Frankly I have not really thought about the relationship between the wealthy and EXCEL until I came across this Chinese personal finance book called "The 28 Financial Habits of the Rich"
It is about the analysis of a survey on personal finance with 681 young and wealthy Koreans (<40> USD 1 Million).
There's this summary of characteristics possess by this group of young and rich - and one of which is their abilities to use EXCEL proficiently. Because they need to keep track of their incomings and outgoings, in their different aspects of their financial decisions. In the process of wealth accumulation, these people deal with numbers almost very frequently and thus are extremely sensitive to numbers.
Come to think of it, I do use EXCEL alot, other than for work - and it seems to be useful in my path of accumulating wealth. The following sheets are my suggestions to what might be useful to keep track of your wealth:
1. Balance Sheet - to work out your Net worth
2. Passive Income Tracker
3. Shares Wins and Loss Records (If you are investing into the market)
4. Property Analysis (more applicable to analysing the Return of Investment ROI if you are buying a buy-to-let property.
Obviously the above list is not exhaustive and you are welcome to add on to your own list.
Monday, July 16, 2007
Tuesday, July 3, 2007
If there's only one thing....
......about wealth accumulation, it would be this:
"The money that you work for should only be paying for your basic expenses. The money that your money worked for could then be used to pay for your luxuries"
-- The Money Shop, SG
If you have just started on accumulating wealth, you may find the above statement useful. The logic is simply this: save the most you can from your income and make those savings work extremely hard for you.
OK - I know it might be hard at times to be in a "just-to-survive" mode without any entertainments or enjoyments. What's life without some fun anyway?!
However, if you think or read about it, you would find a lot of successful people understand the principle of delayed gratification. Like what the Chinese normally says: bitter first, sweetness later. Obviously it's not sensible to suggest that you take 10 years to taste your fruits, that would make life so unbearable to sustain! You should aim to equip your knowledge in the quickest possible time, whilst keeping your expenses to the bare minimum.
Hmm..I know that's not easy, because I have been through that myself. Looking back I am glad I did that, because nowadays I don't have to work myself to pay for my vacations or movie tickets!
"The money that you work for should only be paying for your basic expenses. The money that your money worked for could then be used to pay for your luxuries"
-- The Money Shop, SG
If you have just started on accumulating wealth, you may find the above statement useful. The logic is simply this: save the most you can from your income and make those savings work extremely hard for you.
OK - I know it might be hard at times to be in a "just-to-survive" mode without any entertainments or enjoyments. What's life without some fun anyway?!
However, if you think or read about it, you would find a lot of successful people understand the principle of delayed gratification. Like what the Chinese normally says: bitter first, sweetness later. Obviously it's not sensible to suggest that you take 10 years to taste your fruits, that would make life so unbearable to sustain! You should aim to equip your knowledge in the quickest possible time, whilst keeping your expenses to the bare minimum.
Hmm..I know that's not easy, because I have been through that myself. Looking back I am glad I did that, because nowadays I don't have to work myself to pay for my vacations or movie tickets!
Monday, July 2, 2007
What the rich and poor says...
The poor says: Debt is Devil
The rich says: Debt can be an angel, depending on the kind of asset you incurred it on
The poor says: The only way to wealth is to work hard, really hard.
The rich says: How do I make money work hard for me?
The poor says: Life's short, play hard.
The rich says: Life's short, accumulate wealth in the shortest possible time.
The poor says: I like to read the Lifestyle section on the Straits Times.
The rich says: I like to read the Business section on the Straits Times.
Upon receiving 3 months' bonus at the end of the year,
The poor says: I am still thinking of paying deposit for my new car or a holiday in the UK.
The rich says: I'll review my portfolio to see which aspects need the money most to grow.
The poor says: I am investing in the market hoping I'll not lose any money.
The rich says: I am investing in the market knowing I'll not lose any money.
The rich says: Debt can be an angel, depending on the kind of asset you incurred it on
The poor says: The only way to wealth is to work hard, really hard.
The rich says: How do I make money work hard for me?
The poor says: Life's short, play hard.
The rich says: Life's short, accumulate wealth in the shortest possible time.
The poor says: I like to read the Lifestyle section on the Straits Times.
The rich says: I like to read the Business section on the Straits Times.
Upon receiving 3 months' bonus at the end of the year,
The poor says: I am still thinking of paying deposit for my new car or a holiday in the UK.
The rich says: I'll review my portfolio to see which aspects need the money most to grow.
The poor says: I am investing in the market hoping I'll not lose any money.
The rich says: I am investing in the market knowing I'll not lose any money.
Subscribe to:
Comments (Atom)