PART 1
Delay and procrastinate on major purchases. It's not how much you earn, it's how much you keep. Rich people delay on the purchase on car 2 years after it's launched. Building Wealth Do more important things. Do things faster. Give more than what people want. 74% of self made millionaire start their own businesses. 5% of self made millionaire are sales people. The rest are executives, where they work hard, get high position and buy their company shares. Good quality of self made millionaire: 1. Honesty - build a reputation that people can trust you. 2. Self-Discipline 3 Getting well with people - likability 4. Have a supportive spouse 5. Hard hard work - start earlier, work harder, stay later 6. They do what thyey like to do 7. The ability to sell their ideas / products - persuasive Develop and practicing the above. Why people don't become rich. 1. They thought that they cannot rich. They just need to believe. 2. They never decide to. Write it down in a paper what they need to do 3. They procrastinate. They have many excuses. Make a decision now. Open that account now. 4. They fear failure. They scared of losing money. The solution: start small. 5. They fear criticism / rejection. They do not want to start a new business because of other people's opinion. 6. They lack of long time perspective. 7. They lack essential knowdledge. They never read book on finance / investment. They need to continue to learn. Do homework. No good effort is ever lost. They are 4 categories of people (by Robert Kiyosaki). a. Employee b. Self-employed people (free agent) c. Entrepreneur (other people working for them) d. Investor (leverage to generate income) Wealth is income from other sources. They have money working for them whether they are working or not. Personal Financial Planning 1.Set clear financial goal. Put it in writing. It has 10x the likelihood to become real. Set the annual income goal. E.g. Income to increase 25% per year. Set Monthly saving goal. Calculate your net worth (monthly/yearly). Keep on reviewing it. Set the goal for your retirement. E.g. Put 20x the amount of your annual income. This is the basic calculation. 2. Analyse your current situation. Calculate Income / debt / net worth. If you sell everything now, how much you will get in cash. Trimming - reduce your expenses. Don't use credit card. Pay cash in everything. Delay and procrastinate on buying bigger item. Evaluate your biggest expenses and reduce it. If you have credit card debt, reduce that first. Move in to a smaller apartment. Use the extra money you have to pay off the debt. When you have money in your account, it gives you less stress. 3. Training. Add value to yourself. What one skill to double your income? Calculate your income by hourly rate. Think in term of per hour. What do I need to do to earn twice as much. Concentrate on the high value work. Apply the 80/20 rule. Work on the 20% that will contribute the 80% value. 4. Prepare to change job. Starting a new business 1. Competence. Be very good that. 2. Customers. Focus on your attention to make sales. How to attarct customers? 3. Cashflow. Must preserve cash at all times. Demand payment quickly. 4. Study and learn every details of the business. Start small and expand out of your profit. Sweat equity. Start by using hardwork. Sales abaility. Create a business plan before you starting. Focus 80% of the time on sales and marketing. Just sale. Practice frugality. Don't spend on office, on sales. Cheap, cheap cheap. 5. Learn from every mistake / experience. What about Real Estate? It's future earning ability. Must Positive cashflow. Buy them , and fix them. Buy the cheap mortgage, fix it and and rent it out. Learn how to DIY. What about low / no money down? It needs a motivated seller. It can be foreclosure. 100/10 Rule. Look at the 100 properties, choose 10, and offer 3, and buy 1. Try to call those that are advertised at newspaper. Ask for 30% discount. Offer to pay cash. What about commercial property? Need to get good tenant. Solid business. What bank are looking for to approve loan? 1. Credit Rating 2. Collateral 3. Cash flow 4. Commitment 5. Character Stock, bond and mutual fund. Good place to park money. Sales, Earning and cash flow. P/E ratio. Look for those about P/E = 15. Look for those are growing for the past 4 quarters. Look for quality of management that are consistent. Use Dollar cost averaging. Invest the same amount every month. Investigate before you invest. Draw up a will. Have all the insurance that you need. Have this: Perspective Orientation Goal Orientation. Result Orientation Action Orientation - have a sense of urgency Never give up Part 2 FOCAL POINT Do you have too much to do but have too little time? Clarification - about your values/vision for career, family, finance and health. With action and timelines. Simplification - organise and simplify. Maximisation - how to upgrade you key skills. Determine the additional skills. Multiplication - leverage yourself (time, money, customer, experience). Delegate. Freeing up your time.
Unity is very important in the Body of Christ.
Psalm 133:1 (NIV)
How good and pleasant it is when God's people live together in unity!
The Bible encourage us to be united.
As a church, we are not just having a social gathering, we are in fact a family.
We understand that each one of us are very important in God's eyes.
Therefore we need to accept one another, an be united no matter what.
The opposite of unity is disunity.
Disunity is one of the weapon of the enemy.
Disunity can bring great harm to the Body of Christ.
In one of the principle in the book Sun Tzu Art of War, it says:
If united, separate them.Q & A - Brainstorm
Do you think the below can cause disunity?
Personality
Money
Race
Religion
Opinion
Age
Language
Background
Experience in life
Possession / Material
Position
Do you think having the following criteria is having unity?
Uniformity
Sitting together
Doing things together
Living together
When there is unity:
It’s easier to get along
Strength
Joy
Victory
Momentum
Speed
Growth
Peace
Q & A - Brainstorm
What can cause disunity?
War
Fighting
Selfishness
Wanting to win too badly
Ego
Gossip
Slander
Favoritism
No vision / direction
Greed
Power
Envy
What is the effect of disunity?
Bitterness
Fight
No growth
Do not bring God's glory
Hurt
Baggage (after hurt)
Discussion
1. Which is the top 3 causes of disunity that can happen in church?
2. How can we be united despite of our differences?
When there is no peace (war), we will have no peace.
Don’t have war among ourselves.
There will be baggage afterwards.
Strive = disunity.
Psalm 34:14 - Pursue peace.
We need to be a peacekeeper.
Keep the peace.
We need to speak up when we are in crisis.
It’s not always good to keep everything to ourselves.
Luke 10:1-11
Do not fight.
Ask yourself this question: Do you want to be right, or do you want this relationship?
Agreement is not the condition of unity.
Love is.
When we have unity, there is growth and power.
The mammals in Africa confuse the lion through unity. This is how they survive as a family.