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Thursday, 31 January 2008

Activity Summary - JAN 08


The following affiliate programs were added
to increase income from internet revenue:

  • Google AdSense program: Earn money from relevant ads on your website. Google AdSense matches ads to your site's content, and you earn money whenever your visitors click on them.
  • Global Replica: Earn $100 for every referal which result in the sale of a wide range of quality Rolex replica watches.
  • Amazon Associate program
  • Ebay Affiliate

Other Activities:

  • Registered new domain name: thekimsta.com for $15.95 a year with Planet Domain.
  • Manually changed blog layout to a 3-column page, reference: The Real Blogger Status website.
  • Added Google Analytics and Bravenet traffic analysis tools

Tuesday, 29 January 2008

Share Market Plunge

In January 2008, the Aussie share market dropped as much as 18% in value at one point. Similar plunge were seen world wide in markets across Europe, Asia and America due largely to the debt and housing crisis in America.

My managed fund investments took a massive hit during January, dropping around $8K in value.

Not a good start to my millionaire quest is it? LOL.

Despite the global share market meltdown, the Australian economy and that of China and India are still charging ahead strongly. There is no sign of a recession here! I am confident that over the coming months the Aussie share market will continue to regain its value and eventually make new highs.

Over the long term (7 or more years), shares is still the best way to make money, and I am here for the long term.

Wednesday, 23 January 2008

Ways to Get Rich - Part 4 (Make Money Online)

Make Money Online. Do a search on Google for "make money online" and you will get 33,700,000 results. Make that 33,700,000 + 1 after I am done with this article :)

So, can you really make money online and get rich from it? The answer is yes!

I have heard stories of people making a killing from blogging. A good example is a guy called John Chow (www.johnchow.com), he is making over over $20,000 per month just by blogging and this amount is constantly rising. If you want inspiration to make money from your blog look no further, as John Chow share all his strategies with you. You can download his free ebook "Make Money Online" in the Free Resource section of this page.

Blogging itself can not make you money. The secret is in using your website to sell advertising space and promote affiliate programs. The more traffic you are able to generate from your site, the higher the potential income from ads and affiliate fees.

Some popular examples of advertising programs are Google AdSense, BidVertiser, RevenuePilot and TargetWords. Whilst popular examples of affiliate programs include Amazon.com, Ebay, Apple iTunes and a myriad of sites offering web hosting and domain names.

Other known ways of making money online include getting paid to take online surveys, read emails or surf the web, write online articles as a freelancer, trade domain names, and sell stuff on Ebay.

One important thing to remember about all this is that, there is no such thing as easy money and you definitely will not get rich by not doing much. The harder and smarter you work at it, the more potential you have at making it big.


[Go to Part 3 | Part 2 | Part 1]

Tuesday, 15 January 2008

Ways to Get Rich - Part 3 (Investments)

Investments. This is one of biggest secrets to making money - using money to make money. Many people have become rich from their investments alone. Everyone knows that Warren Buffett, the 2nd richest man in the world, made billions of dollars almost entirely from his investments.

There are basically 2 main types of investment: the share market and the property/real estate market.

In the US, the return from shares/stocks have been over 10.5% a year on average since 1929. While the return from properties is a bit lower but still close to 10% a year.

In Australia, the share market has performed a little better – returning 12% a year on average; and 10% for properties. But during the last 5 years, shares and properties have both performed really well, returning between 20-30% a year.

Had you invested $100K in shares in 2003, it would be worth $305K today, that’s a profit of $205K in just 5 years. Not bad at all.

But with any sort of investing, there are always risks involved. It is not hard to lose all of your money from investing, if not done carefully. But there are many effective ways to minimise risks. All it takes is a bit of education, research and discipline.

I have already invested in a few managed funds in the past few years (or “mutual funds” in America), and they’ve been doing pretty well so far. I made an easy $6,000 profit from a capital of $23,000 in 2006-07 (26% return in 1 year).

While I haven’t dabbled into the world of property investment yet, there are plenty of opportunities to make good money in this market. I know countless friends, relatives, colleagues and even strangers that have told me how good property investment is and how they’re using negative gearing to buy 2, 3 or 4 properties with just ordinary income. Seems like a good idea to me, but it is something that requires more research before I jump on the bandwagon.


[Back to Part 2 | Go to Part 4]

Monday, 14 January 2008

Ways to Get Rich - Part 2 (Career & Small Business)

Work hard at your job. Getting a good education and a good job is a sure fire way of making money, but the million-dollar question is: will it make you a millionaire?

Well, the short answer is yes and no. Yes - if you are really ambitious and like to climb that corporate ladder aggressively. If you see yourself becoming a CEO and like to play hard office politics, then this strategy is definitely for you. A CEO’s salary typically include multi-million-dollar wage, with car, stock options, bonuses, etc, etc…

On the other hand, if you just want to stick to the technical stuff and become good at what you do, you can still earn a decent salary and live a decent life, but the sad news is that it probably won’t make you rich anytime soon.

If you learn to save part of your income and use it to invest wisely, then becoming a millionaire within 10 years is totally achieveable. More on investment in the next post...

-ooOOoo-

Own a small business. The statistics are well and truly against this strategy… I’m not sure how accurate this is but it’s widely believed that 95% of small businesses fail within the first 3 years.

Although there is the potential to earn a great deal of money, it requires many hours of pure hard work, planning, management and self-discipline before you could even start to make any reasonable profit from the business.

Owning a business is a lifestyle, not a job. You will live and breathe it 24/7. But it could turn out to be one of the most rewarding experiences if the business survive the baby years and start to grow.

For now I think I’ll pursue other paths to riches which revolve around my full-time engineering job and family commitments.


[Back to Part 1 | Go to Part 3]

Ways to Get Rich - Part 1 (Inheritance & Marry Rich)

OK, let’s see how many ways there are for getting rich and making a lot of money (in 10 years or less)

1. Inherit it. Some people are lucky enough to be born into a rich family and inherit the wealth. These guys don’t have to worry about making money at all, they just have to learn how to keep themselves out of trouble..... Paris Hilton is the perfect example here.

I don’t think this option apply to you or I, otherwise we both wouldn’t be here in the first place! LOL. But it would be the easiest and fastest way to make money.

2. Marry someone rich. This could actually be workable strategy. There’s no reason why you couldn’t get lots of money and true love at the same time by marrying someone rich (or famous)... you would have to be really lucky for this to happen though. But, if you chose who to hang around with carefully and only associate with the “rich” people, I bet that your chances of becoming rich this way would really increase. Good luck, and let me know if you succeed or have become rich this way.

As for me, this is not a valid option anymore, but I have found love and I’m very happy with my partner. Hey there honey! :-)


[Go to Part 2]

Wednesday, 9 January 2008

New Domain Name

www.theKimsta.com

As of today, this site has a new domain name! So all you have to do is type in www.theKimsta.com and you'll be able to find me.

Since I'm planning to be around for a while, I might as well make the site look like a pro :P While it won't make me an automatic pro-blogger, the ad networks and affiliate sites will no doubt take this blog more seriously. In fact, some ad networks will not accept a site unless it has its own domain name.

It's also better to get the domain name at the start than down the road. The last thing you want to do is build up a blog, get a ton of backlinks, referrals and page rankings and then have to move it to its own domain and start over.

It cost peanuts to get your own domain name, $10-$15 a year is probably the most you'll have to pay. And there are many websites that sell domain names.

Friday, 4 January 2008

Attitude is Everything!

Having the right attitude toward making money is probably the most important step in the process. Not only is it required to get started, but it is essential to maintaining momentum and persistence in the journey to becoming a millionaire.

In a nutshell:

Right attitude = positive thinking + adapt to change + persistence.


Positive thinking is about choosing to look on the bright side of circumstances, learning from past mistakes and trusting in your own abilities to make it big. You must believe to succeed, there is no other way.

Adapt to change refers to continuously updating your knowledge and skills. This is critical to success as the world is changing so rapidly these days. You can be sure there are always new and more efficiently ways of doing things. If you aren't doing it, you can bet that someone else is doing it and reaping all the rewards.

Persistence is the never say die attitude when you face adversity and temporary failures. It is a fact that every person that has ever become successful have experienced some sort of failure before they make it big. If a baby gives up walking every time it tries to stand up and fall down, imagine where we would be right now?

If you have the right attitude towards making money, then you are well ahead of the majority of the population. Stay positive, adapt to change and be persistent, and you're very much on your way to becoming a millionaire!

Wednesday, 2 January 2008

Progress Report - 01 Jan 08

Starting Capital on 01 Jan 08

  1. Net Value of Managed Funds: $20,300
  2. Cash Savings: $28,000
------------------------------------------------------------------------
TOTAL $48,300
====================================

Notes:
  1. Managed funds are geared; invests in Australian shares; funds' performance is dependent on share market performance
  2. Net Value of Managed Funds ($20,300) = Market Value ($42,200) + Excess Equity ($8,300) - Debt ($30,200)
  3. Cash investment is currently growing at a rate of 6.40% p.a. with CBA NetBank Saver account; rate is dependent on the RBA Cash Rate, currently 6.75% p.a.
  4. Monthly contribution from salary is expected to be $1,000

Monthly Change:
  1. Managed Funds - Existing: +$20,300
  2. Cash Savings - Existing: +$28,000
  3. Salary Contribution: $0
  4. Internet Revenue: $0
------------------------------------------------------------------------
TOTAL CHANGE +$48,300
====================================


Remaining:

A further $951,700 is required within 120 months in order to reach account size of $1,000,000. An average monthly income of $7,931 is required from this point forward.

Tuesday, 1 January 2008

$1,000,000'AIRE QUEST

Hello World!

Thanks for dropping by and welcome to my quest to become a millionaire in exactly 10 years from now (01/01/2018). Sounds like a good challenge for the new year? You bet!

In this blog, I will share with you the all the money making ideas, reviews and recommendations on various wealth building strategies for ordinary people like us, and updates on my progress and income from this quest.



So who am I? Here's a brief profile:

Name: Kimsta
Age Group: Gen Y
Sex: Male
Location: Australia
Qualifications: Bachelors of Engineering and Commerce
Full time job: Electrical Engineer*

*Note: the salary from my job will will not make me a millionaire in 10 years time :(

Becoming a millionaire does have a lot of advantages, picture this: you can retire early, no need for full time work, have more quality time for family and friends, can travel around the world, contribute to the community and charities, live in a nice house or two, drive nice cars, and best of all you can do just about anything you want without having to worry about money, that is financial freedom.

Sounds like a good deal for this little hobby doesn't it? It's well worth the time and effort. I believe anyone can do it, as long as you have the right mental attitude and enough persistence to overcome all the obstacles that stand in the way.

Bon Voyage, and...
HAPPY NEW YEAR! :)

Kimsta
"Change your thoughts and you change your world" - Norman Vincent Peale

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