Secrets of Self-made Millionaires

QHB's 10 Points of Focus and Summaries

Secrets of a Self Made Millionaire 10 Points:

1. Work Ethic and Money Philosophy: Hard work is essential for success, and money equals freedom. However, kindness and integrity should never be compromised.

2. Mindset and Success Traits: Overcoming shyness, fear of rejection, and failure are crucial traits for wealth creation. Embrace a winner's mindset of taking full responsibility and ownership of your actions.

3. Financial Abundance Steps: Adopt a millionaire mindset, set clear financial goals, create a plan, increase income, manage expenses, grow wealth, and protect your assets.

4. Habits of Self-Made Millionaires: Exceed expectations, be proactive, take responsibility, delay gratification, pursue passion, act with integrity, learn from failure, and respect money.

5. Wealth Formula: Your net worth is defined by monthly expenses, liquid assets, and passive income. Positive cash flow can be generated through various investment vehicles.

6. Levels of Wealth: Progress from stability to abundance by covering basic needs, generating passive income, and achieving financial freedom and abundance.

7. Creating Value: Focus on solving problems and helping others achieve their goals, both in business and personal endeavors.

8. Business and Personal Finance Strategies: Prioritize high-value activities, embrace scalability, and consider criteria for profitable ventures, such as strong demand, low costs, and high margins.

9. Debt Management and Credit: Avoid consumer debt, pay with cash, and allocate a portion of income to debt reduction. Utilize credit cards wisely for benefits like interest-free periods and rewards.

10. Investment Principles and Procrastination Overcoming: Understand investments before engaging, focus on businesses with strong fundamentals, and overcome procrastination with public commitment, action plans, and supportive networks.

QHB's Selected Book Quotes and Summaries

*** AK = Adam Khoo (The Author)

# "By giving nothing (except love, food, education and a roof), one is forced to work hard. "You have to be cruel to be kind". - AK

# "Money = Freedom" - AK

# " Two important traits of becoming rich: 1. Overcome Shyness 2. Overcome the Fear of Rejection and Failure" - AK

# "Remember, money isn't everything, but Everything is money!" - AK

# "Read books by wealth gurus such as Warren Buffet, Peter Lynch and George Soros." - AK

# "Making money is a game. If you learn the rules and play well, money will flow into your hands. Play it wrong, you'll struggle financially despite working hard." - AK

# "Winners Mindset = Take 100% Responsibility & Ownership. You create your own fortune!" - AK

# "Seven Steps to Financial Abundance: 1. Adopt the Million-Dollar Mindset 2. Set Clear Financial Goals 3. Create a Financial Plan 4. Massively Increase your Income 5. Manage your Money & Reduce your expenses. 6. Grow your money. "Allow your money to create money" 7. Protect your fortune." - AK

# "Millionaires sees problems as money making opportunities and failure as valuable learning experience." - AK

# "Create Value to become an indispensable Asset and give an high return investment to the company. Be a "Value Creators"" - AK

# "The Nine Habits of Self-Made Millionaires: 1. Always Exceed Expectations (Do a lot more than expected -and Go beyond your client's or anyones expectations) 2. Be Proactive (Take the initiative to make things happen - Having the proactive mindset will put you in a position of power and choice) 3. Take 100% Responsibility (Stop the victim mindset - You create your own fortune!) 4. Delay Gratification (Don't spend more then you invest - Invest > Spend) 5. Do What you Love (Be 100% committed - Love on what you do) 6. Act with Integrity (Be honest with people - Do what you say will do!) 7. Be 100% committed (Only possible if you are passionate) 8. The ability to turn failure into sucess (see failure as a feedback, take it, accept it and learn from it) 9. Respect and Love money. " - AK

# "Integrity is above everything else, so be honest." - AK

# "Spend Today, Suffer Tomorrow." - AK

# "ANY INDUSTRY CAN BE SUCCESSFUL IF YOU'RE THE BEST." - AK

# "Unless you do what you love to do, you will never become rich (or successful)" - AK

# "Learn from those who made their fortunes with the same passion that i have. " - AK

# "It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffet.

# "Money is a personality magnifier. If your kind, Money will make you more kinder (ex Charity and generosity). If your bad by nature, you'll be more bad then before." - AK

# "Your wealth (net worth) is defined by 3 things: 1. Your monthly expenses (credit card, loans etc) 2. Your liquid assets (hard cash or money in bank account to pay off your monthly expenses etc) 3. Your passive income (your streams of income that continues on if you were to stop working)" - AK

# "Net Worth = Liquid Assets ➗ (Monthly Expenses - Passive Income)" - AK

# "Positive Cash Flow: 1. Stocks 2. Mutual Funds 3. Bonds 4. Fixed Deposit 5. Intellectual Property 6. Tenanted Property 7. Business" - AK

# "The Four Levels of Wealth: 1. Financial Stability (enough Liquid Assets to cover minimum 6 months of expenses & life and hospitalization insurance. 2. Financial Security (generate enough Positive Cash Flow to cover your MOST BASIC expenses such as mortgage and household groceries) 3. Financial Freedom (have enough passive income to sustain current lifestyle) 4. Financial Abundance (enough passive income to live your desired lifestyle)" - AK

# "2 Ways to create value for your clients: 1. Help them reach their goals faster and more easily. 2. Help them solve their problems faster and more easily " - AK

# "2 Ways to create value for your employer: 1. Help company increase in sales. 2. Help company to reduce cost." - AK

# "Find an activity that generates the highest value for your company and spend more time doing that! If you can, delegate the rest. Why? Because time is money." - AK

# "Scalability Factor is the extent and limit to which you can magnify and multiply your value. " - AK

# "Business owners create wider range of products using brand extension." - AK

# "5 Criteria for a profitable home-based, online Business 1. Strong demand for the product or service. (Don't create a product that no-one wants) 2. Ideally no inventory (go for something that is digital in nature or have a supplier who ships the product for you) 3. Low startup and running cost (cheaper to set up) 4. Global reach (go international) 5. Products that have high margins (low cost, but high profits)" - AK

# "Sell Benefits! Not features. Promote the benefits that your company will give, not the features. Features wont be useful for the consumers, but benefits, so promote it! Focus on core benefits! Not on features, that way easier for consumers to connect and purchase. " - AK

# " No.1 Trait of self made sustainable millionaires is that they live well below their means. Money is just a means of measuring their success." - AK

# "3 Steps to Reduce Debt: 1. Avoid all consumer debt! Never borrow to spend. (Ex personal loan and credit card) 2. Pay only with cash! If you want to use credit card, you can, but make sure you pay off the total balance each month to make sure banks don't earn a cent off you. 3. Take 10% of your monthly income and use it to reduce your principle sum on your outstanding loans and bills." - AK

# "3 advantages of credit cards to Great wealth building Services: 1. A two month interest free loan (normally banks will give you 2 months to pay, meaning first and second month is interest free) 2. Bonus points and rewards (depending on some bank, they give out rewards and points) 3. A monthly statement is produced by the bank (easier for you to keep track all your expenses)" - AK

# "3 Steps masters investors take in buying stock: 1. Identify very good business and its true worth 2. Buy them when the stock is undervalued or is at a huge discount/ 3. Wait for the market to realize its true worth or over value it." - AK

# " If you don't understand it, don't do it." - Warren Buffet

# "If gross margin is consistently above 25% between 5-10 years, it means company is strong to invest in. Avoid company with low gross margin!" - AK

# "3 strategies to overcome procrastination: 1. Make a public commitment (ex telling your friends and family) 2. Have a 36 hour action plan (ex set 3 goals and make sure its done within 36 hours. If you do this, your brain will take you seriously and you'll gain momentum to kick off) 3. Find a support group (to keep you motivated, and instead of having out with people who waste their lives by doing stuff such as clubbing etc)" - AK

=== END OF BOOK ===