I have encountered this numerous times during my Financial Coaching sessions with married couples.

The poor husband is struggling to service their home loans at 5% pa, and the wife has secret fixed deposits earning a miserable 2% pa (usually revealed to me when the husband goes to the toilet).

What happens is that the Bank profits from the wife’s insecurity and makes risk-free 3% pa every year! If the Fixed Deposit is RM100,000, that’s RM3,000 or a domestic holiday every year that couple is giving away to the Bank.

If you are Financial Professional, have you encountered this? Why does it happen, and what can couples do to make themselves richer?

Hope to hear from both husbands and wives their point of view on this.

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Frankly, there are only 2 ways …

SAVE More – it may take a few months depending on your income and expenses.
EARN More – there are many ways to do so, but it will take some time to master the knowledge, skills and experience.

1. For Employees, my advice is:
a) get into Sunrise Industries and join Departments that Brings in Money for your company.

Move from back-end to the front-end and reskill yourself if you have to. Nowadays there are tons of new things you can learn for free.

And employers are always looking for people with good attitude, hunger to learn and drive to succeed.

b) invest time and money to build a second source of income. Once the second source is stable, build a third source.

2. For Business Owners, you are blessed to be in a position where your earning potential is unlimited.

a) If you are a Solo-preneurs, look for the right business partners.

Many years ago when my right business partners came along, my income doubled, and the time I spend on my business reduced by half.  Best of all, my partners and I had great fun making money together.

b) For Entrepreneurs, hiring the right people and putting in the right compensation plans is crucial. This will free up your time to look for opportunities within and outside your industry

Conclusion – Saving is NOT the Solution. Instead look for opportunities to Earn More as Earning More enables You to Save More. With the right strategy and a bit of effort, you can increase your income and achieve your financial goals.

Would love to hear thoughts on this.

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#microsoft#nerds#windows

As of September 17, 2023, the Magnificent Seven tech stocks have had an average year-to-date return of 144.3%, compared to the S&P 500’s return of 11.5%. This means that the Magnificent Seven have outperformed the broader market by nearly 30 percentage points.

Few reasons why the Magnificent Seven have performed so well in 2023.

1. These companies are all leaders in their respective industries. They have strong brands, loyal customer bases, and innovative products and services.

2. The Magnificent Seven are all well-positioned to benefit from long-term trends such as the growth of artificial intelligence, cloud computing, and e-commerce.

3. Finally, the Magnificent Seven have all benefited from a rotation into growth stocks in 2023. Investors have been looking for stocks that are expected to grow faster than the overall market, and the Magnificent Seven fit that bill.

Here is a look at the individual performance of the Magnificent Seven stocks in 2023:

Apple: +152.3%
Microsoft: +137.9%
Alphabet: +148.4%
Amazon: +143.1%
Nvidia: +221.5%
Tesla: +109.5%
Meta Platforms: +145.9%

The Magnificent Seven have played a major role in driving the S&P 500’s performance in 2023. These seven stocks make up over 25% of the index’s market capitalization. As a result, their strong performance has helped to offset the weakness in other sectors of the market.

The Magnificent Seven are all well-positioned for continued growth in the years to come and Investors who are looking for growth stocks to add to their portfolios should consider the Magnificent Seven.

PS: It is important to note that past performance is not indicative of future results.

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Become the RIGHT PERSON – you can become an expert in your chosen field provided you have invested at least 10,000 hours of practise according to Malcom Gladwell in his bestseller “Outliers: The Story of Success”.

Be in the RIGHT PLACE. Bill Gates once joked that he was extremely lucky to be born in America. If he was born in Africa, he was confident he would have become the richest man in Africa instead!

Have the RIGHT PEOPLE supporting you – it’s impossible to do everything on your own. You need to find and work with other like-minded people who can complement your strengths and weaknesses. 

RIGHT TIMING – this has a bit to do with luck and is not within your control. However, I believe the harder and longer you work at something, you will eventually get lucky. Afterall, luck is when preparation meets opportunity.

Other factors that contribute to success?

Success is also about grit, determination, and never giving up. It’s about taking risks and stepping outside of your comfort zone. And it’s about continuously learning and growing.

What are your thoughts? What other factors do you think contribute to success?

Older generation owning dogs: Feeding leftovers
Younger generation owning dogs: Grooming, snacks, supplements, clothes, toys, doghouses

Older generation: One pot
Younger generation: THERMOMIX, INNOCHEF, slow cooker, saucepan, frying pan, milk pan, enamel pot, non-stick pan, glass pot, clay pot, air fryer

Older generation: Eating to be full
Younger generation: OMAKASE, STEAMBOAT, Korean BBQ, Western cuisine, Chinese cuisine, diet meals, three-tiered afternoon tea, BBQ, seafood, BUFFET…

Older generation: Bar of soap
Younger generation: Lotion, eye cream, face cream, sunscreen, foundation, blush, eyeshadow, skincare and haircare products, mascara, contact lenses…

Older generation: Don’t let the children suffer
Younger generation: Can’t afford to suffer themselves

Older generation: Saving money, just in case
Younger generation: Can’t even afford enough for themselves

Older generation: Earning money to buy houses and cars for their children
Younger generation: Children and grandchildren have their own fortunes, I’ll enjoy mine

Older generation: Turn on the TV and watch
Younger generation: Watch ads, subscribe to Netflix, Amazon TV

Older generation: Walk or ride a bicycle to buy things
Younger generation: Order delivery

Older generation’s exercise: Going for a jog in the park
Younger generation: Spend money on a gym membership

And Most Importantly:

Older generation – If there’s nothing to do, make money
Younger generation – If there’s nothing to do, spend money

Have I missed out any other points