To tell you the truth, I was NEVER interested in subjects related to business in the past. That was before I read the book “Secrets of Self-Made Millionaires” by Adam Khoo. “Secrets of Self-Made Millionaires” was in fact the FIRST business-related book I read my entire life. I am not trying to promote anything here but this book really made an impact on me. After reading the book, it led me to ONE conclusion, and that is, it is POSSIBLE for ALL of us to become MILLIONAIRES, if we set our mind to become one.
For those of you who do not know who Adam Khoo is,Guest Posting let me do a brief introduction about him – Adam Khoo is the founder of “Adam Khoo Learning Technologies Group”, Singapore’s most prominent and prestigious training company, running leading personal-development programmes for students, professionals, executives and business owners. Some of his corporate clients include Tupperware, American International Insurance, Prudential, Lux Asia, Rolls Royce Marine and many more. Adam Khoo attained the millionaire status by the age of 26 and is a multi-millionaire today.
I’ll like to share with you some of the things I read from “Secrets of Self-Made Millionaires” which really inspired me.
Possibility of becoming a millionaire
Adam shared with us in the book that it is POSSIBLE for us to become millionaires. Many people have this perception that it is much easier to become millionaires in the past. However, the truth is there are much more millionaires now compared to the past. Therefore, it is today that YOU TOO can become a millionaire !
One of the many things I learnt from the “Secrets of Self-Made Millionaires” was the importance of reading. If you are completely new to the topic of Internet Marketing, or even if you want to find out more on how to make money on the Internet, I would like to strongly urge you to grab a copy of “Secrets of Self-Made Millionaires”. “Secrets of Self-Made Millionaires” give us a very good overview on Internet Marketing to help us get started.
I could not have stressed the importance of reading. We have to constantly read to improve ourselves, to learn new paradigms, to learn new ways to make money, etc.
To be frank with you, before I read Adam’s book, I only managed to finish reading at most 1 or 2 books every year !
However, after reading “Secrets of Self-Made Millionaires”, I became obsessed with reading, especially on books teaching us how to make money, how to improve our attitude (Having the right attitude is important to help us focus our mind to make money), etc.
Whenever I step into a shopping centre, the first thing I’ll look out for is the bookshop. I’ll spend half of my time in the shopping centre in that bookshop to look around for any new business-related and self-improvement books. I will not hesitate to buy the book if I find it interesting. Many people can spend hundreds of dollars buying luxuries, such as mobile phones, clothes, DVDs, CDs, etc. without even thinking twice ! However, when it comes to buying books, they will tend to hesitate whether to buy or not. They’ll think over and over again. I really don’t understand why. Books are actually assets. Why do I call them assets ? Because books, especially those about money making or self-improvement, teaches us something, and we can apply what we have learnt in the books to make even more money than we actually can ! That’s why I always treat books as assets.
However, things like mobile phones, clothes, video games, electronic equipment, etc. are actually liabilities, because these things NEVER generate any profits for you. These things only depreciate in value as time goes on.
For your information, I now make it a point to read AT LEAST 1 book every month. That way, I make sure I’ll learn something new, which I can apply and help make even more money every month.
I would like to share with you one more point about reading – there is no point reading so many books if we do not take action to apply the knowledge we learnt from them. It will be a complete waste of time to only read and not apply what we’ve learnt from the books.
Game of Money
Treat money making as if you are playing a game. Money making is actually a very fun game to play – BUT only if you know the rules of the game. If you know the rules of the game, you will be able to generate a substantial amount of income with ease.
Look at people like Warren Buffet, Bill Gates, Jack Welch. Why are they able to make so much money ? The answer is very simple – it is because they know how to play the game of money. Have you ever wondered why these millionaires are still thinking of ways and means to make money even though they are already millionaires ? The reason is because they simply love the game of money ! They love it so much that they are constantly thinking of ways and means to make even more money ! These people know the rules of the game to help them make lots of money. People who do not know the rules of the game will definitely end up losing money, and even become backrupts.
Therefore, it is very important you know the rules of the game. The “Secrets of Self-Made Millionaires” is a very good book that teaches you the rules of the game of money – how to play the game of making money.
Managing your wealth
Besides learning how to make money, you need to also know how to protect your wealth. Let me ask you a question – Do you keep track the amount of money you save every month ?” I am quite sure many of us do not.
Our mentality to saving money is to spend first and save whatever that’s left. How many of you will put aside the amount of money you like to save every month before spending the rest ?
My next question is – do you keep track of how you spent your money ? What do you spend your money on ?
Just to side-track a bit – I recently listened to a presentation on how the poor, the middle class and the rich spend their money and would like to share with you what he said.
He said the first group of people – the poor, will spend whatever money they have buying stuff. What is stuff ? Stuff is simply things that occupy space in your house. They are often things you DO NOT really need, things you seldom use. This stuff generates no income for you.
The second group of people – the middle class, will spend their money on things like cars, houses, boats, etc. They also spend their money on paying their credit card bills. You may ask me – isn’t house an asset ? A house is only an asset IF you manage to make a profit after selling it. If selling your house will not bring you any profit, it is considered a liability.
The third group of people – the rich, will invest their money in shares, bonds, fixed deposits, businesses, education, etc. They spend their money on things that will help generate even more money for them. They spend their money on things that will earn them a passive income (passive income is any income you obtain that is not from your main source of income. One good example of passive income is the dividend or interest you receive from your investments).
Let me give you an example of how the rich spend their money. I’m sure you heard about Warren Buffet (For the benefit of those who don’t, he is an investment guru who makes millions through investing and is now the 2nd richest man in the world).
Warren Buffet started making money when he was very young. One of his every first business was to setup pinball machines in barber shops. He started off this business by buying 1 pinball machine and putting it in 1 barber shop. He used the money generated from that pinball machine to buy another pinball machine and put in another barber shop, and so on. That was how he expanded his so-called “business” then. The pinball machine was an asset to Warren Buffet, because it generated an income for him.
Before I read “Secrets of Self-Made Millionaires”, I was like most of you. I did not keep track of my expenditures. I had no idea where I spent my money on.
After reading the book, I started to keep track of WHERE and HOW I spent my money, HOW much I spent, as well as HOW much I save per month. To help me answer these questions, I created the a list every month to keep track of my expenditures and savings.
By doing so, it has enabled me to find answers to questions such as “Where did I spend my money on ?”, “How much money did I spend ?”, “How much do I actually save monthly ?”, “In which area did I spend the most amount of money on ?”, etc. I am now able to better keep track of my expenditures and savings.
I would like to encourage all of you to have your own list to keep track of your expenditures and savings. You’ll be surprised by the amount of money you spent every month buying “stuff”. =)
Money making on the Internet
The Internet is a very powerful tool. We use the Internet to communicate with friends (through emails, instant messaging, forums), to do research (the Internet is very rich in information), to keep in touch with what’s happening around the world, etc.
If you are not aware, today, there are lots of people who make use of the Internet to generate income. How many of you here have a website or blog ? For those of you who have, do you know you can generate income from your website or blog through advertising (such as Google Adsense – where Google will place advertisements on your web. You make money when visitors on your web click on those advertisements) ?
Besides making money through advertising, you can make use of your website or blog to help sell other people’s products – known as Affiliate Marketing.
The advantages of affiliate marketing are : -
You can sell everything and anything on the Internet as an affiliate marketer, as long as the company allows for it.- You need not find a space to physically store the products you are selling, to provide shipping or after-sales support (The company selling the products will take care of all these). – You stand to earn 50 – 70% of the sales as an affiliate marketer for every product sold. – You can reach out to potential customers worldwide round the clock (In my previous posting on “Statistics on Number of Internet Users”, you can potential reach out to over 6 billion people around the world). – It costs nothing, or sometimes a very minimal cost, to be an affiliate marketer.- There is very minimal risk. If something you are selling is not making money, you can change the products you want to sell within minutes.
There are some people who set up websites just to help companies sell their products as an affiliate marketer. Some of them have generated a substantial amount of income by doing just that !
Investing in Stocks and Shares
In “Secrets of Self-Made Millionaires”, Adam also discussed topics on investing in stocks and shares. I will not be deliberating on that as the focus of my blog is on how to make money on the Internet.
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