I realised that I might be having a bit too many bank accounts and credit cards.
Lately, I forgot to settle one of my credit card bills and ended up with a late payment charge of $40! And that was for a credit card bill of just $80!
Are all these bank accounts necessary? I certainly think so.
Here is how I use all my bank accounts.
POSB Savings Account
This is my primary account which is linked to all the Giro, electronic payment for shares and stuff. It is basically the account which is linked to my ATM card and which I use to pay the bills.
POSB Current Account
This is the checking account which lets me write cheques. I pay $2 each month to maintain this account.
Citibank Step Up Interest Account
This is where my salary is credited. Based on the step up interest, I can earn close to 0.75% interest on my deposits. I will then transfer whatever amount of my pay I need into the POSB Savings Account to spend.
MayBank iSaavy Account
This is my emergency fund account which pays interest of up to 0.5% per annum. I hardly touch the money in here at all. I like this account because of the higher deposit rates it gives compared to other banks.
To Trade or To Buy and Hold
After years in the stock market, I still can't really figure out whether it is better to trade stocks for the short term or to just buy and hold them for the long term.
I have heard both sides of the arguments, have read books like A Random Walk Down Wall Street, and I must say - I agree with both TAs and FAs.
But I guess I will just choose the method that works best in making money.
While a stock might rise from $1 to $1.20 in 1 month, the person who holds the stock for 1 month only stands to earn a maximum of $200 per lot of shares.
The person who trades on the down and up trends might however be able to earn more than $200. By going in and out of the same stock, his POTENTIAL to earn is much higher. The probability that he losses money is of course also much higher compared to just holding on to the stock.
So what I do is to have two portfolios: One for holding and one for trading.
I enjoy the best of both worlds. There are benefits of buying and holding and there are benefits of trading. By doing both at the same time, I enjoy both benefits.
In addition, trading provides a form of income. More income brings me to financial freedom much faster.
The tortoise might win at the end of the day but the hare leads most of the way.
I believe that people can combine both approaches to bring out the best of both FA and TA.
I have heard both sides of the arguments, have read books like A Random Walk Down Wall Street, and I must say - I agree with both TAs and FAs.
But I guess I will just choose the method that works best in making money.
While a stock might rise from $1 to $1.20 in 1 month, the person who holds the stock for 1 month only stands to earn a maximum of $200 per lot of shares.
The person who trades on the down and up trends might however be able to earn more than $200. By going in and out of the same stock, his POTENTIAL to earn is much higher. The probability that he losses money is of course also much higher compared to just holding on to the stock.
So what I do is to have two portfolios: One for holding and one for trading.
I enjoy the best of both worlds. There are benefits of buying and holding and there are benefits of trading. By doing both at the same time, I enjoy both benefits.
In addition, trading provides a form of income. More income brings me to financial freedom much faster.
The tortoise might win at the end of the day but the hare leads most of the way.
I believe that people can combine both approaches to bring out the best of both FA and TA.
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:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
5. Peter Lim
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:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
5. Peter Lim
Standard Chartered Personal Credit
I have been receiving "cheques" from Standard Chartered Bank lately.
Basically, these cheques are given to me in letters which they have been sending.
So far, I have received 2 cheques.
The instructions states: Simply bank in the attached cheque and enjoy cash at 0% interest for six months with just a nominal fee of 2.5% on the cheque amount.
No gimmicks, No hidden cost?
It says that the promotional rate of 0% interest is valid for 6 months and thereafter, the prevailing interest rate applies. I am not too certain what is the prevailing interest rate for this credit line.
Still, it sounds like a pretty attractive option doesn't it?
I get a cheque for $8000. The 2.5% nominal fee adds up to $200.
So after 6 months, all I need to pay back will be $8200. If I am able to use this money to buy some stocks and the stocks happen to rise in price... I will be using Other People's Money to make money!
But of course, the reverse could happen where the stock prices are depressed after 6 months and I could be stuck in a serious quandry. To liquidate the stocks at a loss and still pay up the $8200.
Basically, these cheques are given to me in letters which they have been sending.
So far, I have received 2 cheques.
The instructions states: Simply bank in the attached cheque and enjoy cash at 0% interest for six months with just a nominal fee of 2.5% on the cheque amount.
No gimmicks, No hidden cost?
It says that the promotional rate of 0% interest is valid for 6 months and thereafter, the prevailing interest rate applies. I am not too certain what is the prevailing interest rate for this credit line.
Still, it sounds like a pretty attractive option doesn't it?
I get a cheque for $8000. The 2.5% nominal fee adds up to $200.
So after 6 months, all I need to pay back will be $8200. If I am able to use this money to buy some stocks and the stocks happen to rise in price... I will be using Other People's Money to make money!
But of course, the reverse could happen where the stock prices are depressed after 6 months and I could be stuck in a serious quandry. To liquidate the stocks at a loss and still pay up the $8200.
Patrick Soh
Patrick Soh, a Singaporean, has opened the first fast food restaurant in North Korea. I remember visiting Waffletown regularly in my early childhood years during the late 1980s at a shopping centre in Bukit Timah, Singapore. That outlet closed after a few years in operation.
I believe that Singapore has no lack of entrepreneurs. Given the opportunity and education, most people would want to start their own business. It is just that they do not know how to. Hopefully, this article will give some inspiration to the next "Patrick Soh" perhaps.
Read the article below to find out more:
____________________________________________________
You want more fries with that, Mr. Kim? How about a hotdog, Miss Park? Once condemned as evil "US imperialist" fare, Western-style fast food is now available in North Korea thanks to a Singaporean entrepreneur who is already drawing up expansion plans just months after opening his first outlet.
"There is a potential to develop this business over there," said Patrick Soh, who is bullish on the prospects of fast food in the isolated Stalinist state better known for famines than deep-fried delights.
Soh, 56, holds the franchise in several Asian countries for Waffletown USA, a relatively obscure brand in the region compared to the likes of McDonald's, KFC, Pizza Hut and Burger King, but he has big ambitions.
The first branch of Samtaesong ("three big stars"), as Waffletown is known in North Korea, started operating in May after Soh's company got the first licence awarded to a foreign fast food outlet.
Burgers, called "minced beef and bread" to mask their American association, are the biggest attraction at the eatery, which also sells fries, crispy Belgian waffles, fried chicken and -- the latest addition -- hotdogs.
"It is not only the locals who enjoy the food. Even the foreigners like the food," Soh told AFP in an interview at a Singapore outlet of Waffletown.
Soh will make his fourth trip to Pyongyang this month to explore the feasibility of opening a second outlet there. If all goes smoothly, it should be up and running in early 2010, said Soh, who is not deterred by problems like power outages and the unavailability of some items in Pyongyang.
His North Korean adventure started when he was approached last year by a Singaporean investor, who broached the idea of setting up a Waffletown franchise in Pyongyang.
Soh declined to name the investor or say how much it cost to open the Pyongyang eatery, saying his main role was to set up the operation and train local staff to run Samtaesong.
A North Korean delegation paid a visit to Singapore early this year to sample the fare at a Waffletown outlet. "They came and tried the food and liked the waffle, burgers and fried chicken," Soh said over coffee at the outlet, located in an upmarket neighbourhood near Singapore's Orchard Road shopping belt.
"They find that we have a bit more variety than other typical burger chains and that we don't sell junk food," he said.
Soh made his first trip to Pyongyang in November last year, taking four days to survey the site and see whether the fast food concept was workable in one of the world's few remaining communist states. He was pleased to learn that the site was in a choice location in downtown Pyongyang, right next to a subway station and within walking distance of various universities.
He went back to Pyongyang in December to begin preparatory work for the opening of the eatery, from arranging the layout of the restaurant to listing the kitchen equipment and ingredients that needed to brought in.
The seasoning for the chicken and the waffle mix are among items imported from Singapore but other ingredients like beef and the chicken itself are sourced locally, with suppliers using his recipes for the burger buns and patties, Soh said.
The eatery buys soft drinks from shops that cater to the diplomatic community and resells the beverages in paper cups. Local workers are very intelligent and eager to learn, Soh said. "I don't need to spend much time to train them. I take about two, three days and they have a grasp of the work."
Since Samtaesong opened its doors in May, customers, including foreign students from China and Russia, have been streaming into the 246-square-metre outlet, he said.
"The locals come in and know the food that they want to order," said Soh. Prices are set in euros, but US dollars are accepted as payment. A "minced beef and bread" costs 1.20-1.70 euros (1.77 to 2.50 US dollars) and about 300 are sold each day, said Soh. The most expensive item on the menu is the crispy fried chicken at slightly under three euros.
The communist state's per capita income was estimated at just over 1,000 US dollars in 2008, but this is not denting Soh's drive to open more Samtaesong outlets in the country. He thinks North Koreans enjoy the novelty of the food and environment in his restaurant.
"This is new for them. It's just like when McDonald's first opened in Singapore."
____________________________________________________
Read Related Articles:
1. Conversation With A Millionaire
2. Singapore's 40 Richest
3. Key Lessons from Rich Dad, Poor Dad
4. Donald Trump Lessons
5. David Bach Automatic Millionaire
6. Peter Lim (Singapore's Remiser King)
I believe that Singapore has no lack of entrepreneurs. Given the opportunity and education, most people would want to start their own business. It is just that they do not know how to. Hopefully, this article will give some inspiration to the next "Patrick Soh" perhaps.
Read the article below to find out more:
____________________________________________________
You want more fries with that, Mr. Kim? How about a hotdog, Miss Park? Once condemned as evil "US imperialist" fare, Western-style fast food is now available in North Korea thanks to a Singaporean entrepreneur who is already drawing up expansion plans just months after opening his first outlet.
"There is a potential to develop this business over there," said Patrick Soh, who is bullish on the prospects of fast food in the isolated Stalinist state better known for famines than deep-fried delights.
Soh, 56, holds the franchise in several Asian countries for Waffletown USA, a relatively obscure brand in the region compared to the likes of McDonald's, KFC, Pizza Hut and Burger King, but he has big ambitions.
The first branch of Samtaesong ("three big stars"), as Waffletown is known in North Korea, started operating in May after Soh's company got the first licence awarded to a foreign fast food outlet.
Burgers, called "minced beef and bread" to mask their American association, are the biggest attraction at the eatery, which also sells fries, crispy Belgian waffles, fried chicken and -- the latest addition -- hotdogs.
"It is not only the locals who enjoy the food. Even the foreigners like the food," Soh told AFP in an interview at a Singapore outlet of Waffletown.
Soh will make his fourth trip to Pyongyang this month to explore the feasibility of opening a second outlet there. If all goes smoothly, it should be up and running in early 2010, said Soh, who is not deterred by problems like power outages and the unavailability of some items in Pyongyang.
His North Korean adventure started when he was approached last year by a Singaporean investor, who broached the idea of setting up a Waffletown franchise in Pyongyang.
Soh declined to name the investor or say how much it cost to open the Pyongyang eatery, saying his main role was to set up the operation and train local staff to run Samtaesong.
A North Korean delegation paid a visit to Singapore early this year to sample the fare at a Waffletown outlet. "They came and tried the food and liked the waffle, burgers and fried chicken," Soh said over coffee at the outlet, located in an upmarket neighbourhood near Singapore's Orchard Road shopping belt.
"They find that we have a bit more variety than other typical burger chains and that we don't sell junk food," he said.
Soh made his first trip to Pyongyang in November last year, taking four days to survey the site and see whether the fast food concept was workable in one of the world's few remaining communist states. He was pleased to learn that the site was in a choice location in downtown Pyongyang, right next to a subway station and within walking distance of various universities.
He went back to Pyongyang in December to begin preparatory work for the opening of the eatery, from arranging the layout of the restaurant to listing the kitchen equipment and ingredients that needed to brought in.
The seasoning for the chicken and the waffle mix are among items imported from Singapore but other ingredients like beef and the chicken itself are sourced locally, with suppliers using his recipes for the burger buns and patties, Soh said.
The eatery buys soft drinks from shops that cater to the diplomatic community and resells the beverages in paper cups. Local workers are very intelligent and eager to learn, Soh said. "I don't need to spend much time to train them. I take about two, three days and they have a grasp of the work."
Since Samtaesong opened its doors in May, customers, including foreign students from China and Russia, have been streaming into the 246-square-metre outlet, he said.
"The locals come in and know the food that they want to order," said Soh. Prices are set in euros, but US dollars are accepted as payment. A "minced beef and bread" costs 1.20-1.70 euros (1.77 to 2.50 US dollars) and about 300 are sold each day, said Soh. The most expensive item on the menu is the crispy fried chicken at slightly under three euros.
The communist state's per capita income was estimated at just over 1,000 US dollars in 2008, but this is not denting Soh's drive to open more Samtaesong outlets in the country. He thinks North Koreans enjoy the novelty of the food and environment in his restaurant.
"This is new for them. It's just like when McDonald's first opened in Singapore."
____________________________________________________
Read Related Articles:
1. Conversation With A Millionaire
2. Singapore's 40 Richest
3. Key Lessons from Rich Dad, Poor Dad
4. Donald Trump Lessons
5. David Bach Automatic Millionaire
6. Peter Lim (Singapore's Remiser King)
Peter Lim
Not too sure where this article originated from. It seems like the New Paper. Found it on one of the forums and pasting it here to share with all. Basically, it is about billionaire Peter Lim (one of Singapore's 40 Richest). The article is as attached below: 
WHEN the Singapore stock market took a sharp dive lastweek, it wiped out more than $100million of his stock's value.
But former remisier king Peter Lim did not lose sleep over it.
Why? 'I've been a stock broker for all my life - I've seen all the crashes, financial crisis, where really, it's only a paper loss,' replied the self-made billionaire.
'Just make sure you are not jammed with cash flow.'
Mr Lim was referring to his almost 5 per cent investment in Wilmar International which saw its share price move from a high of $3.78 to a low of $2.89 in the space of a month. The share price last closed at $3.
To him, his wealth is less important than his family and philanthropy. His attitude towards money is almost casual. It reflects his philosophy on investing and wealth.
For those who feel they are badly mauled by the current share doldrums, Mr Lim has this piece of wisdom to share: 'I used to say to my friends, 'When you are holding stocks, if it goes up, don't be too happy; when it goes down, don't be too sad'.
'Otherwise, how? Your life will also be fluctuating and you'll die of a heart attack.
'If you really lose sleep over it, maybe the best way is to keep the money in thebank.'
So what does he lose sleep over?
He replies with a laugh: 'My kids. Like other parents, I worry about what they're doing and whether they'll pass their exams.'
On Thursday, he made his debut in Forbes' latest rankings as Singapore's seventh-richest man, with a reported net worth of US$830m illion.
Mr Lim revealed that he intends to give a large part of his money to society later. How will Singapore benefit?
Through his pet cause: Education.
He made this revelation quite casually, as if he were talking about the weather.
He said: 'I think it's very likely (that) a big part of my wealth will be directed towards education.'
'It will be either a straight donation towards assisting educational institutions or maybe I'll set up a foundation.'
He supports Prime Minister Lee Hsien Loong's call at the recent National Day Rally for more Singaporeans to make charitable contributions.
Mr Lim echoed PM Lee's views that it is happening all over the world, and especially in the US.
'Asia is a bit behind because generally, when you have money, you think of your sons and your daughters when you die.
'But I think it has changed a lot here, principally because now, the wealth isbigger.'
He was reluctant to reveal his charitable contributions over the years, except to say that much of it was anonymous and that in the early '90s, he was one of the earlier donors to the National Kidney Foundation.
HELPS POOR
His friend, Mr Dennis Foo, chief executive of St James Power Station, later told The New Paper that Mr Lim not only donates money, he also takes it upon himself to deliver food, like rice and cooking oil, to needy families in one-room flats and old folks' homes.
Why education?
Mr Lim said: 'Education must be cheap and accessible to anyone.
'For me, I was the son of a fishmonger, but I could still go to the best school. I had the opportunity to make money. There's no discrimination.
'I think this policy of meritocracy actually works. It's very very fair and nobody cancomplain.'
The New Paper managed to get hold of Mr Lim last Wednesday, after his meetings and before he left for a short trip overseas.
The publicity-shy tycoon was extremely reluctant to talk about his wealth. It didn't help that he again made news recently with his involvement in one of Singapore's largest reverse takeover bids, with his investment vehicle Rowsley buying up a chunk of a China solar power company.
But he agreed after some persuasion. He met us at Brewerkz, which he also has a stake in, at Riverside Point two hours before his flight.
Dressed in a polo T-shirt which has seen better days, a pair of cargo pants and trainers, he certainly didn't seem to wear his wealth on his sleeves.
Why so casual? He replied that he plans to sleep on his flight.
DOESN'T MONITOR
Ironically, Mr Lim, who was one of Singapore's leading stockbrokers and is now a private investor, does not monitor the stock market every day.
He goes through the financial reports of companies; he watches financial news to get a summary of what is happening, but he does not track the daily ups and downs of the stock he owns.
He said: 'I only check in intervals, depending on the company.
'If it's a structured company, then (I check) when the results come out. For the bigger ones, quarterly results; for smaller ones, twice a year. But if it's a start-up, I'll check it more regularly.'
Mr Lim made headlines in the late-'80s as a star remisier, in the mid-'90s in his divorce battle and in early 2000 for his involvement in the first instalment of the Raffles Town Club court saga.
Much of his wealth now comes from a single investment: Palm oil.
In the early '90s, he invested about US$10 million in a start-up Indonesian palm-oil company, Wilmar. Today, his almost-5 per cent stake is worth more than US$700 million.
This is a far cry from his humble beginnings. When he was young, he said, he did not even have his own room in the two-bedroom government flat he shared with 11 others.
He grew up, with three brothers and four sisters, in one of Singapore's oldest public housing estates, Bukit Ho Swee.
His father was a fishmonger and his mother a housewife and the size of the flat was the equivalent of a three-room HDB flat today, hesaid.
He slept in the living room, or wherever he could find space to lay his mattress down for the night.
On his wealth now, he said: 'It's no different from what it was before I had the money. It makes no difference after apoint.
'Like what they say, you can only talk louder. You can only eat so much and fly so many trips.
'Money lets you enjoy a lot of things, but I don't think I'll die without money.
'I don't think I'm eating a lot better than when I was a lot poorer than now. I don't really go for very special kinds of food. I'm still very local. I like my mee siam, mee rebus and lontong.'
When his father died in the late '60s, when Mr Lim was 22 years old.
Mr Lim completed his secondary school education in Raffles Institution and was an officer in National Service.
It was then, at the age of 18, that he bought his first lot of shares.
Did he make a killing?
'In fact, I lost money,' he laughed.
But not much.
'I was only paid $385 a month, so I can't have bought, or lost, very much.'
He then went to Perth to further his studies at the University of Western Australia.
To fund his university education, he said, he worked part-time doing odd jobs as a taxi-driver, cook and waiter.
It was one of these jobs - in the Australian fast-food chain Red Rooster - that opened his eyes to how business was done.
'I watched how they started, how they grew, and how they scaled up.'
It was also in university where he honed his instincts and skills as an investor.
He graduated with a degree in accounting and finance and stepped out into the working world.
'My first job was as an accountant. It lasted three months,' he said with a chuckle.
He did some tax consultancy before he went into stocks, he said.
Mr Lim is in his element when dealing with numbers. 'It's something I'm very comfortable with, something I understand.
'Give me any numbers. I look at (them) and I'm happy. It can be in any industry. You give me the numbers; somehow I can figure it all out.'
--------------------------------------------------------------------------------
His secret to investing is...
WHAT is Peter Lim's secret to successful investing?
Prospect, he replied.
He looks at sectors.
'Like if I think solar is good, I go into solar; if I think palm oil is good, then palm oil.
'Share prices go up because the sector grows. So if I think this sector is going to be good in the next 10 years, then I'll just invest in it.'
Another key reason for his success, he said, is patience.
Mr Lim, who also acts as a consultant to companies and helps them find multi-million-dollar investors, does not subscribe to buying one day and selling the next to cash in.
His advice to young investors: 'You have to invest with a longer-term mindset. You buy a good stock, leave it there for 10 years. Come 10 years, this dollar can be many, many multiples.
'I think the trick is really to think long-term.
' You may not have a lot of money, but you have a lot of time.'
'The minimum length of my investments are five to six years, if not 10 to 12 years.'
He cites the example of his condominium.
He owns an entire 11-storey block at prestigious Ardmore Park, near Orchard Road. He and his wife, with his 85-year-old mother, live in one apartment, while three other maisonettes and the penthouse sits empty.
'I bought it in 1994 for $13m and I just hold there and wait. With the current property market, it is worth more than $100m.'
Same with Wilmar, which he invested in in the early '90s. It was then a US$10m investment. Now, his stake is worth some US$700m.
Read Other Things About Peter Lim:
1. Peter Lim - New Owner of Valencia
2. Peter Lim offers $750mil for Liverpool
Read Related Articles:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
WHEN the Singapore stock market took a sharp dive lastweek, it wiped out more than $100million of his stock's value.
But former remisier king Peter Lim did not lose sleep over it.
Why? 'I've been a stock broker for all my life - I've seen all the crashes, financial crisis, where really, it's only a paper loss,' replied the self-made billionaire.
'Just make sure you are not jammed with cash flow.'
Mr Lim was referring to his almost 5 per cent investment in Wilmar International which saw its share price move from a high of $3.78 to a low of $2.89 in the space of a month. The share price last closed at $3.
To him, his wealth is less important than his family and philanthropy. His attitude towards money is almost casual. It reflects his philosophy on investing and wealth.
For those who feel they are badly mauled by the current share doldrums, Mr Lim has this piece of wisdom to share: 'I used to say to my friends, 'When you are holding stocks, if it goes up, don't be too happy; when it goes down, don't be too sad'.
'Otherwise, how? Your life will also be fluctuating and you'll die of a heart attack.
'If you really lose sleep over it, maybe the best way is to keep the money in thebank.'
So what does he lose sleep over?
He replies with a laugh: 'My kids. Like other parents, I worry about what they're doing and whether they'll pass their exams.'
On Thursday, he made his debut in Forbes' latest rankings as Singapore's seventh-richest man, with a reported net worth of US$830m illion.
Mr Lim revealed that he intends to give a large part of his money to society later. How will Singapore benefit?
Through his pet cause: Education.
He made this revelation quite casually, as if he were talking about the weather.
He said: 'I think it's very likely (that) a big part of my wealth will be directed towards education.'
'It will be either a straight donation towards assisting educational institutions or maybe I'll set up a foundation.'
He supports Prime Minister Lee Hsien Loong's call at the recent National Day Rally for more Singaporeans to make charitable contributions.
Mr Lim echoed PM Lee's views that it is happening all over the world, and especially in the US.
'Asia is a bit behind because generally, when you have money, you think of your sons and your daughters when you die.
'But I think it has changed a lot here, principally because now, the wealth isbigger.'
He was reluctant to reveal his charitable contributions over the years, except to say that much of it was anonymous and that in the early '90s, he was one of the earlier donors to the National Kidney Foundation.
HELPS POOR
His friend, Mr Dennis Foo, chief executive of St James Power Station, later told The New Paper that Mr Lim not only donates money, he also takes it upon himself to deliver food, like rice and cooking oil, to needy families in one-room flats and old folks' homes.
Why education?
Mr Lim said: 'Education must be cheap and accessible to anyone.
'For me, I was the son of a fishmonger, but I could still go to the best school. I had the opportunity to make money. There's no discrimination.
'I think this policy of meritocracy actually works. It's very very fair and nobody cancomplain.'
The New Paper managed to get hold of Mr Lim last Wednesday, after his meetings and before he left for a short trip overseas.
The publicity-shy tycoon was extremely reluctant to talk about his wealth. It didn't help that he again made news recently with his involvement in one of Singapore's largest reverse takeover bids, with his investment vehicle Rowsley buying up a chunk of a China solar power company.
But he agreed after some persuasion. He met us at Brewerkz, which he also has a stake in, at Riverside Point two hours before his flight.
Dressed in a polo T-shirt which has seen better days, a pair of cargo pants and trainers, he certainly didn't seem to wear his wealth on his sleeves.
Why so casual? He replied that he plans to sleep on his flight.
DOESN'T MONITOR
Ironically, Mr Lim, who was one of Singapore's leading stockbrokers and is now a private investor, does not monitor the stock market every day.
He goes through the financial reports of companies; he watches financial news to get a summary of what is happening, but he does not track the daily ups and downs of the stock he owns.
He said: 'I only check in intervals, depending on the company.
'If it's a structured company, then (I check) when the results come out. For the bigger ones, quarterly results; for smaller ones, twice a year. But if it's a start-up, I'll check it more regularly.'
Mr Lim made headlines in the late-'80s as a star remisier, in the mid-'90s in his divorce battle and in early 2000 for his involvement in the first instalment of the Raffles Town Club court saga.
Much of his wealth now comes from a single investment: Palm oil.
In the early '90s, he invested about US$10 million in a start-up Indonesian palm-oil company, Wilmar. Today, his almost-5 per cent stake is worth more than US$700 million.
This is a far cry from his humble beginnings. When he was young, he said, he did not even have his own room in the two-bedroom government flat he shared with 11 others.
He grew up, with three brothers and four sisters, in one of Singapore's oldest public housing estates, Bukit Ho Swee.
His father was a fishmonger and his mother a housewife and the size of the flat was the equivalent of a three-room HDB flat today, hesaid.
He slept in the living room, or wherever he could find space to lay his mattress down for the night.
On his wealth now, he said: 'It's no different from what it was before I had the money. It makes no difference after apoint.
'Like what they say, you can only talk louder. You can only eat so much and fly so many trips.
'Money lets you enjoy a lot of things, but I don't think I'll die without money.
'I don't think I'm eating a lot better than when I was a lot poorer than now. I don't really go for very special kinds of food. I'm still very local. I like my mee siam, mee rebus and lontong.'
When his father died in the late '60s, when Mr Lim was 22 years old.
Mr Lim completed his secondary school education in Raffles Institution and was an officer in National Service.
It was then, at the age of 18, that he bought his first lot of shares.
Did he make a killing?
'In fact, I lost money,' he laughed.
But not much.
'I was only paid $385 a month, so I can't have bought, or lost, very much.'
He then went to Perth to further his studies at the University of Western Australia.
To fund his university education, he said, he worked part-time doing odd jobs as a taxi-driver, cook and waiter.
It was one of these jobs - in the Australian fast-food chain Red Rooster - that opened his eyes to how business was done.
'I watched how they started, how they grew, and how they scaled up.'
It was also in university where he honed his instincts and skills as an investor.
He graduated with a degree in accounting and finance and stepped out into the working world.
'My first job was as an accountant. It lasted three months,' he said with a chuckle.
He did some tax consultancy before he went into stocks, he said.
Mr Lim is in his element when dealing with numbers. 'It's something I'm very comfortable with, something I understand.
'Give me any numbers. I look at (them) and I'm happy. It can be in any industry. You give me the numbers; somehow I can figure it all out.'
--------------------------------------------------------------------------------
His secret to investing is...
WHAT is Peter Lim's secret to successful investing?
Prospect, he replied.
He looks at sectors.
'Like if I think solar is good, I go into solar; if I think palm oil is good, then palm oil.
'Share prices go up because the sector grows. So if I think this sector is going to be good in the next 10 years, then I'll just invest in it.'
Another key reason for his success, he said, is patience.
Mr Lim, who also acts as a consultant to companies and helps them find multi-million-dollar investors, does not subscribe to buying one day and selling the next to cash in.
His advice to young investors: 'You have to invest with a longer-term mindset. You buy a good stock, leave it there for 10 years. Come 10 years, this dollar can be many, many multiples.
'I think the trick is really to think long-term.
' You may not have a lot of money, but you have a lot of time.'
'The minimum length of my investments are five to six years, if not 10 to 12 years.'
He cites the example of his condominium.
He owns an entire 11-storey block at prestigious Ardmore Park, near Orchard Road. He and his wife, with his 85-year-old mother, live in one apartment, while three other maisonettes and the penthouse sits empty.
'I bought it in 1994 for $13m and I just hold there and wait. With the current property market, it is worth more than $100m.'
Same with Wilmar, which he invested in in the early '90s. It was then a US$10m investment. Now, his stake is worth some US$700m.
Read Other Things About Peter Lim:
1. Peter Lim - New Owner of Valencia
2. Peter Lim offers $750mil for Liverpool
Read Related Articles:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
5. Peter Lim's ex son-in-law
And for those supporters of Valencia football club, maybe a scarf will be nice?
How Much A Blog Post is Worth
Ever wondered how much one blog post is worth?
I calculated the amount that I have earned from online income and based on my computations, each single blog post is worth an average of $0.20. That means that each blog post is roughly earning me 20 cents everytime I publish it.
As I did not set up dedicated channels to track my earnings, I can never know for sure which are the blog posts that are giving me better returns.
There are service providers out there that actually write articles for your blogs for a fee. This can be as low as $5 for a 300 word article or as high as $7 for a 500 word article.
But if you are thinking of employing their services, think again! You might not be able to break even unless you have a really good strategy in mind.
And that is perhaps the reason why these service providers are not writing articles for their own blogs or websites. It is much more profitable to sell articles than to earn money from articles that are published on a website or blog.
I calculated the amount that I have earned from online income and based on my computations, each single blog post is worth an average of $0.20. That means that each blog post is roughly earning me 20 cents everytime I publish it.
As I did not set up dedicated channels to track my earnings, I can never know for sure which are the blog posts that are giving me better returns.
There are service providers out there that actually write articles for your blogs for a fee. This can be as low as $5 for a 300 word article or as high as $7 for a 500 word article.
But if you are thinking of employing their services, think again! You might not be able to break even unless you have a really good strategy in mind.
And that is perhaps the reason why these service providers are not writing articles for their own blogs or websites. It is much more profitable to sell articles than to earn money from articles that are published on a website or blog.
So how exactly can you make money from your blog?
I believe I am "qualified" in a certain sense to answer the above question.
Ever since I started out blogging last year, I have seen my online income grow from a paltry $0.01 per month to roughly $30 per month. I am not talking about a six figure income from blogging but if you are interested in how to break the zero barrier...read on.
Firstly, if property is about location, location, location then blogging is about content, content, content.
Yes, a good domain name might be important but even with google's blogger that I am using, choosing a good name for your blog might be enough instead of investing in a proper domain name (This is especially so if you are not even sure whether you will be blogging in the long term). It is best that the name of your blog has something related to what you will be blogging about. This will aid in the search engine portion.
But I will not touch on that as I believe that it is possible to write good content and the traffic will come naturally.
If I can put it down to 2 essentials to breaking the zero barrier in earnings, it will be simply this:
Blogging frequency and content.
Other factors are: Search Engine Optimisation, Keyword selection, Traffic sources
So focus on your content and blogging frequency first before touching upon the rest.
Remember that the people reading your postings are humans. Look at your own blog and own posts. Imagine that you are a stranger reading it. How would you react? Would you want to visit again for more information?
I understand that are a whole lot of other things that come into play when it comes to earning money from blogging but I think this article should suffice for the time being
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