My own principles and quotes

-

 1. You don't have to be a maths guru, you just need to master simple maths. Knowing compound interest is very important!

2. Investing in productive assets that produce income over time is better than taking speculative gambles.

3. In your teens, it is important to save money. In your 20's, you should learn and test out to invest a proportion of your money. In your 30's, you should have a rough idea what you wanna do in your life by then your investments should afford you to pursue those dreams. In your 40's if you no longer interested in working, you could consider retiring comfortably subject to your lifestyle habits.

4. Unfortunately in this world, there are more spenders out there than savers.

5. When I talk about saving, don't put all your eggs in that basket. In order to progress, conservative investing is also required.

6. I've never heard about anyone getting rich from just saving money.

7. Know the difference between a "want" and a "need". Try and reduce the amount of "wants" that are really not necessary in your life. You will be surprised, how much money you've saved.

8. Earning a high salary isn't rich, you will just get taxed more.

9. There is a difference between income and assets. It is very important for you to know the difference.

10. Person A who earns a higher salary (say $200,000 p.a.) than Person B (say $80,000 p.a.), can still be poorer than Person B. There are many reasons why, and lifestyle spending is one of them.

11. If your entire investment focus was to buy a property solely based on tax deductions on expenses (eg. in Australia negative-gearing), then you have a very poor investment strategy. Because you never intended to reduce the debt level and refinancing is only other strategy too.

12. The fear of investing, will demonstrate how far you will get in life.

13. The appetite to trade into speculative investment schemes demonstrates the type of character you are.

14. The easiest way to compare investment income yield's is to base it on your own cost of capital. Note: there are other things to take into consideration too.

15. Fiat money has no intrinsic value, and if digital tokens are money, they too have no intrinsic value.

16. Trading goods and services are the real money of value.

17. When people say working in a job is risk-free is totally nonsense. You are risking time and effort in exchange for money. No matter how hard you work, you may not get ahead and you can still be let go even if its not your fault eg. corporate restructure or cost cutting. The opportunity cost is you could be somewhere else.

18. Warren Buffett always says: "price is what you pay, value is what you get". It sounds so simple, but yet it took me a while to fully understand it. Yet I bet you a lot of people in this world, still don't understand it on a deeper level.

19. Don't listen to hot tips or the media, do your own research and stick to what you know.

20. Debt isn't necessarily a bag thing, you just need to know how to use it wisely. But debt won't solve all your problems.

Comments

Post a Comment

Popular posts from this blog

Opening a Portugal bank account remotely (easy step by step)

-
Image
Other than using the services of bordr.io (cost 350 Euros to open at the time of writing), the Portuguese bank account I found on the internet that you can open outside of Portugal is Banco Atlantico Europa . When you navigate to "Open Account" the following screens asks you to download its app on Android or Apple app stores. This is what the app looks like in the Android app store. Once you open the app, the following screens will appear and it states the relevant documents you need to upload via the app either from photos or pdfs. You will need to follow the steps to create a User ID, enter your email address, your cellphone number (even if its a non-Portuguese number), your residential address (in your country), your work profession (job title and employer name) and your NIF. Once completed you will need to upload these documents to prove your name (eg. passport), DOB, passport number, nationality, your proof of residential address (eg. driver's licence, utility bills,...
Read more

SEF Appointment (Resident Permit/Autorização de Residência )

-
After successfully obtaining your D7 (temporary) visa, there is usually a web link on your Portugal visa attached to your passport. This link provides you the information for SEF appointment (eg. date and location). The SEF appointment is to obtain your residency permit or known as the Autorização de Residência. Note : I did everything myself and did not use an agent or lawyer (which I hear other people doing). In most cases that I gathered, most appointments are located differently to where you live in Portugal. So there is some hassle to get there. But luckily in my case, my appointment location was in the same city I live in and I got there 45 minutes before the appointment schedule (not necessary, as I still had to wait about 40 minutes until my ticket number was called). When you arrive at the SEF office, you go to the staff/security and let them know you have a SEF appointment and he/she will check your name against the schedule he/she has and give you a ticket number. You ju...
Read more

DIY low cost method for a Portugal D7 visa

-
Image
I've always believed in doing things by myself as much as possible and trying to lower the costs of doing each activity by understanding the entire process. So I've written this post to explain the steps I took with my "Do it yourself (DIY)" application process and recorded the cost of each process. To begin with the process, I enquired about the D7 visa with the Portuguese Consulate in Sydney Australia, and this is the list of the requirements they provided me (note: amount requirements was based on November 2021 eg. minimum income in Portugal at the time): The official application form and passport requirements are self-explanatory. You should follow the steps accordingly esp. application of the NIF is the very first step, without this you cannot open a Portuguese bank account and sign a registered rental lease. 1. Application of a NIF Use either NIFonline.pt (cost 59.90 Euros plus extra VAT which totals to 73.68 Euros), bordr.io (cost 150 Euros), or AlgarveKnowHow ...
Read more