How to be rich?

Agree with Renter.
Looking back it seems like this has always been the case.
As an old wise Chinese saying goes you need “tian shi, di li, ren he”.
So don’t think too highly of people who are on top and don’t look down on people down on their luck.

[Qaz]

what are the possible ways to earn additional income without $$ capital ? Not looking for much, $500/mth will do... maybe u guys can share ur past experience or ideas...

Originally Posted by Qaz

what are the possible ways to earn additional income without $$ capital ? Not looking for much, $500/mth will do... maybe u guys can share ur past experience or ideas...

Just $500? Easy, give tuition. Or sell things in eBay or something.

You can get rich by following this strategy mentioned in http://singaporemind.blogspot.com/20...ing-chart.html

... The chart is taken from Property Prices Have Crashed (see graph) | Salary.sg - Your Salary in Singapore .

A few observations I made from this chart:

1. The stock market leads the property index in every downturn and upturn. However, there are many false alarms so that limits the usefulness of using the stock market to invest in property.

2. The chart of the property index is actually quite clean without the wild gyrations of the stock market. In every recession there is only one turning point and the property index continues in the same direction for a long period until the economic conditions reverses it - then it continues in the new direction for a while. You can see the private property index chart here - you will observe single turn points for each recession and recovery for the last 3 recessions.

3. As the property index trends up, any downturn in the stock market proves to be a temporary correction and the stock market is able to recover. As the property index trends down, any stock market upturn proves to be temporary and falters to new lows.

A simple strategy can be formulated with these observation which is to invest in stocks when private property index turns up and sell off your stocks when the private property index turns down. There is only one entry point and one exit point for a recovery followed by a recession.

My guess of what is happening goes something like this : People begin to pay higher prices for private property only when the economy has solid footing for sustainable growth so once private property prices turn, it means the economy is going to be good for at least a year or two. Individually they may be buying property based on their own financial situation but the collectively when many people are willing to pay higher prices it means there is a general improvement across many companies in which these people are working in in terms of demand/orders/profitability. The latest data from the URA shows that private property is still trending down which means there is a risk of the stock market recovery being pre-mature and unsustainable[Link] because the economy is still not on a solid footing for sustainable recovery. However, friends in the property business tells me that there was an uptick in late May and if this continue for 2 more month we may see the private property index ticking up for the first time in this recession.

[Qaz]

Originally Posted by easy

Just $500? Easy, give tuition. Or sell things in eBay or something.

Sorry, I meant passive income...

[quek]

Originally Posted by Qaz

Sorry, I meant passive income...

By "passive" do you mean you don't have to expend effort? I don't think there are too may avenues out there that give you income without you working for it and without you investing capital in it.

Even those click-to-pay schemes I read about (they no longer exist) require the user to click... and the rules say you can't cheat by automating the clicks. Someone posted about this at https://forums.salary.sg/marketplace-....html#post4073

[Tongue in cheek]: maybe if you can find a sugar daddy / mummy to give you a condo, then you can collect rent as passive income without capital investment.

Else, there's nothing I can think of that fits your requirements. Even creating a website to collect advertising fees (like what admin is doing) requires effort.

If you know of such a good lobang, even at $250/mth, please let me know!

[Qaz]

Originally Posted by adbie

[Tongue in cheek]: maybe if you can find a sugar daddy / mummy to give you a condo

Yeah, guess u're right... but acually even this also need effort.. haha.. but u will make $$ while sleeping.. literally...

[quek]

Originally Posted by Qaz

Yeah, guess u're right... but acually even this also need effort.. haha.. but u will make $$ while sleeping.. literally...

The closest that I can think of is to put your savings into good stocks that give out regular dividends.

When you need cash, just sell some of the stocks - since they are good, their prices should appreciate with time, barring financial disasters...

That's it! Passive income using your savings.

I am 36 years today and accumulated my 1st million (only liquid assets excluding property) when I was 34 years. I had no inheritance and made little money from my investments. I agree that having luck and a mentor plays a great deal, but you also need to create your own opportunity for luck to happen.

I was an auditor with a prestigious Big 4 for a couple of years when I started out my career. I started out with a measly $1.6K/month and even after 3-4 years experience, my pay only hit $4/month. I could have to stuck to a safe job, but I got sick of the job because I did not enjoy it and it did not pay well as my wife a banker was already making $7K/month after 3-4 years experience.

I knew then that to make decent bucks, I knew I had to join a career that gave me the opportunity to make the big bucks. I knew that banking/fund management was the lucrative career. I basically created my own opportunity by cold calling, sending out unsolicited CVs and religiously applied for all possible jobs I saw on the newspapers. I finally received a few job offers and finally took the job that I thought offered the most potential.

It turned out to be the right pick as after 4-5 years, I made $500-600K per annum. I was lucky to have a boss (mentor) who was fair to me and compensated me fairly.

So actually I think its always a combination of factors that leads to success or wealth. Luck and having a mentor always plays a big part, but creating the opportunity is important. Working hard alone gets no where, you need to work hard in the right career to get there.

I also know of a friend who became a millionaire because he had the foresight to invest all his savings into one prime property. He was not rich, but he had saved hard and had the guts to take the risk and create that opportunity. With that one property alone, he made a cool million.

So I think the key is that you have to create the opportunity and then let luck play its role.

Hi unregistered, so does the auditor job in big 4 led you to where you are now? Cos I think currently the environment of Big4 is not healthy to begin a career in.