3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe

3 Money Beliefs That Will Destroy Your Life

3 Money Beliefs That Will Destroy Your Life Worried

3 Money Beliefs That Will Destroy Your Life Worried: Image source

Much of our lives revolve around money. In a sense, money does make the world go round. We rely on money to get things done and fulfil our basic needs each day. 

As a result, money can be the source of a lot of our worries and problems. A lack of money can cause a high level of stress and lead to negative thoughts. 

The set of beliefs that we have about money can either make things better or worse.  When we have disempowering beliefs, it’s difficult to see opportunities and possibilities since we’re so focused on the negative. E.g. I can’t, I don’t, I’m never going to, It’s hard. 

These negative thoughts lead to negative feelings, which then go on to impact every other aspect of our lives. 

I believe that having the right mindset can change the way that we perceive and experience life. Here are three money beliefs that can hold you back from living a fulfilled life, and ways that you can shift your perspective on them.  

 

Belief #1: If you work harder, you’ll be able to earn more 

This might’ve been true back in the day. But nowadays, with the possibilities that the internet affords, more and more people are finding ways to work less and earn more. Your income no longer needs to be tied to the amount of hours you put in. 

Instead of working harder, you can work smarter. It’s like the difference between trying to chop down trees with a dull vs. sharpened axe. Spend some time sharpening your axe (upfront effort), and you’ll be able to get the job done much faster. 

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe Image source

Internet entrepreneurs who sell a product that doesn’t require a huge ongoing time commitment can work fewer hours and might eventually even earn more than salaried employees. The internet enables you to reach customers at scale from all over the world and earn money while you sleep. 

One way to start selling something online without needing to spend much money upfront is teaching something that you know. 

For example, you can use platforms like Skillshare or Udemy to create an online course. You create it once, and each time someone enrols, you get paid!  

Of course, this will require some time and effort upfront, but once it’s done, the money will keep coming in without you having to lift a finger. And this is just ONE potential business idea. A quick Google will enable you to find many, many more. 

3 Money Beliefs That Will Destroy Your Life New Skills

3 Money Beliefs That Will Destroy Your Life New Skills: Image source

Nevertheless, if you think that the internet entrepreneur thing is not for you, there are still ways that you can increase your income potential without working harder. 

You can learn some new skills online through the very same platforms that I just mentioned (+ many more) and increase your value to an employer. If you’re a Singaporean over the age of 25, you can also make use of your SkillsFuture credit

Instead of waiting and hoping for a promotion, you can make the leap to a new field with skills that are in demand, e.g. digital marketing, AI/machine learning, data analytics. 

Of course, don’t learn something for the sake of learning it — ideally, you’d actually have some interest in it! Otherwise, it’ll be very painful and it won’t be a career that you’ll enjoy. 

 

Belief #2: It’s not possible to become wealthy without a good family background 

It’s true that being from a well-off family provides you with many opportunities that might not be available to others. You can move in the right social circles, get access to a good education and have more financial resources at your disposal. 

But there are many examples of people who became wealthy despite not growing up with a valuable network, getting a prestigious education or having money readily available. 

You shouldn’t let your upbringing or circumstances hold you back, nor complain about all the entitled people who seem to have an easy life because they got handed a silver spoon. 

Daymond John from Shark Tank was raised by a single mom in a rough neighbourhood and is dyslexic. He’s now got an estimated net worth of $300 million. 

3 Money Beliefs That Will Destroy Your Life Daymond John

3 Money Beliefs That Will Destroy Your Life Daymond John: Image source

He didn’t win the lottery or have it easy. He started a business called FUBU from the ground up, and their “office” was his mother’s house. He even closed the business three times from 1989-1992 because he ran out of capital. 

You might think, “oh sure, he’s probably one of those rare lucky people,” but there are also quite a few (largely unfamiliar) examples of Asian entrepreneurs going from rags to riches. 

Just because these people are not famous in mainstream media and their stories are not well-known, it doesn’t mean that they don’t exist. There are probably many more people out there who haven’t had a story written about them. You could become one of them. 

 

Belief #3: Money can buy happiness 

Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 

Our minds are programmed to keep wanting something new, something better, something different. We build up a sense of excitement and believe that getting X thing will bring us long-lasting happiness. 

We may be really happy for a moment, but the feeling will soon pass and we’ll be back to wanting something else to experience the same high. 

Having a good meal — that’s great in the moment, but forgotten in a few hours. 

Getting a nice bag/car/house/[insert other material thing here] — that’s great for a while, and then you get used to it. What’s next? 

3 Money Beliefs That Will Destroy Your Life Shopping

3 Money Beliefs That Will Destroy Your Life Shopping: Image source

And for the people who want the money not for the high of consumption, but for the high you get by showing off your status, when will it ever be enough? 

The truth is, we don’t end up happier after fulfilling our wants. 

We just end up wanting more. 

It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else. But once our mind gets bored, it looks for something else to focus on… 

To find more lasting happiness and fulfilment, we should work towards things that also benefit others, or things that have a sense of profound importance to us (e.g. things we want to do before we die).  

Having a daily gratitude practice is also beneficial to remind us of everything that we already have and lessen our urge to have more.

 

Change your beliefs, change your life

We always act in accordance with our beliefs. That’s why a simple mindset shift can do wonders. I believe that we should seek to learn about different perspectives and find role models who have achieved what we might’ve once thought was impossible. 

Have you had any of these beliefs? If so, will you take steps to overcome them? 

This is a guest post by Rachel from Hey, it’s Rachel. She writes about mindset, personal finance, and all things personal development. She’s on a mission to empower millions of people around the world to live their best lives through education on mindset and growth.

 

Final thoughts by Wealthdojo

These are my favorite quotes from Rachel. Thanks for the beautiful article.

  1. Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 
  2. It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else.
  3. Instead of working harder, you can work smarter.

 

Join my Telegram Channel for a tip a day! In Wealthdojo, we dedicate a small amount of time daily for learning new things. Continuous learning is one of the greatest secrets of success.

For those of you who want to turbocharge your journey, contact me at chengkokoh@gmail.com. I would like to hear from you what your experiences are currently and from there, we develop a plan specially catered just for your journey.

We wish you all the best! Stay Safe and Take Care!

Chengkok, Sensei of Wealthdojo.

How COVID19 is robbing your wealth secretly

How COVID19 is robbing your wealth secretly

COVID-19 has swept the world off its’ feet. With it still lurking around, are you aware that there are many silent robbers that are robbing you of your wealth secretly? In Wealthdojo 6 Level Wealth Karate, we talk the importance of shielding our wealth from these silent robbers.

In this article, we are also excited to partner with Jocelyn who is a self taught investor in her 40s. Do check out her website below.

Have you saved money while working from home?

How COVID19 is robbing your wealth secretly Working From Home

How COVID19 is robbing your wealth secretly: Working From Home

Since Singapore went into circuit breaker lockdown on 7 April, many Singaporeans have been forced to work from home where possible. Not all jobs are WFH-friendly but for those that are, benefits of a WFH arrangement include zero commute time, greatly reduced transportation costs and reduced weekday meal expenses (assuming you do not live in the CBD). 

For the 7 or so weeks that Singapore was in circuit breaker, most establishments were forced to close and people were advised to leave the house only out of necessity, such as shopping for groceries or if working in essential services. 

If you were working from home during the circuit breaker period, it makes sense to think that you should have saved quite a bit on transport and food expenses right? That may not necessarily be the case. Here are four reasons that may have prevented you from keeping within your budget:

 

#1: Ordering food delivery and “indulging a bit” 

How COVID19 is robbing your wealth secretly Food Delivery

How COVID19 is robbing your wealth secretly: Food Delivery

Instead of getting your weekday lunches from the nearby kopitiam or cooking at home, you may find yourself going for more expensive options when ordering food delivery. This could be to feed a craving or ordering from places that you’re not able to visit in person. 

It is not uncommon for F&B establishments to mark up their food prices on food delivery apps. They do this to offset the platform/commission fee that food delivery platforms charge for listing their menu on the app! This means that even when ordering from the same place, opting for food delivery may cost 5-10% more than physically going to the store to tabao your food.

What to do instead

  • Have a weekly limit on the number of times you order food delivery
  • Cook more meals at home 

#2: Spending more time (and money) shopping online 

Thanks for covid-19, online shopping saw a record boom worldwide. Instead of going to a neighborhood mall or Orchard road for retail leisure, Singaporeans went online instead, clocking record increases in app traffic and transaction volumes on popular shopping apps.  Shopee saw a 40% increase in screen time by app users along with increased sales during the circuit breaker period. 

How COVID19 is robbing your wealth secretly Online Shopping

How COVID19 is robbing your wealth secretly Online Shopping

Online shopping is just a click or tap away, with a lot less friction to carting out a purchase. With people being cooped up at home and spending less time outside, some have also turned to online shopping as a way to pass time. This can lead to impulse buys or spending more on non-essential purchases! 

What to do instead:

  • Move your online shopping apps to a folder and away from the first page of your phone, and unsubscribe from marketing emails. Out of sight, out of mind. 
  • Start an affordable hobby to spend your time more meaningfully! Eg. Exercising outdoors, reading, cooking
  • Create a budget for your shopping needs and stay committed to it. Remember to prioritize needs over wants!

#3: Paying for convenience

How COVID19 is robbing your wealth secretly convenience

How COVID19 is robbing your wealth secretly convenience

The rise in door-to-door delivery makes it incredibly convenient to buy groceries or choosing to dine in, with food delivery. The trade-off for this convenience is the delivery fee. An additional $2-3 to have a meal delivered to your doorstep may not seem like much but if you’re ordering meal deliveries multiple times a week/day, those delivery fees can add up very quickly. 

What to do instead: 

  • Consolidate grocery orders to capitalize on free delivery and/or save on delivery costs
  • Watch out for promotions and discounts so you can save on these necessary purchases 
  • Consider walking to a nearby kopitiam to tabao your meal instead of getting it delivered. 

 

#4: Paying for comfort 

With most people forced to work from home, many have turned to buying desks and chairs for a more comfortable working experience. This makes sense if your existing tables and chairs are not suited for long hours of desk work. A quality table or chair may be a good investment in the long term, but take care not to let these “investments” become white elephants once COVID-19 is behind us and offices reopen!

What to do instead: 

  • Get creative with your WFH setup!
    • Repurpose your dining area for work during the day,
    • If you have a small fridge, use it as a “standing table” when you feel like you need a stretch
    • Hunt for office furniture bargains on FB or Carousell. Businesses that have to downsize or close their offices will often need to get rid of their furniture. 

 

Stay committed to your cause

If you are already managing your expenses and/or budget tracking, you probably have a good reason for doing so. You may be saving up for a house, or a new family member or just trying to make ends meet with reduced income. Reminding yourself about this goal can help you refocus and double down on keeping to your budget. 

Sometimes, having a better picture of your money flow can help you manage your expenses and budgets. Create a sankey budget diagram of your monthly cashflow (check out mine here) and use that to guide your budgeting decisions!  

Guest writer: Joce
A self-taught investor working towards her goal of achieving financial freedom in her forties. Check out her blog here: Financial Freedom by 40

 

Final Thoughts By Wealthdojo

Congratulations for reading thus far. COVID-19 seems to be here to stay. The journey ahead seems like a scary one and I want assure you that you will definitely get through it.

Special thanks for Jocelyn. Thank you for your special appearance. I really enjoyed your article.

Join my Telegram Channel for a tip a day! In Wealthdojo, we dedicate a small amount of time daily for learning new things. Continuous learning is one of the greatest secrets of success.

For those of you who want to turbocharge your journey, contact me at chengkokoh@gmail.com. I would like to hear from you what your experiences are currently and from there, we develop a plan specially catered just for your journey.

We wish you all the best! Stay Safe and Take Care!

Chengkok, Sensei of Wealthdojo.

Naruto Run Area

How to Naruto Run To Financial Freedom

What is a Naruto Run and how is it related to Financial Freedom? What we are running to?

Naruto Run Area

Naruto Run

Recently, there is a big joke in the USA as there is now a whopping 1.7million people who have signed up to “storm Area 51” Facebook event. The event, which is called ‘Storm Area 51, They Can’t Stop All of Us’, was seemingly created as a joke. However, it has got so serious such that the US Air Force has issued a stark warning to anyone thinking of trying to gain unauthorised access to the base. (Read more: Naruto Run Area 51)

This sentence was what made it famous.

‘If we naruto run, we can move faster than their bullets. Lets see them aliens.’

For those of you thinking of what is a naruto run? You have come to the right place. A Naruto run is a style of running in which person or character runs leaning forward with their arms stretched out behind them. For those that need some visual image, look at the gif below.

Naruto Run Area

Naruto Run

Not the most important of information. In this article, we want to find out how we can Naruto run our way to financial freedom. Have you ever pondered about this question before?

“Why are some people rich and how did they become rich at a young age?”

How is it possible for people that young to be rich? This question comes out a lot for people who are in their 40s or 50s. They have worked hard for a HUGE part of their life but are not rich yet. Just how is it possible for  people who in their 30s become richer faster than them! This also puzzles me UNTIL I met people who are became Millionaires in their 30s. These are ordinary Singaporeans who also serve the same NS, buy the same HDB, and also get married (Read More: Sandwich Generation: Is it still possible to be rich?). I had a rare opportunity to interview these people and what they shared with me changed my life forever. To my surprise, I realised that there are many similarities on how they naruto run themselves into Financial Freedom. Today, we will look at 3 similarities strategies that majority of them used to reach their Financial Freedom.

  • Learn a high paying skill set

Let’s face it. To make money from assets, we first need to have money. In our initial working years, majority of us won’t have a lot of money to invest. Imagine you have a chance of a lifetime to make 1000% from the stock market, would you want to have $10,000 or $100?

$100,000 -> After 1000% -> $1,000,000
$1,000     -> After 1000% -> $10,000

See the difference?

For young people, the capital that we have will be limited. As a result, there might be tons of opportunities that we might be missing out if we don’t have money. Instead of lamenting on the fact that we don’t have money, successful people they learn a high paying skill SO THAT they can get more money to invest WHEN THE TIME COMES. To find a high paying skill set, we need to first understand what the market needs NOW. You can always get this information from LinkedIn (Read more: Tops Skills 2019). Some of the skills sets are evergreen, like Sales Leadership, Marketing and customer service.

There are many skills to learn. Choose one and get very good at it.

  • Maximise the available tools you have in your disposal 

Multiplier accounts (Read More: Money Maximization: REV©), Fixed Deposits, Bonds, CPF (Read More: Make The Most Of Your CPF). There are many tools that we are exposed to. But, it is still under utilized by many people! These are simple things that we can do to help us maximise the amount of money in our bank accounts especially when there is minimum fee or commission involved in these accounts. Successful people maximises what they have with what they have. Every cents counts.

I have a client who was not maximizing his bank accounts in Singapore. After, I share the REV strategy with him, his banking interest INCREASED by 600%

Before REV: $1400 interest per year
After REV: $10,000 interest per year

After sharing with many people, I realised that most Singaporeans will be able to get around $150 to $300 a month just using this strategy. These are just extra cash to be obtained if you put in that extra effort.

  • Learn Investing
Preparation is half the battle won

Preparation is half the battle won

In a recent survey (Read more: Most Singaporeans behind on retirement plans, many unsure how to grow wealth), 1 out of 3 Singaporeans is not investing. My question in my previous article is that are the 2 Singaporeans investing properly?

Most people that I met do some level of “investing” but when questioned deeper, I realised that many of these people “gamble” instead. So, how do you identify if you are gambling or investing? Ask yourself these questions

  1. Do you know what kind of business are you investing in?
  2. Do you know how this business collect revenue?
  3. What kind of risk are you taking when putting your money here?

If you are unable to answer those question confidently, you might be gambling with your money.

I realised that successful people who became rich actually spend money to learn how to invest. It is like a springboard to jump even higher. Yes. It will cost money. Yes it will cost time. Yes. It will take effort. It is like everything else. If you want to be good at something, it will definitely cost money, time and also effort. Why else would you want to risk your hard earn money.

In summary, we hope that everyone can naruto run their way to financial freedom.

Here, at wealthdojo, our vision is to be the platform for everyone to become enlightened in their financial decision so that they can become financially free. Our tagline: Your black belt to financial freedom. We hope this website will be one to let you be rich and also succeed in the financial world.

If you would like to start your financial journey today. Subscribe to us to learn how you can move through your financial journey together.

One in 3 adults doesn't invest OCBC survey

Most Singaporeans behind on retirement plans, many unsure how to grow wealth

“Most Singaporeans behind on retirement plans, many unsure how to grow wealth: Study”

This made the headlines on the 15 July 2019 with OCBC being the one doing the financial wellness index. It also made headlines when all the insurance consultants in Singapore started to share it on Facebook as well.

From the article, Singaporeans are really good at 2 things: saving regularly and sticking to a budget. This is not a surprise as most of us grow up in an environment where saving was enforce down our throats and we were repeated told the stories of Ah-Longs if we borrow money.

One in 3 adults doesn't invest OCBC survey

One in 3 adults doesn’t invest OCBC survey

 

The more shocking fact I read is “One in 3 adults doesn’t invest”

To me, I hope that the other 2 make money from their investment. Most Singaporeans are familiar with only conventional money management habits such as saving regularly (Read more: money maximization: REV) and getting some sort of insurance coverage (Read more: Insurance for investors). The ones that are suffering are those in the Sandwich Generation (Sandwich Generation: Is it still possible to be rich?). Even if they are investing, they might not have the time and energy to invest properly.

After speaking to many people on the ground, I realised that many people’s idea of investing is to put it into fixed deposit or invest into the Singapore government bonds. While both are financial instruments in their own rights, it is not the best way to accelerate retirement.

In Wealthdojo,  we believe that it is a process to be financially free and it is our job to identify where people are stuck at in their financial journey. Some people may be stuck at budgeting while others might be stuck at getting an appropriate insurance package. However, the number 1 most important reason why people feel that they are stuck is because:

They simply don’t believe they can retire anymore.

Is Retirement Still Possible in Singapore

Is Retirement Still Possible in Singapore

I believe many are engaged in the work they do everyday, living day by day and are unable to see it pass the next month. I agree that in Singapore, it is stressful and we do work more than our counterparts in other countries. That’s why we have to do more so that can retire in Singapore.

Ms Tan Siew Lee, OCBC Bank Singapore’s head of wealth management, said that locals generally look to bank websites, financial advisers and “coffee shop talk” in gleaning knowledge about managing their money. I encourage this kind of behavior and hope that money will not be a taboo word in Singapore.

I hope to live till a time whereby Singaporeans won’t have to say “Money Not Enough”

For those that have read till here, we thank you for taking money into your own hands. We will be running our yearly seminar talking about Sandwich Generation: Is it still possible to be rich? . We hope to be the “coffee shop” where people come to talk to get knowledge about managing their money. Tickets are limited. Hope to see you then.

All the best in your financial journey.