Adam Khoo:The 7 steps to Financial Abundance
Posted March 22, 2008on:
Today, I would like to share The 7 steps to Financial Abundance wrote by Adam Khoo in this book. I’m yet to finish reading it, currently at Chap 10.
Step 1: Adopt the Million-Dollar Mindset. Millionaires think and see the world very differently. This is why they take different actions and produce such different results. Where most people see problems, those with the millionaire’s mindset see money-making opportunities. Millionaire’s mindset is further discovered in the Chapter 3 on Nine Habits of Self-Made Millionaire later.
Step 2: Set clear Financial Goals. The major reason why people never achieve any level of wealth, is because they never have clue or answer this questions came into his or her life “What are you financial goals?”. The four levels of Wealth will be covered soon in Chapter 5. There are financial, stability, financial security, financial freedom and financial abundance.
Step 3: Create a financial plan. Once you have a specific financial target of how much you want to earn, you have to develop an effective financial plan. For example, if you set to achieve 1 million in a specific date, you should target how much you want to save / invest per month and by other means like increase your main income. The chapter 4 & 5 taught how to craft a financial strategy.
Step 4: Massively increase your income. Adam shared on how to massively increase income about doubling or tripling! It then further shared in Chapter 6, 7, 8, 9, 10, 11, 12.
Step 5: Manage your money and reduce expenses. Dou you realize that increasing income is only one side of wealth equation? Millionaires become rich not because how much they earn, but rather how much they are able to save and invest. The chapter 13 and 14 shared on how you can reduce expenses by 20-30% without compromising you standard of living. I can’t wait to reach this Chapter.
Step 6: Grow you money at Millionaire return. By reducing your expenses, you will be able to accumulate a surplus of duns that you can use to build your fortune thru investment, stock, property and so on. Chapter 15 & 19 revealed investment techniques that can allow you to earn 15-25% per year with minimal risk.
Step 7: Protect you fortune. Millionaires engage professionals like insurance advisor, lawyers, financial advisor etc to protect their wealth from potential creditor or government (thru tax) and other party. What do you think about his 7 steps? You may purchase this book at price RM49.90 but got this at discounted price RM39 last 2 weeks at Kinokuniya.
Dave Ramsey MM & SS #3
Money Myths(MM) #3
Myth: Debt is a toll and should be used to create prosperity
Truth: Debt adds considerable risk, most often doesn’t bring prosperity, and isn’t used by wealthy people nearly as much as we are led to believe.
Shocking Stats (SS) #3
Shocking stats : 80% of graduating college seniors have credit card debt-before they even have job!