How To Prepare For The
Coming Economic Downturn With Multiple Sources Of Income
I attended the above
titled seminar 2 Thursdays ago on 1st December 2011. The seminar starts at
7:45pm and I have been stuck in a horrific traffic jam for the past 1 1/2 hour,
despite leaving work on the dot. I have never driven to Armada Hotel before,
where the seminar is held, and I am attending it alone. Tough to get someone to
accompany me as most just want to get home and get comfy after work. To attend
a seminar on making multiple sources of income is too stressful. But I was
determined to explore any opportunity that could give me a boost towards
financial freedom.
At 7:30pm, I've arrived at
the seminar venue. The turn-up was good. Mostly young adults, with a scatter of
younger grads and older folks.
The presentor is KC See,
master coach and mentor of the 14 year running Money Mastery Program. I didn't
know who he was. But one thing that immediately caught my interest was that he
learned his stuff from Robert Kiyosaki, DIRECTLY, the man himself. KC See
followed Kiyosaki around for 2 years before setting out on his own. Okay, KC
had a great mentor, better perk up and listen to what he has to say.
If you are interested in
attending this seminar, register by Email to receive your free invitation. Send
your name, mobile number and no. of seat to dctbff@gmail.com
Here are the topics he
covered in the seminar. Some words are his, some are my own thoughts.
1. Revisiting your money
concepts and beliefs-foundations of money making habits.
What is wealth?
Common answers include
'When I'm a millionaire', 'When I own big cars and big houses', 'When I earn
atleast a 5-figure income monthly salary'
Robert Kiyosaki's
defination of wealth:- 'The number of days you can survive forward, maintaining
your current lifestyle, if you quit your job tomorrow'
You are truly wealth when
your answer is FOREVER. Which means you do not need to work if you so wish and
still be able to maintain your lifestyle indefinately because you have multiple
sources of income that churns out money for you.
Our beliefs-foundation of
money making is deeply inculcated in us since young. If your parents believe
that Money is the Root is all Evil, their belief will rub off you. Other
believes include, More money = more stress, less time.
2. Why most people wants Multiple Sources
of Income (MSI) and why most FAIL.
Why most people wants
Multiple Sources of Income is rather apparent right?
We want more money! Okay
there are other reasons too.
Recession risk that looms.
Jobs may be cut. If we do not rely on just ONE source of income, our salary,
but we have multiple sources of income, then losing just one income stream when
we get retrenched will not have much devastating impact.
For me, I want to leave my
9-6 job and still have a substantial income to support my family. To achieve
that, I must start building multiple sources of income now. By the time my
other sources of income surpass my salary, I can call it quit!
Now, the reality. Most
FAIL. Why?
This is actually covered
in the invitation sent out. So I'm just gonna do a cut-n-paste job here.
Fact 1
IN a recent survey of close to 896 people like yourself, we
found that 91.36% of people agree that they should have MSI. However only 23.4
% actually get it done. Why? Intentions are always there but nothing really
matters until you take action. Many just could not get started.
Fact 2
A large number of people who embark on their MSI, went into
income ideas that either does not suit them or does not produce the results
they want. They make wrong choices. They have no guidelines or criteria to help
them make the right decisions. They just listen to their friends and join them.
But what suits their friends does not necessarily suits them.
Fact 3
Some has great ideas but has no template or the necessary
resources or support to help them make it into a real-world income. They end up
frustrated and disenchanted.
Fact 4
Some went to into what seems to be MSI and end up losing money
and losing time.
3. 4 decisions people make in order to
change their financial results.
1st Decision
Must Create Multiple
Source of income
Having ONE source of
income, for most people, their salary, is extremely RISKY.
If your job can be
replaced by a machine or someone else who is willing to take a lower salary, be
very worried.
Even a high-flying career
is threatened when the global economy declines. Something not within our
control. The entire division may be shut down to cut cost. Bond traders
specializing in dried up markets such as Greece
and Italy
find themselves out of job very fast.
Anyone with single income
is at risk. So, we must create multiple source of income. It’s not a
nice-to-have, but a MUST.
2nd Decision
Decide to Make a Change.
Reeducate yourself.
The only thing certain in
life is CHANGE. Change BEFORE you need to. Embrace change with continuous
learning.
3rd Decision
Leverage
R.I.C.E -four (4) building
blocks to income generation.
Leverage is a very
powerful tool to boost our returns. RICE are the factors that we can leverage
on
R- Resources. Time and/or
Money.
I – Ideas
C – Contacts
E – Expertise
This answers to excuses that
we come up with for not having a second income. No time! No money! Don’t know
what to do! No contacts! Don’t know how to do!
We don’t have to do
everything ourselves. LEVERAGE!
4th Decision
Rediscover True Passion
“Find the job you love,
and you will never work a day in your life”
‘Nuff said.
We need to have two types
of income; PASSIVE & PASSION income. Passive income generates money for us
so that we may pursue our passion income. Passion income is something we love
doing so much that we’ll do it even if it pays us nothing. But more often than
not, our passion income produces great results because of our drive and
enthusiasm.
5. What do we need?
1. Community
2. System
3. Mentor/coach
4. Continuous Learning
5. Mastermind Group
6. RICE
7. Regional Support
Take-home points
Most people want
side-income. Or multiple source of income. But most of us do not have them.
Why? Because we never took action to pursue them. Why? 2 top excuses, NO TIME
and NO MONEY. They are really excuses, not valid reasons.
Because,
#1 Everyone
has the same number of hours in a day.
#2 The richest people in the world start
with little money. It's often the lack of money that drives them, not the other
way round.
There are many ways to
build multiple source of income. We don't have to be rich, have a lot of time
or have high education.
If you had read Robert
Kiyosaki's books, you are probably convinced that working hard as an employee
is not the way to go and you need to build your income from the Business and
Investment Quadrants. I read Kiyosaki's books and I understand, but I DON'T
KNOW how to execute the concepts. KC See's Money Mastery course is a practical
hands-on program whereby we are coached on how to execute and build these
multiple sources of income. I find this bit particularly useful because it's
not just about changing your mindset, beliefs, goal setting, etc etc which all
translate into INTENTION. Intention gets us nowhere unless action is taken. The
coaching will whip us up and ensure that we convert our intention into action.
Coaching is up to 2-year by the way. Sufficient to guide us to stand on our
own.
If you are interested in
attending this seminar, register by Email to receive your free invitation. Send
your name, mobile number and no. of seat to dctbff@gmail.com
Next seminar is on 5th
January 2012 (Thursday), 7:45PM at Hilton Hotel, Petaling Jaya.
I’ll update on seminar
schedule and other seminars that they have on this blog.
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