Presentation on theme: "1 ---Design your career ---Manage your money and……Plan your life Yi Qian Founder and CEO., Mutual Business Alliance Group., Inc., A New way of thinking."— Presentation transcript:
1 ---Design your career ---Manage your money and……Plan your life Yi Qian Founder and CEO., Mutual Business Alliance Group., Inc., A New way of thinking your career, your budget, your investment, your time and your life!
2 Why We Need to Think Differently? Why? Think as a millionaire’s code-make smart money. We work hard, we are always busy and then we realize that our income is still not enough…… Case 1: Ms. Lee: We don’t have enough money for retirement and expense of kid’s college. The only thing we have is a house but we need to live there. Ms. Chang: We don’t know how to use our cash since we just sold our house in Brookline and changed to a condo in the same area. Please guide me how to prepare for our future by diversified invemstment.
4 Design Your Career Ethics, Integrity, Kindness (Millionaire’s code) > 50% useless research in China (copy and fake) Uniqueness, Creativeness (Millionaire’s code) –Molecular biology, Computer sciences, Finance Vision, Confidence (Millionaire’s code) –Vision of your job, Potential results Performance on the job –Team work player? Communication skill? Priority of work: order list (Millionaire’s code)
5 Self-evaluation and Reality (Millionaire’s codes) Commitment: actively plan your work –Self realistic goals (long-term vs short-term) Consistency: don’t switch too frequently –Making a commitment to your project Confidence: I can do it-self imply + others encouragement –In self and skills, know who you are, where you are going and where you want to be. Nothing perfect Patience and Persistence –Don’t give up on your attempts too easy Imagination and Sensitivity to change –Variety of methods, sensitivity of times and your competition Track your work –Know what works and what doesn’t work, what productive
6 Think about your career: Make you what? Take a job you really like except surviving –Better life quality is more important than making more money –Don’t force yourself to do the job not fit to you How much potential your job is (Millionaire’s code)? –Is it worth you to spend much more time to devote to your work? Avoid to simply repeat failure work –Do you know your competitors’ work? Make money efficiently (Millionaire’s code) –Second job or not? E-business –Your own investment or not (realtor or investor)? Small or large ?
7 Manage Your Money Plan and force yourself to save money in different ways, No Gamble! Question: Extra cash should go mortgage or CD? 1/3 of income: Routine and current Expense 28% House expense: PITI 36% Total debt 1/3 of income: Future expense or Investment (Diversified investment) Stock market, real estate market, CD (not affect normal life) Retirement: 401K, IRA (also can be used as investment or your own house) 1/3 of income: Family support, Emergency fund or Risk reduce fund Parents Child’s tuition (529 or financial planning) Living trust, estate trust and diversified life insurance Sickness (Insurance), Accident Moving or relocation
8 Make Money Efficiently Pre-pay retirement life: good deal of house and land (income tax-free and lower expense states), tax lien, tax deed, foreclosure property (millionaire’s code) Pre-pay tuition: 529 is not counted as kid’s income. Pay attention to other talents beyond the study. 401k, IRA. –Distribution of heirs (Decedent’s death) (Millionaire’s code) Cut big one to small one: never think forever. Remote investment vs local Refresh your knowledge. Catch up the most recent trend. Have action now instead of keep talking
9 Plan Your life 5 years’ life, 10 years’ life, 20 years’ life –Size of family, size of house and # of houses –Location (US, Oversea) Retirement cost: 1.2-1.7 millions (Millionaire’s min) Living: China vs US –House vs Condo, Improved vs vacant land –Stay alone vs Senior house –Job related area vs retiree related area Med Care (Millionaire’s code) –Long-term vs short-term –Prescription drugs vs Herb
10 Case Study-Sunny Hills Booming Land Take advantage of 401K and IRA to invest hot land? Investor should be the game controller Strategy of diversified investment Small cost and low risk investment Be your own designer!!!