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Tuesday, April 29, 2008

Methods to save more money

I guess it is valid to say that everyone know that it is important to save money but the question is how many actually do it? And what are the practical steps necessary??
Here are some of the practical steps that I would recommend and I wish that you will read it carefully and review it with your life.

1) Eat outside one less each time a month.
Assuming that you love to eat outside with your friends and that you went for supper about twice a week. Meaning you went for 8 times a month and that each time you probably spend about RM8. So if you were to eat out less each time a month, by the end of one year, you will be saving about RM464 . Well, that is quite a big amount and in the long run, you might just realized that it actually add up to all the reasons why you are not having enough. Of course it would be even better if you could just be going out once a month, (cause by that, in one month alone, you're saving close to RM60). But let us be reasonable and start with just eating less once a time in a month.
2) Bring your lunch to school/work.
It is difficult to determine how much amount of money is actually spent on food if you spend at home and also outside almost everyday. Imagine this: I have to buy RM300 for food at home and then I spend another like 7bucks a day for lunch. That will make it RM140 lunch money a month plus the RM300...it will be RM440. Imagine if you cut the cost for eating outside and replace it with lunch box...your expenses could be easily reduced by RM60-80 depending on how luxurious is the food. And it is even more healthier than going for food outside.
3) Create a shopping list and stick to it when you get groceries, and use coupons (estimate saving could be about RM40 a month)
When you want to go shopping, go with a list. And there are always coupon in big shopping complex like Jusco or Tesco. And also the usage of credit cards with bonus points. All these little amount could add up into big amount without you realizing it. It is also a discipline that you won't be inside a shopping complex and be deceived by the word "SALES".
4) Use generic brands
Nobody will realized if you bought the cheap TESCO milk or the fancy brand. And it really doesn't matter if I am using a LV wallet or just the "ciplak" brand from Pasar Malam. After all, you are not using the wallet for anything else but to keep the money inside it. No one can do these for you. Only you can decide on what is your priority. Like Nike said...JUST DO IT. Going for generic brands in the long run could add up your savings in a big amount. Estimation should be about RM100 a month depending on how much you are into trend.
5) Lower the utility bills.
Ask your local utility company how you can lower your energy bills. Example the phone usage at home now has a lot of package. Some only requires you to pay RM38 per month. Energy usage could also be lowered by only using the HEATER when it is very cold. And the aircondition should only be turn on when necessary. This step could easily save you about RM20 per month.

Alright...5steps seem too much for one lesson I guess.
Anyway after the 5 steps, estimated extra saving should be around this: RM20+RM100+RM40+RM60+RM40) = RM 260
By just simply being more careful with your spending you have RM260 extra a month. Consider keeping the momentum for 4 months...you have about RM1000 extra in just the 1st third of the year. Try it out and give us your feedback.

Monday, April 28, 2008

Alternative

Money usually comes with two elements; income and expenses. Income and expenses are different but at the same time similar. Some might wonder why the element can be different but at the same time similar. Previous posts stressed on the way to increase the income. But what is the purpose of increasing the income when we cannot control our expenses? It comes to nothing, right? If we made 2k, and we used up 1.8k, we still have 200 left. The 200 left can be used to increase the income if use to invest properly and accordingly. But if we made 100k, but we used up 100k, we have nothing left. And if we made 3k, but we used up more than 3k, we not only have nothing left and we owe others money. So it does not matter whether a person is earning 1k, 2k, 10k, 100k, etc. The person must have wisdom in spending his or her money. Else even if he or she is earning 100k per month, the money will end up fast. Where as if he or she has the wisdom on spending money, even with lower income, he or she will end up getting more in the future as the money that was invested previously will continue to generate income. The moral of the story is to use within our means and spend wisely. So, it does not matter whether we are getting high income or low income. Our expenses can be used as an alternative to income. The less we spend on unnecessary, the more we will have to invest, which resulting to more income.

Tuesday, April 22, 2008

Consider Internet Business

I was reading on some of the ways to earn more money. Realistic ways for teenagers such as doing research paper, assignment for people as well as photocopy business. It was then that I saw some of the Anime stuff being sold at a very expensive price and I wonder what sort of people will be interested. Probably I was wrong because I realize that people who love Anime love especially limited edition collection. It is not really the price that matters to them but the interest in their favourite characters.
Then I read on the just a click away website....about internet business and that the capital requires are low and then it is a good medium to explore the opportunity for a higher income every month.
There are more than 800 millions users of the Internet and that those people are your customers and though out of the 800 millions, there might only be 0.1% who visited your website but that still makes it about 800 thousand customers. Well, not all will be buying from you either but then again the chances of making a deal is higher than the rate of those people who set up a shop in Jaya Jusco or Parade (well, I'm Ipoh people...so using this places as example)
But then again, I know that there is so much more to learn about e-business...things that involve shipping, law and other relevant information. I believe it is a process of learning at the moment before the giant leap is to be taken

Tuesday, April 8, 2008

Writing yourself rich

Article-writing online could be a great way to earn extra income if you're an avid reader. A bonanza to all writers in fact. Even for beginners, it is possible to earn more money by writing articles although I'm not talking about earning 6 figures salary.
I'm always looking for fun and interesting way to help me generate my income.
One of my passion is through writing articles and it really works.
One of the ways is to write some of the few best articles that you are best at (it will be best to write topics that you are good it...it could be traveling, sports, movie reviews, religious content or anything that you know best) and send it to the magazines through the net.
Some of the big companies that could be attracted to you might pay you a great deal of money to write. (I personally have not try this but heard that it works.)
On a more realistic note, try Readers' Digest that wants people to submit good jokes or even stories to them. And if you're the kind of person that read a lot about everyday heroes, it is also available in Readers' Digest. While I'm not saying that you will definitely earning from all the writings, it increase your chances of becoming a freelance writer.
Not all the sites offer you money are genuine. Some are fraud. So do take note of the amount of money that required to join the group.
Plus, if you're a good writer, you can also start an e-book through some of the online companies. Although I will recommend you to start it as a free read for people. Once you earn the credit as one of an outstanding e-book author, you might consider charging a small amount for people to buy the e-book. It is interesting how some people could be earning millions through writing while some of us are struggling with it.
Everyone have a dream and passion for the things that they love but only a few dare to walk through the struggles to achieve what they dream of.
Being a freelance writer will not take up too much of your time if you love to read and write, plus in the long run, you are creating an alternative career route for yourself.
Of course it will be even better to start having blogs of your own. I have seen people earning money by selling their high profile blogs and also gaining trust and credit as a professional writer because of the popularity in their blogs.
Some Malaysian politician also use blogs to gain popularity. Indeed the internet has made the gold pot nearer to each of us, if we only dare to take the step to risk.

the right mentality

The right mentality needed for the "BIG BUCKS" to arrive is necessary.
I was talking to a salesperson about his career and really, now is the time of his life where he is earning 5 figure salaries....much more than me (giving tuition is kinda limited with me still having to go through my studies) but surprisingly he is saving far less than me.
I knew probably it was the lifestyle of his that made his savings limited....Clubbing, yum cha, and all sort of activities took up his hard earned income. In the long run, he will be running out of "steam"earlier than many people who earn only 2k a month. Simply because he was not thinking far ahead enough.
I watched a barber nearby my house cut hair for my brother. It was not a profession that will make big buck all the more in my housing area. But this man has so much determination to do what he knows best....cutting hairs. And it is almost everyday that he open his shop from morning til night. (one of the most hardworking barber I have seen.) While he might not be as intelligent as an engineer or a teacher, he has the right mentality to make enough for him and his family, which is probably why his shop lasted far longer than those others that existed before his.
Getting to your gold pot before you're too old to use any of it....sounds familiar to you? Everyone understand the theory but the difficult part is starting to work towards it.
Sometimes people wonder why billionaires can make it to where they are....and it was really not just counting on lucks alone.
These people spent endless time thinking about improving what they have and really, it was hardwork and strong determination that put these people into the place where they are.
My brother posted a blog about becoming a millionaire by 28. While 3 years seem like a short distance to achieve that, I have strong beliefs that it is possible. (if there is a strong determination and beliefs in doing so, he will make it more than he is aiming at.)
While many people would want to talk about being realistic, I definitely understand it....we need to see beyond that short 3 years as well. The idea of being patience enough to wait for the right timing and opportunity are also vital into making it BIG before the $$ become useless for us.
Even at 20, I'm seeing many opening opportunities for me to enroll and pursue my career. Every fields are capable of producing "millionaires"...the question is how much determination and hardwork are there?
I had a teacher in my school who is earning 5 figures salary and really, it all seem so unbelievable for a teacher to do that...and yet he is capable of that and he has so much more extra time left. (That is the advantage of teachers)
And not to forget to mention of the Moven Peak's boss who started his career of as a waiter....and now he's earning more than some of his graduates friends.
The whole idea of becoming rich is captivating to some, while others view it as a "sinful thoughts" but I felt that there really need to be a right mentality to strike a proper balance....to be earning more daily while at the same time not obsessive with the money.
The right mentality is necessary. The young billionaire, Zuckerberg, creater of FACEBOOK has not just wait for people to use the networking system....the idea of FACeBOOK very much the same as FRIENDSTER but why is it so that some make billions and the other not.
The difference is simple....a thoughtful perspectives towards the demands of others...learning to understand others and not be a servant to MONEY.
Too many people work for money alone, not knowing that money is suppose to be the servant of theirs and not the other way round. While I understand that some people need to work hard 24/7 to be achieving to where they are, it is so much of a waste that we denied the most important element in life, relationship with one another.
It's all about having the balance between making money, investing and relationship....none of it can be separated from the other. A friend of mine has never work, even now after his STPM exam....he had a lot at home but the question is that he lose out something valuable that I have learned...experience.
So it is all about having the right perspective...the right frame to look at the world.