Secrets of Self-Made Millionaires

Secrets of Self-Made Millionaires
By Adam Khoo

Finally finish my 5th book on Secrets of Self-Made Millionaires… It is really a good book. I kept reading the stuff being taught again and again… feeling inspired every-time I read it. It really opens up my mind on how each and everyone had a chance of being a millionaire… Every Problem lies an Opportunity in them…

It is about how one can discover that and use it to drive more income… It is not easy but it does not mean it is impossible… Like what Addidas had always been saying… Everything is Possible… Remember… Impossible = I M POSSIBLE… Haha…

Nevertheless, after reading the book, I get to understand better in manageing my own money, especially with the pre-made template provided by Adam Khoo, it makes our life managing our money much more easier… Thanks to him for sharing that with us… Though I am always quite skeptical about those Gurus advertsing on the papers about maing big money… this one is an exceptional… at least you really do learnt alot from his book… No wonder is the #1 Top Seller book in Singapore…

Next step… to really do more research on how to increase my income streams through onine business and my very own freelance work! JIA YOU!!!

My Job Criteria

Employer have been listing their criteria for their employee. Okie, now I am gonna list my own job criteria…

1. Interesting Job Scope with Reasonable Pay
2. Good Career Prospect
3. Good Company
4. Good Working Benefits
5. Regular Working Hours

Creating a Profitable Home-Based Online Business

5 Criteria of a Profitable Home-Based Online Business

1. Strong demand for the Product or Service
2. Ideally No Inventory
3. Low Startup and Running Costs
4. Global Reach
5. High Margin Profit

10 Steps to setup a successful Online Business

1. Identify your Passion & Expertise
2. Find a Hungry Niche Market

• Find a Niche Market related to your Passion & Expertise
• Ensure sufficient interest and demand
• Identify a problem to be solved

3. Size up Competition & Profit Potential
4. Find or Create Products and Income Streams

• Sell a Physical Product
• Sell A Digital Product
• Sell A Service
• Sell Other People’s Products (Affiliate Marketing)
• Create a Content Rich Site & Sell Advertising Space
• Sell Drop Ship Products
• Use Multiple Revenue Models

5. Design & Build Your Website
6. Write Powerful Sales Copy

• Sell Benefits and Not Features
• Use Power Adjectives & Specific Figures
• Speak in First Person

7. Setup an Order Payment System

• Variety in Payment Method
• Comprehensive Company Information & Support
• Post Certifications for the site
• Secured Payment

8. Draw Customer to Your Site

• Get Traffic from Search Engines
• Post Links on Related Websites
• Give Away Free Valuable Information
• Viral Marketing
• Advertising on Free Classified Ad Sites

9. Create an Opt-In List of Customers
10. Build a Relationship with Your Customers until they buy

Information are extracted from the book “Secrets of Self-Made Millionaires” by Adam Khoo

The Income Formula

Income = Value x Time x Scalability

Income is defined as spending more time to create value at work which in turns boost income. The power of scalability can further boost income by reaching out to more people when creating more value through increasing time spend at work.

The 4 basic strategies of Scalability are:

1. Earn Royalties and fees from licensing or selling intellectual property
2. Magnify your value by reaching more people at one time
3. Earn recurring commissions from sales and referrals
4. Earn profits, dividends and royalties from businesses

Information are extracted from the book “Secrets of Self-Made Millionaires” by Adam Khoo

Managing Wealth

Many people talk about wealth and managing wealth. So, what does wealth means to you?

Wealth is defined as

1. Your Monthly Expenese
2. Your Liquid Assets
3. Your Passive Income

The ability to manage this three aspect of wealth will eventually determine a person’s wealth level. Most people Earn, Spend then Save. Thus, most of them are unable to built on their wealth. It either remain the same or worst decreases overtime. To really maintian and increase one’s wealth one must Earn, Save & Invest, Spend. This way, you are sure that there is a positive income every month. Eventually, you will be able to spend comfortably on the luxuries life that is intended.

The defination of having a comfortable positive income is further defined as

1. Financially Stable (Save enough for 6 mth basic needs and insurances covered)
2. Financially Secured (Able to cover monthly basic needs)
3. Financially Freedoom (Able to stop working and sustain the current standard of living indefinitely)
4. Financially Abundance (Able to live your desired lifestyle and sustaining it)

Information are extracted from the book “Secrets of Self-Made Millionaires” by Adam Khoo