Running Journey

We are 5 weeks away from Stanchart marathon and I am still tuning the way I run. Last week I participated in the Nike 10km run and finished in 69mins. Today I went for my long run and did the same timing, with a different way of running.

During the Nike run I tried 2km run and 1 min walkbreak but found it too hard to complete the 10km in a breeze. Today I tried 7min to 1min and find it so much better and with enough energy to do another 30mins on the clock.

No Job Is Beneath You

Read a really good story on The Last Lecture by Randy Pausch. It appears in page 168 of the book with the title as above.

It's been well-documented that there is a growing sense of entitle-ment among young people today. I have certainly seen that in my classrooms.

So many graduating seniors have this notion that they should be hired because of their creative brilliance. Too many are unhappy with the idea of starting at the bottom.

My advice has always been: "You ought to be thrilled you got a job in the mailroom. And when you get there, here's what you do: Be really great at sorting mail."

No one wants to hear someone say: "I'm not good at sorting mail because this job is beneath me." No job should be beneath us. And if you can't (or won't) sort mail, where is the proof that you can do anything?

_____

It sets me thinking about the mentality of us youngsters nowadays....

Just when you thought interest rates are already at rock bottom...

"Effective Oct 15, interest rates for POSB savings account will be pared to 0.1% from 0.125% for balances under $100,001."

Live within your means

Many a times, we forget this simple thing because we are doing well. Just look at America today and you get the answer.

There are many kinds of salesmen out there and I have nothing against them. I am one as well!! You sell the products and services that you believe in, where your core values tell you that it is right. For example, you may not see people who sell soda as ethical because it makes consumers fat.

Just like I hate credit card salesmen. I know of plenty of people who had to declare bankruptcy because of debts. And credit is the root of these problems. Before you point the finger at me for not educating enough consumers on financial planning, review your own spending habits.

Think about it. Our banks are only paying 0.125% interest and that wonderful card that holds the key to your future money is charging 24%. $1000 in the bank becomes $1001.25 and your $1000 bill becomes $1240 after a year. That makes you $238.75 poorer, which also means that you lose 23.88% of your wealth. Think about it.

The greatest challenge is not what we do when we are poor. But what should we do when we are doing well?

Manage your expenses

A common objection I get from people I meet on my work is that they do not have money. I mean, it is either they are giving me the perfect excuse or they really can't save!!

I have shared with my clients that financial planning is 10% insurance and 40% savings and investment, out of their take-home salary. Which also means that the guide is to only spend 50% of what you take home every month.

So my job is to help you with the 10% and 40%, while it is your job to make sure your expenses don't exceed 50%. And the first step that I recommend you to do is to have two different bank accounts, One for your day-to-day expenses, the other for the 10 and 40.

Remember, this bank account must not have any linkage to bill payments and please tell the bank teller you don't need the ATM** card as well. Your job don't stop here. Next, whenever you get your pay, you have to diligently transfer that portion over to the other account.

It's not too late to start now.

**ATM = Always Take Money

Question: When should you stop working for money?

Answer: When money start working for you.

Behave like the boss

Many veterans in my industry tell me to treat this career like a real business. And the most important part to running a business is to behave like the business owner! "Remember that you are providing a service for the better of others, not just asking people to buy insurance."

After attending the 3-day Leadership Education And Development (LEAD) program at the end of September, I began to understand the whole picture. In that small class of 20, with the oldest at age 62 and me being the youngest, I start to see ways people conduct their business, some aspiring to achieve the highest personal income, some highest volume, highest ethical standards and some highest number of manpower. And I aspire to be the youngest leader in my own standards.

I start to ponder, how is mine a business? I thought hard over the few days and found the answer. My mum is my answer.

She started her business of hairdressing in her early twenties (considered late since she started as an apprentice back when she was 14). She built up her clientele based on her skills and spread her base by word of mouth though with a shopfront. Same like her, I do not have a product to sell. People all need to cut their hair, just like all need insurance in their lives.

She grew with her customers. The initial part of all businesses are tough. You got to call and call and promote your services so people come in and consume. "And you will make it with hardwork", so says my mum. Today, the whole game has changed. People call her to make appointments to cut hair.

Many times, we missed out the way to do business because what we see is success. It takes tremendous hard work and someone big to be there. I am ready to take the challenge.

Are you ready to run with me?