CJH Financial Planning

It is often said that the first million is always the hardest . Assuming you are building your wealth from scratch and not raking in a six-figure monthly income like a professional footballer, you may have bills to pay, family to feed, and risks to worry about.  So how can you do it in a reasonable amount of time? The answer is simple (but not easy) - Discipline and Compound Interest . Firstly, we need to instill the discipline of "paying yourself first". This means setting aside a non-negotiable proportion of your income into investments every payday. I recommend 10-20%, but you can do more if you wish to. This money must not be touched for any purpose other than for growing it. Next, we need to choose where to invest this money, and use the effect of compounding to grow it.  As Albert Einstein said, " Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it. " The type of instrument that you invest in makes...

In case you haven't heard of the F.I.R.E movement 🔥 🔥 🔥 , it is spreading like wildfire worldwide right now. For the uninitiated, F.I.R.E stands for Financial Independence, Retire Early . Many have dreamt of retiring early and enjoying the rest of their lives sipping a cocktail on the Bahamas. But dreaming alone isn't going to make it happen - you need to TAKE ACTION! It's hard, but life will be so sweet once you get there. Here are 8 tips to help you get fired up (pun intended 😆 ). #1 - Start saving aggressively I have seen F.I.R.E. advocates saving between 30% to 60% of their income. The more you save, the more you can invest and grow your wealth! #2 - Cut unnecessary spending Live like a minimalist (check out The Minimalists ). Practise delayed gratification - do you really need that Apple Watch now? A dollar that you don't spend is an extra dollar that can be invested to make more money. #3 - Have multiple sources of income Don't depend solely on your salar...

Did you know that your attitude towards money affects your ability to learn from self-made millionaires to achieve financial freedom? Watch this video to learn about the 5 ways self-made millionaires made their millions and how you can become one of them! (YouTube Video by Brain Tracy) Now you know how self-made millionaires build their wealth, there's no reason why we are not able to become a self-made millionaire in our lifetime!

Your greatest asset is your mind. So invest in it by reading books that increases your financial IQ! Here's my top 10 recommended books that everyone who is serious about their financial freedom must read. If you wish to purchase any of the books, simply click on the images. It will bring you to the Amazon website whereby I will receive a small commission on every purchase. Happy reading! Number 10 - The Wealthy Barber Author: David Chilton Financial lessons that can help you get rich... slowly. Told in a form of an entertaining story, with the help of a fictional barber.

FINANCIAL FREEDOM - such a big word. Desired by all, understood by few. So do you have your own definition of what financial freedom is, and what it means to you? Clarity is power, and the clearer our definition of financial freedom, the more likely it can be achieved. While I was reading Adam Khoo's Secrets of Self-Made Millionaires , I came across a well-defined explanation of what financial freedom is, along with the other different 3 levels of wealth. Level 1: Financial Stability This is achieved when one has enough liquid assets to cover his/her expenses for at least 6 months, and he/she has sufficient life and hospitalisation insurance to protect against permanent disability, inability to work, or sudden death.

What exactly is 'Wealth', and for that matter, 'Wealth Management'? Many of us may have heard of stories of people who made tons of money from trading in the stock market, forex, options and the various kinds of investment vehicles. There are also many courses, workshops, seminars and training programmes that teaches the public how to do so, at a fee of course. However, do you know that investing is only a part of wealth management? In fact, I can even boldly declare that it is not the most important aspect of managing your finances. Yep, you hear me right. How many percent returns you get from investing isn't the most important. To put things into perspective, let us first understand what 'wealth' means... Wealth is a measure of how long one can sustain his/her lifestyle without working. For example, if Mr A has $100,000 in the bank and spends $20,000 per year, his savings will only last him 5 years. Thus, he has 5 years' worth of wealth. Not ...