification of only 2 GCE 'O' levels, I can always blame the government for giving all the good jobs to the scholars or I can tell myself that since I cannot get a good job, I may as well create more jobs by being an entrepreneur. I am proud to say that most of my staff are graduates and I am able to create good paying jobs for them.
When I was a bankrupt, I could have easily given the excuse that nobody is going to do business with me because of my financial status. Instead of doing that though, I took the opportunity of finding real and genuine business partners. I am really blessed to have found many good and genuine friends and business associates during that period of time.
I must thank the government for creating an environment where people like me can flourish. Having turned around from bankrupt to become a multi-millionare without a good academic qualification is proof that we have a fair system of governance. Having said that I would also like to thank the many courages opposition members for having the guts to stand for election to keep the government in check. I am very impressed with Nicole Seah, can see her passion and sincerity. She has got the charisma and heart. Braveheart indeed! My only hope is that everybody is doing it to make the country a better place to live in.
At the end of the day, we should all look at creating our own Wealthfare and not want to depend on the state for welfare. If I can do it, so can you!
My answer to the above question is yes - if you allow them to affect you and no - if you learn to flow with their policies.
When I was broke, I used to blame the government for all my financial problems. One day, while attending a seminar, I learned the distinction of the word "RESPOSIBILITY". From this word I realised that as long as I don't take responsibility and continue to blame, justify and give excuses, I will continue to give away my power to the external world. I also learned "The most important thing is what I say to myself and believe."
From that day onwards I decided to take charge, be responsible for my life and my own actions. I have to admit that it was my own doing that cause my financial downfall. As soon as I changed my beliefs and mindset, I started to take different actions and of course, I got very different results.
Having an academic qualification of only 2 GCE 'O' levels, I can always blame the government for giving all the good jobs to the scholars or I can tell myself that since I cannot get a good job, I may as well create more jobs by being an entrepreneur. I am proud to say that most of my staff are graduates and I am able to create good paying jobs for them.
When I was a bankrupt, I could have easily given the excuse that nobody is going to do business with me because of my financial status. Instead of doing that though, I took the opportunity of finding real and genuine business partners. I am really blessed to have found many good and genuine friends and business associates during that period of time.
I must thank the government for creating an environment where people like me can flourish. Having turned around from bankrupt to become a multi-millionare without a good academic qualification is proof that we have a fair system of governance. Having said that I would also like to thank the many courages opposition members for having the guts to stand for election to keep the government in check. I am very impressed with Nicole Seah, can see her passion and sincerity. She has got the charisma and heart. Braveheart indeed! My only hope is that everybody is doing it to make the country a better place to live in.
At the end of the day, we should all look at creating our own Wealthfare and not want to depend on the state for welfare. If I can do it, so can you!
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