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How To Curb Yourselves From Spending Over Your Limits…

Helmi Hakim — Thu, 08 Dec 2011 16:34:12 +0000

Few days back, I received a whatsapp message from my girlfriend.

She was talking about buying a beautiful eyeshadow, which was on sale at Tampines Point.

As she knew that I am a prudent and careful buyer, also a voracious saver, she asked me for help……. She asked me to motivate her, not to succumb to the temptation of forking out HUGE dollars from her wallet, to buy the beautiful eyeshadow……..~~shehasmanyofit~~

Did I succeed to convince her? The answer is a miserable, NO!

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Today, I am going to share with you, simple yet pragmatic strategies on how, I curb myself from squandering and spending all my money on things that, I may not need.

Strategy No 1: Stop before you buy

The first strategy to curb yourself from spending is to procrastinate in buying…

Keep telling yourself, that you are going to buy the stuffs that you are looking at, the next following day.
I assure you that you will soon forget about it.

Tell yourself, “Do I really need this?”

How many hours, must I work to get back this money? How much is it worth, if i invest it @10%/annum in 10 years, 20 years, 30 years?

Strategy No 2: Pay yourself first

When you get your income, pay your personal savings plan first. You can instruct bank to do an automatic deduction to your personal savings plan. You can get endowment plans, or invest in funds, stocks or commodities like gold…

By setting aside that money for savings seperately, you will reduce the tendency to spend all that you have at once…

Strategy No 3: Destroy all credit cards except one. and pay full balance on time

Have you ever wonder, why the banks keep offering you attractive freebies, reward points and rebates if you sign up for their credit cards?

It is because, they know, when you have a credit card, you will tend to spend MORE when you have access to this easy credit…. They want you, to owe them money and pay interest…

My recommendation for you, is that, only keep one credit card for use, and pay the full balance on time….

That’s it!!! I hope, the 3 strategies, that I share with you, will be of much help for you to curb yourselves from spending over your limits….

My other related posts that may interest you:

Proven Methods I Learn In School To Help You Make Decisions…..

Helmi Hakim — Tue, 17 May 2011 17:35:38 +0000

Alhamdulillah….I completed my 2 exams, Advanced Quantitative Analysis and Corporate Finance, last week…

It is definitely challenging for me, to juggle both work and study at the same time, but I guess, I will soon, get used to it. I am thankful, that my job, as a financial consultant, is pretty FLEXIBLE.

We can make appointments as and when we want. We can postpone appointments, when the exams are drawing near….all in all, while still maintaining our steady paycheck. ~~Isnt that cool?~~

All right…. As I undertake my studies, I will share with you, stuffs, that I learn in school, which I believe, can be applied in the business world. Let us start, with MAKING DECISIONS…

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In life, we are bound to make DECISIONS.

It may be a big decision or a small one to make.

It may be a simple one, or a life threatening one.

It may be a routine one, or a ONE TIME decision.

Today, I am going to share with a you, a very good decision making model, that I have personally learnt in class and then apply, in the real business world. Just browse through the slides below to get an idea…

(Note: Some details were omitted due to confidentiality)

Lastly, after computing and tabulating the scores, a final decision is made!!!

My other related posts that may interest you:

Election Is Coming……What is on your wishlist???

Helmi Hakim — Mon, 25 Apr 2011 16:54:28 +0000

Election Is Coming……What is on your wishlist??? Do share with us here……

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Financial Consultant, Helmi Hakim Recommends IslamicBusiness.sg

Helmi Hakim — Mon, 14 Feb 2011 12:42:09 +0000

Is there at times in your life, where you were overwhelmed with questions?

Questions about life….Questions about relationship…..Questions about business….

Questions that it seems difficult in finding the answers, especially one, that in conjunction with the Quran and Hadith.

As a financial consultant, I would consider myself as a voracious reader and collector of books on personal finance, sales, motivational, inspirational, business and politics etc2….. (I have a huge library in my personal office and at home)

When imbued with questions, I will seek the answers from these books. While browsing through all those books in my collection, I soon realize that almost 90% of them were written by Western authors.

Motivational books, I will find the likes of Anthony Robbins, Jack Canfield, Stephen Covey, Wayne Dyer

Book on sales, I will find Zig Ziglar, Brian Tracy, Tom Hopkins, Jeff Gitomer

Books on business, I will find Robert Kiyosaki, Richard Branson, Donald Trump

Books on motivation, sales and business, in relevance with Quran and Hadith, and in English???
I could not find any, of quality….

So, when my friend, Bro Hafihz, starts with the revolutionary idea of IslamicBusiness.SG, I was happy. This is because, if I have any queries, I can always type in the website and answers will be provided by a panel of experts, and it will be substantiated with the Quran and Hadith.

The point system is also helpful, for me to determine, amongst all the answers to the question, which is the best.

I will urge you, to browse through the questions that I have posted, and participate. Share your thoughts, and post questions if you have any……Visit www.islamicbusiness.sg today…

My other related posts that may interest you:

$100,000 in 10 Months- T Harv Eker Guerilla Marketing In Action…## Strategy 1

Helmi Hakim — Tue, 11 Jan 2011 01:27:34 +0000

These few days, I have been meeting financial advisors from other tied insurance companies and independent firms….and guess what?

I get to know, all of them through this blog!!! powerla

You know as I joined Cabaran 101010, where we challenged ourselves to achieve $100,000 in net profit within 10 months, I have made a conscious decision to blog what I have learnt along the way. Maybe, if you are a financial advisor too, reading this blog, you can share your strategies…. We can learn from each other.

I will blog what I have learnt along the way, from people who surrounds me, or from books that I have read.

I realize that by doing so, it forces me to think and reflect more, on how, I can use what I have learnt, and further apply it to improve my business. I will apply it, contextually in my situation.

Today, I just read 8 Wealth Tactics From T Harv Eker Guerilla Marketing Strategies.

Note: As the strategies will require some bits of explanation, I will blog, 1 strategy each day,and show how I will apply that strategy in my business.

Strategy 1: Business is as simple as KISS

KISS stands for Keep It Short and Simple.

In business, you dissect it into 3.

1) Create
2) Sell
3) Admin

For any business to succeed, you need to focus MORE on selling. If you are not selling, you won’t make money. If this means that you have to reduce your admin, or outsource, then you should because you only get paid when you sell.

The ideal breakdown of your resource and time allocation should be:

1) create – 20%
2) sell – 60%
3) admin – 20%

APPLICATION ON STRATEGY 1

I realise, that at times, I spend more time, on idling. Surfing the net, chatting with friends, facebooking, reading etc2…. and generally all these activities are not money-making for me. THERE ARE 2 THINGS THAT I WILL DO IMMEDIATELY….

Roadshows- There are about 30 days in a month. 2 weeks in a month, I will allocate time for roadshows. From there, I will generate leads, or perhaps generate clients immediately, through special needs, financial planning. Just by that, 50% of my time, is focused on selling.

Telemarketing- Business are always generated through appointments with clients.No appointments = No business

I will make Friday, a telemarketing day for me. Friday will be a day, where I will call all my leads for the following week appointments. I need to have at least 15 appointments, for the following week, before I can go home. No 15 appts = Cannot go home

By having 15 appointments per week, it will also ensures that I dedicate much of my time on selling, in my context, advising my clients how they can grow their money, make their money work harder for them, all in all, to achieve their financial objectives.

Brilliant!!!! Sounds like a game plan to me!!! Stay tune on my blog, to read the other 7 strategies that I will apply…. For now, I will work on this first…Take one step at a time….. I will update you of my progress!!! See ya!!!!