Eight Steps to Financial Success

Singapore's youngest millionaire, Adam Khoo, offers tips for achieving financial success. Any tips? According to Adam, to achieve success in international finance, first step that must be done is to instill confidence in themselves. "Believe it 10 years or 5 years from now we could be millionaires. If we think can not, can not, we will never started," said Adams in a ceremony at the Hotel Aryadutha Wealth Academy, Jakarta, Saturday (15/01/2011).

The second step, continued Adam, must change the bad habits that keep us financially successful. "Some customs exist that can make us become rich is that makes us more difficult," he said.

The habits that make a person become successful financially, he said, is to invest and no-retreat mengundur time to take action. "A millionaire to invest more than they spend," he said.

Then, what is a form of investment? According to Adam, the investment is any form of allocation of funds that then can add money, as opposed to simply reducing spending money. "Education? That investment, buy a book to learn financial, it's an investment. While buying a luxury car, it's shopping," he said.

In addition to having beliefs and habits billionaires, then steps must be done, Adam said, is to set goals or targets to be achieved. "Goal, how much money you want to have, you must have a target to know how to reach that target," said Adam.

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3 How to End the Financial Lies

Financial problems often becomes a source of conflict. This often led to the destruction of relationships, including marital relationship. The cause is not only because of differences in income (higher-income wives), or lifestyle of the peg than the pole. Pair lied about the use of money into a dangerous form of infidelity.

According to a survey from Harris Interactive, one of three people have been duped of their partner about money. While one in four people said that their partner has been hiding financial information from them. Financial infidelity like these that have the potential to destroy the relationship, even interfere with couples sexual adventures.

So as not to get caught up in this unpleasant situation, you should begin to honestly and openly, how:

Financial independence need to be addressed from the outset. Express to your partner that you need to have a financially independent life. Separate special savings account for you. You can do financial planning for yourself. For example, for pension funds, investment, or the other, with your income.

"You have to have their own money and financial independence. Financial condition of women tend to be vulnerable especially if left to their husbands, because of death or divorce. You need to honestly and openly to your partner that you need the money in personal accounts. But make sure you continue to contribute to the finances together and stay responsible for filling the joint account, "said Weil.

Create a financial settlement with the couple. Rules about the money needs to be designed for individual or family financial rescue. You and your partner need to agree on spending limits. For example, you and your spouse are prohibited from unilaterally spend money with certain values ​​of the joint account. In principle, always discuss or consult with your partner's needs and expenditure. Create also an agreement to give time to pamper yourself once a week. Give me a budget for time by mutual agreement.

Write down all the things about finance. Be sure to record all income and personal spending as well as with the couple. This method needs to be done to avoid disputes. Not mean not believing in the pair. But with the financial records are arranged neatly, you and your partner can control the spending for the sake of a more steady financial condition

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Enjoyed for More Smart Money

The first step to attract more money and enjoy it is by changing patterns of thinking and behavior concerning finances.

1. Learn your personality in managing finances. Your current financial personality is usually the fruit of a habit since childhood. One example, women tend to be wasteful because since childhood had more choice of fashion and knick-knacks for girls. This is brought to you today. You can avoid the trap of shopping, consumptive lifestyle, or emotional spending habits if you know how you use money as a child.

2. Make your financial personality apply to you. It's easy really, to change bad habits in managing money if you know what you can do. Some women like to invest money in the stock market, others may simply stop spending his emotional. You may need more careful in preparing the financial budget of households, but other people even keep forgetting to pay bills. Focus on what you can do with ease. Let your lifestyle you follow the amount of your salary, not vice versa. When you successfully save, trust me, it also creates its own satisfaction lho.

3. Determine two or three "nanny" financial. Who are the people you admire and appreciate his ability to manage finances? Determine at least two people who managed to do something, such as making special savings for vacations, or just save Rp 500,000 per month. Ask for input about what you can do, and try to apply their methods. At the same time, reduce your togetherness with people who are still applying the concept of "salary should follow the style of life."

4. Enjoy a full financial conditions fall-wake. You may have experienced where you live so free, can use the money as you like. Now, after a family, you must save money to pay for mortgages, cars, and children's education expenses. Just enjoy every moment of it, and regard as a special achievement. From the dizzying amount of the mortgage plus interest, better think about how much fun can have a house and own car. This means that you accept all the experience fall-build it with gratitude.

5. Draw money you can get. Many say, regardless of the salary given, will not be enough if we have to follow the lifestyle. How much real value it enough? Is enough to dissipate every month, enough to pay the debt, starting a business, or the family of one income? Use the concept of the law of attraction, by describing in detail how the financial life that are ideal for you. Discuss what the financial goals with your partner, family, or friends. Discuss financial goals will make it more real and can be realized.

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4 "mindset" of Required Financial reform

You need to reform thought patterns and behavior financially.

1. Feeling a loser if you acknowledge the financial failure
Thoughts like this need to be changed completely. You need to understand that you are not completely failed despite the unfavorable financial conditions. Feelings like this only exaggerated the bitter reality you're going through, that you dropped or ashamed about the difficult financial circumstances.


2. "I can not change shopping habits that have been running during this'
Using the phrase "I can not", is tantamount to saying "I do not want". This statement shows the resistance and signifies you are not flexible. Learn from others who enjoy life with good financial condition. Ask how they manage their lifestyle. Then apply their way to yourself and see how its effects. At first maybe you'll feel awkward with a different lifestyle, but eventually you will get used. After all you are capable and flexible to changes.

3. "I just feel happy when a new item"
When you feel was never satisfied with the need to buy new stuff, it means you are stuck in the illusion and try to fill the void with the actual expenditure is not needed. Ask yourself, what you really desire in addition to shopping, suggestions Griffin. You have to deal with the addiction that is driven by strong emotions. To fix this, you need to be stronger.

How to overcome addiction like this is to change the bad habit with something more useful. Try to stop the bad old habits and do a new habit. This is more healthful for you. Also, do activities that are constructive to divert the desire to buy things that are not able to be purchased. Put the DVD sports do you enjoy doing and do the movement a more healthful than serving your emotional desire to buy new stuff that is not necessary.

4. "My family will suffer if you know other people see us no longer living on easy street"
By maintaining this attitude, you are fighting with self-image, and ego have made you are caught in this situation. You're using the excuse that is not logical to make the mental and emotional suffering increasingly become. "Do not constantly thinking that things will get worse later on," advises Griffin.

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People Indonesia Not Disciplined Saving

Citigroup Asia Pacific released the results of research done in 2010 through online interviews to 500 respondents across Indonesia. The result shows that the financial value quotient for Indonesia is 57 out of 100 points. This value is higher than the previous year, 52. Financial quotient is a term used to indicate awareness of Citigroup's financial condition and ability to understand the importance of financial planning, and implement good financial governance. Through this research, Citigroup suggests that many Indonesian people who are concerned about financial planning.

Research is also mentioned, most of Indonesian people with average income of Rp 10 million per month to feel optimistic about his financial future. More than 60 percent of respondents also claimed full pay credit card bills regularly. Even so, with such income, only 67 percent of respondents who are accustomed to saving regularly.

"While 24 percent tried to save money when possible, at year-end bonus, or when receiving holiday allowances. That is, those with an income of USD 10 million is still a lot that has not been disciplined to the habit of saving even though they realize that financial planning is important," said Hotman Simbolon , Vice President of Customer Care Center, Head of Citibank, in the ordinary Class Journalist Citibank in Jakarta, Wednesday (03.02.2011) ago.

Although Indonesia has increased the awareness of people in financial planning, in practice only 47 percent of respondents who admitted he made to the budget monthly. Meanwhile, says Hotman, 38 percent of people already making a budget but still trying to apply it.

Consciousness is not accompanied by actual implementation of this makes a lot of people end up not able financially in retirement. Surveys targeting technology literacy circles show the data, only 34 percent of people who believe how many pension funds that it needs the next few years. Some 31 percent did not know the needs of pension funds, only 13 percent have a retirement plan, and 22 percent have not started planning anything.

"In fact, pension fund planning needs to start now, in the long run, not during the seven years before retirement time arrives," says Hotman.

Besides the lack of discipline of saving, unpreparedness to face retirement, the survey also showed one in five people of Indonesia do not have enough savings if it should lose their jobs. That is, obviously Hotman, 20 percent of respondents admitted only can provide for her for three months if you have experienced layoffs. While the other 80 percent of its claimed savings could only make it survive in 2.5 months or 70 days.

An understanding of the importance of financial planning in fact not at the same knowledge of insurance and investment. This is the condition that Indonesia has not been able to make people financially independent. Of the 500 respondents, 54 percent had had unprotected insurance and 24 percent have no insurance at all. Most of the respondents did not even know the right investment choice to develop the value of their money. If given the money for six months salary, only 45 percent of respondents who claimed to know the right way to invest for themselves.

No wonder then that many people find Indonesia are worried about their future. Because in general, many people who have not financially independent due to not build the habits and discipline to set aside money from earnings to various budgets in preparing for the future.

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How to Develop Financial Budget

Stages of preparing the budget to achieve financial independence begins with determining financial objectives, then gather personal financial information; and reduce expenditure, and the last to make formula for preparing the budget. Furthermore, Hotman explain stage budgeting:

1. Determine financial goals
To be financially independent, start by determining the short-term financial goals, medium, and long. Ask yourself some questions to help you clarify your financial goals. What would be your top priority, whatever your needs, and what you desire?

2. Collect a variety of personal financial information
The next stage, collect all income and expenditure data. The data should you collect them pay for the already employed or pocket money from parents, credit card bills, payment of goods which become the main requirement, and others.

Then do the classification of data into three parts to be used as basis for making budget. The first part, namely income, totalizing, all income from all sources of income. The second part, namely expenditure, totalizing all fixed expenses like mortgage, and variable expenses such as gas money, phone, and others. Third is the bottom line, namely the difference between revenue and expenditure which will give the size of what your expenses are excessive.

See your bottom line, if the difference is positive then you can set aside more funds to save money or increase the amount of payment or credit card debt. If the difference is negative, it means you spend more than income.


3. Reduce spending!
Many people who spend money on goods they do not really need, though perhaps he wanted. Therefore, you need to monitor spending by always carrying a small note. These notes will help you identify spending habits of each month. Of course you need discipline record all daily and monthly expenses in this notebook.


4. Make a budget formula
The final stage in preparing the budget is to make the formulation. Determine the composition of the budget presentation from your monthly salary. Like what percentage of your budget for savings, the cost of rent or mortgage, food, transportation, clothing, roads, and others.

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5 Level Financial Independence

According to Citibank, the general level of financial independence is divided into five:
The first level, you free yourself from financial temptation. This is the most basic level. If you want to live up to the next level, you should be able to control themselves financially. The first level is characterized with you no longer have the condition which is termed the large pegs instead of the pole.

The second level, free of financial dependence of the people who love you. That is, you are able to finance themselves without relying on other people around you, like a parent. Financial independence is desirable by the younger generation entering the new world of work and have full responsibility for themselves independently.

The third level, free of dependence of the creditors. Not a few people who take advantage of financial loans. Nothing wrong with borrowing money if they can manage financial loans without making it as a burden. That is, you can say financially independent at the third level if credit card debt, mortgage, or other personal loans can be resolved or well controlled.

The fourth level, free of dependence on employment as an employee. You are said to be financially independent by becoming a level four businessmen. That is, you have the financial independence by not relying on the monthly salary drawn from the position as an employee of a company.

Fifth level, this is the most excellent level of independence, only if you are free from financial problems. You no longer have financial problems or all matters relating to the financial issue has been handled and properly secured. You just need to enjoy life.

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