Let's begin by assuming this scenario is real/truthful. [Even if not so real, a good discussion point.]
1) Can't tell you what NOT to do. But you can consider these as starters.
a) Do not gamble. []
b) Do not bet. [Horse racing etc]
c) Girls & cars. [You know what I mean. High 'maintenance']
d) Being Punter in the Stock market DIY style. [Cheaper to 'pay for profesional lesons from
SGX courses', learning to read the financial statements, financial indicators, etc.]
2) Without degree and solid track record.
a) Suggest you 'try'/pretend to buy a Condo based on S$1M. [Fill in the necessary forms and provide your basic documents. In-principal approval from bank. Reality will set in when the bank(s) informed you that
HDB is NOT a useful collateral. Also, try another bank and try to impress them with your e-biz financial statements. Likely they will ask/check if your biz is registered: Paid-up capital, Authorised capital. Sole sole proprietorship? In short, very 'weak' to convince the banks. Try and let us know.]
3) "Easy come, easy go".
a) e-commerce [B-2-B, B-2-C, C-2-C] generally has low barrier of entry.
b) Suggestion: Make hay while the shine shines. [If you can quickly accumulate the "seed" money for the next few business ventures, go for it. War chest?]
c) Recommendation: Buy and pay in full 'insurance' endowment instruments. [$100K type.]
d) Plan to be your own enemy. Try to 'cannibalise' your own biz. Set-up another entity that can do that. You will rather be your own 'competitor' then someone else. [In the process, you may be able to find weaknesses in your present biz model.]
4) What to do with the present 'free time'?
a) Consider spending more time with your family. [Parents, siblings, etc. Travelling & learning.]
b) Volunteering.
CDAC, your old school, old CCA (
NPCC, NCC, Scout, etc), SME associations etc, grassroots, Social work? [Do a been there, done that listing.]
c) Sabbatical: Try going for a 6mths/12mths sabbatical. [See/test if you biz can still THRIVE without your presence. Be very careful!]
d) Complete your degree oversess. [1 to 2 years.]
Quote:
Originally Posted by twentysix
Before I begin I'll like to disclaim that I am not here to brag (but if I do sound braggy I'm probably just a little proud of myself) and all info entered here are genuine.
I am 26 single and am currently receiving income (stable now) of e-Commerce businesses of $23K/month. I had about $250K cash which I recently invested in a brick-and-motar business generating $10K profits per month (little you might think but the cash turned into assets). I work only about 1 hour/day overseeing operations as I have 3 staffs working for me.
I live with my family in a 4-rm HDB and drives a normal car. I had been full-time employed for the past 7 years, last drawing $45K/annum in IT (without Degree) which I have quit.
I co-own the HDB, but let's just ignore the HDB and my miserable $30K CPF-OA. I do not have much debts. My current net worth should be about $300K excluding the HDB and CPF.
With stable income of about $30K/month with little work to do, I am at a loss. I am too free everyday and I don't feel like I have much goals now that I have met mine and am contented. I am not very keen in nice cars but I do want to get a landed property (in the next property slum), but then I declare too little for a bank to loan me the money. I yearn to own a yacht but I am not THERE yet.
I have thoughts of getting a job overseas (e.g. US, Taiwan) to get a life experience with working overseas, doing something I like without minding the salary, but being a 26-year-old Asian without a Degree probably isn't an attractive choice to employers.
Successful ones, please share with me how you would carry on with my life from here if you were me.
PS: I'm doing my part-time direct Masters course already, in case you wonder why do I not spend the time and money to obtain one. |