Tuesday, October 13, 2009

Conversation with A Millionaire

It is not everyday that one gets to speak face to face with a millionaire.

Today, I got the chance to do so.

In fact, I spent one and a half hours with him speaking about various things in life like success, job satisfaction and wealth building ideas.

I am putting it down in words to share with all as I believe that not many people have actually gotten a chance to speak to successful people or millionaires.

About Money

Money does not buy happiness. But it does buy you the time and the alternatives. Basically, money gives you a wider range of options compared to the average person.

About Discouragement

Everyone feels discouraged now and then. It is important to not dwell on it and instead mix with people who are positive and successful.

About Helping Others

Sometimes, it might not be possible to be directly involved in helping others. How much can one help? Instead, use your God given abilities and channel your energies there. Every job essentially helps some one or somebody at some level or another. If you are able to make more money, you could donate to charity and get others to help.

For example, the leaders of our country might be good in terms of defence and security measures. But you don't see them sitting at the customs office right?

About Careers and Jobs

There are no dream jobs in the world. Each job has its pros and cons. The most important thing is to put your heart into it while at the job. Don't work for your boss or the company. Work for yourself and your family.

Being at the top has its loneliness. Even big bosses and CEOs think of quitting their jobs too.

Riches versus Wealth

Having access to riches does not guarantee wealth. Earning alot of money might not bring you wealth if you squander your money away.

Property Investment

The returns from rental property is very low based on his own experience. Instead, buying and selling properties makes money much faster.


Work Hard Play Hard

It is important to work hard and play hard. The reason why you are able to play hard is because you get a good income from your work.

All work sucks. It is how much you are compensated for it in monetary terms that matters.



Read Related Articles:
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2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
5. Peter Lim

9 comments:

  1. I agree with the comment on property rental yield being very low in Singapore - this is largely due to the high purchase price relative to the rental that the property can fetch. Do a rental yield computation and you will see ...close to zero after you factor in interest cost , property tax, maintenance , agents fee, etc...
    cheers
    M

    ReplyDelete
  2. You didn't mention how he made his money. Through buying/selling properties? Or through his own business, or investing in shares?

    Also, did he mention anything about living below your means?

    Thanks,
    Musicwhiz

    ReplyDelete
  3. Thanks for the comments.

    Yep, I did not ask how he made his millions. It seems that it was through his businesses.

    However, he stressed that riches from business will not make one wealthy. He told me that many people who earn alot are still not wealthy because they do not invest correctly.

    I figure that it is a combination of business, stocks and property thought he seems to be alot more enthusiastic about property as he talked alot about it.

    ReplyDelete
  4. When investing in stocks, the main objective is capital gain while the dividends is a sideshow that keep you entertain while you wait for the capital appreciation.

    I agreed with him on the main objective of investing in property - FOR THE CAPITAL GAIN. The rental is just to keep the installment current and keep you entertain while you wait for an opportunity to sell the house off.

    Thus, when you invest in property, it is better to go for the new launches. You will have 2 exit points in the lifecycle of your property investing :-
    1) Before TOP
    2) After TOP

    ReplyDelete
  5. WJ,

    Thanks for the comments. I am certain that you have certain experiences in investing in real estate.

    Do share with us your experiences as I am sure people out there will benefit from it.

    ReplyDelete
  6. When are you going to converse with the Millionaires of BullyTheBear?

    ReplyDelete
  7. Hi FF

    I like the distinction you make between "Riches" and "Wealth".

    As Robert Kiyosaki says, Wealth is a measure of the health of your finances. Wealth is how much time you can sustain your lifestyle without having to work.

    ReplyDelete
  8. Hi Matthew,

    Thanks for dropping by this little corner of mine. Hope to hear more from you in the future!

    ReplyDelete
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