Its already 3am here, and I’m struggling to sleep. I guess, it is because of the caffeine from the redbull, I drank for my run just now.
Seriously…I can’t sleep, so I feel, it is best, that I update my blog on my developments for year 2011. itistheraphyforme andlotsofpeoplewanttoknow
1) My book, “You Can Be Your Own Financial Consultant In Singapore”
Some of you, might be asking. What happened to the book, which I have written and intend to publish?
My Answer: I have completed it.
Yet it is a business decision for me, not to publish it right now. To publish it, and get it circulated all over the local bookstores in Singapore is EASY. Just pay $4000, and everything settled. I choose to garner more credibility,and exposure first, and then proceed with my game plan.
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2) Bachelor of Science (Hons) in Banking and Wealth Management
In another 2 weeks time, I will be starting my part time studies. I will go straight to second year, because, I have a finance diploma. I have Diploma In Accountancy from Ngee Ann Polytechnic and have 3 years working experience as a financial consultant.
The reason, why I choose this degree program, as opposed to others, is because I LOVE the modules, available for me. The modules are practical, and things that I can apply immediately. One of it, is Islamic Banking and Finance….
80% of my clients are Muslims, and having the expertise, will thus help me, better assist my clients in the financial planning process, in accordance to Shariah ruling.
That is all for today….My body is aching…..Need to rest well…See ya!!! 🙂 🙂 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
Boy…..Time flies fast, and now, ITS ALREADY YEAR 2011. few more years must get married already
There are some Goals that I have accomplished and some, I have brought forward in my year 2011 resolution.
I realised, that I have quite a huge following in my blog and facebook…and it makes me motivated, seeing “strangers” out there, coming to me, saying that they have benefitted from reading my blog and facebook posting….
There are many goals that I have achieved and exceed beyond my own expectation, but one that is still “work in process”is my goal to be an MDRT.
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MDRT stands for Million Dollar Round Table….. When a financial planner, is an MDRT, means he earns more than $10,000/mth and he belongs to the top 5% financial planners in the whole world.
I’ve reviewed the reasons why it is sooooo….hard for me to achieve MDRT, in my 3 years of business. Let me elucidate to you….
Lesson to be learnt for 2010, we need to
1) Concentrate on our strengths instead of our weakness
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My strength is roadshows. Roadshows give me constant stream of leads to work on, keeps me busy, and also have the highest conversion rate.
Mistakes: I realised, that I tried to venture on other avenues, like facebooking, network in seminars, internet marketing…to generate business, when all that, are not my strengths. When I dwell with other avenues, I get cluttered.
ACTION FOR YEAR 2011: I will direct 80% of my resources on doing roadshows at Malay/Muslim dominated areas.
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2) Stick to things that has PROVEN to work, and not try to create something new and less proven
If you have $1, and you give me, that $1, tomorrow, I return you $1.20…. Is that a GOOD INVESTMENT?
If you continue, to give me $1 every day, and I continue to give you $1.20 CONSISTENTLY…..then, its an investment that is proven to work and have a track record.
MISTAKES: One thing that I have done wrong was that, I always think, that there are something better that need to be implemented, and I neglect what is already working.
ACTION FOR 2011: Roadshows/ day cost about $80
1 week: $80 X 7 = $560 + $200 set up cost = $760
$760/6 members = $127/ rdshow member
After subsidy by company: $65/ rdshow member
Per roadshow, easily, I can have 2 sign ups, with total average annualised commission of $1000.
Invest $65 to get $1000…This is a winning investment!!! I will DIRECT MY FULL ENERGY ON ROADSHOWS!!!! 🙂
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3) Surround ourself with highly positive, super charged up individuals….Their positive vibes are HIGHLY contagious….
Alhamdulillah….Naturally, people around me are SUPER POSITIVE….Year 2011, I am taking a more proactive step, by joining Cabaran 101010, organised by Abang Abu.
With over 1000 participants and 10 millionaire mentors, to help us, I am sure that the energy will be SUPERBLY HIGH and there is no room…EVER, for me to feel low….
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4) Exercise and proper nutritions….It will give you energy to achieve all your goals….
Alhamdulillah…I am getting fitter and fitter, day by day.
I lost a total of 15kg, through proper dieting and exercise. Now, I picked up running, make new friends, who are hardcore runners, to maintain my fitness standard.
On thing I learn is that, in sales, people with the highest energy wins. All the goals, I have set, I will need energy to achieve it.
By continually exercising, I will improve my stamina, and thus have more energy to achieve my goals. +++ I look better now… 🙂 🙂 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
I am sure, all of you, reading my blog, have a portfolio of insurance, savings and investment policies.
Some of you, may have a manageable 3 or 4 policies. While some, have more than 10. My question to you right now is,”Do you know EXACTLY what you are having?”
Do you know, when you can claim and when you cant from your insurance policies?
Do you know, whether if your critical illness coverage is enough and what is the shortfall?
Do you know, how much you need for your retirement, child’s education and the shortfall/excess that you have?
…or simply put across, do you know, what is the PURPOSE of you getting the policies that you currently have???
The only solution to these, is having YEARLY FINANCIAL REVIEWS.
In a span of 2 weeks, I met 2 clients with tragic stories…
1) Father In Law Cannot Claim Hospitalisation Insurance plan
I did a financial review for my client just now. She also brought her father’s in law policy from a different company, for my interpretation.
She asked me, “My father in law going for heart by pass surgery next week. I check with the claim’s department of X company…They say cannot claim…Can you interpret the policy document for me?”
I interpret for her, realising while the policy owner of the hospitalisation plan is her father in law, the insured is her MOTHER IN LAW… Her father in law does not have any hospitalisation coverage.
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2) Client and his family think he got a death coverage of $300,000
Last week, I met my prospect at his home and he get hospitalisation plans for himself and his family.
I enquired him on his coverage, in case, death, total and permanent disability or critical illness were to strike. How much will his wife, 2 sons and 1 daughter get?
He looked at me confidently and said, “No worries. Anything happen to me, my family will get $300,000…”
I felt relieved, because, as he is earning a takehome pay of $2,500/mth, $300,000 will be adequate. Nevertheless, I asked for all his policy documents for me to help him “refresh” on the existing plans he has.
To my surprise, I realised he only have $30,000 of coverage in case of death. His family will only get $300,000 if he DIED DUE TO ACCIDENT…
You can imagine, the look at his face…For many years, he has been telling his wife, in case of death, “you will get $300,000″….
Call me up at 96520134. Let me help you…Insya’allah… 🙂 🙂 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
I am very sure, most of you reading this blog now, have life insurance policies in your portfolio. (if not,call me)
You get insurance for various reasons.
Some for income replacement (in case, death, total and permanent disability or critical illness happen, familiy get money)
Some for assets protection (in case, death, total and permanent disability or critical illness happen, your house mortgages will be taken care off).
and some will just use the cash valued insurance policies as a SAVINGS PLAN to form part of their retirement needs.
This video will share with you, how exactly hospitalisation insurance works. Enjoy! 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
I am in a process of engaging a telemarketer, to follow up my leads collected from roadshows, and also to arrange appointments for financial reviews for my existing clients.
I have done roadshows for almost coming 2 years now, collected over 1000 leads. I will get my telemarketer to call all these leads, and together, we will developed an IT BASED follow up system.
As time passed, I will be systematizing all my work, so that I can focus more on giving value to my existing clients and concentrate in completing my book.
I also engaged, marketing consultant, Bro Hafihz’s expertise, to help me draft out a marketing plan, on how to systemise my business operations, from alternative ways to generate leads (other than roadshows), to effective and efficient management of existing clients.
Lots of exciting events coming on the way… 🙂 🙂 🙂
Now, I am assembling a team of Malay Financial Consultants from NTUC Income, and gearing for our first collaborative roadshow at Mega Raya Bazaar 2009, Singapore Post Centre, outdoor atrium. We will be there from 21st August to 19 September 2009.
Its fun….Its fun….Its FUN…..and I am soooo…..charged up to get it started!!! 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
Everyone in the globe dreaded this “outflow” called TAX.
This is my first time, I pay tax to the government…. and due to my hectic schedule (going for seminars, doing roadshows and meeting clients), I “forget” to make the payment.
They send me a letter, saying that I will be fined extra $28.10. However, because this is the first time, I am paying tax, they will waive it for me if I make the payment by 9 July 2009.
I did it on that very day, using AXS machine. (Victory Sign) 🙂 🙂 🙂
Btw, I’ve been brainstorming ideas, ways and methodologies where YOU CAN REDUCE YOUR TAX PAYABLE OR PAY 0% TAX IN SINGAPORE LEGALLY!!! (evil but innocent smile..hehe)
Note: The strategies that I am going to share with you is purely legal and ethical. (Information accurate as at 23rd July 2009)
Strategy #1) If you are employee,sole proprietor or in partnership, you just need to ensure that your chargeable income (income that is liable for tax) is less than $20,000, and you DONT HAVE to pay any taxes.
Chargeable Income = Total Income – Tax Allowable Expenses – Tax Reliefs
In Singapore, an average Singaporean brings home, disposable income (money that go inside your pocket) of about $5,000/mth or $60,000/year.
So, the first method is quite difficult to apply. Yet , YOU CAN ALWAYS REDUCE YOUR CHARGEABLE INCOME, by documenting and declaring your tax allowable expenses.
Tax allowable expenses are expenses incurred in order to GENERATE income.
Example, if you are a financial consultant like me. Document your roadshow costs, cost for printing namecards, cost for knowledge upgrading like going for seminars and other expenses related to helping you GENERATE your income.
When your chargeable income is lower, you pay lower tax, or no tax if your chargeable income is less than $20,000.
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Strategy #2) Claim as much “reliefs” as you can.
The first relief that every working Singaporean has is Earned Income Relief.
Earned Income Relief reduces the amount of Chargable Income, thus reducing the amount to be taxed.
Below 55 years of age $1,000, 55 to 59 years of age $3,000, 60 years of age onwards $4,000
Strategy #3) Contributions to CPF helps you to save tax
When you contribute your CPF, you can also reduce your tax.
Right now, you are required to contribute 20% of your salary to CPF and your employer pay 14.5%.
You can only get the money when you reached age of 55.
Example if, you earn $2000/mth.
$400 of your pay is going to CPF. You take home only $1600. You only need to pay tax for your take home pay of $1600. Money that goes to CPF is not taxable.
Supplementary Retirement Scheme is a savings plan that you can sign up when you reach 21 years old.
You can contribute up to 15% of your income. You can use this money to offset your total income, thus reducing your chargeable income.
(Btw, if you already have an SRS account, I can help you get BETTER returns, then leaving it there. Call me for appt! ).
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Strategy #5) Capital Allowances
The assets you buy for your business operations can be used to reduce your tax.
The assets you buy, depreciates in value every single year. Depreciation is an expense and thus tax deductible. The $$$ that you can use to write off differs than accounting term.
Accounting depreciation, takes into account the life of the assets you buy till it become scrap or ready to be disposed.
Depreciation or capital allowance for tax purpose is STANDARDISED!
Example: Computers, hardwares and printers, take 1 year to write off
Plant and Machinery, take 3 years to write off.
Commercial vehicles, take 6 years to write off
Example, for me, I buy laptop, printers etc2 for my business operations..If my laptop and printer cost, example $3000, I can just classify $3000 as my capital allowance and deduct it from my total income, thus reducing my chargeable income.
There are really many ways (like donations to approved charities, paying insurance premium etc2), that you can use LEGALLY, to reduce your tax. It requires planning and continual education.
Hope the above information helps!!! 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
A certified financial consultant, Helmi Hakim has won praise for his patience, perseverance and practicality when solving his clients’ financial concerns. For more information on how you can manage your finances better, contact Helmi Hakim at 96520134.
