How earning BIG bucks doesn't mean you are rich!

What does success really mean to you? Is it solely defined by the amount of money you earn or the number of big ticket items such as a shiny new sports car or wide screen plasma tv? If the above is what you really think success really means, I suggest you take a reality check and reexamine your definition again!

If I were to make you an Offer A of a pay $10,000 per month, but in exchange for it you would have to work 7 days a week, 16 hours a day, would you take up the offer? In comparison, if I were make you another Offer B which pays $4,000 per month but you would only have to work a 5 day week, 8 hour day, which offer would you choose? If your definition of success is to make lots of money, offer A would be the obvious choice. However, are you really better off with Offer A?

Doing a simple computation gives me this result:

Hourly rate for A = $10000 / 31 days / 16 hours = $20.16 per hour
Hourly rate for B = $4000 / 24 days /8 hours = $20.83 per hour

On a hourly rate comparison, you will actually be slightly better off taking Offer B rather than Offer A.

Success cannot be solely defined in absolute dollars term! The quality of life ie. work life balance is also just as important as the amount of money in describing success. You do not want to skip through life solely doing just work and more work, missing out in the process intangibles such as spending quality time with family, friends or loved ones, indulging in your favorite hobbies etc. These intangibles are what matter the most 30 to 40 years down the road when you are old, not the monetary wealth that you have amassed!

Here's a new phrase that you can add to your vocabulary: Time Poverty. A quick definition of time poverty is not having the time to do what you want. You can be rich in monetary terms but poor in reality because you do not have the time to spend nor enjoy this money with your loved ones. To be truly successful, you have to be both cash rich and time rich, having just either one is not enough. Are you on the right path to success?

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Are you feeling stressed out and unhappy?

Do you find it very hard to wake up every morning and wish you could stay in bed longer so that you do not need to face another day of problems? Do you dread the prospect of going to work because your job seems to have no meaning other than providing you with cash? Are you starting to feel miserable because nothing you do seems to be working out right for you? These are danger signals that you are feeling burnt out and unsatisfied!

What does it take to find happiness then? I came across this entry about happiness and realized that what it takes to make people happy is all about expectations, hopes and managing them! People feel unhappy primarily because they anticipate that their future needs will not be met. To rephrase, happiness comes from the expectation that dreams and goals can be, and will be fulfilled in the future.

Mind you that I'm not talking about achieving current needs but rather future needs. For example, if I tell you that right now you need to start working very hard, give up whatever indulgences or vices you might have now etc, but by deferring these pleasures now, you will most DEFINITELY attain your dream income, position, weight, spouse, house, car, whatever, will you do it? Yes, you will most happily do it! However, once you start feeling that your effort is futile and the goal is impossible to be met, that is when the unhappiness sets in.

It is quite interesting that Bhutan measures its development in terms of Gross National Happiness(GNH) instead of the more conventional GDP. A high personal GNH is also definitely something worth pursuing for every individual and that includes you and me! So never stop pursuing happiness, and if what you are doing now is potentially not going to help you attain your dreams, change it! Success and happiness are within YOUR control!

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Looking for Job Security?

Was lunching today with a friend of mine who works at Citi and he told me that his immediate colleague who joined his team barely a few months earlier had just been shown the exit. Just last week , the global bank announced further losses and write-downs due to the US sub-prime debacle, together with a mandate to lay off 20,000 over staff world-wide.

Well, I guess Citi wouldn't be the last financial institution to make such announcements. Where I work, layoffs had been announced previously but it had never hit this close. I've however seen a fair share of people being given the golden handshake in other departments, and senior management level executives being given immediate notices to leave. This is the reality in the corporate world: it doesn't matter how high or low you are in the food chain, if it makes enough sense and situation comes for it to ask you to leave, the company will.

Is there job security nowadays? From my above experiences, I can say a regrettable NO. The only way to be secure is to hire yourself ie. be self-employed or build up multiple sources of income such that you are not just dependent on your monthly paycheck. Who knows if you could be the the next one to be axed. How can a job be secure when you are not the one in control?

I quote this paragraph from "Why We Want You to be Rich: Two Men - One Message", in Donald Trump's words:

"Life and business can be combative. It can be a battle. But make sure you choose to fight the GOOD fight - and get away from futile battles and battlegrounds as quickly as possible. Do not live or use your energy in vain."

Are you in expending your energy and resources in vain? Are you fighting the right battles and on the right battlegrounds? CHOICE is a freedom we can all exercise!

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Why your values matter to your success!

Have you ever wondered why people behave in a certain way, or make decisions in a particular style? What makes us so unique such that it is so easy for our friends, family or colleagues to identify or even predict our actions? I guess that one way of explaining this would be that each individual is defined by his personal value system which also influences how successful we can become!

A simple definition of personal values would be the convictions regarding what we believe is important and desirable for ourselves. Every person has their own core set of personal values that guide their decisions which makes each of us different and distinctive from other people. They represent our highest priorities and subconsciously guides us in all our behavior towards events, decisions, choices and action in our daily lives.

Here is an example of personal values that I have in no particular order:

• Time Freedom
• Personal Growth
• Discovery
• Financial Freedom
• Independence
• Security
• Pleasure
• Adventure
• Challenge
• Ambition

As you can see, as our values guide us in all our decisions, our success is largely dependent on the set of core personal values that we have. However, it is not just the personal values we possess that are important but the order and priority that we have for these values are just as important as well. As you can see from my own example, some of these values can often be in conflict with each other. When trying to decide whether I should watch some TV or read a self-help book, if my value of pleasure takes precedence over that of personal growth, I would decide to waste my time watching some senseless TV instead of spending it more wisely to learn something new.

So in order to become successful, we should first start by becoming self-aware of our core personal values. By learning about what is important to us, we can then consciously strategize, prioritize, change and improve our value systems so that it facilitates and assists us in achieving our dreams instead of sabotaging it.

Therefore, start now to learn more about yourselves by listing down your personal values, and make an effort to choose the values that are most impactful to your success and eliminate those that are detrimental to it. One book which I find very helpful to learn what are the most important values to become successful is "The Millionaire Mind" by Thomas J Stanley. All the best in your journey of self discovery!

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Choose your path wisely, else end up in regret!

A carrot has just been dangled infront of me at the end of a stick: a chance to try out for a structured training program that will prepare me for a "successful and rewarding career" in my current job. But would it be worth my time even if I manage to get in? I'm sure most of us would face this sort of dilemma at some point in time.

Are you in an empty pursuit of other people's goals? Sometimes, people get stuck in a career or vocation because that is what they feel obliged to do, given that this is what their parents, teachers, superiors or bosses aspire them to be doing, or that is what everyone else in their peer group is doing. In an effort to please these other people, they find themselves stuck in a job that they do not inherently like, putting in years of their time on a path that they would not have chosen if not for some form or another of social coercion. If you think you are in the above situation, it is better to change your route now rather than look back in regret 30 or 40 years down the road.

In the corporate world, there is such a term called a career path or track. It is essentially a mapped out route of the progression that you will likely make or have to make as you move up the corporate ladder. An analogy would be a railway track that brings you from point A to Z. Essentially, to get to point Z from point A, there is no choice of route as it is a fixed track. But as the train driver, you could control the speed on how slow or fast you want to go. The only problem that you face getting to point Z is that you will have to past through point B to Y before you can reach your objective. If the station masters at these other stations so decide at their whim and fancy not to let you pass through, then it doesn't really matter how fast you want to go as your train would have to stop at their stations. In the military and government, they bring it one step further, the moment you step onto point A, there are already people up there who have already decided where your end point is. It could be as far point Z, but most people end up much closer to A, maybe point Q or T, so it doesn't really matter where you want to end up as it is not really your choice.

On the other hand, if you are doing your own business or self employed, you do not have a set path. You start at point A and determine your own final destination, it can be at point Z or anywhere in between. You can basically lay your own tracks as there are no fixed tracks or can even choose to bash into the jungle if that is what you fancy. Yes it may be a tougher route but it gives you total control of your destiny instead of having people determine it for you. There are no station masters along your route and even if there are, you can take a different path to bypass them.

With the above analogy in mind, regardless of which of the above path we already are on, which point towards the end destination we have already reached, or how fast we are currently moving, it is of utmost importance to slow down and reexamine whether or not we are on right path and whether we are on our own path. If we are not, is it worthwhile to make a switch now even if it can be painful? Choose your path carefully, as it determines the chances of you successfully reaching your end goal, a destination of your own choice.

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Don't stop Working, retirement means DEATH!

According to Singapore elder statesman Minister Mentor Lee Kuan Yew, who turns 85 this year at a recent silver industry conference, the secret to his longevity is attributed to his active life and the fact that he has never stopped working. In his own words, "We got to educate those about to retire: Don't retire, work. Retirement means death." Is this inferred to also mean that we should all be working till death?

In Japan, people really do work to their deaths! They even have a term for it, "Karoshi", which means death from overwork. Because of peer pressure to keep up with or out-do their colleagues or competitors, some Japanese work at such frenzied pace that they end up dying from a heart attack or stroke due to the overwhelming levels of overtime and stress!

For most people, their main purpose in life is to retire comfortably. In order to attain this goal, many defer enjoyment and leisure to work as hard as they possibly can, save as much money, and hopefully be able to stop working by the time they reach their sixties. Only when they retire would they try to sit back, relax, pursue their hobbies and try to enjoy the rest of their later years. But with the soaring costs of living and erosion in the value of money, how practical can this dream retirement be? We would probably have to settle for much less as we watch our savings deplete and get eroded away by inflation. It has become a worrying fact that not many of us would be able to afford a comfortable retirement with the same high standard of living we had before we retire. Even if we do manage to save enough money, would we have the energy or health to start pursuing our interests only then after leading such a hectic work life previously?

I agree that retirement means death, but only if pursue retirement as an end goal by itself. What do I mean by this? It means that we should not be working for work's sake in order to attain retirement as the starting point to enjoy life. When you are in your sixties, what if you find that after deferring gratification by burying yourself in work for so many years, you end up not finding the pot of gold at the end of the rainbow? You end up losing the sense of purpose and meaning to your life and this is a very frightening prospect.

My suggestion is this, to start doing what you love NOW! Be it a hobby or interest, I'm sure there's ways to start earning money from it either in a related job or as your own business venture. If work is your passion, it becomes play and I'm sure that you will never ever going to stop pursuing what you love doing until you die. In this way, retirement becomes an irrelevant concept and you can be deriving gratification, a sense of purpose and meaning from work at the same time!

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” - Herman Cain

So start doing what you love now and you'll never look at work in the same light again!

If you think you have failed..... think again!

Ever tried doing something repeatedly but failed miserably each time? Do you ever feel like quitting when everything you try does not seem to work? Congratulations! You are already much more successful than the majority of people who do not even try and a few steps closer to success than you think you are! Why do I say so?

“All our dreams can come true, if we have the courage to pursue them.” - Walt Disney

The majority of the people have big goals like you and me. They hope to advance in their career, start their own business, earn lots of money, buy a new car, go for that long vacation etc, but fail to take even the first step towards their goals. Therefore, by failing, it means that you have already gone past the first major hurdle in attaining your goals. Goals without actions are just day dreams!

“Men succeed when they realize that their failures are the preparation for their victories." - Ralph Waldo Emerson

There is no failure in life, there is only feedback as you will never ever really fail, unless you give up! Every unsuccessful attempt only gives you additional information feedback that you need to fine tune your ideas. See each failure as a new opportunity to begin more wisely with a higher probability of success. Eventually you will be successful if you keep trying!

"Far better it is to dare mighty things to win glorious triumphs, even though checkered with failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that know not victory or defeat.” - Theodore Roosevelt

If you have never made a mistake in life, it means that you have not live it to the fullest. Failure is part of the learning process when we attempt new things, try new challenges. By failing, we learn, by learning we grow. Eventually, we can rightfully say that we are a better person than before as each failure is closer step towards self-actualization! When we grow old and look back at our life, we do not want it to be full of regret knowing that there are many things that we wished we had done but have not attempted!

So the next time you think that you have failed, consider what I have mentioned above and you will feel much better. It does not matter how slowly you go or how many mistakes you make. As long as you do not stop, you will achieve your goals successfully eventually!

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DANGER: Don't get too Comfortable!

Are you in your comfort zone now? Is there something you would like to change in your life or work to make it better but have trouble putting it into action? Then you are in real danger!

Ever heard of the old idiom "A rolling stone gathers no moss"? My interpretation of the saying is this: In the context of learning, gaining knowledge and experience, a person who keeps improving will definitely become more successful in life than someone who doesn't try anything at all. Conversely, a person who refuses to learn will only grow moldy and find that he will gets left behind by his peers who are more proactive and adaptable.

In this time and age of fast changing economies and trends, the above saying can't be any more appropriate. A person who gets too comfortable with his life or complacent with his own skillset will be in real danger of losing out when the economic climate changes. Especially now with inflation growing at a blistering pace and the value of the dollar eroding rapidly, the cost of living will keep going up and one day you might find your economic value becoming worthless if you refuse to change now!

I've always been amazed at some of the people who receives long service awards at company dinner and dances. Traditionally, long service awards are given out as recognition to employees who serve a company for a long length of service such as 5 to 10 years. When such awards are given out, I am especially astonished when I realize that some of these people have all along been doing the same role with hardly any progression! Does quantity matter more than quality of work?

For myself, I strongly believe that the only time we should ever stop learning is the day we die! What could you do to create a better life for yourself but can't get yourself to do it? Here are some questions that you should ask yourself to get started:

1) What opportunity cost is there if I choose to remain where I am now?
2) What pain is there if I don't change?
3) What pleasure would I have if I change now?

Some parting words: The past does not equal the future unless you live there. Stop getting too comfortable!

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What simple step can you take to make a positive difference to your life this year

Did you set yourself a new year's resolution last year but find that you are still stuck in the same old job, not earning that extra income, not gone for the dream holiday, have not lost any weight, still not quit smoking etc? Most of us begin the year by setting big ambitious new year resolutions, but how many people actually realize these goals? It's not because you are unlucky or that opportunities have not been given to you but chances are that the main reason that nothing has changed nor improved in your life is that your actions have not changed.

Definition of insanity:

"DOING THE SAME THINGS BUT EXPECTING DIFFERENT RESULTS"

Many of us are set in our old ways and habits and go about our daily life in some sort of set routine. Can you recall the last time that you were spontaneous and tried doing something differently? I bet that most adults would have difficulty recalling such an instance as people are creatures of habit and old habits really die hard. Back when we were kids we would not think twice of jumping into a rain puddle to make a big splash just for the fun of it. But as adults, we would hesitate and worry that our clothes will get wet, we would slip and fall, and we catch a cold etc etc.

However, in order to achieve a new goal, the status quo will need to change in order to get a new result. Before we start planning to achieve the big hairy audacious goals that we have for this year, lets just start with ONE simple action that you start of doing immediately to easily condition ourselves for a something bigger.

DO SOMETHING NEW EVERYDAY!

First and foremost, remember that in order to achieve a different result, you must take a different action! Start by making small changes and adding more spontaneity to your daily routine. For examples, change the route that you take to work everyday, take the time to greet that next door neighbor instead of avoiding eye contact, try a new restaurant for lunch instead of the usual one that you patronize. In fact, make the extra effort to try anything that is new and you might just begin to see everything in a new light and discover more about yourself than you ever knew before!

Let's be a kid once again and jump into that puddle! See life as a new adventure everyday and I'm sure attaining success with your new year resolutions will no longer be a problem!

What if you are in the Rat race?

After a two week break for the last two weeks of December , I finally returned to work, although much reluctantly. In stark contrast to the peace and quiet I had staying at home during my leave, I was immediately greeted by the morning peak hour chaos on my ride to work. Trying to negotiate my bike through the congested roads to reach my office was nerve wrecking as there were hordes of people doing the same, creating bottlenecks and bringing traffic to a standstill as they tried to cut lanes in a fruitless effort to escape the jams.

Faced with the prospect of having to face this same morning routine 5 days a week as an employee, I asked myself this question: "What's the end result if people continue to going down this path in life?" Here are my thoughts:

So can we win the rat race?
People spend their whole life trying to climb up the corporate ladder, hoping for the next big pay rise or promotion. But what happens when this wish is unfulfilled even if effort is put in? Correct me if I'm wrong but my understanding is that for most companies, that much anticipated promotion, bonus or increment only comes all but once a year. This basically means that if you miss the boat, the best you can do is to try harder for one more year. Hopefully by then, the boss will notice your increased efforts and will reward you handsomely the next year! Yes, that's one more year of hard work that might possibly end up down the drain too due to external factors beyond your control(especially if you are under the wrong boss). In fact, taking a good look at the traditional corporate structure(mostly pyramid-shaped), the chances of you even making your way up is low as there's only so little room for you to maneuver to the top! Unless you have both extraordinary talent and lady luck shining on you all the time, the odds are pretty slim. So why bet on succeeding as an employee if the chances are slim?

So what if you win the rat race?
All right, assuming that you really do have what it takes to triumph right to the top of the heir achy, what happens then? Would you be free and have the time or money to pursue your passions, interest and hobbies or spend quality time with love ones? Not really, as you are still answerable to the shareholders of the company. If the company performs well thats great, but if it doesn't perform as well as what they expect it to be doing, there's goes your paycheck(many examples from the recent subprime mortgage crisis)! Another company might still want to hire you considering your track record, but still it's like moving from one cage to another, just a matter of how big or small the cage is. Even If you win the rat race, you are essentially still a rat! If the hand that feeds you so decide to cut your source of shelter, food and water, there's really nothing much you can do.

So what next if you don't want to run in the rat race?
I know the scenarios I've shown above sounds really depressing, but there's still hope just yet. However, this requires a paradigm shift in how we perceive work as most people are programmed from young to be part of the rat race(no thanks to the traditional education system). I've found a lot of answers from Timothy Ferris's book The 4-Hour work Week! The ideas that he presents in the book such as outsourcing your life may sound really radical but they are certainly thought provoking and helped me to rethink and redefined my idea of work as an employee and create ideas for alternate sources of income. Even if you choose to remain in the rat race, using some of his ideas might still help you regain work life balance and enjoy your life even more!

PS. Do leave a comment if you enjoyed the book. We may discuss some of Tim's ideas here!

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The Best of 2007 for my Favorite Sites!

We've finally come to the end of 2007 and into the new year 2008! Happy New Year to all!

As a review of the passing year, many sites have come out with their best-of lists of articles. I find that these compilations are a goldmine of useful knowledge that are now nicely organized and compiled for us to absorb. So if you are a busy person like me who does not have much time to read, these compilations give you the most bang for the buck so take the little effort to look through them and I'm sure implementing some of these tips into your daily routine will definitely help you improve your life and succeed in the new year!

Here's some of the lists from my favorite sites:

Year in Review: The 70 Best Lifehacks of 2007

The Simple Dollar: Best of 2007

Best of Zen Habits in 2007

Hope that these tons of handy tips will bring you further and achieve more for the new year!