Are You Lazy To Be Rich!

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When I started work after graduation, I spend on the things I desired with my earned income. I never wanted to buy something that is too expensive because that is not within my budget.

I know the finest things are great to have but I would tell myself to forget it. It is outside of my budget.

That is the way I was brought up. Spend only within my means and not fret about things that I cannot afford. These things are meant for the rich people only.

After reading the book Rich Dad Poor Dad by Robert Kiyosaki, I realized my mistake, excuses of laziness.

Instead of thinking very hard on how to earn money to buy those expensive finest things, I have chosen the easy way out by giving myself the plain excuse that I cannot afford it.

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In fact, my laziness thinking it hard to make money is inherent in a lot of ways in my life.When someone tried to give me opportunity and show me a way that I could earn money, I would reject him because I was too busy with my employment.

I felt that there is no need for me to further stretch myself to earn extra money since I was already receiving a reasonable steady income. I should relax and enjoy myself during my leisure time instead of working very hard!

I simply wanted to become rich without the need to go through the process of failures and setbacks.

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For Your Financial Freedom

Lay Peng

http://www.videeoonlineseminar.com/

http://www.topspeakeronline.com/

P.S: Mr. Robert Kiyosaki has his Rich Dad as his mentor while I have him and other Top Speakers and World Class Gurus as mine.

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The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.Copyright © 2007

Difference between Good And Bad Debts!

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Firstly, I can identify all my bad debts and try to convert them into good debts. For example, I own a car but I rarely used it. I could rent it out to earn rental income. This rental income would be used for covering my car loan. In this way, I had converted a bad debt to a good debt.
If I failed to find someone to rent my car, I would try to settle my bad debt as soon as possible. Using the previous example, my car loan is a bad debt because every month I would need to service the loan repayment. Since I rarely used the car, then it is better for me to sell it off to pay off my bad debt.
Secondly, I need to do proper financial planning for all my good debts since there is a danger at any point of time a good debt become bad debt. Learning from the Rich Dad’s series by Robert Kiyosaki, it is important to good debts to accumulate wealth. But how many or how much good debt should I be taking on?
For example, if I were to borrow from a bank to invest in property, I would incur debt. Since my property was on rental and the monthly rental income was more than the monthly mortgage loan repayment, then my debt was essentially a good debt.
Assuming I had bought a property valued at $200K and I had loaned at 80% of the valuation price, then my good debt would be $160K. Now there were two possible scenarios that my good debt could change into bad debt.
The first scenario is that my tenant stops to lease my property and thus there were no more rental income. Without anymore rental incomes, then my debt would become bad debt. And then, I need to service my mortgage loan all by myself.
A precaution based on my financial education, it is necessary for me to set aside 3 to 6 months of expenditure including mortgage loan repayment. If such a scenario were to happen, I have to be able survive for at least 3 to 6 months. This period should be long enough for me to find new tenant or sell off my property.

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The second scenario is that the valuation price of my property suddenly drops to $100K. Assuming that the bank only allowed me to borrow at a maximum limit of 80% of the valuation price, then the loan I could only borrow is $80k. Thus, the bank would force me to top up the difference of $80k. If I failed to do so, then it would be considered to be a default on mortgage loan. The bank then has the right to sell off my property to reclaim the loss.
If I had more than one property, then I would be having a much worst financial situation when the second scenario occurred. This is where financial education can plays an important part as highlighted by the Rich Dad Series by Robert Kiyosaki. With my financial education, I could determine how many and how much debts that I could take on without running into the risk of becoming bankrupt if the situation were to turn against me. That is why I should not be overstretching myself with too many good debts. I would borrow within a reasonably safe limit.

For Your Financial Freedom

Lay Peng

http://www.videeoonlineseminar.com/

http://www.topspeakeronline.com/

P.S: Mr. Robert Kiyosaki has his Rich Dad as his mentor while I have him and other Top Speakers and World Class Gurus as mine.

**** DISCLAIMER *****

The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.Copyright © 2007

Using Rich Dad’s Principles

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Using the principles his Rich Dad had taught him throughout his life, Kiyosaki founded a new business that is focused on passing Rich Dad’s invaluable lessons of money, success and financial freedom to people all over the world.

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In short, I think this guy is one of us. He says some things that most of us don’t say, and he fails to say some things that most of us do say. But he is directing his energies to addressing the same basic questions. . That’s a good thing, and, to the extent he has offered real help to those people, he should be recognized as having done so. He is seen by many people who are frustrated with the conventional work and money rules to be offering a more rewarding path to follow

According to Kiyosaki, “wealth” as he views the term is measured as the number of days the income from one’s assets will sustain them. “Financial independence” is achieved when one’s monthly income from assets exceeds their monthly expenses according to him. This lesson is stressed repeatedly as one of Kiyosakis primary points when giving financial instruction. He states that the only way to achieve “true wealth” is through passive or residual income.

For Your Financial Freedom

Lay Peng

http://www.videoonlineseminar.com/

http://www.topspeakeronline.com/blog

P.S: Mr. Robert Kiyosaki has his Rich Dad as his mentor while I have him and other Top Speakers and World Class Gurus as mine.

**** DISCLAIMER *****

The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.Copyright © 2007 topspeakeronline.com/blog

Teachings Of Robert Kiyosaki

The teachings of Robert Kiyosaki focus largely on generating passive income by means of investment opportunities from real estate and small businesses. The ultimate goal generating passive income is being able to support oneself by such investments alone. In tandem with this, things that generate money, Kiyosaki defines as "assets” and things that cost money as "liabilities” and so on. He also proclaims financial leverage to be critically important in becoming rich.Kiyosaki stresses "financial education" as a means to obtaining wealth. Those According to him, in order to obtain financial freedom, either one must be a business owner or an investor, generating passive income.




"The Cashflow Quadrant" is a conceptual tool that aims to describe how all the money in the world is earned.







The real entrepreneur doesn’t work hard, the real entrepreneur knows how to leverage, either through people, through other people’s capital, or through different business associations.

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Lay Peng

http://www.videoonlineseminar.com/





http://www.topspeakeronline.com/blog

P.S: Mr. Robert Kiyosaki has his Rich Dad as his mentor while I have him and other Top Speakers and World Class Gurus as mine.

**** DISCLAIMER *****
The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.Copyright © 2007 topspeakeronline.com/blog