You Will Need Financial Planning If You Want To Be A Millionaire!

By Nurazrin Suhadi

Financial freedom is something that a lot of people want to achieve in their lifetime. Having to pay all debts and liabilities, enjoying all luxuries in life and enjoy life without to worry about any financial problems. More and more people are very interested in making their financial dreams come true. There are also motivation classes which main aim is not to discourage people from thinking that getting their first million dollar is possible.

As a financial planner, I am also aware that people usually do not quantify their goals. Having a goal of becoming a millionaire is something that is achievable and not impossible. I do have clients who want me to plan their millionaire journey. Having said that, a million dollar road map is easy to develop but very difficult to follow.

Before you can be a millionaire, you need to have a very good financial planning. You need to hire a financial planner to assist you as financial planners went through series of examinations and training perfecting their financial planning skills. It is impossible to be a millionaire if you do not have a financial plan.

Seminars on how to become a millionaire do not give you customized financial plan. You can be earning $ 200,000 per annum but if there is no financial planning, you will be asset rich and liquid poor. Managing your cash flow is the most basic element in financial planning.

One of my client, Mr Doctor (names are kept confidential), a doctor who has his own practice and earns $180,000 to $250,000 a year initially do not have any financial planning. He does have insurance policies and that was all. I had a hard time convincing him to meet me. He was very reluctant and told me that he already have a financial planner.

After much persuasion, I managed to meet him and assist him in his financial planning. I did a financial analysis on him and explained to him that financial planning is not just about insurance planning, financial planning also stresses on cash flow management, investment planning, child education planning, tax planning, estate planning and most importantly retirement planning.

After a year we had that meeting, he came back to me and told me that he now understand how important a financial plan is. He told me that he now can quantify his financial goals and he also told me confidently that he will be a millionaire in 5 years time.

I knew that after my appointment with him, he will identify his strength and weaknesses financially and able to quantify his goals. With my customized financial planning and financial planning tools, I am sure everyone will achieve their financial dreams.

The Way to Wealth - Financial Discipline!

By James Bird Guess

One of my "financial four traits" for creating wealth is discipline. "If you can't control yourself, you can't control your wealth." Many people do not understand what it means to build wealth, they would rather be "rich," financially uncommitted, and "live for the moment." Their financial ignorance is bliss and they have no idea that the difference between being "wealthy" and being "rich" is owning assets, and more importantly owning time and peace of mind.

I know a person who makes a six-figure annual salary, drives a new luxury car, and lives in a $450,000 suburban home. On the outside looking in, this person appears to be "wealthy" and have their financial house in order, but remember men and women lie and numbers do not. Actually, this person is "rich." What is so bad about being "rich," you ask? Well, this person works 12-hour shifts, rarely has free time and is unhealthy from constantly eating out. Unfortunately, after using all of that six-figure salary to pay off expenses, he is only two paychecks and a credit card away from being homeless.

I also know a person who only makes about $60,000 a year from her business, owns a late-model luxury car, wears discounted designer clothes, has paid off her mortgage, and has two side hustles. She goes on vacations whenever she chooses, does not work a "9 to 5," has thousands in her bank account and investments, and can spend her time doing whatever she enjoys! Although you may not know it because she does not flaunt it, this person is actually "wealthy."

A person is "wealthy" when they do not have to work for money, but instead receive income from the assets they own and yet still maintain their lifestyle and do whatever they choose.

Sounds good, right? But "doing it" is what counts. And it is the "doing it" that separates the poor from the rich, the good from the great and the amateurs from the professionals. However, discipline, which is the following of a code or systematic plan, seems to be the main ingredient to not only financial success, but all success.

Michael Jordan constantly practiced his skills and shot 1,000 times daily = Greatest NBA Player of all time.

Richard Pryor forced himself to think of three new jokes everyday = Greatest Comedian of all time.

Bill Gates, a college dropout still falls asleep at his computer while thinking of innovative ways to make computers better = 3rd Wealthiest Person in the World.

It is the application of discipline and practicing positive financial habits that will ultimately lead to wealth and financial success. The "wealthy person" mentioned above became that way by staying financially committed to her plan of saving 15-20% of her total income, becoming financially intelligent and creating multiple incomes by starting various businesses. She also created a plan and focused on paying off her mortgage and not spending her extra money on "bling things" that decreased in value after being purchased.

Some people may say, well she never really "lived her life." Well, she does not have to wait until she is 60 years old to enjoy the "good life." Since she established financial discipline in her early 30's and setup financial systems and plans to make money and pay off debt, she can buy those Manolo stilettos she always wanted and that new supercharged java black Range Rover sport she saw in a magazine.

Although she was not recklessly spending and "living for the moment," she was indeed planning for the moments, so she could soon live how she wanted.

James "Bird" Guess graduated college with dreams of climbing the corporate ladder and becoming a prominent financial executive. But after only working a year in "Corporate America", James grew bitter of the politics and bureaucracy associated and decided to venture out on his own to become a full-time entrepreneur.

With a repossession and other unpaid debts on his credit, James had a negative net worth. Starting with only $1,000 saved from college, he single-handedly built a quarter million dollar apparel business from the trunk of his car. Shortly thereafter, his business model would transition from retailer to wholesaler of apparel, which generated $750,000 dollars in revenue.

James could now take one step closer toward financial freedom. As an entrepreneur, he has bought and sold over $2 million of apparel. He now uses his financial acumen to help individuals, entrepreneurs, businesses and investors create wealth in their lives! James is now the President & Founder of BlacBird Investments LLC.

Create Your Wealth! & Enjoy Your Life!