The Pipe Line Story: An Inspirational Cartoon About Escaping The Rat Race

Teach financially smart kids by example?

An etract from The Sunday Times, Jan 15,2012...

For parents wondering how to pass on financial wisdom, Ms Zimmerman suggests starting

with the ABCs:

"A” is for allowance, where a child earns a certain amount for doing a job.

“B” is for balance, where you tell kids that you don't want to spend all of your money
        right away because there are things you want to save for;

“C” is for charity or contributions to causes the family cares about.

The most important thing parents can do to teach their children about money is not only to lead by example, but also to share what they are doing, Ms Zimmerman says.

Her advice? Ask children where they think money comes from the next time you visit the ATM. "Of course the kids don't get it," she says. "It's not an endless money machine, and that's the start of a great conversation you can have with your kids."

That practise-what-you preach mentality on living within your means is at the heart of Money Savvy Generation, a company that develops products to teach basic personal finance skills to school-age children. Founder Susan Beacham practises what she preaches with her daughters, Allison, 2O, and Amanda, 17. Since she was eight, Allison has had her standard piggy bank replaced with what Ms Beacham calls a "Money Savvy Pig" - a special bank she developed that has four slots instead of one.

The slots correspond to "save”, “spend", "donate" and "invest”, helping children grasp the abstract nature of cash allocation in a concrete wav. Before Allison started college, she sat down with her parents and created a spending plan. "We do this each August and she lives within her budget all year," Ms Beacham says.
When her daughter considered moving into a student apartment, the budget played a role in getting her to reconsider. "One of the big mistakes kids make is to move into an apartment, when it costs twice as much. Indeed, delayed gratification gets to the heart of what separates doers from dreamers.

Ms Braxdale offers: "lf there's something your child wants, that's a great opportunity to say, 'Okay, this is how much it costs, this is how you can get that money, and here's how you can reach your goals'."

82 yrs old come back kid bounces back from bankruptcy

Read this on Adam Khoo website and wanted to keep in my blog as a reminder to me.

At the age of 72 years old, Lim Tow Yong was declared a BANKRUPT. The company he founded in the 1960s, Emporium Group Holdings which he and his brother started in the 1960s and it grew from a turnover of $10 million in its first year to $300 million at its peak in 1984.

In mid 1980s, the recession and severe competition hit the company hard. Saddled with debts of more than $100 million, Emporium was bought over by a Hong Kong company and Lim Tow Yong was declared a bankrupt at age 72.

He struggled to move on. As a 72 year old bankrupt with millions to pay in debts, it was not difficult to fathom why. However just as he had given much hope of overcoming his bankrupt at his age, 800 of his previous employees threw a dinner party to cheer him out.

“I was so touched by what they did. They didn’t have to do it, as I hadn’t been their boss for 10 years, but they did,” he said.

“It touched my heart, and I have never forgotten it. I’ve thought about it every day for the last years and I told myself I must work harder and one day pay them back”

To remind himself, he framed pictures taken from the dinner and looked at it every single day.

Most people at the age of 72 would either be dead or half-dead. Instead of feeling sorry for himself, he picked himself up decided to START ALL OVER AGAIN at the age of 72. After getting discharged from bankruptcy in 1999, he began to work his way back. He went to Malaysia and Brunei, and started stores that partner local retailers. Slowly but surely, he began to grow the business. It was tough at times, Lim Tow Yong had to carry supplies himself on his aged body.

Ten years later, at the age of 82, he sold his 17 stores and supermarkets for $4.2 million making him a millionaire all over again!

Lim Tow Yong had not forgotten about that day where his employees threw a dinner party for him to cheer him on. It was that dinner that changed everything.

So, 10 years after his previous employees threw a dinner party for him, it was his turn. He placed advertisements in newspapers, and about 1,500 people responded. In the end, the dinner cost him about $300,000.

Mr Lim said, “I think about that dinner every night and every day. It touched me. It is the relationship, the bonding, and the strong sentiments that make me want to give back to them.” “That dinner is the thing that brought back some financial fortune for me.”

So for all those of you who are whining, bitching and complaining that you are too old, too tired and no money to make your millions, then stick this article on your wall and stare at it every single day. Think about it. This man not only started with ZERO, he started with -----$. And at the age of 72, don’t you ever dare tell me that you don’t have more energy than him. These are the stories you should continue to read to remind you of the POWER OF THE HUMAN SPIRIT and that everything is possible when you believe in yourself.

Never ever give up. Fight till the very end. I remember watching Rocky (the movie about boxing) where Rocky Balboa (Sylvester Stallone) was being bashed up his stronger opponent. It looked so helpless and it seemed impossible for him to fight back and win.

When he turned to face his coach, his coach Mickey shouted to him ‘ I DON’T HEAR NO BELL’. ‘IF I DON’T HEAR NO BELL, THEN YOU KEEP FIGHTING!’ (The Bell signals that the match is over)

So, until you HEAR THE BELL that your life is over and that you are DEAD, you KEEP FIGHTING!

Fear Cannot Not Stop Us From Dying, But it Stop Us From Really Living