Why you MUST having personal accident insurance (affordable and useful)

I had a bad back sprain on 31st July 2022 because…I bought some fruits. For a gathering. Imagine my doctor’s and insurance agent’s face when I told them how carrying some berries sprained my back, lol.

But yeah, no matter how mundance the reason for my back sprain, my personal accident insurance covers my medical and physiotherapy bills (up to a certain extent, of course), which is very useful for me.

Accident plan insurance can be fairly affordable

Currently, I pay $50/month for this coverage, and though I dont like to get injuries and painful accidents, accidents do happen. With this coverage, I can get thousands of dollars cover for medical and physiotherapy treatment in the event of injuries.

This means that whenever these dang unforeseen injuries and accidents happen, I know I can get medical treatments to heal myself to the best level possible, rather than just “wait for it to go away“.

Waiting for injuries to heal naturally…is a crap way of handling injuries. For very, very mild cases, sure. But for medium cases and above, because I am in the line of physiotherapy, hand therapy etc, I know that unmanaged and untreated (or delayed treatments) will 100% lead to sub-par strength, mobility and function eventually. Even disability and chronic pain.

It’s never a good idea to ignore injuries and pains in the hopes it’d go away. Always consult a physician and physiotherapist.

In fact, many health conditions, if treated early, will have little health issues.

It’s mainly things left untreated, to fester, that often leads to bad outcomes. For example, treating cancer at early (benign) stages is always easier and better outcomes (and cheaper) than trying to save someone at the very terrible stage 4. Likewise, treating a simple injury early is much better than waiting for full rupture or infection.

2 powerful reasons for personal accident insurance

Next, the reason why I created this short video is because insurance is a very powerful tool to

  1. protect your health (which I’d covered above) and equally important is
  2. is that it can help protect your wealth

A bad injury or disease can truly wipe out a family’s wealth, and even plunge them deep into debt, without the right health insurance to protect their health as well as financial health.

I’ve met people whose families wealth and money has been wiped out, and they had to sell their homes and assets to pay for medical bills because they “dont believe in insurance”.

While its true that many people will sort of pay and dont use their insurance (which is a good thing), the function of insurance is to provide protection in the event something bad happens.

Insurance is similar to having an umbrella before rain

Kinda like having an umbrella in case it rains. If the weather’s great, sure, it’d be wasted to bring the brolly out…but if it has a heavy downpour with no nearby shelters, you will be very, very glad to have that umbrella.

This is the reason why I carve out thousands of dollars a year for my entire family to be cared for medical wise, and prevent financial crisis in the event a medical event happens.

4 Steps To Retire Early (financial education for beginners)

Passive income is an enabler

Sorting out your money and investments from an early age is one of the most powerful “power moves” that you can ever do for yourself and your loved ones.

It can enable you to

  • retire early,
  • be more selective of your jobs and colleagues,
  • gives you a whole lot of options in life be it
    • more travel
    • buy stuff you like or
    • even be more generous to people you care for such as spouse, parents, family and friends

It can mean living behind a good portfolio for your kiddos/next generation. Or live very comfortably in a country of your choice. Or afford necessary but expensive medical bills.

I cant stress it enough, and I dont get bored of saying this again and again.

4 Steps + Persistence.

It’s not complex like rocket science.

It has 4 main components:

  1. Calculate how much you spend per year. If you’re like me, not detailed, then you can go rough estimate based on food, mortgage/rent, utilities, transport costs etc.
  2. Take this yearly expense and multiply it by 30 to be more conservative (a min of X15 is usually “good enough” but for myself, I recommend a higher multiple).
  3. Save as much as you can, optimizing your expenses and whittling out expenses you can do without and invest into investments that you understand (very important) and returns at least 10% to you.
  4. Keep going until you hit X15 of your annual spending, and keep going. You should enjoy some of the dividend/investment returns, but reinvest as much as possible.

That’s…it. Nothing fancy shmancy. The hardest is probably #3 because it’s boring and takes time as well as persistence over a period of time.

Is it hard? Heck yeah.

Is it important? HELL YEAH!

Some things you can do to accelerate this:

  1. earn more, be it by starting a side hustle to invest more
  2. increase your savings rate by cutting out stuff you dont care about. Put in your bonuses as well

Top 10 Cars Millionaires Drive [not what you think]

Most “regular” millionaires don’t drive supercars like Ferraris, Porches, Tesla and other performance cars.

What they do drive are

  • regular cars like Volvo, Toyota and Buick
  • 4- or 5-year old used but reliable cars

Why?

The real question back is…why not?

Firstly, when you buy a new car, the value of the car depreciates 10-20% every year.

That could mean that by year 4, your car can be worth only 20% of what you paid for it the first time (80% capital loss or depreciation). So buying a car that is 4- or 5-year old, that could mean a 60-80%+ discount. Of course the used car needs to be reliable.

So instead of paying $100K for a brand new car, you may end up paying $20K for a 5-year old version of the same car.

Secondly, buying a reliable used car that is 80% discounted means that you can pay it off one-off or take a much smaller vehicle loan.

This means that you either pay zero or very minimal in car interest loan which translates to another layer of cost savings, like a powerful well-time 1-2 from a trained boxer.

Where does this lead you?

End up with more cash to invest

If you save up to 80% on the car price as well as interest on the loan, this allows you to invest more into investments that can appreciate in value as well as pay you a monthly or quarterly income. It’s a positive growth loop.

Conversely, the person who pays in full for a new car, takes a bigger car loan, and repeats it every 5 or so years – how much dividends and capital gains they can miss out? A LOT. This is exactly why

  • some get richer and the rich get richer* vs
  • middle class/poor get poorer

Simply by the consistent actions and decisions they make. Look, I dont want that to happen to you. I want you to be the one that can invest more and more into assets that make more money for you like the scenario in the asterisk*.

My favorite tried-and-tested way to save $1K (and more) every month

Short TLDR answer

  • Step 1: main bank account receives all incoming money
  • Step 2: create digital savings account for one purpose – SAVINGS. No debit card to this account.
  • Step 3: every month when money from salary gets banked in, X amount goes into savings account.
  • Step 4: spend only from main account

That’s it.

I spend from main account only, and whatever is in savings account, I send majority if not all into income-generating-dividend stocks. Not only does my savings happen automatically, it is used mainly to grow my investment portfolio.

Rinse-repeat-rinse-repeat.

I thought everyone does this (because it’s second nature to me), and I realized that I’d been doing this intuitively/logically for years, but it’s not the most natural thing for everyone…because most people’s nature is to either

  1. Spend all they have / can OR
  2. They have too much bills and too little month

The 50% solution for problems #1 and #2

  • Problem #1: Spend all they have / can is more of an impulse problem
  • Problem #2: They have too much bills and too little month — can be a combination of impulse problem as well as not earning enough

I’m gonna write about dealing with impulse-buying.

Personally, I know that I am not very strong-willed, because I have finite energy. When I’m alert and well-rested, I’m super on the ball and I can make the best decisions….but conversely, I realize that I make really, really stupid decisions when I’m tired (such as end of the day) or when I have too much money (eg more than $1K in my bank account).

Some examples:

  1. At the end of the day, my ability to eat healthily goes out the window. One tub of ice-cream? Sure, why not 2? Lol.
  2. When I’ve $1K in my account, I get itchy and wanna spend. And once I’ve spent it, the next day, post-spending clarity sets in and I ask myself: why the fuck did I buy this rainbow sock?

I’ve too many examples where willpower is sexy but it doesnt work all the time. So I’d rather get willpower out of the way and make it a system. Make earning more money or investing more money automatic.

Then my approach will work for you ie automatic deduction into a hard-to-reach bank account. I make it even harder to squander that savings by immediately using the savings to buy income-generating dividend stock.

Well if I’m gonna use it, I’m gonna buy shit that makes me more money right.

Earning more is never wrong

Eemotional/brainless/impulse-buying is one thing, and I can circumvent that to an extent by auto-savings like above.

BUUUUUUUT 50% of the time, most of our money problems will be solved by simply earning more. In fact, let me take it one step higher:

Nothing, and I mean nothing, beats earning more – it just opens up more flexibility and choices be it in spending and investing.

I will write and share in a different post. Today, we’ll just talk about dealing with that monkey/lizard in our brain that just wanna spend and fuck.

4 Profitable Side Hustle That Works in 2022 (my fav is #2)

Earning more is never wrong.

Especially if you’re diversifying your income sources as well as monetizing your spare time instead of wasting it.

#1 Low hanging fruits: App-based services

Think of app-based services such as:

  • Food delivery: DoorDash, UberEats, GrabFood
  • People transport: Uber, Lyft, Grab
  • Parcel/item delivery: uparcel, LalaMove

and a lot more other similar businesses.

The good:

  • You can plug into the gig economy quickly and easily, simply by downloading the app(s) and applying to be a service provider.
  • Once they have approved your application, you can start work almost immediately (usually less than 7-14 days wait) and earn extra money daily
  • You can work around your schedule
  • Get paid quickly

The bad:

  • small-ish amounts

#2 Website + affiliate marketing (my fav)

This is by far my favorite.

The good:

  • you own your own website, which is similar to an online magazine that belongs to you (and no one can take it away from you – it’s your asset that you can grow or even sell or even give to your kids if you want to)
  • no income ceiling – you can earn a lot (there are bloggers earning $10K+ a month and more)
  • you can be as creative as you want
  • you can sell anything…as long as there is market
  • scalable with technology
  • 24/7
  • work from anywhere

The bad:

  • it takes time – at least 18-24+ months to see your first dollar
  • high learning curve (tech can be overwhelming in the beginning)
  • sometimes you can get hacked

It’s one of the hardest type of businesses to build, but it’s worth it when it works.

I learn how to build a profitable online business with Wealthy Affiliate (affiliate link). Sign up for free and no credit card needed – test it, speak to the community there, and then if, and only if, you’re ready to commit to building profitable online business, sign up.

#3 Buy low sell high

This is one of the fastest way to make money, but you need to be in the know. It’s one of the oldest form of business, where you buy (or make things) and sell it for a profit.

Some ideas of things you can sell includes baby wearing wraps and carriers, carpets, furniture, food and drinks (think bakes) as well as collectibles like NFT and pokemon cards.

The good:

  • it works
  • can be fun

The bad:

  • carrying inventory can be stressful or complex (if it can rot/spoil, like food)
  • you will also need to be active in your community, such as FaceBook groups, craigslist, flea markets etc.

#4 Convenient to-you services

This will be my 2nd favorite way to earn more, which is to provide convenient home services.

It can be massage, physical therapy, physical training, nail works, plumbing, electrical, handyman, pet sitting/walking, grass cutting, house sitting etc

The good:

  • people will pay for convenience AND
  • people will pay when they dont know how to do it

The bad:

  • its a service, so you need to show up and do the work
  • you need to collect money

Earn more so that you can invest in investments that can pay you interests and dividends, or to go for holidays and dinners. Your money, your choice.

Time To Buy The 2022 Dip? (crypto and stocks crash)

Feds raise fees by 75 basis points

With feds increasing interest rates and both the stock market and crypto markets seemingly on meltdown (at this time in writing, bitcoin is hovering around $20K, which is “peak” of 2017 and down 60% from all time high of $65K).

…which brings about some questions:

  • Is it time to buy the dip?
  • Should we buy the dip?
  • When is it time to buy the dip?

Short answer: Who knows?

I take the approach of first dollar-cost-average (DCA) which means that if the market goes down, my pre-set budget buys.

If the market goes up, my pre-set budget buys.

I dont like or want to spend too much time looking at charts and being too absorbed or up-and-down monitoring the market (which I am very guilty of lol). 2nd approach is when I have extra surplus, I do extra investing as prices dip.

That’s pretty much most of it.

Reports show that time IN the market is more important than timing the market, and I am definitely not smart enough to time the market at all.

Resource

I use https://nigelchua.com/crypto (cryptodotcom) for most of my hodling

4 Proven Ways To Make (More) Money (#3 is my personal favorite)

Resources (Affiliate Links):

  1. Get 2 free websites + learn how to build an online business nigelchua.com/wealthyaffiliate
  2. 2) Get a business logo nigelchua.com/fiverr

Making money isn’t complex – it’s mainly steep learning curve in the beginning, and then it’s work.

Watch the video to find out the 4 proven ways to make money, and I like #3 the best (it’s my personal preference).

Let me know what’s your favorite =)

Thank you for watching 4 Proven Ways To Make (More) Money (timeless classics)

Lost all my crypto?

What happens if I lost all my crypto holdings and portfolio?

I had a nasty nasty nightmare, that woke me up in shock and it took a couple minutes before I realized it was a dream (it’s a scary realistic nightmare man).

It’s probably a combination of trauma and reminder of my deep-seated unspoken fear about investing and speculating in cryptocurrencies (so easy to lose all your holdings by losing your security keys!)

…especially triggered with the recent UST – Luna – Anchor Protocol crypto collapse as well.

Deep and very serious reminders to:

Do not invest more you can afford to lose

Dont invest more than you can afford to lose and definitely, definitely do NOT borrow to invest (speculate or gamble) in high risk investments.

Crypto is definitely highly volatile and you can lose everything you put in there.

Take profits

My 2X rule now is that whenever an investment 2X (or ideally 3X), I need to take out 1-1.5X out.

Let the remaining amount go as far as possible.

Diversify beyond crypto

Don’t go all in or balls-deep into crypto (or any ONE investment).

Look, I believe in crypto, but it’s highly volatile AND doesn’t provide me cashflow like rental or dividends, so me and missus are now researching into income-generating assets to diversify into.

Start a side hustle to

  1. diversify your income (multiple sources of boss-less income)
  2. grow your network
  3. profits can be used to invest in other income-producing assets or reinvested
  4. potential to grow and scale

Remote bookkeeping side hustle? (really?? How much can you make per hour?)

Resources

  1. Free website tool to promote your virtual bookkeeping business http://nigelchua.com/wealthyaffiliate
  2. Online Payment (paypal.com, payoneer.com)
  3. Accept crypto payments, create account here https://nigelchua.com/crypto
  4. Hire freelancers to design your logo and namecards here https://nigelchua.com/fiverr

Bookkeepers are very, very important professionals in any businesses (even personal lives too, if you take your money seriously).

They

  • make sure your revenues and expenses are tracked carefully
  • bank statements are reconciled and tallies
  • any outstanding amounts are chased after
  • can even do payrolls and more

…but that being said, one of my biggest weakness…is that I cant stand to do bookkeeping and accounting.

I know cos I’ve been paying for remote and virtual book keeping ever since I started my first business, waaaaaaaaay back in 2008. I remember the first month of me futilely trying to do the accounts. It was so difficult, stressful and I dont know how many hairs I pulled out of my head in frustration.

More than 48 hours but still doesn’t tally or makes sense, whimpering, sad noises.

And our accountant sorted out in just 1 business hour lol – very obviously my lack of attention to details works against me. And knowing fellow entrepreneurs like myself, I assure you that bookkeeping will never, ever go out of fashion (you were right, dad, too bad I just suck at bookkeeping lol)

We still pay for bookkeepers and accountants till today.

Why virtual bookkeeper?

First, as I mentioned above – it’s a freaking necessity.

All businesses need to make sure their accounts and books are in order, if not they may be in for a nasty surprise if they’re not clear what’s happening with their numbers eg if they need to do more sales, cut back more unnecessary spending etc.

Secondly, it is behind the scenes and very important role.

Not everyone wants to be CEOs, directors or sales – there are much important responsibilities and things to do such as accounts and bookkeeping and finance that is very important too. Like how I do well in face-to-face, marketing, sales and management, there are others who just shine when it comes to numbers (not me lol.

Third: Remote!

This work can be done from anywhere – your hometown, during your travels, visiting friends and loved ones, or even as you care for sick loved ones.

How to start

No license required

I was surprised when I found out about this, and of course, most employers prefer someone who has formal education eg having a diploma or degree in accounting.

But there are many entrepreneurs like myself who would pay a bookkeeper if the bookkeeper is professional, accurate, efficient and well priced. Having good attitude goes a long way too.

If you want to be a virtual book keeper, you can

Formal studies

This is like going for college and universities for that diploma, degree or masters in accounting.

This is the most formal and long-route to becoming a bookkeeper, and it can take you years to graduate and come out to work as a bookkeeper. Usually a professional bookkeeper.

However, there is another path, which is simpler and quicker:

Self learning

Like attending courses and getting certificates in accounting.

You can do these online or in institutions in your town typically.

Your first virtual bookkeeping client

First, get your basic marketing stuff ready

You dont need more than 7 days (I did say basic eh), just

  • name cards with your name, contact and services
  • website with more details
  • bank account

Then, reach out to your direct network

This is calling and speaking personally to people you directly know, such as

  • First tier: close family
  • Second tier: extended family
  • Third tier: friends
  • Fourth tier: colleagues
  • Fifth tier: social media

Practice sharing what you do eg:

Hey NAME, I’m starting a virtual book keeping service business. I help businesses with book keeping, accounting, monthly and quarterly reporting and even payroll. If you know someone who may benefit from my services, please refer them to me. Thank you so much.

Notice I didn’t market, promote or sell directly – it’s an indirect sale, and I find it works better by not turning people off and when others refer others, word of mouth is even more powerful.

Paid networking?

Consider joining paid networking events and memberships as well for you to get steady referrals and leads.

An example of paid networking is BNI (business networking initiative) which costed me something like $500 per year (weekly gatherings also incur food and beverage costs) and the interesting thing is that the members of the group will refer specifically to someone within that group.

eg if they meet someone who needs your virtual bookkeeping service, they will connect you up

Of course there are more admin stuff involved including one-to-one meeting with each other, larger meet ups, admin duties etc (think of it like a business club).

Fees – what to charge?

The easiest is to call 3-5 of your competitors to ask them for their fee structure and services and then you can collate the information and decide.

Generally it falls into 2 categories

Per hour billing

Per hour billing, as its name, is basically billing by the hour.

Sometimes, some businesses wants a once-off so they go by hourly, but most of the time, businesses like mine prefer something more consistent, bringing us to:

Retainer

Retainer model is the same as membership and subscription.

You can tier up your retainer model by number of transactions or by hours (whichever easier for you) and bill your clients based on their needs on a monthly basis.

Lastly, protection

To be safe, I will always recommend bookkeepers to purchase general insurance:

  • general liability insurance
  • professional indemnity insurance

in the event something goes out of whack (mistakes do happen – we’re all human and sometimes we cock up).

Crypto.com Revives CRO Coin Card Crypto Staking (were we trolled?)

2nd of May 2022, Crypto.com announced in an email that they are killing their famous crypto card cro staking program (see this video: https://youtu.be/M1X9SZxTZok)

Of course there was very vocal hoo-ha and complaints.

There were many large amount sell orders too, in the millions of CRO coin being sold. Personally, as a mixed income investor and growth investor, CRO was up my alley because it provided me with income

  • 12% from Earn and
  • 12% from Stake

When the Earn program was knee capped by adding the tiering in (basically anything above USD 30K, the earn is pittance) – I knew their earn program days were over.

So I felt it was still okay that I could still lean on 12% from CRO card staking.

But when they announced overnight (literally the night before, as I got the email on 2nd May but the effects started 1st May), it was brutal and sincerely, fucking unprofessionally annoying.

I considered, and since I couldn’t get income from CRO, I think my CRO bag is too much, so I decided to

  • unstake my Icy White tier CRO amounts
  • sell those CRO amounts for both top ten crypto as well as to fiat (withdraw to my bank account)

I still have a good chunk of CRO staked in the exchange, but I’ll think about what to do with it later when the staking is finished.

Is CDC out of money?

Some of the hearsay (lol, in a nod to Depp vs Heard case) is that Crypto.com is outta money because they spent too much in adspend (advertising spend).

It’s unlikely they are out of money. This year itself, in January, they set aside USD 500 million to invest in early stage crypto start ups (ie crypto venture capitalism), paid out of their balance sheet (ie cash from business operations). They have cash.

So….if they weren’t outta cash, then why?

A few reasons in my speculated theories (hey, I’m no insider, but I can estimate why)

  1. It was in their plan all along to reduce such non-revenue-generating expenses. Paying out in crypto earn and cro staking doesn’t generate revenue for them at all. It was good and sexy to attract clients and users* (the keyword here is USERS. They want users who use their platforms and trade, so that it generates revenue).
  2. Secondly, they burned 80% of CRO so it’s possible that they need to create a buy-back event AS well as shake out passive, non-active non-revenue generating hodlers.
  3. This isnt their first time reducing earn or stake rewards since they started operations.

What should you do?

Dr Crypto Finance said this in this article: https://drcryptofinance.substack.com/p/crypto-dot-com-cdc-cro-crypto-crisis?

  • Don’t Sell Your CRO Right Now —> CDC is changing its fundamentals. This doesn’t mean it has lost its fundamentals. I, personally, believe it will succeed in its rebrand and will give Binance, BSC, and BNB a run for their money. Don’t sell for a loss now when you can sell for a profit 2 years from now (inflation-adjusted…)
  • Don’t Buy Anymore CRO Right Now —> market conditions are currently very volatile and I, honestly, have no idea where the price of CRO will settle. I believe CRO will not fall below 0.20 USD/CRO but I also might be wrong if CDC takes actions to move the price further down. At the end of the day, I think you have 2 years of bear market instability on your side.
  • Prepare To Buy More CRO In The Next 6-12 Months —> if you haven’t lost faith in the company, you may consider buying more CRO but at the 0.20-0.25 USD/CRO price point. Bear in mind that your DeFi wallet will continue to offer you ~12% returns on staking your CRO through various validator nodes if you do choose to buy CRO in the next 6-12 months.

What am I going to do?

For me, as I prefer and need to have income as well as growth (capital gains), I cannot just wait for CRO price to increase. I know their price will increase gradually with their

  • defi
  • cronos chain
  • crypto early-stage investing
  • others

But I need income to live. So for me, I liquidated a chunk to both

  • fiat, which I’ve drawn out to my bank account
  • top 10 non-stable coin positions

I’ll be withdrawing more crypto to fiat purchasing a rental property that has more stability.

Am I still in CRO?

Hell yeah.

I believe they can be a strong contender to Binance as they grow. I am still annoyed at the way they communicate and do things, and moving forward, I am setting my expectation that eventually there will be zero earn and stake rewards, and my returns on CRO will be purely on price action of CRO coin.