Top 5 Saving Tips by Warren Buffet

Do you want to know the financial secret of one of the world’s wealthiest man? Are you ready to move out of debt and into financial emancipation? If so, then read on and change your life.

Warren Buffett is considered to be one of the world’s most successful investors in the world. In spite of his wealth, he is known for his frugality. His financial empire spans decades and continues to increase. The way he lives his life is a testament to sound money management that everyone can learn from. 

Money Saving Tip #1: Practice Living A Simple Life

What would you do if you have billions of dollars at your disposal? Chances are you’ll have a lifestyle makeover. Although this is often the case when people find fortune, Warren Buffett advices people to remain modest in living. Lavish spending will delete your savings faster than you could ever imagine. Moreover, living a simple life puts your feet on the ground and keeps you in touch with the rest of humanity – those that don’t have wads of cash tucked in every pocket.

Money Saving Tip #2: Avoid Compulsive Buying

Although this tip of the Billionaire is on stock trading and investment, it can be used for other aspects of financial gains. For him, patience is important for anyone who wants to be successful and financially free. Finding the right time to buy is equally important. His idea on stock investment and on waiting for the right timing to buy can be used in everyday life. For example, instead of simply buying items simply because they attract you is not a good buying decision (if there are any decisions being made). Likewise, waiting for the right moment when the prices are more appealing will save you a lot of money. So scout out sales and dropped prices before you swipe your credit card or pay cash.

Money Saving Tip #3: Buy What Is Important To You

The value of this advice goes beyond cost and savings. Of course finding something that you find valuable is important. But it is likewise, wise to find items that you want to keep for life. As items you buy are investments in themselves, make sure you purchase those that will last you a lifetime. This underscores the difference between cost and value – the former simply being the amount you’ve paid while the later is the actual importance to you.

Money Saving Tip #4: Learn To Save

Even a man of unimaginable wealth knows how to save money. In fact, learning to save is something everyone is advised to do. But the reality is, not everyone gets to save. Warren Buffett in spite of being at the top of the financial food chain saves money.

Money Saving Tip #5: Being An Investor

Warren Buffett is no stranger to risks. Just like anyone, his daily life is wrought with financial difficulties and risks that can shatter anyone’s confidence. But of course with billions of dollars backing him up, it’s quite hard to rattle this investment legend. But the bottom line is he understands and respects these risks that he himself lives a frugal life and continues to save.

Are you a person who is willing to learn from a successful man? If so, then presented here are some of life’s simple yet powerful advice on financial success. Most people have heard a variation of these tips and suggestions. However, many don’t put them into action. The difference between most people and Warren Buffett is that he takes saving seriously. Perhaps 

it’s about time that you too take finances seriously.

Adapted From: http://www.selfgrowth.com

Galaxy S3 is the World Best Selling Smartphone

(Reuters) - Samsung Electronics' Galaxy S3 became the world's best-selling smartphone model last quarter, pushing aside Apple Inc's iPhone, which has dominated the chart for more than two years, research firm Strategy Analytics said on Thursday.

Strategy Analytics estimated Samsung sold 18 million S3 models in the third quarter, compared with iPhone 4S sales of 16.2 million.

Strong sales of the flagship Galaxy S3 - which comes with a large 4.8 inch touchscreen - helped Samsung post a record $7.3 billion operating profit in the July-September quarter.

"Samsung's Galaxy S3 has proven wildly popular with consumers and operators across North America, Europe and Asia," said analyst Neil Mawston, adding the new iPhone 5 would likely reclaim the top spot for Apple in the current quarter. (Reporting by Tarmo Virki; Editing by David Holmes)

With the death of apple strategist' s Steve Job, can Apple continue to dominate smart phone market ???

Source: Yahoo.com

21 Ways Rich People Think Differently

World's richest woman Gina Rinehart is enduring a media firestorm over an article in which she takes the "jealous" middle class to task for "drinking, or smoking and socializing" rather than working to earn their own fortune. 



What if she has a point? 

Steve Siebold, author of "How Rich People Think," spent nearly three decades interviewing millionaires around the world to find out what separates them from everyone else. 

It had little to do with money itself, he told Business Insider. It was about their mentality.

"[The middle class] tells people to be happy with what they have," he said. "And on the whole, most people are steeped in fear when it comes to money."

Flickr / C. Pajunen1. Average people think MONEY is the root of all evil. Rich people believe POVERTY is the root of all evil.

"The average person has been brainwashed to believe rich people are lucky or dishonest," Siebold writes.

That's why there's a certain shame that comes along with "getting rich" in lower-income communities.

"The world class knows that while having money doesn't guarantee happiness, it does make your life easier and more enjoyable." 

2. Average people think selfishness is a vice. Rich people think selfishness is a virtue.

"The rich go out there and try to make themselves happy. They don't try to pretend to save the world," Siebold told Business Insider. 

The problem is that middle class people see that as a negative––and it's keeping them poor, he writes.

"If you're not taking care of you, you're not in a position to help anyone else. You can't give what you don't have."

Getty Images3. Average people have a lottery mentality. Rich people have an action mentality.

"While the masses are waiting to pick the right numbers and praying for prosperity, the great ones are solving problems," Siebold writes.

"The hero [middle class people] are waiting for may be God, government, their boss or their spouse. It's the average person's level of thinking that breeds this approach to life and living while the clock keeps ticking away." 

4. Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

"Many world-class performers have little formal education, and have amassed their wealth through the acquisition and subsequent sale of specific knowledge," he writes. 

"Meanwhile, the masses are convinced that master's degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness...The wealthy aren't interested in the means, only the end."

I Love Lucy screencap5. Average people long for the good old days. Rich people dream of the future.

"Self-made millionaires get rich because they're willing to bet on themselves and project their dreams, goals and ideas into an unknown future," Siebold writes. 

"People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression."

6. Average people see money through the eyes of emotion. Rich people think about money logically.

"An ordinarily smart, well-educated and otherwise successful person can be instantly transformed into a fear-based, scarcity driven thinker whose greatest financial aspiration is to retire comfortably," he writes.

"The world class sees money for what it is and what it's not, through the eyes of logic. The great ones know money is a critical tool that presents options and opportunities." 

7. Average people earn money doing things they don't love. Rich people follow their passion.

"To the average person, it looks like the rich are working all the time," Siebold says. "But one of the smartest strategies of the world class is doing what they love and finding a way to get paid for it."

On the other hand, middle class take jobs they don't enjoy "because they need the money and they've been trained in school and conditioned by society to live in a linear thinking world that equates earning money with physical or mental effort." 

8. Average people set low expectations so they're never disappointed. Rich people are up for the challenge.

"Psychologists and other mental health experts often advise people to set low expectations for their life to ensure they are not disappointed," Siebold writes.

"No one would ever strike it rich and live their dreams without huge expectations." 

BarackObamadotcom via YouTube9. Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich.

"That's why people like Donald Trump go from millionaire to nine billion dollars in debt and come back richer than ever," he writes. 

"While the masses are fixated on the doing and the immediate results of their actions, the great ones are learning and growing from every experience, whether it's a success or a failure, knowing their true reward is becoming a human success machine that eventually produces outstanding results."

10. Average people believe you need money to make money. Rich people use other people's money.

Linear thought might tell people to make money in order to earn more, but Siebold says the rich aren't afraid to fund their future from other people's pockets.

"Rich people know not being solvent enough to personally afford something is not relevant. The real question is, 'Is this worth buying, investing in, or pursuing?'" he writes. 


11. Average people believe the markets are driven by logic and strategy. Rich people know they're driven by emotion and greed.

Investing successfully in the stock market isn't just about a fancy math formula.

"The rich know that the primary emotions that drive financial markets are fear and greed, and they factor this into all trades and trends they observe," Siebold writes.

"This knowledge of human nature and its overlapping impact on trading give them strategic advantage in building greater wealth through leverage."

12. Average people live beyond their means. Rich people live below theirs.

"Here's how to live below your means and tap into the secret wealthy people have used for centuries: Get rich so you can afford to," he writes.  

"The rich live below their means, not because they're so savvy, but because they make so much money that they can afford to live like royalty while still having a king's ransom socked away for the future." 

richkidsofinstagram.tumblr.com13. Average people teach their children how to survive. Rich people teach their kids to get rich.

Rich parents teach their kids from an early age about the world of "haves" and "have-nots," Siebold says. Even he admits many people have argued that he's supporting the idea of elitism. 

He disagrees.

"[People] say parents are teaching their kids to look down on the masses because they're poor. This isn't true," he writes. "What they're teaching their kids is to see the world through the eyes of objective reality––the way society really is." 

If children understand wealth early on, they'll be more likely to strive for it later in life.

14. Average people let money stress them out. Rich people find peace of mind in wealth.

The reason wealthy people earn more wealth is that they're not afraid to admit that money can solve most problems, Siebold says.

"[The middle class] sees money as a never-ending necessary evil that must be endured as part of life. The world class sees money as the great liberator, and with enough of it, they are able to purchase financial peace of mind."

Kim Bhasin / Business Insider15. Average people would rather be entertained than educated. Rich people would rather be educated than entertained.

While the rich don't put much stock in furthering wealth through formal education, they appreciate the power of learning long after college is over, Siebold says.

"Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful," he writes.

"The middle class reads novels, tabloids and entertainment magazines." 

16. Average people think rich people are snobs. Rich people just want to surround themselves with like-minded people.

The negative money mentality poisoning the middle class is what keeps the rich hanging out with the rich, he says.

"[Rich people] can't afford the messages of doom and gloom," he writes. "This is often misinterpreted by the masses as snobbery.

Labeling the world class as snobs is another way the middle class finds to feel better bout themselves and their chosen path of mediocrity."

Flickr / Wei Tchou17. Average people focus on saving. Rich people focus on earning.

Siebold theorizes that the wealthy focus on what they'll gain by taking risks, rather than how to save what they have.

"The masses are so focused on clipping coupons and living frugally they miss major opportunities," he writes.

"Even in the midst of a cash flow crisis, the rich reject the nickle and dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money." 

18. Average people play it safe with money. Rich people know when to take risks.

"Leverage is the watchword of the rich," Siebold writes. 

"Every investor loses money on occasion, but the world class knows no matter what happens, they will aways be able to earn more." 

Flickr / Ibrahim Iujaz19. Average people love to be comfortable. Rich people find comfort in uncertainty.

For the most part, it takes guts to take the risks necessary to make it as a millionaire––a challenge most middle class thinkers aren't comfortable living with.

"Physical, psychological, and emotional comfort is the primary goal of the middle class mindset," Siebold writes.

World class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty."

20. Average people never make the connection between money and health. Rich people know money can save your life.

While the middle class squabbles over the virtues of Obamacare and their company's health plan, the super wealthy are enrolled in a super elite "boutique medical care" association, Siebold says.

"They pay a substantial yearly membership fee that guarantees them 24-hour access to a private physician who only serves a small group of members," he writes.

"Some wealthy neighborhoods have implemented this strategy and even require the physician to live in the neighborhood."

Getty Images21. Average people believe they must choose between a great family and being rich. Rich people know you can have it all.

The idea the wealth must come at the expense of family time is nothing but a "cop-out", Siebold says.

"The masses have been brainwashed to believe it's an either/or equation," he writes. "The rich know you can have anything you want if you approach the challenge with a mindset rooted in love and abundance." 


From Steve Siebold, author of "How Rich People Think."

How to get Your first car for FREE In Malaysia

Before making a down payment for a new car purchase, please consider getting a used vehicle. The secret is to take advantage of the no-claim discount or NCD. 

The tactic here is to use a very cheap old car and pay low insurance premium for the first five years. When you've reach the maximum no claim discount, only then would you pursue your dream car.

Example:

Buying a 15 year old proton sage 1.5l (automatic, power steering)

Cost: RM5,000 (pay cash)

Insurance: RM277.50 (comprehensive) or 3rd party which is cheaper.

Maintenance cost for an old car is much lower than the interest payment for a new car. After 5 years, 

buy your dream car.

Example:

Buying a new Honda Civic 1.8 iVtec

Cost: RM113,800

Insurance: RM3,225.90

After a NCD, you get a 55% discount. This means you only need to pay RM1,451.65 and you save RM1,774.25 every year onwards for car insurance premium alone!

RM1,774.25 x 3 = RM5,322.75. With only three years, you already save that much assuming you did not kiss other people's car and enjoy the full NCD, and did not make a claim. So you can consider your 1st car FREE!

Credit To kclau- Money Tips for Malaysian

Warren Buffett's Timeless Advice: 'Don't Make This Mistake'

CNBC/Lacy O'Toole Warren Buffett and Becky Quick

Warren Buffett has some timeless advice for investors that he can't repeat too many times.

At the end of his live, two-hour appearance with Becky Quick on CNBC's "Squawk Box" this morning, she gave him a chance to do a free association reaction to a single word: "buy."

Here's his response:

"I say, basically, 'hold.' The idea that the European news or slowdown in this or that or anything like that, that would not cause you to, if you owned a good farm and had it run by a good tenant, you wouldn't sell it because somebody says, 'Here's a news item,' you know, 'This is happening in Greece' or something of the sort.

"If you owned an apartment house and you got to raise the rents a little and it was well located and you had a good manager, you wouldn't dream of selling it.

"If you had a good business personally, a local McDonald's franchise, you wouldn't think of buying or selling it every day.

(Read more: Berkshire's Biggest Stock Holdings)

"Now, when you own stocks, you own pieces of businesses, and they're wonderful businesses. You can pick the best businesses in the world.

"And to buy or sell on current news is just crazy.  You're in a wonderful business. You've got people running it for you. You know you're going to do well over five to ten years. And to think news events should cause you to dance in or out of something that's a wonderful game is a terrible mistake.

"So, get into a bunch of wonderful businesses and stay with them...

"I've been buying all my life.  I bought my first stock when I was 11-years old and it was about three months after Pearl Harbor, and Corregidor was falling, and they had the Death March at Bataan and all the news was terrible. It was a great time to buy stocks. And I should have held that stock forever, and I've been buying stocks ever since."

Source: http://www.cnbc.com

5 Apps That Help You Manage Your Money

After two weeks yelling at Siri to “make me some cash”, I gather it’s not going to happen. Apple really shouldn’t release these features before they’re ready. And the finance apps aren’t any better; I’ve downloaded like 500 of them, but the only difference is my bank account shrunk by $495. Still, there are solid apps that stand out from all the rubbish in the store; and I have five of them listed here:

In our next upgrade, Siri swears at you on full volume when you swipe your credit card.

1. Lemon.com Wallet

Lemon, yeah, that describes the condition of most Singaporeans’ savings. Going sour. Anyway, the lemon app creates a digital backup of your wallet.

Lemon lets you scan and categorize your credit and debit cards. There’s a PIN to view the card details, which stops this app from taking first place in Identity Thieves Quarterly. The upside to this is that you don’t need to dig out your cards all the time: If you’re at the AXS machine, for example, you can check your phone and enter details instead of using the card.

It also works for things like ICs. Sort of. The images can be fuzzy, and for some reason the App’s default label for my IC was “Batman”. Huh.

Squint harder. Feel free to invade my privacy and all.

Lemon also lets you scan receipts, and tallies them for you. You can  opt to see the accumulated receipts over the last 7 days, 30 days, or on a specific month and year. For convenience, divide them into your own expenditures and your family’s expenditures.

Apart from some teething problems (it can take annoyingly long to scan some receipts), this is a solid money management app. Oh, and it’s free.

2. Piggie

As in Piggy Bank. This is a budget management app; what makes it stand out is simplicity.

Open Piggie and you’ll see many lists of expenditures. You can check the history of your expenses by day, week, month, or year. Piggie also draws up a Today vs. Yesterday comparison, so you can see if that new credit card is throttling your common sense.

Below the list are two buttons: One to input new income or memos, and another to key in expenses. Try to input an expense, and the app will ask you for a category: Dining out, groceries, petrol, etc. It’s quick and painless to input expenses, which is what makes Piggie shine: Just tap the category and you’re done.

Piggie needs an accumulation of data to get going. But it’s easy to read.

My only gripe with this app are the instructions. Mainly, they don’t frigging exist. After the download, you’re left to figure everything out on your own. I wouldn’t have spotted the wireless Dropbox sync without 20 minutes of aimless twiddling.

Piggie is very basic; but unless your personal finance involves stock movements or something, it’s decent. It’s temporarily free in the App store, so get it now.

3. Toshl

The main point of Toshl is seeing where your money’s going. I already know the answer to that (out of my wallet is where) but Toshl makes it specific.

After Toshl gathers sufficient data (use it for a month or so), it draws up some spending graphs. Toshl tracks what categories you’re spending money in, how you spent most of it, and when you spent it. This is displayed in a bar graph.

I also like that Toshl uses a time graph:

Input is pretty straightforward; when you buy something, just enter the price and tap the appropriate tag. On that note: I do wish there were some pre-loaded tags; it’s annoying have to create them all from scratch. But once you have a range of tags it’s easy to just select from them.

You can also pre-set a budget. For example, you could key in “Budget for food: $200″. Then every time you buy something and hit the “food” tag, it automatically subtracts from the food budget. The remaining amount in any budget is displayed like a life bar in a video game; quick and easy to check.

You can also select multiple tags for one purchase, in case you have multiple budgets going. So say I have a budget for “comics” and “novels”. If I input “books” as an expense, it could be set to deduct from both budgets.

Toshl is free; if something’s burning a hole in your pocket, use this to find the culprit.

4. Spendings

This is the most streamlined, no-frills personal finance app. Even Piggie looks more decorated than this.

Download Spendings and you get a tri-colour (black, white, and blue) list. It tracks your budget. If you want multiple budgets, you’ll need to buy the $0.99 upgrade; a bit off-putting, when apps like Toshl give you such features for free.

About as exciting as a pocket calculator I’m afraid…

As with Piggie, there are no instructions. But no complaints there, because a chimpanzee could figure out how to work this. When you first open it, the app asks you a bunch of questions: Your name, how much you make, your payment cycles…just like talking to a gold digger at a speed dating event.

Once it’s all recorded, you just input expenses as they come; the app automatically subtracts from your budget. That’s it. The basic version of Spendings is free in the app store.

5. Oranges 2 Apples

Oranges 2 Apples is from Dan Ariely, who wrote Predictably Irrational. The app counters the inherent lack of logic in our buying behaviour.

When you open the app, you’re asked to list your favourite things at different price ranges. The next time you want to buy something expensive, just input the amount. The app gives you a range of lower priced alternatives. For example:

Based on my earlier entries, these are the alternatives the app gives me:

Who the hell buys half a computer accessory?

Keep insisting on buying, and the app will keep throwing alternatives in your face. So you’ll eventually be cured of the desire to overspend.

This app is free; so if you’re an impulsive shopper, download it.

Source: Yahoo Fiance