The Gap - for the individual in crisis

This is a cold Saturday afternoon and guesses what; I am fed up with my PDA phone as I still can’t fix my PDA phone to receive the MMS news. Useless I and I believe this is not the phone problem, not the network problem and it is my problem!
What problem is that, it was me who don’t understand how to operate the PDA phone and it was me who don’t get myself fully understand the phone and this is really my fault. Same here throughout the whole world, do you understand what is the economic crisis about. Well I don’t claim I know everything but let exchange my two cents worth of opinion with all of you at least I believe it is still two cents worth.
There were some bubbles created by the mankind and the bubble become bigger and bigger so when the bubble bust the sound is loud and clear.
For another example, when you go purchase property worth 1 million at a price of 5 millions, do we expect to resale at 5 million or more? This is exactly the case right now.
Many people have pay 5 million for the 1 million worth of asset. So at good time no one bother as everyone will keep on spending as the believe they can afford, but during bad time when it is under distress and the liquidity is not there the bubble of 5 million will burst and it will definitely fall below 1 million.
Why below 1 million, it is because of a simple equation demand and supply. Less people who can afford to buy and here those who can afford knew it and they wish for a better bargain! Isn’t it that simple? Or everyone is still trying to complicate the issues? I wonder?
So if you are one of them who caught by the situation, what should you do? My view is, don’t dream on, it will not be at 5 million at any time if it is only worth a million. So forget about the 5 million starts it all over again.
For those of you out there who are under employment just like me or those of you who are looking for a job this is a challenging time and we should keep it to the basic theory of life which is “SIMPLE”
All of us have a gap to fill and the theory of having saving for rainy days is always right, and never wrong. Everyone out there should now create your own spending budget and your spending habits.
In the eye of many, I am living with a lavish lifestyle, but I spend with my budget and things that I can afford and I seldom “BLOW” it. In fact I am not a rich person or “cash rich” type as most of my income goes to the family for the past years. Well I am still having my Cigars and wine, getting myself nice clothing shoes and with style. But this is all within the key word “BUDGET” and never over spent, mind you and the plastic cash, your credit cards is dangerous, always keep the balance at zero.
I mechanical pencil that I am using now can now put into the museum where I have used it since my primary. I am still wearing the same Seiko and mine of I still go to those barber for my hair cut even though my mum use to complain about that as in there is no “hair style from there”. Who cares!
You can be successful and at the same time be simple. I know of a few billionaires who used to have their meal with me in a small store for “Yen Tau for”. They with their simple lifestyle, win the battle of economic crisis and their company are disaster prove.
So keeping it simple is important. Don’t get me wrong as in keeping simple mean don’t spend. Keeping it simple mean spend at your budget and do not over spend. Spend on item which worth the value and don’t simply spend. I wish to own a ROLEX submarine and when the time comes I will definitely get one but I will not spend 10 ROLEX watches one is more than enough.
I will not insist of a branded shirt worth RM 400 if the tailor made shirt in Bangkok fit me well with just RM 100, I am comfortable with that. That RM 300 is what I consider as a Gap. Having the extra 9 Rolex is what I consider as a GAP too.
It is nothing wrong to own Rolex big house or big car if you can afford it but watch the way you spend it must be according to your purchase power and make sure it doesn’t hit your reserve fund.
Start it now before too late and stick on to it with modest life. Having sushi in restaurant of a shopping mall meet the same objective compared to having it in a six star hotel that is to fill need or hunger. If you can afford it, no harm having it in a six star hotel else don’t put yourself into a crisis by having it is a six star hotel just to show off, it does serve any purposes.
Dear all, start crisis management even before crisis and manage it well. No point doing crisis management during crisis, it might be too late and regretful.
When the mind of man is unattached to the ups and downs of life, but is able to maintain equanimity under all circumstances, good physical health will be assured. Illness is caused more by malnutrition of the mind than of the body. Doctors speak of vitamin deficiency; I will call it the deficiency of "Vitamin G", and I will recommend the repetition of the Name of God, contemplation of the Glory and Grace of God. That is the "Vitamin G" medicine. Medicine for ill-health is one third of the treatment. Regulated life and good habits are two-thirds. By my beloved Swami-Sai Baba

ACCA results out!

It took me sometime to settle down in Beijing and this Sunday finally have some time to write a few words to all of you.
Yes you might pass and no you might failed
But regardless of whether you pass or you failed, the most important thing is what your next steps is?
For those who passed, you should get yourself prepared for the next challenges, either it is time to find a job under such challenging economic situation or complete the remaining ACCA papers that you need to.
For those who failed, sometime knowing why you failed is a task and often no answer. So forget about finding out the reason but get yourself prepared for the next sitting.
So tow category of you reading the post here. One those who graduate and congratulate to those affiliate, two those of you who still need to continue your journey as ACCA students.
The Affiliate
If you are new to the job market my advice is don’t be choosy under such economic situation, if you have a job now you are lucky and need to thank GOD.
So where to start, I will always recommend the traditional way, The Accounting firm regardless of audit tax or corporate finance.
Which firm Big 4 or others, well you should of course aim for the big 4 but it is not the end of the world if you are not recruited by then. Try other medium firm and if you are good you will have a fair good chance if your career path in those Company. It is not important whether you start off with the big 4 or not but the right firm with the right attitude. Your attitude on your first job will decide your future. (Please refer to my previous post choosing and New Year resolution).
The students
You should now plan properly for those subjects you are taking.
Bear in mind, today is 22nd Feb and let’s assume exam date falls on 1st June, you should have 3 months left for exam preparation.
So the first thing you do is to plan for your time which means a good time table.
Get all the date down (I used to use Microsoft Outlook) and key in your work schedule, lecture schedule IRC and any important schedule that will occupied your schedule and all these date should be out by now. (Sacrifice your dates and unnecessary appointment)
Check after you have key in those schedules and you will find out that the time left for yourself is actually limited.
So what should you do? Get yourself prepared. How? Assume you are taking F8 P1 and P2 (for the benefit of JE one of my student) you should now schedule the revision time for the three subjects.
For the month of March and April, you should have all your revision done according to your class schedule. For the Month of May you should do a reverse strategy.
You should plan according to your exam date and IRC date systematically. (Kindly refer to the excel sheet, request a copy if you need it by email).
Then make sure you have sufficient sitting of PYQs. If you wonder how many sittings, my recommendation is always 1994 sitting till recent, else minimum 15 sittings ( a must). Please refer to my previous article – The Power of PYQ.
That should be the minimum effort that you should put in.
Good Luck