{"id":575,"date":"2019-01-15T10:55:35","date_gmt":"2019-01-15T02:55:35","guid":{"rendered":"https:\/\/theblockchaininternet.com\/?p=575"},"modified":"2024-07-19T08:24:21","modified_gmt":"2024-07-19T00:24:21","slug":"a-millionaire-mindset","status":"publish","type":"post","link":"https:\/\/www.theblockchaininternet.com\/?p=575","title":{"rendered":"A Wealthy Mindset"},"content":{"rendered":"\r\n<figure id=\"attachment_793\" aria-describedby=\"caption-attachment-793\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-793\" src=\"https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-300x200.jpg\" alt=\"A Wealthy Mindset\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-300x200.jpg 300w, https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-600x400.jpg 600w, https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-1024x683.jpg 1024w, https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-768x512.jpg 768w, https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining-1536x1024.jpg 1536w, https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining.jpg 1920w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-793\" class=\"wp-caption-text\">A Wealthy Mindset<\/figcaption><\/figure>\r\n\r\n\r\n\r\n<p>According to T. Harv Eker, author of best selling book, &#8220;Secrets of the Millionaire Mind&#8221;,\u00a0 &#8220;Most people&#8217;s financial thermostats are set for generating thousands, not millions of dollars; some people&#8217;s financial thermostats are set for generating hundreds, not even thousands; and some people&#8217;s financial thermostats are set for below zero. They&#8217;re frickin&#8217; freezing and they don&#8217;t have a clue as to why!&#8221;<\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p><em>Most people are not successful. Research shows that 80 percent of individuals will never be financially free in the way they&#8217;d like to be, and 80 percent will never claim to be truly happy.<\/em><\/p>\r\n\r\n<p>For instance, taking financial planning for old age, many people know the importance of doing it but few have any clue how much savings and investment incomes are required to live a comfortable lifestyle on retirement.<\/p>\r\n<p>The challenges ahead are:-<\/p>\r\n<ul>\r\n<li>People are living longer these days =&gt; present retirement funds may not be sufficient to last throughout one&#8217;s retirement.<\/li>\r\n<li>Rising healthcare costs can easily deplete retirement assets.<\/li>\r\n<li>Inflation can affect the value of your savings. The value of the $5 note you have in your wallet today may not be worth the same in future. A plate of chicken rice may cost you $3.50 at current price. However, in 25 years&#8217; time, that same plate of chicken rice will cost you $5.74, assuming an annual 2% inflation rate!<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>Let name the protagonist who is developing the right mental attitude and studying financial planning for retirement, as A.man.<\/p>\r\n<p>A.man can be a man or a woman and from a different nationality, social class, culture or race and has a Wealthy Mindset.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>A.man understands saving and investing play important roles in his financial plan. Without them, he may not be able to build\u00a0 up enough retirement savings or even pay for major items like the down-payment for his home.<\/p>\r\n<p><strong>A.man asks the following questions and try to make moneysense out of it:-<\/strong><\/p>\r\n<p><a href=\"https:\/\/www.reubenointernet.com\/index.php\/2018\/12\/05\/if-i-am-65-will-i-live-well\/\">If I am 65, will I live well?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.reubenointernet.com\/index.php\/2018\/12\/05\/a-million-dollars-for-retirement-anyone\/\">A million dollars for retirement, Anyone?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.reubenointernet.com\/index.php\/2018\/12\/05\/thrive-between-survive-now-till-wealthy\/\">Thrive between survive now till wealthy?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.reubenointernet.com\/index.php\/2018\/09\/08\/planning-for-retirement-is-simple-not-easy\/\">Planning for retirement is simple, not easy?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.theblockchaininternet.com\/?p=515\">Investing is simple but not easy?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.theblockchaininternet.com\/?p=523\">Can I afford not to invest my money?<\/a><\/p>\r\n<p><a href=\"https:\/\/www.reubenointernet.com\/index.php\/2019\/01\/01\/key-to-desired-desired-life-option\/\">Key to desired life option <strong>is &#8230;<\/strong><\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><em>Typical Annual Rates (Compounding)\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0\u00a0 Period \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/><\/em><\/p>\r\n<p>Inflation\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.0 &#8211; 3.0 %<\/p>\r\n<p>Fixed Deposits\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5 &#8211; 2.0 % Return\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \u00a0 25.00 years<\/p>\r\n<p>Gold\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.84 %\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Return\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 18.75 years<\/p>\r\n<p>Corporate Bonds\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 6.40 %\u00a0\u00a0\u00a0\u00a0\u00a0 Return\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 11.25 years<\/p>\r\n<p>Property\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.70 %\u00a0\u00a0\u00a0\u00a0\u00a0 Return\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.74 years<\/p>\r\n<p>US Dow Jones\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0 11.84 %\u00a0\u00a0\u00a0\u00a0 Return\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.08 years\u00a0<\/p>\r\n<p>Hong Kong Hang Seng\u00a0\u00a0\u00a0 10.64 %\u00a0\u00a0\u00a0\u00a0 Return \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 6.76 years<\/p>\r\n<p>Singapore STI \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.49 %\u00a0\u00a0\u00a0\u00a0 Return \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0 11.09 years \u00a0\u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>(The above illustrations are hypothetical and does not represent the return on any particular investment. All investing is subject to risk, including the possible loss of the money you invest.)<\/strong><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><em><strong>If you want to retire in 10 years&#8217; time with a million dollars investment fund in your account, what should you do now?<\/strong><\/em><\/p>\r\n<p><em><strong>Investing Reality Check on Return of Investment in ten years&#8217; time<\/strong><\/em><\/p>\r\n<p>Initial Capital = $50,000<\/p>\r\n<p>Every month, tops up $1,000 into fund for investment till 119th month&#8217;s time<\/p>\r\n<p>The investment fund is compounding monthly at X% Annual Return Rate<\/p>\r\n<p>At\u00a0\u00a0 5% Annual Rate, $403,557 (in 120 months&#8217; time)<\/p>\r\n<p>At 10% Annual rate, $557,670<\/p>\r\n<p>At 15% Annual rate, $786,916<\/p>\r\n<p>At 20% Annual rate,$1,131,142<\/p>\r\n<p><strong>It is a tall order to expect to achieve financial freedom in ten years&#8217; time solely on investing on conventional investment vehicles on an annual return of about 20%\u00a0 (throughout the whole period).<\/strong><\/p>\r\n<p><strong>Food For Thought!<\/strong><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><a href=\"https:\/\/www.quora.com\/profile\/Reuben-H-C-Ong\" target=\"_blank\" rel=\"noopener noreferrer\">Reuben H C Ong<\/a> (a.k.a Reuben Ong)<\/p>\r\n<p><a href=\"https:\/\/www.facebook.com\/ReubenoWise\/?__tn__=kC-R&amp;eid=ARC1XFcNKpzJyBhZ7FxXhs-3qH_duIHgA6dZEr829NeQda4-6Vk1Q7GYw0bXggBt0Jxa6M7dR7LMMMfy&amp;hc_ref=ARSEXdIzNWTSht4CXCjuHD7FZFHQk_LCRs4G_gBD8U4MelaOL-iGkqaGTTOR5mjc0dw&amp;fref=nf&amp;__xts__[0]=68.ARBzK2B6CBcr3eF8ipUeEN0r36z-La5OTwp0JaSHvf6KxyMGHLn5myr8ejA0qiX8Ipo7JcOW1yupiQuqwfa9nEdAhT97oLRFoMdZqKI2WoDmeg-efS6d4dhWTBJia40dzJuCNsQ6atlXGs74n5RnD5g99LtvmlBonPDMsK33DdQDlfCwYzw53QPjUJv1fTuSF6x4VR7owpvn31_QZ0eOFZThA9lslkBiUW7o9Jz7X761vXqN7IzMbDszMy4O31XANjDBW49DE8jx5BeGMBi-92dz1shEoQ2oWaA_8aaGISOO1djKxIHpHUP9bAzy9bSxNxX-TnAU9TCKOR5xkVvi2dA\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Founder of Personal Development Academy (PDA)<\/strong><\/a><\/p>\r\n<p><a href=\"https:\/\/www.amazon.com\/kindle-dbs\/entity\/author\/B07VFGJ5Y6?_encoding=UTF8&amp;node=2656022011&amp;offset=0&amp;pageSize=12&amp;searchAlias=stripbooks&amp;sort=author-pages-popularity-rank&amp;page=1&amp;langFilter=default#formatSelectorHeader\" target=\"_blank\" rel=\"noopener noreferrer\"><em><strong>Book Author of &#8220;Cracking The Destiny Code&#8221;<\/strong><\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>According to T. Harv Eker, author of best selling book, &#8220;Secrets of the Millionaire Mind&#8221;,\u00a0 &#8220;Most people&#8217;s financial thermostats are set for generating thousands, not millions of dollars; some people&#8217;s financial thermostats are set for generating hundreds, not even thousands; and some people&#8217;s financial thermostats are set for below zero. They&#8217;re frickin&#8217; freezing and they [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":793,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,10],"tags":[13],"class_list":["post-575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-literacy","category-investable-asset","tag-a-man"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/www.theblockchaininternet.com\/wp-content\/uploads\/2019\/01\/Fine-Dining.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/posts\/575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=575"}],"version-history":[{"count":5,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/posts\/575\/revisions"}],"predecessor-version":[{"id":975,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/posts\/575\/revisions\/975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=\/wp\/v2\/media\/793"}],"wp:attachment":[{"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theblockchaininternet.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}