then retire like me at the age of 25.
The prob with most pple is not money. money is no problem, the problem is no money.
lol. to be serious the point i want to make is that no matter how much you have you will not feel secure if there is no means of passive income. Also, capital preservation is the key concern.
To me, 90% of the Singaporeans are really poor - having no liquid cash on hand, let alone enough for investments. If you know what I'm taking abt, there are just a few "accredited investors" of local nationality. There are tonnes of private traders doing anywhere from 20 to 80% per annum after fees for individuals of 10mio liquid and above. These traders are not open to peanuts investors if you have 300 to 400k. How do i know? i used to manage for a guy of such worth
If you are a young guy of around my age, pls do not send me PM asking me to coach you. There is no short cut to success in this world – even if you are a money lender,etc. Heard abt the 10,000hr rule? I started at 16 and till then I clocked my hours. I had my share of trauma esp when the equities crashed jus before my “A” levels examinations due to 9/11. LOL
Passion is the key. Ask your fren to think abt his core competencies and his interest. that he will be happy and shine in his new endeavour. For me I used to eat, sleep and drink market since the age of 16yrs. That is were I clocked my hours. I stopped. Money and material wealth is not everything in life.
The key is PATIENCE. The winners are the ones who wait and the last thing to do is to be hard up. Back to march 2009 remember those days where everyone’s bonuses got cut and jobs were at risk, there were many loading up on equities and such, not to elaborate. I was fortunate enough to have my share of bargain in the market distress. It was GSS for me in
AIG, citbank, etc. This kind of crash comes every 80yrs.
For me, I used to enjoy watches - not wearing them, rather, buying and selling them. Why the weird passion? I do not know, I jus enjoy the process of watching money grow, for me I’m into private selling/trading of watches now. It’s a money relaxing job. The only drawback is the capital needed (so you need liquid $$) For me I’m into higher value watches of value 100 to 150k usd so for me to sell one watch is abt 15 to 20k usd. Also, I may take jus sell 1 watch in a month and it can be really slow. So I depend on my own managed funds which pay abt 180k yearly.
Is it easy? Yes, If I’m passionate abt the trades and deal with the right people. Being a low maintenance person that amt of money is too much for me. Most of the $$ goes to my family members. Rest of the time do I play a 72hole golf?? LOL how can I play golf when I can’t even tie a neck tie? I might be better off being a caddy. I spend my time teaching and helping the under privileged.
I know of a few individuals doing the same thing as me. My uncle is a retired pilot and he bought a 300k 2nd helicopter and he conducts lessons on a chopper in Malaysia. I do not know the exact details as he is my distant relatives. There 101 ways to do things if you have the passion.
Managing expectations is also important. I made impressive income trading private individual wealth formerly. I had my days dreaming of owning super cars and luxury marques which explains why I am formerly in this forum. As much of my income is overseas I rent many cars from distressed owners looking for short term takeover and there are quite a few in this forum (don’t worry I have forgotten you all). After sometime, I start to realize that I can own many things and still few empty. We are like hamsters – always living up to other people’s expectations. Becareful of becoming so rich until you are left with nothing but money. A successful man not wealth, he has health and family too. For me, the last luxury car I had driven was a 2006 330ci 2 years ago. I have upgraded now – morning is always a 44seater 10litre Mercedes Benz outside my house.
Leaving a simple lifestyle helps and it makes one happier too. You may have a 500k income yearly. But you are a nobody in Wallstreet. On the other hand, you might have be drawing a 20k yearly salary but you are a blessed man in Danang in Vietnam, if you know what I’m talking abt. It’s jus like dating a Singaporean women, they want LV and rolex v…LOL and guess what I can have 20 gf in other countries, more pretty and gentle. You will understand what I mean if you have bummed around much in korea, japan, china and Taiwan. If not very hard to get girls buy meals for you if you have more than charisma. Often than not, I feel that man depend too much on $$.
These are controversial example. THIS IS JUST MY OPINION AND YOU DO NOT HAVE TO SUBSCRIBE TO IT. Still, its good to be abnormal (but not subnormal) and you will not be mainstream.
Just a word of suggestion. Notice that its not explicitly an advise. Starting a physical business with overheads might not be palatable for a man above 40s – you have a family and you cannot afford to fail. Let “professional” managers manage your wealth guarantees them of better year end and ironically “performance” bonuses. – Many of them are renumerated based on bring in funds and not interested in the fund performing for you. For me, my funds are managed by private traders. These pple manage nobody but my funds which explains the stability. Also, I have property so should the value of every investment go to zero, I can pack shop and go to Malaysia and eat nasi lemak with my gf.
These are my 2cents. Pls do not ask me for any tips for investment. Thank you
AC
