If you want to be ahead in your finances, you certainly need to plan for it and be organized. First and foremost, you must calculate your net worth. This is the most important starting point. Your net worth is the grand total of your assets minus your liabilities. It is a very useful tool to measure your financial progress. In determining your net worth, you need the financial information concerning all the things that you own and the debts that you owe.
After spending many years examining the traits of millionaires (most of them not born into rich families by the way), I'm able to draw some crucial insights on why successful people are where they are today. A very important trait is the mindset of the person. Millionaires have positive mindsets and they use positive vocabularies. It is this kind of mindset that can determine one's destiny - whether that person will be moving on to be rich and successful, or will be constantly struggling financially and remain broke.
According to the Monetary Authority of Singapore, more than 7.5 million credit cards (including supplementary cards linked to the principal cardholder's cards) were issued in Singapore in 2010. With market experts estimating eligible cardholders to be around 1 million, that would work out to each eligible cardholder owning 6 to 7 credit cards.
I've always wanted to be a successful entrepreneur since young. At that time, I didn't know how to be successful and what being an entrepreneur entailed. While still a student in secondary school, I remembered my economics teacher asking me in class: "Kelvin, what is an entrepreneur?" I remembered just giving her a blank stare, unable to provide any answer. I really don't have a clue! Fast forward to today, with my many years of experience in the corporate and business world, I've finally learned what it takes to be a successful entrepreneur.
Are you worrying about your mounting credit card bills?
Are you making minimum payments on your credit card?
Are you taking new credit to pay off old credit?
Are you getting sleepless nights wondering how you can pay up existing debts?
If your answer is “yes” to even one of the above questions, you need to seriously look into getting out of your current debt situation. There are 3 steps to debt elimination:
Kelvin Wong is a millionaire investor, author, and landlord in 3 countries. He currently owns a multi-million dollar property portfolio in Singapore, Australia and Malaysia. With his assets generating multiple streams of income to sustain his desired lifestyle, Kelvin became financially free at 39. He holds a Bachelor of Business (Dean's List) degree and a Diploma in Business Management. Kelvin writes about building wealth and achieving financial freedom in his free time.
Copyright © 2011 Kelvin Wong
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