Financial Check 2011

8/10/2019 Financial Check 2011

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A PERSONAL FINANCIAL

CHECK 2011

Revised 2011

Dr Rohan Weerasinghe


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A QUICK FINANCIAL CHECK 2011

INTRODUCTION

This mini eBook is intended to be a reminder and a re-evaluation of

the tools I gave many of you last year with my Wealth Check Ebook.

I have added new material based on my learnings from 2009/10

and removed many of the exercises. It is a quick and powerful read.

Moreover, I have zeroed in on looking at your Income-Expenses,

Assets and Liabilities as there was so much interest expressed after

my recent set of presentations in the UK.

I cannot emphasize enough the importance of carrying out this

evaluation of your finances. To help, I have not only created the

spreadsheet for you to use, but I have also created a few short

videos on how to use it.

Like most spreadsheets, it can be modified, improved and adapted

to suite your needs. My hope is that it will act as a catalyst to help

you to improve yours and other peoples lives. I will soon have a

link on my BLOG for people to access the spreadsheet. I would ask

that, if you enjoy using it, please pass on the link to other people

who can go to my website, register for the spreadsheet and benefit

further.

I would highly recommend also reading Chapter 12 in my book

TURNING POINT and attending one of my three day Turning Point

Weekends to get the impact of this information.

NOTE

Please note that the information presented in this eBook is for educational

purposes only and is not intended to be advice. If you are uncertain of any aspect

of your finances you should seek advice from an independent financial advisor


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THREE KEY THINGS TO CHANGE

Ask the right questions

I talked about this last year and I think it is vital to repeat myself

here. What questions are you asking yourself that may be causing

you to stay in a poverty mindset rather than an abundance

mindset? Something I have noticed in this last 18 months is that

fear has driven people to focus on what they may lose or what

things will cost them. Although these form part of an investors

evaluation, they need to be kept in proportion with the other key

questions essential for moving FORWARD, not STANDING STILL.

The Laws of attraction and abundance require us to also be

abundant in our beliefs about attracting wealth. When a human

being only focuses on NOT LOSING they will, undoubtedly create

the energy and vibration of NOT LOSING. This is a low vibrational

energy centered around fear. This in turn, attracts more of that

which they are focusing on LOSS & FEAR. I have seen and

witnessed this. To attract wealth we need to focus on wealth. To

attract more opportunities we need to open up the radar that is

tuned into OPPORTUNITIES (NOT LOSS!). We need to start seeking

that which we wish to experience. We have to retune.

To do this we must re-structure the questions that we ask

ourselves. Human beings habitually ask themselves questions every

minute of every day consciously or subconsciously, verbally ornon-verbally. The quality of the questions we ask ourselves directly

influences the quality of the answers we receive. Poor quality

questions can result in fear being generated, bad decisions, poor

investments, financial challenges etc.


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Here are some examples of poor quality questions:

Why is it I cant seem to find any more money to invest with?

Why are my finances always so poor?

Why cant I earn more money?

Why cant I seem to clear my debts?

Why am I always so busy?

Why cant I find new clients?

Why do I keep losing money?

Why cant I find more opportunities?

Looking at these questions makes you aware of the negative

implications of asking them. Now, the key is to re-word a question

so that it produces a result that will move you forward. For

example:

Why cant I earn more money in my job could change to What do

I need to do in my job or business to increase my income or who

do I need to speak to, to increase my choices in my career, which

will improve my income?

Asking the right question shifts your focus to finding a solution

instead of an answer to a poor question which can only lead to a

poor answer.

Be Decisive

Let me share an observation I made in 2009. I found the people I

met and taught all over the world fell into three categories.


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1. Those who had become MORE decisive as a RESULT of the

recession. They were fed up (pissed off to use a term I

heard a lot) of having their finances influenced by outside

circumstances.

2. Those who became LESS decisive as a RESULT of the

recession. They were scared of trying something new in case

the market changed and they could not make money. They

preferred to stay where they were.

3. Those that simply did nothing and just watched the world

events unfold in front of them.

Oddly those in Category 2 are the ones who appear to spiral down

and become frustrated. This is because secretly they want to try

something but their BELIEFS have been shaped by other peoples

views and the external world.

Those in category 1 DECIDE to shape their own destiny They accept

it will require change and some set-backs but they refuse to live in

fear.

WHICH ONE ARE YOU? WHICH ONE DO YOU WANT TO BE?

In his book Think and Grow Rich, Napoleon Hill states that amongst

the single most defining characteristics of the successful and

wealthy people that he studied, decisiveness was right up there

towards the top of the list. Furthermore, he states that people who

tend to fail and struggle financially dont make decisions quickly and

as a result either miss opportunities or dont move them forward.


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Jim Rohn refers to procrastination as one of the major self-limiting

mechanisms that literally keeps people poor.

The question is What have you put off doing that you know you

need to do to move your life and your financial situation forward?

It is important to recognize an important decision when it faces you

and to realize that delaying making a decision has NO benefit.

FOCUS ON THE END RESULT you are looking to achieve and that will

make the decision process easier. As an investor this is VITAL.

The Power of Focus

What most people dont realize is that on a continuous basis they

are focusing on something, consciously or subconsciously. As with

the process of asking questions, when we focus on something with

enough intensity, the result we achieve will be directly related to

that upon which we focus.

Many of you will be or have attended my webinars on the high yield

passive income investments in the FOREX market that I invest into.

This is a classic vehicle that you may wish to invest into. But, it is

only applicable if it is in your current and long-term line of FOCUS.

For example, if you are looking to have a certain amount of money

grow at a very high rate and have a passive income from this pot of

money in the future, then your focus is, capital growth coupled with

income. Knowing that this fund has returned between 4% and

almost 6% over the past 5 years means that it fits exactly your

strategy. It is a perfect, passive, hands-off strategy.


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However, if your FOCUS is to use all your money to put into, say, a

short term trade and you want to be active in creating your cash,

buying and selling for example then the passive strategy of this

fund is not for you.

Many of you may have a focus on both strategies e.g.

passive/capital and cash. In which case you then ask POWERFUL

QUESTIONS around how much you want to apportion your money

into the two vehicles and then DECIDE when you want to do it. It is

that simple.

In summary, your focus and the associated questions must be

directed in a solution oriented and positive manner. For example,

your goal may be to create an additional 50,000 in profits from

your real estate deals. Your focus and related questions must seek

to direct your mind, energy and emotion in a way that moves you

towards that goal NOT away from it.

What investment or business opportunities can yield me

50,000 in profit?

What business or career best suits what I am passionate

about and would allow me to earn additional income?

Who are the KEY people I need to contact to help me improve

my circumstances?

What financial areas do I need to work on to ensure that I can

improve my current situation?

Having made 50,000, your FOCUS may change to turn this into

passive income. If you have a goal to make 2000 per month from


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this. you may then say, well if I take this 50,000 and put it into the

Investment Fund I mentioned, and if it made an average of 4% per

month (2000/month), then you would be able to turn your

property profits into a passive income from the Forex Fund. Or, you

could leave it there in the fund and it would grow in this example at

around 45% to 50% per year.

Note that there is a very subtle but powerful shift in the manner in

which these questions and the focus are structured. Firstly, the

focus is on the assumption that there is always a way and that it will

happen. Secondly the questions seek to look for more than one

strategy (plural).

TAKE CHECK OF WHERE YOU ARE

This next section is based on some of the material I wrote about

last year and is a supplement to the SPREADSHEET that I have now

made available to you. Hopefully with this and the spreadsheet you

will be able to do a thorough review of your finances.

Financial Review Income & Outgoings

Whether you are in a good financial situation or a dire situation I

recommend that you carry out a complete financial review of:

1.

Income2. Expenses

When I am working one-to-one with a Client I spend time reviewing

their whole financial situation. We look at existing outgoings in order

to establish any unnecessary outgoings and then we boil it right


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down to establish what the true survival figure is. We also explore

income and what potential income streams there are.

This is a very powerful exercise which few people actually carry out

on a regular basis. With regard to your income, it may be that at

this moment in time you only have one or two main sources of

income. This is something that I explore with my clients, with a view

to expanding their financial horizons in order to create multiple

sources of income. In my Turning Point book you will learn how to

integrate this into your daily and monthly money system.

When looking at expenses it is vital that you use a spreadsheet type

system. This should include a breakdown of your outgoings into

areas such as:

Utilities

Fuel & travel costs

Social and entertainment

Food

Education

Children/Family

And several others

The key here is to identify where you can plug the leaks and at the

same time increase the flow of money coming in - therefore creating

abundance and more money to allow you to expand your

investment opportunities.


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Property Investors & Business Owners

For those of you who are either property investors or business

owners, the same exercise that you carried out in your personal life

can also be carried out on your business. I am very specific about

this with my clients. We have a whole spreadsheet system that is

used to evaluate every possible expense going out of your portfolio.

This is then used together with your income to assess a future cash

flow model, which we assess through a separate spreadsheet model.

In many cases, there are several outgoing costs that most people

are unaware of and that can be reduced or completely removed

depending on the nature of the portfolio and how it is managed.

Ultimately you should have an income and expense breakdown for

each and every property you own or every business that you run.

Assets and Liabilities Specific

When assessing your assets, please take into account anything of

significance that you own and its current market value.

The same applies to liabilities, so list all existing liabilities. Loans,

credit cards, overdrafts and mortgages must be listed. Plus personal

loans from friends etc.

Sometimes you may have existing assets that can be sold and used

to reduce existing liabilities and as a result dramatically improve

your financial situation. This is the second part of my process when

I work with people. I will have them list out exactly what their

existing assets are with their associated liabilities. At this point we


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start to review what the potential strategies are available for

improving their whole financial situation and reducing expenses.

My suggestion is, when listing assets that you list everything that

you own that has value if it were sold. Liabilities include any

borrowing that you have from loans, credit cards, mortgages etc.

CAPITAL CASH PASSIVE INCOME

As a quick reminder, please remember that wealth can be built

through each of the above vehicles. It is important to identify what

is the best, or, are the best strategies for me right now? What am I

looking to achieve?

1. Passive = income without your input of time

2. Cash = money created by time exchange or by buying and

selling something for a profit

3. Capital = equity that is build over time or through

negotiation. This is about taking a longer term view

All are valid and all work in harmony together.

OPPORTUNITIES

There are opportunities all around you, the key is to keep your

radar switched on so you can look for them. Have a look at my

website on the opportunities page to see what things I look into.


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COME AND JOIN ME

If you want to watch attend of my live Turning Point Seminars or

on-line presentations, then go to www.thebaldtruthonline.com and

register.

Also get a feel for the powerful impact that our three day Turning

Point Seminar can make on your health, relationship and wealth by

visiting THE BALD TRUTH Facebook Fanpage and read what others

have experienced. I would love to meet you personally at one of my

up and coming events.

Finally if you have not read a copy of my book Turning Point then I

believe you will find some invaluable personal and financial tools in

there too.

NOTE

Please note that the information presented in this eBook is for educational

purposes only and is not intended to be advice. If you are uncertain of any aspect

of your finances you should seek advice from an independent financial advisor.

Financial Check 2011

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