My 1st Step

Hi Fellow Automated Millionaires,

"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

1. Death, Total Permanent Disability & Critical Illnesses covered at about S$100k (Asialife)
2. Personal Accident covered at about S$100k (Tenet)
3. Hospitalisation Plan (NTUC Income)

Wealth Accumulation

1. Increased Income Level by S$500 ~ S$1,000 per month through Melaleuca
2. Pay Myself First (10% to FFA, 10% LTS, 10% Play, 5% Edu, 1% Charity)
3. Build my Emergency Funds with 2% interest rate (Citibank)
4. 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!)
5. Automate most of my bills payment (e.g. Starhub, Insurance, Transport)
6. Direct Debit payment to Charity (currently to Singapore Children Society)
7. Working on Melaleuca business aiming to achieve S$84,000/mth by age of 40
8. 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