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I remembered reading “Secrets of the Millionaire Mind” by T.Harv Eker sometimes back about how rich people believe in creating their lives and poor people believes that life happens to them. Rich people work towards their wealth and poor people blame everyone for the predicament they are in. Rich people put most of their money to invest and grow their passive income and poor people put a large portion of their money into gambling.
Many of us are sub-consciously working towards for our wealth. We need the money for retirement, children education, car, holiday, etc. We know money is important but how many of us are consciously accumulating it and making sure that it grows at a rate we expect it to be?
I had several clients in their 50s and 60s who took 2 extremes when it comes to investment. Before the economic boom in 2004, they put 20% of their money into shares and 80% into fixed deposits or structured products that give below 2%. When their fixed deposit or structured plans matures over the years, they pump the proceeds into shares. Their portfolio turns to probably 80% shares and 20% cash by 2007. Most of the shares they bought are largely those recommended by their friends for so-called insider tips.
During the past 15 months, they had seen their shares portfolio dropped by at least 60% because many of their shares are probably make up by penny stocks. Many of them start blaming their friends or stockbrokers for giving them the wrong investment advice. Read more...[caption id="attachment_1809" align="alignright" width="149" caption="Photo from Health and Wealth"][/caption]
I remembered reading “Secrets of the Millionaire Mind” by T.Harv Eker sometimes back about how rich people believe in creating their lives and poor people believes that life happens to them. Rich people work towards their wealth and poor people blame everyone for the predicament they are in. Rich people put most of their money to invest and grow their passive income and poor people put a large portion of their money into gambling.
Many of us are sub-consciously working towards for our wealth. We need the money for retirement, children education, car, holiday, etc. We know money is important but how many of us are consciously accumulating it and making sure that it grows at a rate we expect it to be?
I had several clients in their 50s and 60s who took 2 extremes when it comes to investment. Before the economic boom in 2004, they put 20% of their money into shares and 80% into fixed deposits or structured products that give below 2%. When their fixed deposit or structured plans matures over the years, they pump the proceeds into shares. Their portfolio turns to probably 80% shares and 20% cash by 2007. Most of the shares they bought are largely those recommended by their friends for so-called insider tips.
During the past 15 months, they had seen their shares portfolio dropped by at least 60% because many of their shares are probably make up by penny stocks. Many of them start blaming their friends or stockbrokers for giving them the wrong investment advice. Read more...
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I remembered reading “Secrets of the Millionaire Mind” by T.Harv Eker sometimes back about how rich people believe in creating their lives and poor people believes that life happens to them. Rich people work towards their wealth and poor people blame everyone for the predicament they are in. Rich people put most of their money to invest and grow their passive income and poor people put a large portion of their money into gambling.
Many of us are sub-consciously working towards for our wealth. We need the money for retirement, children education, car, holiday, etc. We know money is important but how many of us are consciously accumulating it and making sure that it grows at a rate we expect it to be?
I had several clients in their 50s and 60s who took 2 extremes when it comes to investment. Before the economic boom in 2004, they put 20% of their money into shares and 80% into fixed deposits or structured products that give below 2%. When their fixed deposit or structured plans matures over the years, they pump the proceeds into shares. Their portfolio turns to probably 80% shares and 20% cash by 2007. Most of the shares they bought are largely those recommended by their friends for so-called insider tips.
During the past 15 months, they had seen their shares portfolio dropped by at least 60% because many of their shares are probably make up by penny stocks. Many of them start blaming their friends or stockbrokers for giving them the wrong investment advice. Read more...
