When Angels Descend
All I really need to know about finance, I learned in RFP.
That is Registered Financial Planner for you, er, me – the seminar that I am attending so I (we!) can get a growth spurt in personal finance (well, that is the idea). Here are some quotable quotes from my teachers (so you will learn and so I will remember):
1. The real resources are time and creativity.
2. Manage expectations.
3. Invest in yourself and in the education of your children.
4. Income tax havens: 25% in Hongkong, 20% in Singapore, 10% in Macedonia. The Philippines? 30% (clearly not a haven).
5. As long as anyone controls your time, there is no growth.
6. Success is measured by the number of employment you generate.
7. Knowledge is power.
8. Know your risk tolerance.
9. Set your goals along a timeline – determine urgency, clarify importance.
10. Goals should be SMART – specific, measurable, attainable, realistic and time-bound.
11. Rule of 72 will tell you how long your money will double. If interest rate is 8% per annum, 72/8 = 9. Your money will double in 9 years. (more of the time value of money in another post)
12. In third world economies, there are more ads for consumer products than finance products.
13. Population rate of savings in Asia: 34% in Hongkong, 30% in Indonesia, Malaysia and Thailand, 26% in Taiwan, 55% in Singapore. The Philippines? 10-15%.
14. If you save at least 30% of your income, you do not need to do much sophisticated financial planning.
15. People consume too much, save very little, and the little they save, they do not know where to invest.
16. Inflation is always higher than 5%.
17. Discipline yourself. Step out of a store without buying anything.
18. Insanity – people doing the same things over and over again expecting different results.
19. If you are a woman, you have to prepare longer because you will retire longer (women outlive men by 8 years).
20. Time is needed to grow money. Start young.
Article by Issa. Photo by Solon Licas. Copyright 2011.
Website: www.YouWantToBeRich.com
Email: issa@youwanttoberich.com
P.S. Here’s your chance to get a growth spurt in personal finance. Attend the 2011 Money Summit. Discounted rate here. I will even send you 2 Walking Eaters. Just email to issa@youwanttoberich.com proof of your payment and that you paid via this site. Many thanks!
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