Sunday, February 28, 2010

My Passive Income (Month of Feb 10)

Some updates on my passive income in the month of Feb 10. There are no changes in my passive income 1, 2. For passive income 3, there is a decrease of $50 because I have sold some shares to take profits. For passive income 4, there is decrease from $160 on Jan 10 to $70. However since my passive income 4 is still in the building stage, In my post "Forget about achieving Financial Freedom if you do not have perseverance or refuse to learn.", I have mentioned that it will take time and effort to build up passive income. So I will be expecting it to go up and down.

I am in the midst of building my passive income 5, currently there is no income from it yet.

Here is the summary for month of Feb 10:
CPF(OA): $150 (from interest and dividends)
Cash: $1534 (from dividends and other passive incomes)
Total: $1684
Target: $3000
Achievement: 56%

Saturday, February 27, 2010

Use your talent to reward yourself over and over again

Basically most of us have the skills to help us make money or to entertain and delight other. But when was the last time you examined all your skills or talents that could be used to turn a profit for you?

Let's assume that you are a writer working in a company. You are paid monthly for doing the projects for the company. However once projects were completed, you will not see any extra money generated from your work. Instead the company will give you more projects. You are basically spending hours or days on something that you do not own at all. As mentioned before in one of my blog post, this is basically working for money. If you don't continue to work, you will not receive any money from the company. However, the company can still use your completed projects to generate more money.

If you are able to make use of your talent wisely, you could write a book for yourself or co-authored with the company. With that, you are able to receive a royalty free on each book you write or co-authored which pay you over and over again.

This is just an example on how talent can be used to reward oneself over and over again. So for now, sit down and write down what are the talents that you have. Identify those talents that can pay you over and over again. These talents are likely to be used to achieve your next passive income in order to gain financial freedom.

Monday, February 22, 2010

What does total freedom lifestyle mean to me?

To me, total freedom lifestyle means:

1) I am not controlled by the corporate world, a boss or an alarm clock. I am able to choose when to work, where and with whom to work.
2) I am in control of my financial destiny, free of the rat race, and are debt free.
3) I am free to help others get what they want.
4) I am free from destructive habits.
5) I enjoy good health.
6) I have good relationships with family and friends.
7) I have a dream and I am free to try to achieve it.
8) I am free from worry because I know what my future holds.
9) My personal, financial, and professional life are in balance.

Saturday, February 13, 2010

Wishing Everybody Has A Wealthier Lunar New Year

Wishing everybody who has been reading my blog a wealthier lunar new year. Hope that everyone will be closer to achieving financial freedom. Enjoy yourself with your friends and your family members in this holiday.

I will explain what the chinese symbol above mean for those who do not know Chinese language. The symbol is actually made up by 4 chinese characters. The four Chinese characters are zhao cai jin bao (招財進寶) which means "attracts wealth and treasure".

Sunday, February 7, 2010

Expand your social network

I happened to know an experience property agent recently and had a chit-chat session with him. Over the session, he had taught me a lot thing that I have never explored in my life. Some of thing includes, what types of properties to buy, which location to buy and when to buy it. He is one of those people who have upgrade from HDB flat to current freehold property systematically. Other than equipped with these property skills, he is also a very outspoken, firm, responsible and optimistic person even though he is already 50 plus year old.

Something it is great to know different type of people in your life because they might be the ones who will help you to be successful indirectly. They are able to give you different views or prospective and let you explore new opportunities. However if you are always staying within your own social network, you might not have a chance to learn anything new. It is because people around you are doing the same thing as you.

My advice is to try to know more people who are of different fields as you. Talk to them and in the conversation, try to find out whether are there any great opportunities that are waiting for you to explore.

Have you started your journey towards financial freedom?