Millionaire Forummer Shares Experience and Gives Valuable Advice - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




Millionaire Forummer Shares Experience and Gives Valuable Advice

Reply
 
Thread Tools
  #1 (permalink)  
Old 16-08-2009, 03:28 PM
Senior Member
 
Join Date: Jun 2009
Posts: 34
Salary.sg is on a distinguished road
Default Millionaire Forummer Shares Experience and Gives Valuable Advice

Frank sharing and valuable insights from a guest (thanks!) in our Salary.sg Forums, in response to a list of questions I posed in an old article on how to get rich:

- How did you make your first million?

“Made my first million i think around 30 or 31 years old. Graduated from uni in 1999, started own business in 2000 and have been running it for 9 years now. Am 34 this year. My family saves a lot. We save about 80% of total annual income.”

- How long did you take?

“About 6 years to make the 1st. 2 years for 2 second and 1 year for third. Make about 1M per year now. Probably can increase it to 2M per year over the next 5 years. It is very true that the 1st is hardest to make and the subsequent easier.”

- If you were to do it again in today’s context, how much time do you need? Would you do it differently and how?

“Well, i make my money mostly from company profits and pay. My 1st company took 5 years to hit 1 M turnover, my 2nd company took 1 year. Experience, a good team and knowhow really helps. I will still spend time, money and effort in business with stock trading as a fun sideline.”

“Investments I enjoy trading stocks but i never trade with more than 200-300K cash.No margin also. Money is hard to earn. This downturn made about 120K buying at low from last Sep to this year Mar. Over the past 9 years probably made about $250K in stocks. My idea is to use stock gains to pay for lux items. Stuff like gifts for wife/kids and travel.”

- If I want to be rich, what’s your advice for me?

“Make sure you have the right drive and temprament for it. And you need to be in the right area. Traders, Lawyers, Med Specialists, Sales, Consultants, Investment Bankers are the right group that can make $1M by 35 to 40. If you want by 30 I think have to be businessman or sales/middleman work”

- What is the most important lesson you picked up in the process of getting rich?

“I do not see myself as rich yet. It is very interesting that as you accumulate wealth you get exposed to even wealthier people and know more. Eg. I used to think I can retire with 3M net worth. Now with that, I feel might as well aim higher and go for 10M and I can picture a lifestyle requiring that. I suspect when I hit 10M, it will become 20M. So there is this slippery slope of greed which I personally want to be aware of. Money is for spending and making people around me happy, it is a means to an end and I need to keep reminding myself of it.”

- What do you think is the most important habit that helped you?

“Persistence and a drive to make things work no matter what. It helps in business a lot.”

- Any missed opportunities? Can I make use of these opportunities?

“Erm…. there are always opportunities. If viewed that way, then i have missed many many.”

- Do you think luck plays a part?

“Yes, we can try all we want but we need a little right place right time. But u need to work hard and be prepared to take some risk and take the challenge when it presents itself.”

“Hope this helps our readers. I write because I benchmark myself a lot personally and it makes me very competitive as a person. So for those of u who like to benchmark, this story is for you!”

See his original post in Salary.sg Forums and a follow-up to my original article: How to be rich (part 2).

http://www.salary.sg/2009/millionair...luable-advice/


Last edited by Salary.sg; 16-08-2009 at 03:31 PM.
Reply With Quote
  #2 (permalink)  
Old 26-09-2009, 10:54 PM
Verified Member
 
Join Date: Sep 2009
Posts: 24
glenndanker is on a distinguished road
Default

Thanks for your awesome sharing. Getting a mentor is something you suggested if I didn't get you wrong. Do you do mentoring and honestly it is defintely not easy to come by, do you agree?

Reply With Quote
  #3 (permalink)  
Old 15-08-2010, 10:44 PM
whizzard's Avatar
Millionaire Member
 
Join Date: Feb 2010
Location: Bkt Timah
Posts: 86
whizzard is on a distinguished road
Default

Quote:
Originally Posted by glenndanker View Post
Thanks for your awesome sharing. Getting a mentor is something you suggested if I didn't get you wrong. Do you do mentoring and honestly it is defintely not easy to come by, do you agree?
Depending on the age group, most will mentor. However, the mentee will need to get along with the mentor and show gratitude and strong willingness to learn.

I have been the beneficiary of a very good mentor and I have mentored a few myself. Some will disappoint whilst the rest who dont, become lifelong friends. Look for someone who is your senior in position and age and show great attitude. We spend long hours in the office and there's always time to coach someone deserving.

Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
When getting advice on Getting Rich, never trust Property Agents / Consultants Salary.sg Investments and Net Worth 8 08-09-2011 04:21 PM
Investment Banker Making 500k pa Gives Excellent Advice Salary.sg Income and Jobs 11 10-04-2011 01:51 PM
Case Study 4 - How High-Income Lady Lost $33k in Shares Salary.sg Investments and Net Worth 4 30-06-2008 01:37 PM

» 30 Recent Threads
How is life as a doctor in... ( 1 2 3... Last Page)
1,951 Replies, 1,167,021 Views
Compare civil service salary ( 1 2 3... Last Page)
11,675 Replies, 6,649,589 Views
Starting business as civil service ( 1 2)
10 Replies, 4,744 Views
MAS : Mid Career Professionals ( 1 2 3... Last Page)
297 Replies, 189,152 Views
GovTech career grade ( 1 2 3... Last Page)
235 Replies, 228,255 Views
Lawyer Salary ( 1 2 3... Last Page)
10,781 Replies, 3,710,695 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
370 Replies, 163,696 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
5,691 Replies, 1,513,549 Views
High Finance Thread ( 1 2 3... Last Page)
213 Replies, 57,218 Views
Engineer Pay ( 1 2 3... Last Page)
186 Replies, 77,939 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
3,038 Replies, 1,388,423 Views
Career as Teacher ( 1 2 3... Last Page)
3,547 Replies, 2,150,825 Views
Roles in accenture singapore ( 1 2 3... Last Page)
1,201 Replies, 350,940 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
1,420 Replies, 650,330 Views
GIC career ( 1 2 3... Last Page)
287 Replies, 401,108 Views
ST Electronics ( 1 2 3... Last Page)
1,931 Replies, 413,908 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,211 Replies, 4,074,740 Views
Anyone working in NTU... ( 1 2 3... Last Page)
104 Replies, 108,863 Views
Lendlease Graduate Program 2021... ( 1 2)
12 Replies, 2,115 Views
Asset Management Salary ( 1 2)
10 Replies, 656 Views
DBS tech seed programme ( 1 2 3... Last Page)
453 Replies, 98,534 Views
How much savings do you have? ( 1 2 3... Last Page)
1,309 Replies, 578,002 Views
Dsta ( 1 2 3... Last Page)
911 Replies, 646,097 Views
UBS Financial Services Industry... ( 1 2 3... Last Page)
181 Replies, 52,275 Views
Anyone work for Casino (RWS/MBS) ?... ( 1 2)
19 Replies, 19,548 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
446 Replies, 103,977 Views
Job Offer Advise ( 1 2)
14 Replies, 1,189 Views
How is HTX Associate Programme...
8 Replies, 1,721 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
2,006 Replies, 469,604 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:19 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2