How to Become a Millionaire – Here’s 3 Ways

It’s something that we all dream about and chances are if you had one wish you’d ask to be a millionaire right? But how can you become a millionaire is there some special knack or insider secret or is it just down to luck?

As I see it there are only really three ways to become a millionaire the first is to win the lottery now if you’re a person that likes to gamble this may seem a perfectly logical way for you to make a million the only flaw in your plan are the odds of winning, they are impossibly stacked against you. You stand more chance of marrying into money than actually winning it.

The Second way you can become a millionaire is to steal it. Conning or robbing people is not a very honourable way to build a fortune not to mention the dangers involved with criminal activities, not least the threat of spending time behind bars and losing all your ill gotten gains. Like disgraced businessman Bernard Madoff who pleaded guilty to the largest investment fraud ever committed estimated at 65Billion Dollars.

The Third way you can get wealthy is probably the hardest but ultimately the most ethical and most satisfying, it can be broken down into two separate fields so want to know how to become a millionaire? Yes well here goes…

In this world ordinary people are not rewarded for their skills. However, if you are extraordinary or have a rare highly sought after skill, you can be paid very very well think of top sportsmen or actors both have sensational but rare talents, not everyone can do what they do right?

The other way is to become an entrepreneur, forget about working for someone else you will never become a millionaire while working for a boss. The time to make it as an entrepreneur is now and the best way to be successful is to help people by solving their problems. If you can provide services or information that can solve people’s problems whether they be emotional, physical, or financial you can make money.

Think of The Hilton’s they solve problems by providing luxury accommodation for holidaying people. Or British Airways solving the problem of faster transatlantic travel, or even Bill Gates who solved computer compatibility problems with his now legendary windows operating system just think where we would be now without it, would you be even reading this?

So there you have it the real secret to being a millionaire is to be extraordinary and try to solve people’s problems and with the power of the Internet you can do this now easier than ever I hope you have enjoyed this article and you know have a better idea of how to become a millionaire.

Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies

Google Instant Now Available for Mobile Phones

For those that follow internet tech news they are aware that Google instant search has been live for a few weeks now, but the new news is that Google Instant is now live for mobile phones. The number of phones that can benefit from Google Instant search is limited, so far only to iPhone and Android mobile devices.

Google announcement so far confirms that Android 2.2 platforms are so far the only capable mobile phones to use instant search and iPhones on its 4. The mobile version of Google is not far, but knowing Google will not be long until other languages ​​are added.

Once users log into the Google and go to the search page they will have to check the turn on instant search one time if they wish to use it, and if they do not they will have to turn it off afterwards. The user experience is practically the same as it is for computer users. Google instant offers almost instant results of the search query in a predicting pattern. Predicting pattern not being actually predicting, but showing the most search terms in that combination of letters.

Google instant services is designed for Wi-Fi and 3G networks with a hint that it is also developed for the new announced 4G network, but that is still unconfirmed.

Google is the number one internet company in the world, it owns over 40 multi million dollar companies and is investing in genetics, tech, and cyber research and internet technology. The latest projects that are getting the media attention is the long awaited smart vehicle also known as Robo-car and the Instant Search that followed the implementation of Google Caffeine. And like with every other internet app, as soon as a desktop version is out we can expect a mobile app version as well, which was in this case very fast and without error.

Flat Motorcycle Tires – Roll Hard!

Motorcycles with flat tires. . . roll hard! If your motorcycle is cruising along at 55 mph and your rear motorcycle tire suddenly deflates [has a blow out!] You now have a tremendously dangerous challenge ahead of you. Aviding other vehicles, controlling the steering, a swaying rear-end making everything unstable makes for a sizable victory when you roll off the side of the road and come to a stop. Congratulations, job well done! More riders than not end in an accident or something worse. All because of their motorcycle tires. Who knows your thoughts if it is the front tire to blow? You better be prayed up.

We all want a sharp looking bike. Once you select your make and model, your interest is on chrome, color, accessories, personal appearance, dress etc. but let us not forget about the importance of the rubber motorcycle tires that get us around. Frame, structure and engine all work together and hopefully are worry free for years. Motorcycle tires keep moving and we need to often watch for wear and safety.

There are two critical places that motorcycles need to be checked before each ride or at least once a month. Both are easy to do and both are many times overlooked. One area is brake fluid. If the pedal is mushy, bleed the lines or have someone else do it. Two, motorcycle tires need to be inspected. Why do we forget these?

Our safety depends on it. We trust our life to the two motorcycle tires under us that have at best two patches of rubber in contact with the ground the size of our two hands at any given moment. Move that along at 55 mph or even at 15 mph and each of the motorcycle tires is taking on a serious responsibility. The attention and care we offer towards our motorcycle tires can help us tremendously with our safety and enjoyment of biking.

Here are some areas where things can go wrong with your motorcycle tires:

– Tire Pressure: Under-inflation may cause uneven wear, loss of control [stability], wears the motorcycle tires out faster and increases the chances of the motorcycle tires failure. Over-inflation allows motorcycle tires to heat up, limit traction [although a slight 10% over-inflation may actually increase traction in wet conditions] and affects the wear. To correct these, use a good tire gauge and check the motorcycle tires when it is cool. Keep the motorcycle tires pressure at the recommended PSI.

– Fluids: Brake fluid, gas and lube spills need to be cleaned immediately. It deteriorates the rubber. Many of the cleaner protectors used on motorcycle tires harm the finish rubber. The best way to clean is to use old-fashioned soap and water.

– Bumps: Potholes, curbs and stones may slash or crack the tire. Look for any problem.

– Accelerated wear: Everyday use may be a potential hazard. Spinning motorcycle tires on take off or holding the brake on emergency stops need to be checked.

– Nails, screws etc .: It is better to find them before you ride than to discover these nuisances 20 minutes down the road. Motorcycle tires that use a tube may "pop" from a nail / screw or sharp object, where a tubeless tire may have the nail / screw actually plug the hole they created which gives you a little more time for repairs.

– Valve stems: Make sure the cap is on. It helps to protect the valve stem from leaking air and protects the stem valve from opening by centrifugal force and leaking air at higher speeds. When you use motorcycle tires with tubes, the valve stem should be straight out. If it is on a slant, the tire has been under-inflated and the tube has moved around the rim. Often this damages the tube and creates a leak.

– Tire weights: Weights need to be firmly fixed to the rim. If they fall off it will throw the tire out of balance and cause uneven wear.

– Rim: Cracked or deferred rims are potential problems. You may want to replace wire fired wheels when they became damaged with a cast or billet wheel that uses tubeless tires. Check with your dealer on this.

– Worn / torn: Thin tread is easier to detect. Flat wear is due to leaning very little and driving mostly in a straight line, resulting in a ridge at the edge of the flattened middle of the tire. This causes motorcycle tires to become unstable in a leaning turn. It wants to warble. The tire may have more wear but it should be replaced. [It is good to replace both front tire and rear tire at the same time.] Sidewall punctures, cracking, cord separation are an alert.

– Tread: Check the grooves called "sipes" making sure that the tread is still sufficient. The lack of having tread affects the cooling of the tire when in use, wear, stability, traction and can cause hydroplaning on wet roads.

When doing your inspection of motorcycle tires get a friend to roll the bike while you check the tread and sidewalls. You may need to get a work stand if alone. Obstacles to having a good inspection are long pipes, saddlebags, fenders etc. making it hard to see the rear tire. Front motorcycle tires are a bit easier to examine. This sounds like a lot but it goes quickly and is easy to do. Make it a habit to check your motorcycle tires frequently.

Some miscellaneous information you need to know. You will have better handling and get more out your motorcycles tires when you keep the rear tire aligned and balanced. Consider having this looked at approximately every1000 miles. Be careful when you have new motorcycle tires it takes the first couple of rides to get traction working well.

So! Happy riding and remembering to check your motorcycle tires often.