Wednesday, September 15, 2010

Day 15 Challenge - Money Management

‎Coco Chanel said, "There are people who have money and people who are rich."

Is having money and being rich one of the same thing? Or are they totally different?

In my previous post "Creating An Action Point", I shared that I want to be a rich woman - rich in spirit, rich in relationships, rich and healthy life experiences, rich mindset supported by financial literacy.

I believe that being rich is not just about money. Being rich is a state of mind. Harvey Mackay once said, "for some, no matter how much money they have, will never be free enough to take time to stop and eat the heart of the watermelon. And some people will be rich without ever being more than a paycheck ahead of the game." However, financial literacy is important in order for us to have a rich mindset & mentality.

There are some simple but effective guidelines for day to day money management. On this 15th day of September (wow how time flies, it's already MID-SEPTEMBER!!!), the task I have given myself to do is to invest in financial education, spend & save wisely, and setting financial goals.

(1) Invest in Financial Education - There is a saying "the more you learn is the more you earn". I am convinced that reading and studying more financial literature will help me acquire a new way of thinking about finances. I've started reading a number of books about money management, passive income, financial leverage, saving & investment particularly those from Robert Kiyosaki. I have learned that building a pipeline by generating residual income by ways of investment opportunities, such as real estate (with rental properties) and online referral & affiliate businesses, with the ultimate goal of being able to support oneself with "assets" that generate cash inflow.

(2) Spend & Save Wisely - It's important to bring discipline to our spending & saving. Some of the ways we've been able to do that include: no more impulse spending, buy online where it's cheaper (I highly recommend you to GET THE FREE APP to find the best bargains online), and we also commit to not buy things if we don't have the money.

(3) Setting Financial Goals - We've taken time out to put plans in place to make sure we can afford our expenses without getting into debt, have a budget, an investment goal, as well as giving money to important causes like ministries and mission work.


Anonymous said...


Anonymous said...

being able to be content is also a big part of the mindset and helps not be taken in by the marketing and advertisements we see everywhere around us... that way, money or resources can be spent in a carefully planned and thought out fashion in response to needs instead of wants or nice to haves.

Anonymous said...

Kitty, I appreciate your heart sharing in these challenges. Money Management is very important and something every one needs to look at.

Paul Turner

Kitty Cheng said...

Thanks guys for your comments!

Christopher Grissom said...

Good post..I am familiar with kiyosaki, and his wife. interesting stuff.