“I am in control of my financial life completely!”
“I will get my wealth creatively!”
“I will generate my wealth intelligently!”
“I will guard my wealth responsibly!”
“I will grow my wealth progressively!”
“I will give my wealth generously!”
This robust chorus rang loud from the auditorium of the Research Centre on Leadership early on the morning of Saturday, 7 March 2009.
What may come across to some as being a wealth and investment seminar or a session of Debtors Anonymous, was in fact a special workshop organized by The Wealth College to help people overcome and eliminate debt in practical ways.
The trainer, Bernard Lim, is a certified financial planner, and is both a practitioner and director of The Wealth College, one of the world’s largest financial services companies. He has written books on practical debt management and taught individuals how to avoid financial pitfalls in borrowings and loans, thus increasing their financial literacy and ability to eliminate debt.
Lim’s unique teaching style involved audience participation to repeat out loud the key concepts taught during the session. Instead of the usual one-way presentation, Lim actively involved the audience to ensure that they got a good grasp of what he was teaching.
More than just stating “I want to be financially free”, attendees were made conscious of the fact that the term “financially free” refers to a state where one’s passive income (i.e. one’s money, ideas and people working for you, like investments, a business that is owned by you but managed by someone else, royalties for a book you have written) has effectively replaced one’s active income (i.e., you spending time working for your money).
To aid people in assessing the depth of their financial woes, Lim used a simple “Wheel of Life” Model. Money/Finances affects all other aspects of the wheel such as Family, Social Life, Career/Business, Health, so looking at the visual representation of finances allowed the participants to quickly grasp what areas of expenses and cost-savings they may not have noticed before.
Lim is a believer in the principal of tithing — now a widely-embraced financial concept endorsed even by the likes of Oprah Winfrey. “Releasing the tithe — or 10 per cent of our income — ensures that our eyes are open to opportunities to monetize our abilities, skills and knowledge,” he shares.
As an additional source of help for individuals who face deeper financial issues, Lim is currently setting up a team of financial planners to help to address and deal with serious and complicated debt situations.
If you are looking for more information on wealth planning, visit Bernard Lim’s site at www.wealthhub.com.sg