How to be rich?

[greypiggi]

Started out my own business when i was 24 as a fresh graduate. Along the way, got married and now have quite a few kids.

By 39, I have managed to achieve a net worth of about USD15M putting me into the top 6K households in SG and top 600K in the world. And i am almost sure I did it faster than almost any job can give at the same age. Whether it is Investment Bankers, Consultants, Surgeons, Lawyers, Politicians etc. Most of them only start earning more than 1M a year after 35 at best, so hard to accumulate US$15M in 4 years.

How did I do it? Via running a profitable business and selling it for a good earnings multiple.

Here is my story.

First 5 years was very difficult. A lot of trying and seeing some small results. By end of 5 years, i live managed to buy a small condo worth $500K and was paying myself $5K a month. Quite ok but nothing compared to a good banking fella or sales person or even civil servant.

Next 5 years, things improved a lot. Business grew quite a lot and by end of 5 years, i was making close to $300K a year including dividends and all bonuses. I was 34 at that time. Suddenly propelled to being on par with admin service types and bankers.

Next 5 years, things grew even more. Business grew exponentially. Was making 1+ to 2M in income annually. Now on par with some CEOs and Perm Sec. Then buyer came along and sold it for a valuation better than IPO.

What is the secret? Putting all i have into my business and focus on clients and staff. Selecting the right business model and willing to work hard at it without giving up. Tweaking the business and growing into adjacent spaces. Putting together a good team of people. And of course, blessings from God or luck... whatever u want to call it.

But above all, I always take action and make decisions. I hate to stand still. And yes, very competitive. That is how i know there are close to 10K decamillionaires in SG, i actually used to benchmark against them. And btw, luck without any action to latch onto it is quite useless.

Now? Trying to slowdown and take it easier.... So here is a trueblue middle class to wealth story to share. And I am a Singaporean.

So come on guys, be imaginative, stop planning, talking and start doing concrete work that will gain your own financial freedom. Learn to do that one money generating skill well. Be it selling, entrepreneurship, trading!

I want to know more late 30s / early 40s people who can retire on their own steam so that have more kakis in Singapore rather then just all the inherited types.

Originally Posted by greypiggi

Started out my own business when i was 24 as a fresh graduate. Along the way, got married and now have quite a few kids.

By 39, I have managed to achieve a net worth of about USD15M putting me into the top 6K households in SG and top 600K in the world. And i am almost sure I did it faster than almost any job can give at the same age. Whether it is Investment Bankers, Consultants, Surgeons, Lawyers, Politicians etc. Most of them only start earning more than 1M a year after 35 at best, so hard to accumulate US$15M in 4 years.

How did I do it? Via running a profitable business and selling it for a good earnings multiple.

Here is my story.

First 5 years was very difficult. A lot of trying and seeing some small results. By end of 5 years, i live managed to buy a small condo worth $500K and was paying myself $5K a month. Quite ok but nothing compared to a good banking fella or sales person or even civil servant.

Next 5 years, things improved a lot. Business grew quite a lot and by end of 5 years, i was making close to $300K a year including dividends and all bonuses. I was 34 at that time. Suddenly propelled to being on par with admin service types and bankers.

Next 5 years, things grew even more. Business grew exponentially. Was making 1+ to 2M in income annually. Now on par with some CEOs and Perm Sec. Then buyer came along and sold it for a valuation better than IPO.

What is the secret? Putting all i have into my business and focus on clients and staff. Selecting the right business model and willing to work hard at it without giving up. Tweaking the business and growing into adjacent spaces. Putting together a good team of people. And of course, blessings from God or luck... whatever u want to call it.

But above all, I always take action and make decisions. I hate to stand still. And yes, very competitive. That is how i know there are close to 10K decamillionaires in SG, i actually used to benchmark against them. And btw, luck without any action to latch onto it is quite useless.

Now? Trying to slowdown and take it easier.... So here is a trueblue middle class to wealth story to share. And I am a Singaporean.

So come on guys, be imaginative, stop planning, talking and start doing concrete work that will gain your own financial freedom. Learn to do that one money generating skill well. Be it selling, entrepreneurship, trading!

I want to know more late 30s / early 40s people who can retire on their own steam so that have more kakis in Singapore rather then just all the inherited types.

While I am full of admiration for your achievements, I am not so sure about some others in this forum. Your income and net worth have exceeded by ten times the unwritten limit tolerated by many in this forum.

Originally Posted by greypiggi

Started out my own business when i was 24 as a fresh graduate. Along the way, got married and now have quite a few kids.

By 39, I have managed to achieve a net worth of about USD15M putting me into the top 6K households in SG and top 600K in the world. And i am almost sure I did it faster than almost any job can give at the same age. Whether it is Investment Bankers, Consultants, Surgeons, Lawyers, Politicians etc. Most of them only start earning more than 1M a year after 35 at best, so hard to accumulate US$15M in 4 years.

How did I do it? Via running a profitable business and selling it for a good earnings multiple.

Here is my story.

First 5 years was very difficult. A lot of trying and seeing some small results. By end of 5 years, i live managed to buy a small condo worth $500K and was paying myself $5K a month. Quite ok but nothing compared to a good banking fella or sales person or even civil servant.

Next 5 years, things improved a lot. Business grew quite a lot and by end of 5 years, i was making close to $300K a year including dividends and all bonuses. I was 34 at that time. Suddenly propelled to being on par with admin service types and bankers.

Next 5 years, things grew even more. Business grew exponentially. Was making 1+ to 2M in income annually. Now on par with some CEOs and Perm Sec. Then buyer came along and sold it for a valuation better than IPO.

What is the secret? Putting all i have into my business and focus on clients and staff. Selecting the right business model and willing to work hard at it without giving up. Tweaking the business and growing into adjacent spaces. Putting together a good team of people. And of course, blessings from God or luck... whatever u want to call it.

But above all, I always take action and make decisions. I hate to stand still. And yes, very competitive. That is how i know there are close to 10K decamillionaires in SG, i actually used to benchmark against them. And btw, luck without any action to latch onto it is quite useless.

Now? Trying to slowdown and take it easier.... So here is a trueblue middle class to wealth story to share. And I am a Singaporean.

So come on guys, be imaginative, stop planning, talking and start doing concrete work that will gain your own financial freedom. Learn to do that one money generating skill well. Be it selling, entrepreneurship, trading!

I want to know more late 30s / early 40s people who can retire on their own steam so that have more kakis in Singapore rather then just all the inherited types.

Care to share what type of business it is? Where did you get the experience? Typical towkays usually learn their trade working for other towkays. Was yours a tuition centre business, or some trade that your friends or relatives taught you?

Thanks for sharing.

[greypiggi]

Started as fresh grad. Made so many mistakes in first five years. But had the determination to sell and was willing to keep following the money by tweaking my business model to follow what clients wanted. Can't share industry cuz if I say it, can tell which company right away.

Inspiration to start came from books, reading about others. No family members who are entrepreneurs at all. I find benchmarking and being insanely competitive is one way to succeed but we also need to work hard and smart and put that drive into action.

One thing I missed out, For me focusing on earning more rather than saving worked as a way to freedom. Once you earn past 350k honestly hard to spend it all and everything after that is savings. You can eat at les Amis, andre, fly business class, stay at $800 hotel suites and spend about 100k traveling a year. Spend another 200k on charity, food, car maintenance, kids etc... More than enough. The last 50k on gifts to parents, those lv bags, watches etc. Just don't fall into trap of going even more upscale into first class, birkins and 100k watches, multiple cars ... If you do that then you need 30m and up!!! In fact skies the limit....

Originally Posted by greypiggi

Started as fresh grad. Made so many mistakes in first five years. But had the determination to sell and was willing to keep following the money by tweaking my business model to follow what clients wanted. Can't share industry cuz if I say it, can tell which company right away.

Inspiration to start came from books, reading about others. No family members who are entrepreneurs at all. I find benchmarking and being insanely competitive is one way to succeed but we also need to work hard and smart and put that drive into action.

One thing I missed out, For me focusing on earning more rather than saving worked as a way to freedom. Once you earn past 350k honestly hard to spend it all and everything after that is savings. You can eat at les Amis, andre, fly business class, stay at $800 hotel suites and spend about 100k traveling a year. Spend another 200k on charity, food, car maintenance, kids etc... More than enough. The last 50k on gifts to parents, those lv bags, watches etc. Just don't fall into trap of going even more upscale into first class, birkins and 100k watches, multiple cars ... If you do that then you need 30m and up!!! In fact skies the limit....

I am interested to know how you pass your time now that you have sold off your business?

How do you keep yourself occupied other than the travelling and shopping?

[greypiggi]

Oh don't get wrong impression. Need to keep busy or will waste away.

I am still working as md of the firm i sold. But less stress since I am employee. Also am shareholder in other smaller firms which I invested in. So i help them out with strategic stuff. Travel is about 30 days a year for holiday and about 15 days for work. I also enjoy investmenting my liquid assets. Standard bond, equity portfolio.

Shopping? Not much for me. I revised my wardrobe to be more high end , nicer in recent years but not super high end. 5k watches, $300 shirts... Prob spend about 2 hour a mth shopping max?

Leisure time with family, trying to find old friends new friends who are freer... I restarted my book reading habit rather than just reading magazines. Also volunteer a little with a non profit.

Originally Posted by greypiggi

Started as fresh grad. Made so many mistakes in first five years. But had the determination to sell and was willing to keep following the money by tweaking my business model to follow what clients wanted. Can't share industry cuz if I say it, can tell which company right away.

Inspiration to start came from books, reading about others. No family members who are entrepreneurs at all. I find benchmarking and being insanely competitive is one way to succeed but we also need to work hard and smart and put that drive into action.

One thing I missed out, For me focusing on earning more rather than saving worked as a way to freedom. Once you earn past 350k honestly hard to spend it all and everything after that is savings. You can eat at les Amis, andre, fly business class, stay at $800 hotel suites and spend about 100k traveling a year. Spend another 200k on charity, food, car maintenance, kids etc... More than enough. The last 50k on gifts to parents, those lv bags, watches etc. Just don't fall into trap of going even more upscale into first class, birkins and 100k watches, multiple cars ... If you do that then you need 30m and up!!! In fact skies the limit....

Thanks for sharing. If it's not too much to ask for, could you reveal if your business targets end consumers or corporates?

What are the possible industries that you see are still viable in Singapore? Things that fresh grads or inexperienced wannabes can do.

Food? Education? Import / export? Or simple retail?

For many industries, it's extremely hard to start up if one is a total newbie. Let me give an extreme example (but it illustrates my point): I think space travel targeting the super rich is highly profitable, but I don't even know how to take the 1st step. Another more down-to-earth example: I think the aircon servicing industry can use some modernization, but I'm not exactly sure, so do I spend 1 year and several thousand dollars to "test out" the market?

[greypiggi]

i know many entrepreneurs and i can tell you that any field also can make good money. Look at even cleaning up pests, you got pest busters. Marine industry, all boomed recently. tuition centres, mindchamps, adam khoo, real estate, F&B - paradise group etc etc

u name the industry, chances are that the top 10 player inside it are all making good money. If you are fresh graduate, then i guess you have less capital. But you also have less to lose. Some industries that care less about knowhow and capital will be technology/internet/mobile area, small retail/cafe, service firms like what u mentioned etc....

Get your hands dirty and do your research. Once you committ and start business, give yourself 1 year to hit some goals. Always discount by half your projections and see what happens. Above all, if u are fresh, learn as you go and internalize the learning. At least if the venture fails, your next one will learn from it.

[Hermit]

Originally Posted by greypiggi

i know many entrepreneurs and i can tell you that any field also can make good money. Look at even cleaning up pests, you got pest busters. Marine industry, all boomed recently. tuition centres, mindchamps, adam khoo, real estate, F&B - paradise group etc etc

u name the industry, chances are that the top 10 player inside it are all making good money. If you are fresh graduate, then i guess you have less capital. But you also have less to lose. Some industries that care less about knowhow and capital will be technology/internet/mobile area, small retail/cafe, service firms like what u mentioned etc....

Get your hands dirty and do your research. Once you committ and start business, give yourself 1 year to hit some goals. Always discount by half your projections and see what happens. Above all, if u are fresh, learn as you go and internalize the learning. At least if the venture fails, your next one will learn from it.

greypiggi, you are spot on there. There is no need to invent anything or create new paradigms. Whatever industry you are already in, you can create a niche for yourself by doing things better for your customers. Therein lies the foundation to success.

Originally Posted by greypiggi

i know many entrepreneurs and i can tell you that any field also can make good money. Look at even cleaning up pests, you got pest busters. Marine industry, all boomed recently. tuition centres, mindchamps, adam khoo, real estate, F&B - paradise group etc etc

u name the industry, chances are that the top 10 player inside it are all making good money. If you are fresh graduate, then i guess you have less capital. But you also have less to lose. Some industries that care less about knowhow and capital will be technology/internet/mobile area, small retail/cafe, service firms like what u mentioned etc....

Get your hands dirty and do your research. Once you committ and start business, give yourself 1 year to hit some goals. Always discount by half your projections and see what happens. Above all, if u are fresh, learn as you go and internalize the learning. At least if the venture fails, your next one will learn from it.

Thanks for the great advice. Truly appreciate it.