AVOID 10 TRAPS that won't get you rich

Pic 01: Spends tomorrow's money.

-->

Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable?

Here are 10 signs that you are not (yet) on the path to financial freedom.

You don't think about ways to make extra money

If you are paid a salary and nothing more, you are limited in the ways you can get ahead. The only way to save is to spend less. But if you switch it up and start to look for ways to earn more, your horizons open up.

Most of the world's super wealthy have more than one income stream - some of which are usually passive, requiring no regular input. This could be something such as rental income from an investment property or network marketing products that your social circle consumes such as Vitamins, Hair care, Beauty care and Health solutions. Add in some sensible savings habits and you will be on your way.

Can you generate some extra income with a sideline business, such as sharing ideas on how to look prettier and energetic?

You leave your savings in a savings account

If you stick your cash in a savings account, it is basically doing nothing. You are better to look at ways to put that money to work. You could put it in a managed fund, buy shares or even lend it out via a peer-to-peer platform, to get a better return. Make sure you get good advice to understand what you are doing.

You borrow to buy

Borrowing to buy a house is fine. Borrowing to buy a car is (generally) not. If you are putting all your purchases on finance or credit card and paying them off with high rates of interest, you are pouring money down the drain. Live within your means if you want to get rich.

You don't know where your money goes

The first step to getting on the right track is to have a clear idea of what you're spending money on. If you don't know, chances are you're wasting it.  Have a look through your recent bank statements, draw up a budget. Stamp out some discretionary spending and you'll have more of that money to put to work that we mentioned earlier.

You're putting off planning for your retirement

If you think you are too young to have to worry about the future, you are doing yourself a huge disservice. When you are working towards a long-term financial goal, such as retirement, time is a huge asset to have on your side. The power of compounding is the greatest opportunity you will have.

 

Albert Einstein said, “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it. Compound interest is the most powerful force in the universe.”. The later you start business building income, the smaller your compounded growth in business.

You hate risk

It is great to be careful with your money but if you never take a risk, you miss out on returns. Over the long term, the biggest gains are usually from riskier investments, such as equities. You may also find ways to wealth by getting out of your comfort zone. Quitting your job and starting a new business is risky and scary, but could pay off if you have planned it well and know your stuff.

Learning on how to better present your business ideas could yield strong initial part time income and can snowball to surpass your fixed employee income.

You don't have a plan

If you don't know how you're going to get rich, it probably isn't going to happen. Write down your goals. What do you want to achieve this week, month and year? What about in 10 years? If you can, identify someone who is in a position you'd like to get to and find out what they did to get there. Work out what you need to do to follow suit and break it down into small, achievable steps.

You think you're bad with money

It's a self-fulfilling prophecy. If you think you are bad with money, you won't pay any attention to your finances and they will get out of control. Stop thinking money is some sort of secret club that you could not possibly understand. Everyone can get a handle on it.

You don't know the basics

You don’t study successful business leaders by mixing and surrounding yourself with positive innovative people. Instead you prefer to dwell on mundane unproductive topics with like minded people on office politics, food, sports, complaining about limited income and (perceived) injustices.

CONCLUSION

Be open to business ideas. Test your hypothesis and assumptions. Study and analyse the business opportunities by seeing case studies if the business model works.Look for business mentors who can guide you.

Source: SUSAN EDMUNDS

What is Love? (Include Video)

Dear Working Professional- students.

Exam results are around the corner. That is something you can't change. The past.

Move on, whatever the results will be.

Here is a video that says that love is about sacrifice, not how I feel about you.

 Make sacrifices for your love ones and you will yield the results for many years to come.

Best regards,
Marcus - your always supportive lecturer.

Are marriages happier when women control the money?

Disclaimer of Liabilities: Articles are uploaded in the spirit of humour and motivation. Please don't personalised it to extent that is detrimental to your mental health. But take to heart the lessons from the world around us and learn the good factors to improve our character. 

Dear Hardworking ACCA men,

The world is becoming complex. It was complex a long time ago where women rules the world in a certain society in India. Alert! Such practice can spread with the author Jo Piazza best selling book. Many parents or mothers might be thinking to let the women wear the pants, so to speak. 

 

To prove yourself as men useful, invest lots into your qualification and experience. Hone skills to add value to enterprise and ultimately your self. 


Please read and may this NOT HAPPEN to you. If it does, well Jo Piazza may have another sequel book.
Remember, to succeed one must be focused and disciplined. Exams are round the corner, minimise idle time but invest in contructive time sharperning Exam Techniques. 

Best regards,
Entrepreneurial approach to life - Marcus


_________________________________________________________________________________



Jo Piazza is the author of the new book How To Be Married in which she crowdsourced marriage advice from around the world in an effort to figure out how to have a successful partnership. This is an excerpt from her travel memoir. 

I would have missed out on one of the most interesting models for marriage and partnership in India if I hadn’t started talking marriage with this tuk-tuk driver outside the Kamakhya temple in Guwahati, India.

“You can’t leave without going to Meghalaya,” he insisted. At this point I was used to being told I couldn’t leave India without seeing at least one thing, be it the Taj Mahal or the new Taco Bell in Delhi.

“What’s special in Meghalaya?”

“It’s the place where the women are in charge. They’re the heads of the family,” he explained. It was all he had to say. I changed my plans.

That’s how I ended up in Shillong, the capital of the northeastern state of Meghalaya, so close to the border with Bangladesh that the two cultures spill into each other.

Author Jo Piazza crowdsourced marriage advice in India. (Jo Piazza)

The Khasi and Jaintia hill tribes of Meghalaya are matrilineal. Property and assets are passed down through the youngest daughter in a family. All of the children take the mother’s name instead of the father’s. The husband moves into his wife’s home, often bringing with him just a single suitcase of his things—a few changes of clothes, maybe his guitar or his cricket bat. It’s the women who run the households and are largely in control of the finances and the major financial decisions. The men work, but they often hand their money over to their wives.

Meghalayan tribes have been matrilineal as long as anyone who lives there remembers, since long before the British came, back when all of what we now call India was just a medley of tribes linked by geography. No one could tell me for certain where the matrilineal tradition originated. It’s as old as the oldest stories they talk about.

I’d traveled to more than thirty countries in the past two years and never been anywhere, including the States, where women were institutionally favored above men.

The way the women in Meghalaya control the money and the property made me think of my own marriage and the dynamic between money and power. When Nick and I first met, I earned the higher salary, which made me feel like I had the right to manage our finances and make major decisions.
I drove into the bustling capital, where I was supposed to meet up with a translator named Sukher, a petite, soft-spoken, and meek man in his twenties. His shoulders curled into his body in a way that made him take up even less space.

“Of course the men just accept that the women have power here. That’s just the way it is,” he told me very matter-of-factly in a voice as low as a whisper. “It’s important to listen to my wife. She makes good decisions.” His wife is the second daughter in the family, but not the youngest. This means that she doesn’t stand to inherit any of the family’s property. I kept asking why it was the youngest and not the eldest daughter who inherited. The answer makes a lot of sense. The youngest daughter will be around the longest, so she’ll be able to use the family property and money to take care of her parents and then the older siblings as they age.

Sukher had recently moved into his wife’s ancestral home in a neighboring village called Mawlynnong and he commuted into Shillong each day to work as a translator and tour guide. He and his wife had been arguing because Sukher wanted to move closer to the city to make his commute for work easier, but his wife was adamant about not leaving their village. In the end, she won.

Sukher dutifully led me into Shillong’s Khasi market, which was tucked down a dank, narrow alleyway, past a series of winding side streets, dark tea shops, and counters for placing bets on professional archery. They love professional archery in Shillong, and skilled archers are the equivalent of NFL football players in the United States or soccer stars in Europe. The Khasi market is a series of never-ending stalls where the women sell everything from betel nuts and banana leaves to tobacco and fancy dresses for less than five American dollars. Elsewhere in India the men control the markets, but here the women do the buying and the selling. The only men I saw sat quietly in the backs of the shops, sometimes making change, feeding a baby, or running an errand for their female boss.

The women of Meghalaya in India control the money and property. (Jo Piazza)

I struck up a conversation with a young woman from the Jaintia tribe named Daphi, the proprietor of a small dress shop. The shop had been passed down through the women of her family for three generations. A photograph of her deceased mother hung above the counter, gazing down at her daughter with pride. Her mother’s younger sister owned the dress shop across the way, and they teased one another about which stall had the prettier dresses and better deals.

“My mother made all of the decisions for our family herself,” Daphi told me. “When I get married, I will be the one to make the big decisions. This is just the way our culture is.” Daphi was the youngest daughter in a family of two girls, which meant that ownership of the store went to her when her mother passed. “It’s a lot of responsibility,” she explained. “But I hope to find a husband to share it with me.”

“To share it with me” was an interesting choice of words. I asked Daphi if she thought that being the owner of her shop would present problems in her future relationship.

“I don’t think so. I think that I will always consult my husband and we will have discussions about all of our decisions. I saw my mother do that and my female relatives do that. We involve the men. Why wouldn’t we?”

I thanked Daphi for being so honest and bought two colorful Indian nightgowns from her and one fancy child’s dress from her aunt across the street.

Down the alleyway I ran into a woman named Diana standing barefoot in front of tall bins of betel nuts, wearing the traditional Khasi checked kyrshah, or apron. Her hair was pulled back in a tight ponytail revealing a high, regal forehead.

She told me she was forty-two years old and that she’d been married for more than twenty years. She and her husband had three boys. She’d love to have a girl who could inherit, but she was too tired to keep trying. Instead, her sons would be the heirs when she and her husband passed away.
Diana laughed when I asked about the merits of living in a matrilineal society.

“This is the best place in the world to live. In other places it is hard to be a woman,” she told me, her positive pride in her culture evident in her thrown-back shoulders and expanded chest.

“We are a very special people, you know.” Her eyes danced with mischief. “Obviously it’s the women who have the power. Doesn’t that make sense?” she said and smiled, flecks of betel nut caught in her teeth. “I never do anything at home. My husband does the cooking, the cleaning, everything. But he does that because he likes to do that. You have to have an understanding in marriage. Marriage is a compromise. If he needs help, then I help him.” She leaned in close to me. “You have to give the men some understanding. You work hard to understand each other, but the men, they need it more.”

The Khasi and Jaintia women control the money and the property, and yet every woman I met talked about understanding and compromise. They told me it wasn’t their place to force their husband to do things. They stressed that no matter who controls a family’s wealth, the most important thing in a marriage is an understanding of equality between the two partners, compromise.

 Source:

Jo Piazza, 2017, Are marriages happier when women control the money?, https://moneyish.com/heart/are-marriages-happier-when-women-control-the-money/,  2017

LADIES, BEWARE OF HANDSOME MEN!

 - strongly related to P7 AAA and abtractly in F8 and P1, Examiner's FAVOURITE Topic

BEST TIP for Studies: Believe in yourself!

Over 20 years of lecturing and other ventures* [see footnote, please]. That is an exciting journey to help and support so many ACCA under-graduates to succeed.

Enjoy my classes, I always have. You may recall in my class about the Forensic Audit Investigation that the evidences compiled are so strong that they are admissable in court.

A dashing Handsome man courted a single mom of 2 kids. He is irresistible with a catchy contagious smile. To add to his swerveness, he is a Grand Prix racer and respectable middle class family background.

The woman fell heads over heels for such a dream man. But this is to her detriment - her 'accidental' death. A perfect murder as the dashing man stands to collect an insurance premium worth RM16.5 million at present value.

When a love story is too good to be true, it usually is.

See article below and enjoy the Forensic investigation evidences. Do you see there are at least 7 evidences submitted to court that delivers a death sentence verdict on [cruel heartless] dashing man!

Lesson learnt: Don't trust [handsome] men, but yourself! Especially when they ask you out and skip ACCA classes!

Cheers.

Exclaimer of liability: The articles are written in fun, humourous style with no intention to target any individuals. The objective however is to MOTIVATE my students to NEVER GIVE UP in their quest to succeed in career/business.

____________________________________________________________________________________

Sunny Ang and 'the perfect murder'

It appeared to be the perfect murder - there were no witnesses, and there was not even a body.
Yet, one-time Grand Prix driver Sunny Ang was sentenced to hang for killing his barmaid girlfriend, Ms Jenny Cheok.

Pic 01: Sunny Ang charged with the Perfect Murder

One of Singapore's most sensational murder cases, it marked the first time the prosecution had won a case that was based entirely on circumstantial evidence.

Ang was one of the last murderers to be sent to the gallows by a jury; Singapore abolished jury trials in 1969.

This week in 1965, the preliminary inquiry for the case was heard, and the court was told that Ang stood to gain some $400,000 from the death of his girlfriend.

Pic 02: Victim Jenny Cheok, 22, a single mother of 2

They had met in 1963 at the bar where she worked. She was 22 and he, 24.

Ang came from a middle-class background and had been selected to train as a pilot under a government scholarship programme, but his poor conduct during training cost him that dream.

Pic 03: Handsome but deadly

He took part in the 1961 Grand Prix, but landed in trouble later for killing a pedestrian through negligent driving, and attempted burglary. He was also declared a bankrupt.

Ms Cheok was a single mother of two who had not finished primary school.

On Aug 27, 1963, the couple went on a diving trip near Sisters' Islands and Ms Cheok disappeared.
Her body was never found.

Pic 04: No remorse face

All that was left was a single flipper she had worn, and its heel strap was found to have been severed cleanly at the top and bottom, likely by a knife or razor blade.

An expert witness would tell Ang's trial that the loss of the flipper would have resulted in a diver's loss of equilibrium and affected the person's mobility.

As an inexperienced diver, Ms Cheok would have panicked and drowned in the strong currents.
Ang, a skilled diver, stood to gain from the payouts of insurance policies he had begun buying for her two months before the dive trip.

He also had a will drawn up in which she left her entire estate to his mother.

In one piece of circumstantial evidence, it was revealed that an insurance policy worth about $150,000 had expired on the day before the diving trip, but Ang extended it just three hours before they got on the boat.

When Ms Cheok failed to surface after her dive, Ang did not seem worried and did not enter the water to look for her.

Within 24 hours, he tried to make full insurance claims.

Pic 05: Witness Ms Aryes Soh testified that Sunny Ang didn't go in search for his girlfriend in the waters

In May 1965, Ang was sentenced to hang after the jury turned in a unanimous guilty verdict.
The prosecution was led by Mr Francis Seow, who went on to become solicitor-general and an opposition politician.

Ang was defended by Mr Punch Coomaraswamy, who later became a high court judge and diplomat.
Ang failed in his appeal and plea for clemency, and was hanged on Feb 6, 1967.

SOURCE: AsiOne, 2015,Sunny Ang and 'the perfect murder',  http://news.asiaone.com/news/singapore/sunny-ang-and-perfect-murder, February 24

 P7AAA Exam style questions: 

a) What are the matters to consider when evaluating with client to perform Forensic Audit? [12]
b) Explain the audit procedures on compiling the evidences for client use. [6]
c) Explain the contents of Forensic Audit. [3]
________________________________________________________________________________
* Expert in Business analysis I am, also venturing into other businesses. One that is LOW risks and HIGH returns. If you are up to it, then send me an email at marcus_ong88@hotmail to explore if you like additional income of RM15,000 and above.

Warning: Not for the weak hearted but the determined spirited person.

PART 2 of 2: The Opposite of George - Can you? (see video)

- relevant to serious and "I must pass ACCA" type of students only. 

CLICK HERE FOR PART 1/2


What are the opposites that you can do to achieve your ACCA success? 
See such scenarios: 
A] Instead of taking 60 minutes lunch, why not pack lunch and consume it in 15 minutes so that you have 45 minutes of study. In a 5day work week, you would have studied 3 hours and 45 minutes.


B] Stuck in jam from 7.30 am to 8.30 am. Do the opposite. Leave for work at 6.30am. Arrive at 7am. Stay in office and study for 1.5 hours until 8.30am. 


C] Do you leave office at 7 pm and get into a long traffic haul? Well, since you started work on time, leave at 5pm - on time. Reach College library at 5.30pm. Put in solid 2 hours. Then leave at 7.30pm for dinner with family or solo. 


Just the above you put in 3 hours 15 minutes of study time. Equivalent of sitting for 1 full exam paper allotted time. Amazing, isn't it? Not to mention the weekends of study time you can clock in.That will be another 16 hours. 

Yes, my recommendation is do the OPPOSITE to what you are used to do now. Go against your natural reaction to familiar situations. When you see ACCA Past Years questions, don't turn away. Pick it UP! Browse through it. Write something out. 


Eliminate the "M" activities in your life (see Part 1 of 2 earlier article) . No? You can't? Then at least reduce them by 90%.  


You do this, ACCA SUCCESS is yours, and no one else. 

May you have happy interesting journey in achieving your success. 

CLICK HERE FOR PART 1/2

Positive Thinking Approach Lecturer

PART 1 of 2: The Opposite of George - Can you?

- relevant to serious and "I must pass ACCA" type of students only. 
CLICK HERE FOR PART 2/2

"I want to pass the exams", says many. Look at my friends in fancy office attire and thousands of dollars in salaries. I want to have that!

Well, that is easier said than done. Why? Because living in modern metropolitan society, there are many, many distractions. More than you imagine and handle. For instance, think of the dreaded time consuming "M" activities that are more of distractions.  That leads to the destruction of hope to pass ACCA. These "M" activities are not bad in themselves. But they have the place albeit a small place in your life.

What are the "M" activities? see below

 MALLS - walking aimlessly about

MEALS WITH FRIENDS

MEETING with Guys

(Soul) MATE

MESMERISING KIDS

Now, I am not saying, you should lock yourself in a room and just study. No, that is unreasonable for I know many of you have career and family responsibilities.

But what if make wise use of your time. Whatever your heart desires, you do the OPPOSITE.

Just do the OPPOSITE as you can see the video below. Taken from infamous Seinfeld sitcom on George who decided to do the opposite. 

Look out for the upcoming Part 2/2 on what we mean by Opposite of George CLICK HERE

Toughest Job

Toughest Job that no Chartered Accountants want!

Hi ACCA Candidates,

I re-posted this blog. Why? I hear many a times that study is tough. Yet there are billions of people who have tougher jobs and don't complaint!

Truly exciting prospects you have when you graduate. Of course, you will choose a career that is promising. Not one that works you 365 days a year!

Will you choose this job? Follow the interviews on the video below and tell me what you think. You may not be qualified for the job though, as it requires Finance Degree, Social Science with excellent inter-personal skills and not to forget culinary skills.

Happy studying and sharpening exams techniques.

Best regards,
Marcus

What does a lady mean when she says, "I am not free" ?

- related to F8, P1 and P7 

Pic 01 : " I really need to get away. But smile first."

You invite a lady for dinner. What does she mean when she says, "I am busy"? Usually, you have to use your contextual judgment to note the tone of her voice. If she says politely with a smile, this usually means I am not interested to go out with you. In contrast, if the reply is with round sincere eyes and with warmth in her voice and a gaze, well this 'could' mean that she really is busy. 

Pic 02: When is he going to ask me out?

But you have the advantage to read the body language in person. This is tough if applied to Corporate Governance context. Because Board issued announcement, thus you have no opportunity to read their body language.


On April 6th, 2016, Wintoni Berhad announced the entire Audit Committee and the Chief Financial Officer resign due to "personal reasons". Another Non-Executive Director earlier resigned due to "other Commitments". The entire board resigned? If 4 ladies tell you, I am busy, this is something to do with you, isn't it? Similarly, 4 top management resigned, that must have smelled fishy. 

This "Personal Reasons" coincide with the company losing 75% of its paid up capital. 

From F8 AA perspectives: 
This tells you the Internal Controls are weak enabling possible fraud and missappropriation of assets. 
You may need to explain Auditor's responsibilities in uncovering fraud as per ISA 240. 

From P1 GRE perspectives:
The Audit Committee is ineffective to probe and to review the internal controls and risks facing Wintoni.

The Nomination Committee is ineffective to promote division of responsibilities in order to reduce Executive Directors dominance over Board

The Executive Directors somehow are able to interfere and influence the Board that result in Non Executive Directors inability to review the company's strategy, risks and company's performance. 

From P7AAA Perspectives: 
This is the fun part. You as an engagement Partner would want to propose Forensic Audit and Internal Control Review engagement.  Of course, this is accompanied by fat fee: 

• propose the Audit Related engagement 
• plan out quality controls and boundaries. 
• determine the type of report required and its purpose. 

From an investor perspective: 
I have ONE WORD - RUUUUNNNNNN!! 

Pic 03 : You know what it means.

In another word - SEEEEELLLLLLLLL!! 

Pic 04: Oh my goodness. That is my whole tuition fee lost on stocks.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 

On the Article, please enjoy. 

Wintoni CFO and entire audit committee resign

KUALA LUMPUR: Wintoni Group Bhd’s chief financial officer Kong Chin Lam and the three independent directors who made up its entire audit committee have resigned, citing “personal reasons.”
In filings with Bursa Malaysia, the loss-making automation system designer said Kong’s resignation was effective March 31 while those of Datuk Muzaffirah Yurhaningseh Mazputri Ahmad Fairuz, Suaran Singh Himat Singh and Haflil Feiruz Muhammad Feisol were effective April 1,
Wintoni said all the letters of resignation were received on April 4 (Monday).
The audit committee chairman, Chaang Kok Fai, had stepped down on Dec 8, 2015, citing “other commitments.”

Chaang and the three directors who resigned effective April 1 had appointed to the board on the same day (Sept 10, 2015).
In February, the company was classified as a Guidance Note 3 company as its shareholders’ equity on a consolidated basis is 25% or less of its issued and paid-up capital based on the unaudited consolidated quarterly results for the period ended Sept 30, 2015.
Among others, Wintoni is required to submit to Bursa Securities a regularisation plan and obtain the latter’s approval to implement the plan within 12 months from the first GN3 announcement (by Feb 25, 2017).
Wintoni posted an unaudited net loss of RM49.8mil for the year ended Dec 31, 2015, compared with a net profit of RM4.6mil achieved in the preceding year.
In the last six months, Wintoni share price has fallen more than 80% to 3.5 sen at Wednesday’s close.


Source: The Star, 2016, Wintoni CFO and entire audit committee resign, http://www.thestar.com.my/business/business-news/2016/04/06/wintoni-cfo-and-entire-audit-committee-resign/ , April 6th