The Rich and the Poor have very different mindsets when it comes to earning Money. The Rich build wealth by starting off with the mindset that they have all the potential within them to become wealthy. And because of this strong belief in themselves, their actions will be focused on activities that would help them build wealth, i.e. Save, Plan their finances, Invest, or even build businesses. This mindset of the Rich is what makes them Rich!

The Poor on the other hand, start off with the mindset that they are not good enough, and that they do not have the ability or potential within them to become wealthy. To them, becoming wealthy is merely a fairy tale dream. And because they believe that it is merely a fairy tale dream, their actions will NOT be focused on building wealth. In fact, because of their limited mindsets, they will focus on how to survive and make ends meet.

Although the mindset you start with (either the Rich Mindset or the Poor Mindset) MAY seem insignificant, your end results would be very different!

So, kids, if you want to be rich, you need to have a Rich mindset so that you can focus on building wealth, instead of merely trying to survive.

In next month’s issue, Rich Money Habit #9: If You Want Different Results, You Would Have to Do Things Differently.Other Related Articles:

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Enroll now to avoid disappointment.Other Related Articles:

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MoneyTree Wishes Everyone a Happy & Prosperous

Year of Tiger!!

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There is a reason why the Rich become richer, and the Poor become poorer and get trapped in debt. The Rich become richer because they always spend less than they make. With the surplus they have, the Rich buy Assets. Assets, as you know, are things that put money into your pocket, hence making you richer. The assets the rich buy will generate dividends / interest / profits for them. The dividends / interest / profits generated will be used to buy even more assets, which in turn, would generate EVEN MORE dividends / interest / profits. So, by spending less than they make, the rich would be able to put their money to work hard for them, hence making them even richer!

The Poor on the other hand, become poorer and get trapped in debt because they spend MORE than they make. Most of the money they earned is spent buying liabilities that decrease in value. The more liabilities they buy, the deeper in debt they are. And very soon, they find themselves earning JUST ENOUGH to pay off all the debts they have accumulated. By now, all the hard work will be focused on how to get themselves out of debt. And that’s why the poor become poorer.

If you noticed, from the start, there is only a small difference in the way the rich and the poor treat their money. One spends less than they make, and the other spends more than they make. But the end results are vastly different!

So, kids, if you want to be rich, you need to learn how to Spend less than you make and invest your surplus in assets to enable your money to work hard for you!

In next month’s issue, Rich Money Habit #8: The Rich work at building Wealth, the Poor merely try to survive.Other Related Articles:

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2) http://www.bt.com.bn/en/happenings/2009/08/06/think_big_for_successOther Related Articles:

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Detailed mechanics of the YES Challenge:

1. Gather a team of 3 - 4 persons
2. Attend the MoneyTree Entrepreneur 1-day Fast Track Program
3. Come up with an idea for a profitable PROJECT, and submit a written proposal for the project
4. Proposal would then be submitted to a selected panel to determine the viability of their ideas and whether it could eventually be carried out profitably. Panel would also identify the strength and weaknesses of the plan with the intention of knocking the ideas into shape
5. Projects that can be implemented and completed within 3 – 4 months are preferred
6. Teams would be given 15 minutes to present their project / ideas, after which, a selected panel consisting judges and potential investors will pose questions to determine whether or not the ideas are concrete
7. Teams whose projects / business ideas that have been selected will be given an opportunity to solicit funding from investors
8. All projects which have been selected will be divided into smaller portions / shares to enable more investors to participate at a nominal sum, or at a sum they’re comfortable with (The Maximum amount allowable to be solicited from investors is RM 25,000)
9. If investors find an idea that interests them, is scalable and is commercially viable, they can decide to invest in that particular project by buying shares in the venture
10. Each team will be assigned a mentor, who will be responsible for ensuring that the team implements their plans according to their milestone goals
11. Mentors would also supervise the preparation of monthly progress reports
12. The panel and mentors would play an advisory role to the teams, focusing on implementation, strategy and profitability
13. Profits would then be divided according to agreed portions as stipulated in the agreements, after subtracting any declared fees
14. Upon EXIT, ideas / projects that make profits or is poised to make profits would be flipped over to Phase 2 of the Maybank – MoneyTree YES Challenge where they would be soliciting up to a maximum of RM 75,000 from investors to continue their business idea / project from Phase 1
15. Ultimately, if the teams’ business idea / project flips over and makes profit during Phase 2, they will then be guided and supported to apply for available Government grants to bring their venture to higher levels

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• Highlights from YES Challenge Season 1 - Malaysia

The Maybank – MoneyTree Young Entrepreneur Startup Challenge is focused on helping future Entrepreneurs launch new ideas that could ultimately be turned into profitable ventures. This challenge would allow young Entrepreneurs / aspiring Entrepreneurs to not only learn skills that would sharpen their Entrepreneurial mindsets, but to also provide them with the opportunity to experience the practical applications of the Entrepreneurial skills they have acquired through the MoneyTree Entrepreneur Fast Track program.

Objective of YES Challenge:

To create a platform in which youths aged 17 – 24 are given the opportunity to:

• Acquire the knowledge and skills to start and operate a business
• Have a hands on feel as to what it takes to run a business / project
• Acquire the ability to generate ideas and evaluate their commercial viability
• Focus on creating a profitable enterprise / venture
• Experience pitching for funds to finance their enterprise

Target Audience / Requirements and Territorial Focus:

1. Youths aged 17 – 24 from Klang Valley (1st phase) – Will subsequently be expanded to other parts of the country in the next phase.
2. Education: Minimum Form 5
3. Language Proficiency: Fluent in English
4. Have attended the MoneyTree Entrepreneur 1-day Fast Track Program

Mechanics of Challenge:

The nature of this challenge is as close as it can get to the real world of Technopreneurship / Entrepreneurship. Technopreneur / Entrepreneur aspirants would be required to not only generate ideas that would attract investors, but to also follow through to make it into a profitable business / venture.

Detailed mechanics of the YES Challenge will be released at a later stage:

Participating Parties:

MoneyTree has invited a mix of representatives from Government Agencies, Private Sector and even Private Investors to be part of our panel of Mentors and Advisors. We also have two Government Agencies, five Education Institutions, three Corporations and several Independent Entrepreneurs who have agreed to be Partners with MoneyTree on the YES Challenge.

Grand Prize:

RM 20,000 in Cash and Prizes

Be promoted as the next “Malaysian Entrepreneur Idol” whereby the members of the winning team(s) would be taken on Roadshows to all participating Colleges and Universities to speak to their peers and share their experience in Youth Entrepreneurship and also be featured on Newspapers, Magazines, TV, Radio, Online Magazines and on the Internet.

In short, the members of the winning team(s) WILL be made famous and would have the opportunity to scale their businesses to a higher level.

Registration Fee (per team consisting 3 – 4 persons):

RM 600 (the fee includes a 1-Day MoneyTree Entrepreneur Program, Mentorship, Support and an Opportunity to start your own business)

For more information regarding YES, please contact uV @ +6012 293 5116 or write to him at uvwong@moneytree.my

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The training program is a 7-Day Entrepreneurship program that provides the students with an opportunity to experience what Entrepreneurship is, through a specially designed simulation that mimics the market conditions of the real business world. Entrepreneurship lessons are injected throughout the simulation to allow students to learn, and immediately put into practice what they have learnt to grow their respective virtual businesses.

CEO MoneyTree Asia Pacific Ltd, Mr Michael Reyes stated, “The program is specially designed to allow students to not only learn the theoretical part of what Entrepreneurship entails, but to also allow them to translate the knowledge into action through the simulation. The students have to make decisions for their virtual businesses during the simulation, and these decisions are dependent on market conditions determined by the simulation. Business loans, Marketing, Research & Development and Advertising are some of the key areas students would have to pay attention to during the simulation to ensure their enterprises generate revenue and profits.”

Besides participating in the simulation, KPM Melaka students were also required to set up small businesses at flea markets for 2 days during the program to obtain real life, practical experience in setting up businesses and in running the businesses they set up.

MoneyTree Director of Special Initiatives, Mr UV Wong stated, “We wanted to make the program a wholesome program where students would also experience Entrepreneurship through practical sessions which would hone their communications skills, sales and marketing skills, help them overcome the fear of rejection, and obtain hands-on experience in the setting up of a business. Hence, the idea of having the students set up real businesses, selling real products to real customers, and dealing with real money was introduced. We wanted to train them to look at revenue, profit margins, marketing strategies, and teamwork in the process of starting their small enterprises.”

Muhamad Zuri Iskandar, one of the students from KPM Melaka said, “I hope this program will continue to be taught in other Universities / Colleges as it helps us understand the challenges faced by Entrepreneurs in the business world. This program definitely provided us with the knowledge and practical experience to face those challenges in the future.”

For further information regarding the MoneyTree Entrepreneur Program, please write to uV at uvwong@moneytree.my.

About the MONEYTREE™ Entrepreneurship Programme:

The MONEYTREE™ Entrepreneur Program is a unique program designed to educate and create business savvy Entrepreneurs through a unique and specially designed Entrepreneurship Simulation which provides hand-on practical experience in Entrepreneurship.

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