Download - Money Slave to Money Master

Money Slave To Money Master Page 1

Money Slave

To

Money Master

What Your Teachers, Parents and

Banks Didn’t Tell You!


DISCLAIMER AND/OR LEGAL NOTICES

The information presented herein represents the views of the author

as of the date of publication. Because of the rate with which

conditions change, the author reserves the right to alter and update

their opinions based on the new conditions.

This report is for informational purposes only and the author does not

accept any responsibility for any liability resulting from the use of this

information. While every attempt has been made to verify the

information provided here, the author and their resellers and

affiliates cannot assume any responsibility for errors, inaccuracies, or

omissions.

Any slights of people or organizations are unintentional.


Table of Contents

Introduction 4

Chapter 1 : Money and I

During Primary School

During Secondary School

During University

7

8

11

14

Chapter 2 : Debts and I

Working Life

My First Car

My First Credit Card and Second One and Third One

17

17

19

24

Chapter 3 : Managing Debts, Efficiently

Why Do We Hate Monday Mornings?

List Out All Debts

Pay Debts with Lower Interest + 10% more

Pay On Time

Reduce / Stop Usage / Delayed Gratification

28

28

29

31

32

33

Chapter 4 : Savings

Pay Yourself First

The Eighth Wonder of The World

35

36

39

Bonus Chapter

10 False Beliefs About Money

44

Recommendations

Websites

Books

46

47


Introduction

Money Slave To Money Master is a book that tells a true story of the

relationship of the author with his money.

Reading this book you will learn how to:

Identify your relationship with money

Manage your money better

Create wealth using the power of compound interest

Maximize your income and minimizing your debts

What this book is not intend for:

× To provide financial services advice

× As a solution to serious debts. However, the tips in this book

should help.


This book is intend to remind you of the things that you already know,

however the institutions that like to lend money are happier if you,

like many others have forgotten.

The institutions that we borrow from do so to make a profit.

They make a huge profit out of us. If you consider some of the

statistics on bad debts you will realize just how much money they

make to accept risks such as bankruptcy at young age.

―THOSE under-30 are the leading age group for people declared

bankrupt due to credit card debt. This startling finding reveals the

other dimension to the general problem of credit card debt which

has now reached RM23.3 billion.

―Out of the 3,548 people declaring bankruptcy by credit card, 1,774

belong to those aged 30 and below,‖ said Datuk Abdul Karim Abdul

Jalil, director-general of the Department of Insolvency Malaysia. That

works out to a staggering 50 per cent.‖


It is only when you understand this money making principle that you

will be able to take that same principle to reduce your own

borrowing habits and become totally debt free.

Last but not least, take your time when you read my story and when

you have finished reading, don‘t forget to take action!

Towards Being A Money Master,

Andrew Stephen Lau


Chapter 1: Money and I

I was born in a popular town called Ipoh. Both my parents are

teachers at that time. Due to family obligations, we moved to Bukit

Mertajam, Penang, some 2 hours from Ipoh, to stay with my

grandmother.

My father then became owner of a bookstore together with my

uncle. My mother is still a teacher since then. My grandmother was

the one who took care of me and my younger sister when my

parents are at work.

If my memory serves me well, my first encounter with money was

when I was in Standard One, primary school. That time, a plate of

rice with minced char siew (barbecued pork) only cost RM0.40 at

the school canteen. Surprisingly, soft drink back then is more

expensive than that plate of rice! RM0.50 I remembered.


During Primary School

I still remember a few incidents where I got ripped off by my

classmates.

I have purchased a piece of ―Garfield‖ sticker that is a size of my left

ear (for your information, both my ears are the same size) for RM0.50.

My pocket money that time was only RM0.50, just enough for a plate

of rice with minced char siew and RM0.10 to save.

My mother was furious when she found out I had to starve for that

piece of sticker. She said, ―Why you so stupid? You got ripped off!‖

(Of course that weren‟t the exact words she used as it would be too

tough for a 7-year old boy to understand. But you know what

happened, ya?)

To me, money is just something that can exchange for things that I

like at that time. Although that plate of rice is one of my favourite

food during recess, I liked the ―Garfield‖ sticker more as it was huge.

Most of the stickers I had at home were as small as a RM0.10 coin.

I also had an experience where my friend‘s mother actually came to

school to ask me to give back the RM1.00 I borrowed from my friend


a day before. I was going to give him back the next day but his

mother took action first.

To me, back then, money seemed to be very important and I

became very afraid of money, especially keeping it.

I was appointed as the treasurer for my class fund. We collect

RM1.00 a month for miscellaneous expenditures such as

photocopying extra worksheets, class year end party and such.

Every day I go to school with fear that I would lose the class fund. I

bring it to school and lock it in the cabinet which only I had the key. I

take it out and bring back home end of the day. I was very scared

when the class fund got more and more every month.

I ‗resigned‘ as the treasurer one day when the class fund reaches

more than RM100. When my class teacher asked why, I just couldn‘t

tell her the truth. I said I just don‘t want to be the treasurer. Thank

God she appointed someone else.

When I think back, I wasn‘t very savvy with money during my primary

school years. In fact, I was even afraid of keeping money! Nothing


was taught to me about money by my parents or teachers, apart

from the usual mathematic operations.

My thoughts about money during primary school days:

Money is to exchange for things that I want but it is also causing

trouble!


During Secondary School

Then I grew up (duh?) and there I was, enrolled in one of the famous

secondary schools in Bukit Mertajam, Penang.

As usual, I didn‘t take up any of the positions offered in class (class

monitor, assistant class monitor and especially treasurer) because I

was simply afraid of taking responsibilities. However, things started to

change as I was entering Form 2.

At that time, my dad was a salesman because the bookstore has to

close due to strong competitions (the arrival of MPH, Popular

Bookstore and such). Besides books, my dad also sells some other

related stuff.

It was 1997 when Malaysia was struck with haze because of the

forest fire in Kalimantan. My dad had order boxes of facial mask for

sale. He gave me 2 boxes of 50 each to be sold at school. I was so

nervous but I had to do so because my dad told me the sales I make

will be my pocket money.


Selling wasn‘t that hard for me actually because during my primary

school years, I helped my uncle in his bookstore (my uncle operates

a small bookstore in one of the schools).

So I sold all 100 pieces of facial masks and I made RM40.00 after

paying my dad the cost. I was very proud of myself and I thought

―Hey, this is easy money!‖

I was a stamp and First Day Cover (FDC) collector since 13 years old.

My mother subscribed the FDC for me from the local post office.

Then I realized that I can purchase them at the post office whenever

they release a new series without subscription.

To my surprise, I was not the only FDC lover in school. So I

volunteered to purchase the FDC for them for a fee; and those fees

collected are enough to cover my FDC and transportation cost. Boy

was I happy that not only I get to have my FDC for free; i actually

have some extra to put in my piggy bank!

Many things happened in year 1998. I was in Form 3, the movie

TITANIC was aired, and not to forget Commonwealth Games in

Malaysia.


I had a classmate that has the same mindset as me at that time. At

that time, the movie TITANIC was a hit! Everyone is talking about it, all

the girls are crazy about Jack and his postcards and photos are

everywhere!

So, we thought, why not we also start selling photos of TITANIC casts?

That was the time we learn the concept – consignment. We took

catalogue from one of the seller, we took orders, collected money

and we only pay the supplier our cost price. We wait for the order to

come and we just deliver. All that without a single cent spent! At the

end of the day, we make about RM80 each.

Other than that, I also started selling books from my dad‘s stock to

my classmates to earn pocket money. 80% of my pocket money

comes from selling books and various ‗sellable‘ stuff. I consider myself

very smart, uh?

My relationship with money during secondary school:

It was easy making money by selling stuff that people want and I

don‘t mind earning money from my friends.


During University

University days were very much different from my secondary school

years. Apart from the syllabus, friends and environment, I no longer

sell stuff to get pocket money. In fact, my parents paid for my hostel

stay and gave me pocket money every month.

Coming from a not-so-rich family, my pocket money was only RM300

a month. I studied in one of the famous college in Nilai, Negeri

Sembilan. Food cost almost the same as Kuala Lumpur so I guess

RM300 wasn‘t that sufficient.

With RM300 a month, I am expected to spend on food and my

mobile phone prepaid credit reload of RM30. I am left with RM270 for

food and other expenditures such as photocopy and books.

Sometimes, I had to ask for more money from my mom because

books in university are really expensive.

I was very active in extracurricular activities in college. Almost

everyone who joined clubs knew who I am. Besides, I was also given

a chance to be Master of Ceremony (Emcee) for some big events

and that had given me an advantage.


Soon, I volunteered myself to be emcee for many events organized

by other clubs in exchange for meals! I had about 10 – 20 dinners

subsidized by other clubs in exchange for my service as emcee.

There, I saved on my pocket money! I am a big eater and that was

the happiest news because with the same amount of pocket

money, I can have more meals or bigger portions! That goes on until

I finish my degree.

My relationship with money during university days:

I exchanged my service for things that I need to buy with money.

With that, I can afford more things with the same amount of money.


Summary

I wasn‘t taught much about money when I was small. Only thing I

learnt was that I can sell things to earn more money.

My parents also emphasized on saving. So I had quite a substantial

amount of savings from money I got during Chinese New Year and

my part time job wages.

I got my first mobile phone with my own money!

Generally, my relationship with money before I start working was

quite a pleasant one because I was never in debt.


Chapter 2: Debts and I

My Working Life

I graduated from university and soon got a job. I was working in my

University College (upgraded from college status) as an officer of

Student Services Division. In fact, that is my first encounter with debts.

I was bonded for 1 year as part of the repayment scheme for taking

a loan for my final year studies. Yes! I got in debt even before I start

working. Luckily, it was a 0% interest loan.

Part of my salary will be deducted to pay off the loan. I continued to

work there for another year and financially, I was doing fine. I had no

debts after the 1st year, accommodation was provided because I

was the hostel warden.

I had no car so I don‘t have to pay for car loan and petrol. In fact, I

was financially sound that I changed my mobile phone every 6

months! (FYI, I only buy 2nd hand mobile phones)

I had a total savings of about RM12,000 in my bank account the day

I left Nilai for another job in Petaling Jaya! That is when my expenses

increase and debts started to appear in my life.


Although I had been offered a nice paycheck for my new job, which

I was excited about it, my expenses also increased. Now, I had to

pay for rent, transportation to go to work, food are more expensive

now, I had to buy new working attire and such.

I was still doing quite well before I got myself a car – Perodua Myvi

1.3 EZi.


My First Car

It was about a year before I bought my first car. I carpooled with my

housemate and luckily his office is about 200 metres from my office.

Sometimes, I had to take taxi because my working hours is crazy.

(FYI, I was in event management) So, owning my own car would be

a good idea as I can travel around easily.

My monthly salary was about RM2,700 (gross) at that time. I was

looking for a decent car that is not expensive. Ultimately, I chose

Perodua Myvi because I used to ride in my housemate‘s Perodua

Myvi. It is a spacious car with good review.

Oh, let me get it straight. The car didn‘t get me into debts; the car

loan is the culprit. I went to the Sales Office and talk to the salesman.

I told him my objective – cheap and nice. Then he showed me this

promotion from one of the local banks. It is a ―Step Up‖ plan.

Step Up Plan

A plan where you pay less at the beginning of the tenure and it gets

more and more expensive as you go.


Of course I was so happy because it fulfills my objective – CHEAP!

During that time, my concern is I pay less so I can have cash flow.

I thought to myself, ―It will not be a problem paying more in the

future because my salary will surely increase!‖

I was wrong to think that way, unless I want to keep my car until the

car is no longer movable. Now, I am stuck with this car because if I

were to resell my Myvi, I will lose more money because of the

settlement that I had to pay. Don‘t understand? Check out the

figure below.


Figure 2.1

The value of the car is always lower than the balance of installment

one had to pay when they are into ―Step Up‖ plan.

Looking at Figure 2.1, if I were to change car at Year Six, I can only

sell it at RM20,000 (maximum) but my repayment still has RM25,000 to

settle. Which means, I am losing RM5,000!

Let‘s see if I had taken a normal car loan plan.


Figure 2.2

If I had taken up a normal car loan plan, the graph will look like

Figure 2.2.

If I wanted to sell my car at Year Six, I will be able to sell my car at

RM20,000. My repayment balance is also at RM20,000. So

theoretically, I did not lose any money.

However, if I decided to sell my car only at Year Seven, I may have a

little surplus.


My Advice:

If possible, try not to go for ―Step Up‖ plan. Fortunately, I heard that

this kind of plan is not popular in the market and thus, lesser banks

are offering it now.

With normal car loan plan, your monthly repayment will be the same

while your income increase, isn‘t that better?


My First Credit Card and Second One and Third One

I have heard of ―credit card‖ during school days. However, I thought

it was something that allows you to replace bringing cash wherever

you go; something like a debit card.

Of course I have heard of people owing money to credit card

companies or banks. I thought perhaps they didn‘t pay on time,

least that I know there was interest rate.

I applied my first credit card when I wanted to buy a laptop. Yes, it

was for the 12 months 0% interest installment purchase. The laptop

cost RM1,600 at that time and with credit card, I only need to pay

RM134 a month! That is so affordable!

So I got my card and happily purchased a laptop. Then I bought a

back massager for my parents, then I use credit card for petrol,

insurance and some grocery purchase.

Again, I was doing fine until I can no longer pay off my monthly

credit card bills. It was affordable initially and it added up to an

amount where I cannot clear the balance.


Then, I only pay what I can afford. But the balance is still there! Did

you ever experience like ―Why is my credit card balance still there?‖

I told myself, ―It‘s ok, a little bit of interest does no harm.‖

The day I went deep into credit card debts was the day I signed up

another credit card with another bank. Why I did that? Because this

other bank‘s credit card offers 6 months interest free balance

transfer!

Yes, shame on me! I have a credit card balance that I cannot afford

to clear on my first card. I had to transfer the balance to another

card so the interest won‘t kill me! (It was a frustrated experience,

that‟s why you see all the exclamation marks)

Now, both my card has RM5,000 credit. I almost burst my first one so I

transferred RM2,500 to another card, with 6 months interest free

period. Only realized it later that I have to pay for 2 minimum

payments now!


Debt ► Interest ► New Debt ► New Interest

Debt creates Interest.

Interest creates New Debt.

New Debt creates New Interest.

And it goes on and on and on…

I was trapped by the time I realized that!

I got panicked. My income wasn‘t enough for me to pay all the

balance. Then my friend introduced me to another credit card that

offers 3 months interest free advance cash. I was like, ―Thank God

there is such service. I can withdraw cash and clear my second

card!‖

I applied and of course my application was approved! I withdrew

RM4,000 from my third card and paid some for my first card and

some for my second card. Now, thinking back, that was a silly move!

That time, I know I am in deep trouble as I have 3 credit card

payments to be made every month! My debt is higher without me


realizing it. Then it came to my mind that I was borrowing money to

pay off the money that I borrowed from someone else.

Meaning, I am incurring a new debt to pay for my old debt. Now, at

that time, my parents didn‘t know I was in such situation. (I bet they

know now if they read this book).

With all the 3 credit cards, I had a total of approximately RM14,000

worth of debts! My income that time was RM3,000 a month (gross

income)!


Chapter 3: Managing Debts, Efficiently

Why Do We Hate Monday Mornings?

… and Tuesday, Wednesday, Thursday Mornings?

This table illustrates Mr & Mrs Average‘s working week based on a 40-

hour week over 5 days.

Hour Mon Tues Wed Thurs Fri

1 TAX TAX DEBT DEBT BILLS

2 TAX TAX DEBT DEBT BILLS

3 TAX TAX DEBT DEBT YOU




7 TAX TAX DEBT BILLS YOU

8 TAX TAX DEBT BILLS YOU

You work Monday and Tuesday to pay the tax man (this is direct and

indirect taxes). Wednesday and Thursday to pay your debts. The

rest of Thursday and Friday Morning for your household bills and

finally Friday afternoon for YOU!!

Now I know why I prefer Friday afternoons, how about you!!

Let‘s start by getting Wednesday and Thursday back in your pocket.


List Out All Debts

The first step to efficiently manage debts is to find out exactly what

you owe and exactly what your income and expenditure is.

There are 2 things you will need to do.

i) Records every single transaction that you made. That

includes ATM withdrawals. Jot down everything that you buy

even if it is a cup of coffee or an ice cream.

The above will help you to monitor where your money goes to. Many

people do not know where they spent their money. They buy things

that they don‘t need and end up having lots of them.

Do the recording for a month and analyze how much you spent on

food, transportation, leisure, groceries and such. Then, identify where

you have overspent. Try to cut it down or see if you can replace it

with something cheaper or better still, FREE!

Without spending on unnecessary things, you cut down your

expenditure. Thus, creating more cash flow to reduce your debts!


ii) List out all debts that you know. Credit cards, car loan,

mortgage loan, personal loan and money that you owe your

friends.

List them all out according to interest rates, from lowest to the

highest. If they are all under the same interest rate (e.g. credit

cards), list them according to the balance left, from lowest to

highest.

Let‘s use the table below as example for credit card:

Debts Interest Rates

(per annum)

Balance Min Payment

Credit Card A 18% 2500 125

Credit Card B 18% 3500 175

Credit Card C 18% 5000 250

Total 11000 550


Pay Debts with Lower Interest + 10% more

The obvious way to do it is to first pay off balance for Credit Card A.

The trick in this is to add 10% more to the minimum payment you

make every month.

Which means, you will be paying RM375 instead for Credit Card A

every month. Fix that RM250 extra payment. You will still need to pay

for your Credit Card B & C but only the minimum payment.

What happen to your Credit Card A then? Every month, as you pay,

your balance gets lower, which also means that the minimum

payment is lesser. However, you still pay RM250 extra for Credit Card

A. You will be able to clear Credit Card A in less than a year!

(Provided you don‟t add on to the balance)

When it comes to Credit Card B & C, apply the same payment

method. Add another RM250 to the minimum payment and you will

see how fast you can clear your credit card debts.


Pay On Time

Another trick to lower your credit card debts faster is to pay on time.

Paying on time will stop the bank from charging you Late Payment

Charges, which can sum up to a huge amount as time goes by. I am

not saying that you can‘t afford such payments but it just doesn‘t

seem worth it.


Reduce / Stop Usage / Delayed Gratification

The ultimate trick to get away from debt is to reduce the usage of

credit cards or stop using it entirely – buy everything in cash!

When you buy with cash, you will eventually control your desire to

purchase more as you only have limited cash. Even if you used up all

your savings in cash, you will not end up negative!

Delayed Gratification is one of the most important aspects to

developing your financial IQ. Take this as a hypothetical example.

Would you pay for a pint of milk or a cow?

If you buy milk, it is consumed and it is over. You will have to buy milk

over and over again when it is finished. Even if the milk costs less than

a cow, in the long run, you will still be buying milk again and again.

Now, if a cow were to cost 50 times more than milk, you might pay

through your nose when you purchase the cow, but after consuming

50 pints worth of milk from the cow, you would break even on your

investment and save more money in the future.


In fact, the cow might give birth to 2 or more calves and you could

sell one of them for profit!

Get the idea?


Chapter 4: Savings

Saving has always been a way of life for people who believed on its

power. These people know that they have to save more money in

order to create a more established future.

However, as time goes by, more and more people find it hard to

save money. They said that saving is no longer a way of life but a

resolution that they have to strictly adhere to just to put aside some

amount of money.

Some people even insist that it is no longer possible for a person to

save more money because most of them are already living

paycheck to paycheck. With all the high-prices of commodities

these days, saving more money seems like just a dream.

But the point is that people can indeed save more!


Pay Yourself First

The reason many people cannot save because they think that they

don‘t have much to save. Have you heard of ―I don‘t have money

to save, wait till my income increase then I will have extra to save!‖

Now, many didn‘t realize that when their income increases, so does

their expenses. When you have more money, you tend to spend

more because you think you can afford it. Worse, if you think you

can pay off the loan / debts with your new additional income.

At the end of the day, you are back to square one – broke! The

figure below illustrates how people spend their income.

Figure 4.1

Income – Expenses = Balance (Goes to Savings)


Most people practice the above model. They got their monthly

salary, then they pay the bills, loans, debts, spend on food, leisure

and then they ‗try‘ to save whatever that is left.

The activity of saving needs two things to happen – motivation and

habit. The amount of money is not the most important thing. No

matter how much you save, be it RM1 or RM100, it is also a form of

savings.

The concept of “Pay Yourself First” emphasize on the act of setting

aside a certain amount of your income before you start spending.

Thus, even if you spend all your money that is left, you already saved!

Figure 4.2

Income – Savings = Balance (Goes to Expenses)


With that, you will have the motivation to save because it is

achievable! Don‘t worry about the amount because eventually „little

is better than none‟.

Once you have the motivation to save, it is time to build a habit.

Save a certain amount every day, every week or every month. Do it

for at least 90 days and you will have the habit of saving.

But, how much every time?

As mentioned, the amount is not the most important thing. You can

start with RM1.00 a day, then gradually increase as you go until an

amount that you are comfortable with, maybe RM5.00 a day (which

is equivalent to RM150 a month).

Remember! Always Pay Yourself First because it is YOU that has put in

the effort to earn your income. Who else deserve the money more

than you?


The Eighth Wonder of The World

Albert Einstein called compound interest as ―The Greatest Invention

of All Time‖. It is also being referred as ―The Eighth Wonder of The

World‖. The trick is to get this tremendous force to work for you rather

than against you.

Let us look at basic interest, an amount that you pay a lender for the

privilege of borrowing his money. Normally, this amount is tied to the

original amount at an agreed rate. It is calculated on the balance

owing plus any previous interest charges.

Thus, you find yourself paying interest on interest. This is the

compounding effect and the element that compounds your debt

and allows it to take on a life of its own.


First, let‘s look at how compound interest works against you. We take

credit card debts as an example.

Month Interest Rate Balance

1 1.5% 5000.00

2 1.5% 5075.00

3 1.5% 5151.13

Assuming if you do not pay your credit card debt for 3 months, in the

above example, I leave out the Late Payment Charges. With only

balance alone, compound interest has work against you by adding

RM151.13 to your debts! It will be worse if I add in the Late Payment

Charges!

If interest rate of 1.5% can do such harm to your financial health,

imagine a loan with higher interest!


Now, let us experience the miracle of The Eighth Wonder of The

World when it works for you!

Say you have save RM150 a month for 12 months. You decided to

put in an investment vehicle that generates 3% per annum. How

much can you have after 10 years (without additional saving)?

Year Savings Year Savings

1 1800.00 6 2086.69

2 1854.00 7 2149.29

3 1909.62 8 2213.77

4 1966.91 9 2280.18

5 2025.91 10 2348.58

You gain RM548.58, without extra effort!

Let‘s see what happen if you add on RM1800 each year (same

interest rate as above).


Year Savings Year Savings

1 1800.00 6 11643.14

2 3654.00 7 13792.43

3 5563.62 8 16066.20

4 7530.53 9 18286.39

5 9556.45 10 20634.98

Saving RM1800 a year for 10 years gives you RM18,000. With the

method above, you gain RM2634.98, effortlessly!

Of course, the above is only an example of saving in an investment

vehicle that generates 3% interest per annum. You will gain more if

the investment vehicle generates higher interest.

See? That is only RM5 a day and you can save up to RM20634.98

after 10 years. It takes a little a day to go a long way.

Just to motivate you a little bit more, let‘s look at how the above

saving method works on various interest rates.


Saving does not always require a big amount to start with, what

matters most is the willingness to start.

Year 3% 4% 5% 6%

1 1800.00 1800.00 1800.00 1800.00

2 3654.00 3672.00 3690.00 3708.00

3 5563.62 5618.88 5674.50 5730.48

4 7530.53 7643.64 7758.23 7874.31

5 9556.44 9749.38 9946.14 10146.77

6 11643.14 11939.36 12243.44 12555.57

7 13792.43 14216.93 14655.62 15108.91

8 16006.20 16585.61 17188.40 17815.44

9 18286.39 19049.03 19847.82 20684.37

10 20634.98 21610.99 22640.21 23725.43

Year 7% 8% 9% 10%

1 1800.00 1800.00 1800.00 1800.00

2 3726.00 3744.00 3762.00 3780.00

3 5786.82 5843.52 5900.58 5958.00

4 7991.90 8111.00 8231.63 8353.80

5 10351.33 10559.88 10772.48 10989.18

6 12875.92 13204.67 13542.00 13888.10

7 15577.24 16061.05 16560.78 17076.91

8 18467.64 19145.93 19851.25 20584.60

9 21560.38 22477.60 23437.87 24443.06

10 24869.61 26075.81 27347.27 28687.36


Bonus Chapter

10 False Beliefs About Money

by Steve Martile, Coach (http://www.freedomeducation.ca)

The most common reason that people are broke is because of their

false beliefs. These beliefs come from the sub-conscious mind. The

sub-conscious mind or the emotional mind works with the Law of

Attraction. You attract based on the programming of your sub-

conscious mind.

In fact, many people know how to make money; a lot of them do.

They just don‘t know how to KEEP it! They don‘t know how to keep it

because of their false beliefs.

Your programming may be putting the brakes on your efforts. These

false beliefs are buried deep in the constructs of your mind. If you

keep attracting debt, then you may have false beliefs about money.

http://www.freedomeducation.ca/


Here are 10 common false beliefs about money:

I am not smart enough

I am not good enough

You can‘t trust people with money

You can‘t be rich and healthy

Money doesn‘t grow on trees

You need money to make money

Money making is a lot of hard work

Having money just creates problems

Having money isn‘t everything

Money is dirty (Comes from, “He is filthy rich!”)

You can‘t change these beliefs because YOU ARE them. You are

your beliefs. You won‘t be able to change them until you separate

yourself from your beliefs. You do this by increasing your awareness.

Once you are aware, you can change it!

Note:

Having more money will not make you a more evil or a better

person. It will only amplify who you are.

Remember! It is how you build your relationship with your money!


Recommendations

Websites

http://lifeonapieceofpaper.blogspot.com

Life is like a piece of paper, whether the paper is interesting or dull, it depends

on how you live your life. Many spent their entire life finding their purpose. "Life

on A Piece of Paper" aims to shed some light on life by sharing different

experiences and stories of fellow Malaysians.

www.zenhabits.net

Often we think of having very little as a hardship.

It‘s bad to be poor, right? It‘s not easy struggling with low wages, with debt, with

scarcity.

And while all that is true, it‘s also not true.

There can be joy in getting rid of things, in living with less, in freeing yourself of

debt and possessions. It‘s all in your mindset.

www.getrichslowly.org

Recently named best blog of 2011 by Time magazine and most inspiring money

blog by Money magazine — Get Rich Slowly is devoted to sensible personal

finance.

http://lifeonapieceofpaper.blogspot.com/

http://www.zenhabits.net/

http://www.getrichslowly.org/


Books

Secrets of the Millionaire Mind

In his groundbreaking Secrets of the Millionaire Mind, T. Harv Eker

states: "Give me five minutes, and I can predict your financial future

for the rest of your life!" Eker does this by identifying your "money and

success blueprint." We all have a personal money blueprint ingrained

in our subconscious minds, and it is this blueprint, more than

anything, that will determine our financial lives.


The 7 S.E.C.R.E.T.S. of the Money Masters

The Seven S.E.C.R.E.T.S. of Money Masters goes where most personal

finance books –and financial advisors – fear to tread, revealing the

S.E.C.R.E.T.S. of Safety, Expense, Cash Flow, Rate of Return, Economy,

Tax Efficiency and (common) Sense.


This page is left blank intentionally.