I have decided to go full fledged on helping as many individuals as possible to become Automated Millionaires!
I have setup a company call The Automated Millionaire and a website specially for this very purpose As I have told everyone in my old blog (http://automatedmillionaire.blogspot.com - still thinking of a way to port everything here…) that my mission is Enhancing the lives of those we touch by helping people reach their goals! And I mean it!
Hence, the objective of this blog is NOT to sell any financial services or products but to give us information how to become an Automated Millionaire. I strongly believe that if we were to follow this Automated Millionaire Programme, we would be on our way to become a Millionaire!
Straits Times on 13 March 2008, there was an article of people in Singapore is not getting enough coverage for life insurance. I fully agree with that. Initially, I want to change my life insurance policy from $100k whole life (limited premium 25yrs) to a $350k term plan & a $20k limited premium 25yrs whole life. However, after discussing with my Finance Coach, he suggested that I should have S$100K Whole Life (Limited Premium 25years) as a Critical Illness Coverage for old age (> age 65) and if I wanted any more cover, I should get a Level Term plan of S$250K until the age of 65.
Though Term Plan is highly recommended by finance guru David Bach & Suze Ozman (reasons see my previous posts) however, my finance coach asked what if i need to go for kidney dialaysis after 65 *touch wood* (my term is until 65)? Who is going to foot the costly dialaysis bill? And in addition to that, in the textbook for Health Insurance, it is stated in bold red that all people should have CI coverage even in old age... That set me thinking.
Hence, I have decided to leave my whole life limited premium (WL-LP) policy alone. Even though Whole Life protection is much lesser than Term Plan protection (WL $1 to $555 protection vs TP $1 to $2333 protection). So why Whole Life? To me, it is just instead of putting the money into normal bank with interest rate lesser than 1% to an insurance bank with a projected interest rate of 5.25%. This helps me to beat inflation slightly to make sure i get same amount of money protection even 30years later or more :) which is so critical to Wealth Protection in becoming Automated Millionaire.
Everyone (apart from kids) really do need Whole Life with CI rider. Strange as it may seems, at the same time, everyone die at some part of their lives. Hence, if u have gone through paying for a funeral, u would know how freaking expensive it is for a decent funeral, especially a chinese tradition one. The ancestor tablet & urn placing each costs $8k totalling $16k! This excludes the funeral costs. This immediately depleted my children's wealth by at least $30k. Hence, by having a whole life limited premium, i am able to cover for my own funeral expenses without affecting my children wealth.
Well of course if a person is facing budget constraints, he or she could be paying too much of insurance premium. I have a friend who paid S$6K per year for her insurance policies for only S$40K CI coverage! We did a restructuring on her Insurance Coverage and now she would only need to pay S$4K per year for her insurance policies! A SAVINGS of S$2K! Talk about no enough money for daily necessities and investment :) FYI, she now have S$350K of CI coverage.
Go Automated!
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
Most of us are busier than ever. Our lives are full of things to do, places to go, people to meet. All of these in the name of "getting ahead". But there comes a time when we need to question "Is this really success"?
Ask most people what they're looking for, and chances are you'll hear things like: "Inner peace, balance, a chance to relax, and an opportunity to smell the roses". In short, the opposite to the hectic lifestyle that most people seem to be living in right now. As author Stuart Wilde puts it "Life was never meant to be a struggle".
We need to form a new definition for success, one that includes more balance, more time to be with those we love, more time for play, and more time to nurture ourselves. The paradox is that the reason most of us work long and hard is so we can relax, play, and have more time for our loved ones. Yet the more time we spend working, the less time we have to enjoy the other aspects of our lives.
Certainly finances and your career are important, but not at the expense of your health, your inner peace, your family and enjoying your life.
It takes courage to let go of our old struggle habits and create ways to leverage ourselves and delegate many of our tasks. It takes courage to re-examine our values and make our "self", our loved ones and our careers equal priorities. It takes courage to take more time for yourself and maintain true equilibrium in your life.
T. Harv Eker, a successful millionaire coach and the best-selling author of “The Secrets of The Millionaire Mind” is appearing in Malaysia on 23-25 May 2008 or Singapore on 7-9 November 2008 to conduct his hallmark seminar – Millionaire Mind Intensive.
Just give him 5 minutes and he can predict your financial blue print for the rest of your life! He will also show you how to live a Balance Life – Spend more time for yourself and your family.
To meet T. Harv personally in USA, you may have to spend more than SGD10,000. But now, you can spend 3 full days with him at only SGD188 per person– save SGD9,575. Not only that, you will also receive a set of course materials worth SGD500.
More than 3000 people have taken action to participate in this powerful event and heading towards the path of success – Balanced life. What about you? Still having doubts and not making up your mind?
Typically, how much does you need to invest for a 3-day life changing program? $3, 000, $2, 000 or $1, 000? Not even near there...See, we want to help you make that decision. If you register now, for each ticket, you only invest (SGD188).
This is a Not To Be Missed opportunity! Ask yourself, where else can you get to interact with the teacher "Live in Person" at such a reasonable investment?
In fact, this is crazy and does not make any sense. Opportunity like this do not come by everyday, what you are seeing now is for a very limited time only. So, take action NOW to avoid disappointment.
I finished my Tree Seeds aka 1 day action plan - Came out with my Final Draft of my Life Mission! Yeah! Bonus is I helped my girlfriend to fulfill her 1 day action plan too - Find out a reputable Vocal Training School in Singapore! And we came out her 2nd draft of her Life Mission! Amazing! T. Harv Eker said that if we were to complete our 1 day action plan, we are set for 20% success rate towards our 3-5 years vision.
T. Harv Eker also said that why most people never do what they set for to do, because they are setting the rules to lose! Meaning it is too difficult, instead of just 1 or 2 tasks, they set several tasks which would never be completed. Hence, forming a habit of failure. So I have set my rules to win! So that from now on, it is easier to succeed :) 1 step towards my goal is better than thinking about my goal for 1 thousand years! I have set myself the Warrior Way - 1 step at a time!
Hence, I am committed for the Tree Roots - 7 Day Action Plan:
Write my blog every 2 days
Contact Kae Tyan regarding about borrowing against my Life Insurance
Get my OCBC Securities account details
Email Success Resources regarding crew
Set 1 appt for NHP
2nd Draft of my Vision
And when i finish my 7 Day Action Plan, T. Harv Eker said that i would have a 30% success rate for my 3 - 5 years vision!
Attending T Harv Eker's Life Direction Intensive is really one of amazing things i have done in my entire life. I went there with the purpose of finding out what is my Mission and Vision, something what i really wanted and not someone or something planted it on me.
And finally i got out my Purpose of Life aka Mission! I remembered in the past while i was an Assistant Coach of a training company, i was so passionate about the part of serving and helping people to breakthrough, achieveing higher selves, reaching their goals, etc... I lost track of time, was so focus and so committed. Hence, my mission is to enhance the lives of those we touch by helping people reach their goals!
I learnt that even if I can set out a system to manage my money but without living my purpose, I will not be feeling fulfilled. That mission of mine changes all that. (well, i will put on the blog on whats my vision after i come out with the 2nd draft)
I too learnt how to counter my mindfricking. Mindfricking is the No. 1 reason why I have not been able to achieve success in life i always wanted - i kept asking myself is this what i want to do? am i moving at the right directions. am i capable enought? was there enough money to do investment? etc... From now on, I am committed to instead of buying my story, I WILL BUY MY OWN VISION!
I also learnt there is always opportunities out there in the market, but i kept asking myself if this is the RIGHT one for me? which of course until i attended Life Directions, i simply has no clue to it. Oh God, please gimme a clueeee.. NOW, i am armed with the 2 questions that will change all that. Is it in line with my mission? And does it take me forward to my vision? If it was a yes to both question, just doo itttt.... just dooo itt...
Lastly, I know I was sent here for a purpose. This blog didn't happen accidentally. The Universe wants to me share this gift of mine with others :) This is my destiny.
P.S.: If you want to go T Harv Eker course for *FREE*, yes free! As a Ranger of Peak Potentials, I have a way to help you to do that but it must be before 29th Feb 2008. Please email me at max.tss@gmail.com to find out more.
just a quick review on the famous Money Management System after several months of using it.... i really felt that the system is really great. After all, so much payments and investments are automated and more importantly, not restricted by a budget, its amazing...
i only have bad comments for the banks in Singapore... It has come to my knowledge that Citibank atms are not part of the ATM5 networks (which comprises of HSBC, Maybank, ABN, Citibank, and Standard Chartered) meaning I can't use my Standard Chartered ATM card to withdraw money from Citibank atms which are so easily accessible from every MRT stations... God damn it..
If that is the case, then, looks like paying local banks like DBS, POSB, OCBC or UOB that S$2 per month for that super convenience is worth it :) guess I can't have the best of both worlds man ;) speaking of which... where is my DBS dongle hmmm... ;)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
its has been 2 months since I have written anything, cause I felt that its time for me to go into action and see how is the result rather than just say only...
Anyway, first of all, of course, everyone knows already... the market crashed and i lost about S$2k in my Mutual Funds portfolio. Not alot comparing to the tycoons who lost from millions to billions in just these 1 month of tumoil... But still its money... haha
To tell you the truth, ever since i started this blog, i always wanted the market to fall... because its only when the market fall, the truth about how well the fund is perform will reflect :) True enough, it fell.... and fell through the bottom. Honestly speaking, i have quite a bit from this market crash.
Investors are really an emotional lot, well... US has not officially been in a recession but yet they are performing like it is already... this would be a great time to do purchasing just like how GIC and Temasek Holdings bought large amounts of Citibank and UBS shares.
I am now currently working on ETFs, hence looking for the right moment to invest but then... as the wise has said... NOW is always the best time to take action... so what am I waiting for? hehe... maybe its a high time for me to find out whats my OCBC online broker password... hehe :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
This is the preliminary results of my research on Estate Planning:
According to IRAS, our life insurance is NOT exempted from estate duty tax,unless if the beneficary is either your children or wife. Hence, if beneficary is you and the total other assets (excluding CPF and dwelling house) is more than S$600,000, it is due for estate duty tax. (click here for more info)
According to IRAS, voluntary CPF contribution is also due for estate duty tax.
In addition, money situated at CPFIS will be also due for estate duty tax unless it has been transfer back to your CPF account before hand :)
IRAS informed me that unlike America where Living Trust is transparent to IRAS, in Singapore, any income from the Trust is deemed for tax at 20%! OMG!
All are fine except point 4. Let me talk to some professionals in living trust area to see if there is any way to avoid the tax. Maybe a Living Will or a Pour-over Will might help in this? :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
Recently, the market went down and down. Acorns of Asia Balanced Fund went down by 5.82% in November. To tell you I am not affected by the whole situation is bullsh*t, my returns are affected of course. But then, I am not cashing out on the investment now anyway. The principle behind the whole Automated Millionaire System is time is on our side, hence history shows that if time is on our side, we are the ultimate winners :)
Both David Bach and Suze Orman recommends RSP so that we can dollar average our investment to diversify the risk and with time on our side, the percentage of getting a ROI of 8% or more (compounded) using Balanced Fund is greatly increase. (Side Note: Accumulative ROI of Acorns of Asia Balanced Fund from August to November 2007 is 3.31%)
This market fall makes me really consider what David Bach and Suze Orman recommendation on ETF. Because according to SGX, ETF has no sales charges, low management fees (less than 1%), diversified portfolio, price transparency, etc. Let me research more in this area before coming back here :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
Confucius once said, "By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest."
Hence, let us learn by imitation and review what an Automated Millionaire should do by now:
Have Life Insurance to cover Death, Total Permanent Disability & Critical Illnesses, Personal Accident Plan and Hospitalisation Plan to protect one's wealth
Have a Citibank Step-Up Account and have your salary credited to this account
Have at least 2 e$aver and 2 xSaver accounts
Have the following accounts for Long Term Savings, Financial Freedom, Education, Play, Charity and Bills (Though some of them can share the same account).
Set a x% of your income for above accounts except Bills of course ;)
Invest a x% of your income to at least a Balanced Fund with a ROI of more than 8%p.a. (compounded) with the Goal of building a neat retirement fund in 25 or 30 years time
Automate the process of transferring the money *KEY factor to the whole process*
If a person wants to be an Automated Millionaire but have not done these 5 steps, then no way he/she can become one in the near future. Start Young, Just do it!
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
I have calculated the differences of yearly investment through CPF versus Cash as below:
1. CPF Amount Invested: S$10,000 Tax Incurred*: S$0 Employer CPF*: S$954 (subtracted S$3,396 for repayment of HDB loan of 4-room HDB flat) Sub Total: S$10,954 ROI: 8% Grand Total: S$11,831
2. Cash Amount Invested: S$10,000 Tax Incurred*: S$350 Employer CPF*: S$0 Sub Total: S$9,650 ROI: 8% Grand Total: S$10,422
*Taking an annual income of S$30,000.
DIFFERENCE: S$1,409
This difference for 1 year is already S$1,409.00. The difference in 10 years is S$22,044.49. What about 25 years later? The amount is S$111,246. The difference in 30 years is S$172,385.33. Are you willing to throw S$172K away? :) Definitely not me. Let us find a good solution to counter the CPF lock of the 1st S$20,000.
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
I used to think that Estate Planning is only for old people or rich people and can be settled by just writing a will as shown on TV. Alas! But things are not true in that way in reality.
In reality, in simplified form, when a person die, the government will take all the assets of that person into a probate. According to Probate Enterprise, Probate is a process of application for the release of assets to the beneficiaries, which have been frozen upon the death of our loved ones. Probate might take at at least 1 year and even longer if a person die without a will or leave behind a complex estate! After all these hassles, the loved ones of the person has to pay estate duty (though there is exemption, click here to find out more).
Hence, to avoid the probate and reduce the estate duty (which potentially can run to tens of thousands of dollars, if not handle properly) legally, Estate Planning is one of the most important part of one's Financial Planning. As of how to do a proper Estate Planning, of course, seek professional help as I always recommend. But as usual, I will write down in this Blog on how I will do it :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
David Bach, in his books mentioned about pre-tax investing. So what is pre-tax investing and is it relevant in Asia context? Pre-tax investing, according to David Bach, means that bypassing the government tax to do investing. This is relatively a very important concept in UK and US as the tax is very high (about 30%). But, in Singapore, though there is tax but it is relatively low (for more info, check out MOF website) and there is so many reliefs & rebates (for more info, click here).
With the change to CPF rules in April 2008 (1st S$20,000 in Ordinary Account cannot be invested), we cannot leverage on CPF to do investment anymore. So Sad. Because CPF to me is the mother of all investment accounts. Anyway, so what about SRS? Well, it really doesn't make sense to leverage on SRS to investment too.
Why? Simple, first to draw out the money, you have to wait until the statutory retirement age, which is 62 (7 years later than CPF) otherwise, you will be penalised. Second, if I am not taxed (due to low income plus reliefs & rebates) and invested about S$10,000p.a., after 26years compounded at 8%, I should have S$863,507.68. Now, if I invest using just plain Cash, I would have S$863K all tax-free as there is no capital gain tax in Singapore (ok, even I am taxed, I am taxed 3.5~5.5% on my current income and not the whole S$863K). However, if I invest using my SRS account, I am TAXED on my S$863K! Ain't this incredible?
Maybe SRS do make sense when a person is a high income earner who wants to deferred tax. But, I am still not yet a high income earner, hence, SRS doesn't make sense to low-to-average income earners as a pre-tax investment tool. Cash, at least for low-to-average income earners, is still the best form of investment now :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
There are 3 major questions regarding about Life Insurance: 1. Do I need it? 2. If I need it, how much coverage is enough? 3. How long will I need it?
1. Do I need it? According to Suze Orman, US Acclaimed Personal Finance Expert, said,"Life insurance was never meant to be a permanent need. Its original purpose was to protect people while they were younger, before they had a chance to build up a nest egg, in case the family breadwinner died early and unexpectedly."
Hence, if you have no dependents (e.g. young kids, old parents, etc.) and is still single, then there's no need for a life insurance!
2. How much is needed? So how much is enough? Suze Orman came out with a very ingenious way of calculating how much coverage is enough. But please bear in mind, neither Suze nor I have to live your loved ones' lives, hence, its better safe than sorry :) According to Suze Orman, you will need about S$120,000* in insurance for every S$500 of monthly income required.
Say, for me, to survive I need S$1,500 per month to cover all my expenses. Divided by S$500 and Multiply by S$120,000. So my Life Insurance coverage should be S$360,000.
*Singapore Context
3. How long will I need it? If you follow this Automated Millionaire Plan, the money that you invested for your retirement fund should be accumulated to close to S$1 Million as least by the age of 65. Hence, the need of a Life Insurance should be zero. So according to Suze Orman, by the time when you are 65 at the latest, your need for life insurance and your need to pay the premiums on your life insurance should be gone.
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
I realised that there is a need to select a good fund to generate a stable 8~10% returns in order to achieve the status of Automated Millionaire. Below is the Top 9 Balanced/Managed funds that based on their past performance history that are above 8% returns (compounded) dated 7th Nov 2008.
AIA Acorns of Asia Balanced Fund (since 2001) - 18.36%p.a.
AIA Greater China Balanced Fund (since 2003) - 16.76%p.a.
PRU Asian Balanced Fund (since 2003) - 12.47%p.a.
Lion Capital Singapore Balanced Fund (since 2001) - 11.26%p.a.
AIA India Balanced Fund (since 2005) - 10.25%p.a.
AIA Emerging Markets Balanced Fund (since 2006) - 10.00%p.a.
NTUC Income Combined Fund - Balanced (since 2003) - 9.72%p.a.
Lion Capital Target Return (since 2001) - 9.35%p.a.
Prulink Singapore Managed Fund (since 1992) - 8.18%p.a.
I have put my money on AIA Acorns of Asia Balanced Fund since this is the highest growing Balanced Fund I know (Thanks Financial Coach!). But please do your own research before putting your money :)
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
Today I received a very important email from Standard Chartered. They are reducing the e$aver's Interest Rates from 1.5% to 1.2%. This is really Pathetic.
I am a very strong believer of High Interest Saving Account and ever since Standard Chartered came out with e$aver, I am a Champion for it. But, they reduced the interest rate from 1.98% to 1.5% and now from 1.5% to 1.2%. Though it is higher than conventional savings account of 0.25%, but it is NO longer the highest interest saving account in Singapore.
So what is the highest? Citibank Step-Up Account at 2% (terms and conditions apply). And this is where my Emergency Fund lies. Although, Fundsupermart.com's Cash Funds Interest rate is higher at 2.119% as of 28th Oct 2007 (nett of the expense), but it is still not as liquid as Citibank Step-Up Account. Hence, not justifiable for that small amount of difference in Interest Rates.
This is a breakdown of my Automated Funds dated 30th Oct 2007:
Financial Freedom Fund - Direct Debit from Citibank Account (10 ~ 15%)
Charity Fund - Direct Debit from Citibank Account (1%)
I am comptemplating to put my Financial Freedom Funds into Cash Funds to achieve a slighty higher Interest rates, but since I don't have S$20,000 in my CPF (updated singapore law) by April 2008, I will have to use my Financial Freedom Funds either cash or through SRS (for tax relief) for my 25 years Retirement Fund Plan.
But most importantly, all these have been automated. Hence, freeing me from having discipline to put my money into this and that accounts and for investment :) That is really wonderful! Hence, that is why we are Automated Millionaires!
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
I am totally divided now. :) David Bach is preaching most of us to take up Level Term Plan but yet my trusted financial coach has asked me to take up a Limited Premium Whole Life insurance.
Well below is the difference between the 2 Plan.
Level Term Plan (35 years)
Have Death / TPD / Critical Illnesses coverage
Same premium for 35years, which means I am paying S$76,440 in total
With $182 per month, I am covered S$430,000 for 35years, which means there is NO coverage after 35 years, but Income is offer a guaranteed renewable after that 35 years until I am age of 80 (i am still finding out the premium for that renewable)
No Cash Value after 35 years
Limited Premium Whole Life (Pay for 25 years and Protected for life)
Have Death / TPD / Critical Illnesses coverage
I pay S$187.65 for only 25 years to be covered for life, which means I am paying S$56,110 in total
High Premium for only S$100K to a maximum of S$175K (age of 65) coverage
If projected 5.25% returns, the policy would have about S$100,477.00 cash value in 36 years time (age: 65)
As everybody can see, if I am going for Protection, Level Term Plan is the one to go for, as my dependents (although strictly speaking I don't any dependents now) gets more if anything were to happen to me. Because if taking inflation of 3% of 25years, I need at least S$209,377.79 to cover myself, which is NOT achievable in Limited Premium Plan.
But if I am going for Cash Value or FREE Protection after I retire, I will be going for Limited Premium Whole Life. However, if I am going for Cash Value, why not take some of the premium to go investment, which gives more % back... which leaves the only attractive advantage of free protection after I retire at the age of 40 :) Oh god, I am so confuse
I need your help, what is your opinion on this issue? Please feel free to comments.
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
I met up with my trusted Financial Planner last night from 10 to 1130pm. After discussing with Anthony and Kae Tyan, I made several decision:
NOT to put my FFA into a Money Market Funds but also invest into Mutual Funds for better growth
Not to work on Bi-weekly Payment for Real Estate (as there is no such payment mode in Singapore)
Money Market Funds I have researched Money Market Funds in Singapore are generally making a profit of 2-3% returns. Hence, minusing the initial sales charge of 2%, the nett profit is only 1% (taking the maximum returns of 3%) which is lesser than the e$aver of 1.5%. Hence, for all the trouble of setting up the Money Market Fund, it just doesn't add up. Hence, I decide NOT to put my FFA into Money Market Funds but invest into Mutual Funds until end of 2008 to buy Real Estates in 2009
Bi-weekly Payment Sad to say that Bi-weekly payment according to Anthony Boon doesn't exist in Singapore. Hence, enough talk about it :( So it makes more sense to grow money in elsewhere rather than paying off the interest other than required.
Disclaimer The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.
"A journey of a thousand miles begins with a single step" - Confucius.
That single step involves in talking to my Financial Planner, researching on Money Market Funds, talking to several Insurance companies, etc to find out the finalised the Plan to become an Automatic Millionaire. *phew* Tough work to localise the concepts from David Bach, but I have learnt a lot during this process.
At the current moment, I aim to achieve a Net Worth of S$3 million by age of 40 and this is what i have done as of 24th October 2007:
Wealth Protection
Death, Total Permanent Disability & Critical Illnesses covered at about S$100k (Asialife)
Personal Accident covered at about S$100k (Tenet)
Hospitalisation Plan (NTUC Income)
Wealth Accumulation
Increased Income Level by S$500 ~ S$1,000 per month through Melaleuca
Pay Myself First (10% to FFA, 10% LTS, 10% Play, 5% Edu, 1% Charity)
Build my Emergency Funds with 2% interest rate (Citibank)
25 years Retirement Fund by reinvest my CPF in Mutual Funds aiming to achieve a 10% ROI up to a maximum of S$834/mth (Thank you my Financial Planner!)
Automate most of my bills payment (e.g. Starhub, Insurance, Transport)
Direct Debit payment to Charity (currently to Singapore Children Society)
Working on Melaleuca business aiming to achieve S$84,000/mth by age of 40
Future plans to go into Real Estates and Stocks
As this is the 1st time I am setting up the system, hence, there is some hardwork involved. However, once the system is setup, there is absolute no discipline needed, as it is automatic! This is why it is so fun! ;)
Max Tay's Life Vision: To help at least 1,000 people to become Automated Millionaire
Max Tay's Life Mission: Enhancing the lives of those we touched by helping people reach their goals
After reading The Automatic Millionaire by David Bach, I feel so much inspired! Even though I still am in debt now, unsure of my future, but my friends, I still have a dream. A dream deeply rooted in me...
I have a dream that one day I would be a Millionaire. I would be the true owner of my life. Spending quality time with my wife and children. Have the freedom to travel round the World. Have the chance to taste exquisite food *slurp*
I have a dream that one day not just me can be a Millionaire. All of my friends will be able to sit down together at the table of Millionaires. They would one day possess the knowledge of how to become an Automated Millionaire.
I have a dream that one day we will be enhancing the lives of those we touched by helping people reach their goals. It will no longer be restricted just in Singapore but also in Malaysia, Indonesia, Thailand... the sky is the limit.
I have a dream today!
And NOW is the time to take action. Now is the time to raise up to the challenge. Now is the time to make this dream a reality! I sincerely invite you to come along with me to make this dream a reality!
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