Thursday, May 19, 2011

Confusion Quotes (English & Chinese versions)

1. 性相近也, 習相遠也
By nature, men are nearly alike; by practice, they get to be wide apart.

2. 過而不改, 是謂過矣
Not to mend the fault one has made is to err indeed.

3. 己所不欲, 勿施於人
What you do not want done to yourself, do not do to others.

4. 言必信, 行必果
Keep what you say and carry out what you do.

5. 君子以文會友, 以友輔仁
The superior man on grounds of culture meets with his friends, and by their friendship helps his virtue.

6. 三軍可奪師也, 匹夫不可奪志也
The commander of the forces of a large State may be carried off, but the will of even a common man cannot be taken from him.

7. 後生可畏, 焉佑來者之不如今也?
A youth is to be regarded with respect. How do you know that his future will not be equal to our present?

8. 有朋自遠方來, 不亦樂乎?
Is it not delightful to have friends coming from distant quarters?

9. 人不知而不愠, 不亦君子乎?
Is he not a man of complete virtue, who feels no discomposure though men may take no note of him?

10. 人無遠慮, 必有近憂
If a man take no thought about what is distant, he will find sorrow near at hand.

11. 非禮勿視, 非禮勿聽, 非禮勿言, 非禮勿動
Look not at what is contrary to propriety; listen not to what is contrary to propriety; speak not what is contrary to propriety; make no movement which is contrary to propriety.

Wednesday, May 18, 2011

Rich Dad Poor Dad

"Rich Dad Poor Dad" by Robert T. Kiyosaki

The author had two dads. One was highly educated (Poor Dad) and the other had never finished the Eighth Grade (Rich Dad). Both dads had conflicting views on money.

1. Rich people don't work for money

2. Learn financial literacy
If you want to be rich, you need to develop financial literacy. An asset earns you money and a liability burns your money. One example of liability is a car, it loses 25% of its value the day you drive it off the lot. In addition, you have many other expenses such as loan repayments, insurance, registration, running and maintenance costs.

Learn the difference between asset and liability and think how to create income generating assets.

3. Mind your own business
Along with your day job, start some business side by side.

4. Taxes
The way rich people protect themselves from heavy taxes is by corporations.

5. The rich invent money
Learn how to manage risk. An investment is not risky. Not knowing how to manage an investment is risky.

6. Work to learn - not for money

7. Action plan for getting started
These are the steps to awaken your financial genius:
a. You need a big dream.
b. Use the power of choice. You could sit at home and watch TV all day or you could take a course of financial planning. The choice is yours.
c. Choose your friends carefully.
d. Keep learning.
e. Pay yourself first - spend money on assets before you do anything else with your pay cheque.