Author Archives: Ching Yu Tan

How To Survive The Currency Crisis

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The declining MYR to USD from June 2014 to August 2015 down by 23% from its highest to the lowest

With the current currency crisis and economic climate, many are feeling worried, confused, angry, frustrated, or even helpless. We see it in the headlines – The currency is getting weaker, we are hitting new lows day after day after day. And there is a general feeling of fear and uncertainty among the people. But in this article I’m going to share with you, that in this economic environment there will be those who will Thrive, Survive, or Die and I will be sharing with you the differences between these groups of people, so that you can be aware of where you stand, and what you can do about it. To be able to choose which group of people you want to be a part of and to start taking control, be confident, and perhaps even excited for this crisis!

In this article I will be splitting it into four sections, the first is to explain the key drivers of a currency. The second will be explaining the consequences of a weakening currency. The third will be explaining the different groups of people, and finally the fourth is to share with you what you can do amidst this currency crisis.

What drives a currency?

There are two parts to it, there are the fundamentals, and the technicals. The fundamentals includes the current political situation, the economics of the country, and any current events (news) that affects the country which impacts the general sentiments or feelings of people positive or negative. The technicals are responsible for most of the day to day fluctuations and key price/trading levels. So those are the key forces that drives the movement of a currency.

What happens when currencies weaken?

Imports start getting more expensive, local consumers will buy less of these imported goods and services. So on the forefront importers will suffer. Companies heavily reliant on imports will struggle, and owners may require to take cost cutting measures to survive. Now the ones who will really suffer the most are some of the employees of these importing companies, who may be subjected to these cost cutting measures. They may be required to take a pay-cut during these though times, or even lose their jobs. And overall those who are earning in the local currency will suffer with the declining currency, as imported goods become more and more unaffordable, their standard of living lowers.

Who will thrive?

As we see people turning away from imported goods and services, people will start switching to cheaper local goods and services. So, local businesses dealing with local goods and services will thrive in this environment. Exporters will also see growth as demand for local goods and services internationally will increase due to it being relatively cheaper and more competitive. Informed investors will also start shifting their money accordingly, investing more in businesses and financial instruments that will benefit from the declining currency.

What can you do about it?

As we can see the group with the most options and control are the business owners and investors, they have the most maneuvering options in this climate. Those who will most likely suffer are the employees of the affected businesses. This is the time for you to start looking into local goods and services, local businesses that you can start, get into, or invest in. If you want to continue a career path this is the time to look for jobs that will pay in a stronger foreign currency, and develop the required skills to get those jobs. With the globalised world we live in today, the internet has erased borders and you can even offer your services on freelance websites or offer local goods online to the international market.

As currency and financial crises come and go, more and more people are waking up to the fact that money is not real sustainable wealth. Currency (money) is one of the worst forms of maintaining wealth, you will continuously be robbed and become a victim of the monetary system if you do not learn how to secure your wealth in other forms. Because, if it is not the weakening currency that’s robbing your wealth, inflation will – prices will continuously go up and every dollar you hold on to will be worth less and less, because it can only be exchanged for less and less goods and services over time. Real wealth can be in the form of real estate, commodities such as precious metals, businesses, and anything that creates and adds value which I will cover in another article.

At the end of the day it is the people who take proactive solution-focused action that will thrive or survive in this environment. Whereas those who only stick back, complain, and blame everything and everyone else will be the ones who suffer in this environment. Take the first step to taking control of your financial well-being by investing in your financial education, learning more about creating real wealth through investing and entrepreneurship via seminars, books, videos, and people who are already successful in it. You will better understand what’s going on in the economic environment, and be empowered with the skills and tools to thrive financially in any environment. Knowledge will make you aware, applied knowledge will make you rich. Plan your road to get there and take action to get what you want.

The economic environment will always be changing, the question is: Will you be able to adapt and take advantage of the changes? Or will you be swept away and become another victim of change?

Getting What You Want

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Throughout my journey on the speaking and the training circuit, people from all around the world have asked me this question. “How do I get what I want in my life?” Be it in their own careers, finances, relationships, and more. So this is what I will be sharing with you today in this video, on how you can get what you want in your life.

There are two ways to get what you want in your life, one way is to ask less and be satisfied with getting less OR the other way is to go out there and get it. Now I’m assuming if you’re reading this you’re the kind of person who doesn’t want to lower their standards, and will go out there and get it. So I will share with you 7 simple steps to getting what you want.

Number 1: Be clear on what you want (or where you want to be)

If you want to embark on a journey you have to know your end destination and more specifically where you want to end up. Otherwise you may end up some place other than where you want to be. Because in your journey of life, you will come across various crossroads, and if you don’t know where you want to go, then picking any road will do, you just don’t know if it will bring you to a place you’ll like. So be clear on what you want or where you want to be.

Number 2: Where are you now?

To be able to get to where you want to be you have to know where you are now. Because if you do not know your starting point, you will not know which direction to go. In this case in order to get what you want you have to know where you are now, mentally, emotionally, physically, and all else that is available to you now be it your time, energy, money, and resources.

Number 3: Reverse engineering (or back tracking)

Always start with the end in mind, your end goal, your end destination. And from there work your way back to the beginning your starting point. Along the way identify the key objectives and milestones that you need to achieve before reaching your final goal. This will serve as a map to your journey.

Number 4: Identify what you need to get there

Now that you have your map it’s time to list out the things that you need to get through the entire journey. It could be the skills, knowledge, people, time, money, effort, energy, and more. Whatever it is, look through your key milestones and identify, what resources needs to be used to get you to each milestone.

Number 5: Getting what you need to get there

This is where most people face their biggest obstacle, it could be starting up a business and they say they don’t have the money, and they don’t know where to get it. It could be their relationships, they don’t know how what it takes to make a relationship work. Here’s the key to getting what you need. Ask and it will be given to you, seek and you shall find. If you’re not getting the answers that you want, you’re either asking the wrong people, or the wrong question. Most people focus on the problem and ask questions surrounding the problem, rather than focusing on solutions and asking questions that brings out solutions. The quality of your questions dictates the quality of the answers you will get. Another key skill to getting what you need to get there, is to be able to communicate your vision or goals persuasively and effectively so that people around you will support you and provide you the resources you need to get there, there is much more depth to this skill which will need to be covered another time. Know that the universe is abundant and full of resources, what is LACKING is people who tap into their resourcefulness which is readily available in all of us.

Number 6: Executing the plan

At the end of the day, execution is the key to success and getting what you want. Most people spend all their time in the first 5 steps, but stumble on this CRUCIAL step. The key to effective execution is to never give up, to keep moving forward, being focused on solutions and actively working towards each milestone regardless of ANY challenges that may come in the way. Know this at some point in the future, your future self has already achieved what you envisioned, and he or she is just waiting for you to do whatever it takes to get there. Know that as for everything in this universe, it takes time to incubate and bring things into this world. You don’t expect a baby to form overnight, so be patient regardless of how long it takes, just do what needs to be done until the time comes where your vision finally comes into fruition.

Number 7: Reap, Enjoy, Repeat

You have executed the plan, gone through the ups and downs of the journey. It’s time to reap what you have sowed, enjoy the fruits of your labour, and repeat the process towards your next vision. Because knowing how the universe works, there is always something more to be brought into this world, and more that WILL come through you. We have this innate drive and desire to constantly grow, create, and give. So trust your heart to guide you towards whatever vision that you may want to bring into this world. Trust the guidance in you that believes in an abundant universe that is and has enough for all, where we can come to win-win solutions and support each other towards achieving everyone’s vision.

I hope that this message has been useful to you, and I look forward to seeing you getting what you want and the vision which you will bring into this world. If you found this useful, do share this message with someone and help build up a community of like-minded people who supports each other. Thank you for reading and sharing.