I think you haven start but reading these comments you might not feel like doing so liao. I recommend you to read "Think and Grow Rich" book. Google this book as it comes in free pdf.
This book is a compilation of 500 successful pp who achieved great wealth from NOTHING. They dont inherit any money, they are not born rich, neither are they academically inclined.
But i haven finish reading this book. too lazy
. Basically its a motivational book and it instills positive thinking in whatever things you do. If you have negative thoughts, you will fail. Entrepreneurs dont think of failure, they only think of how to succeed. They think of what to do to succeed. They dont think of what should i do if i fail.
Actually it's not about how much you earn in gross but how much net you left at the end of the month for savings in war chest and investment. Most of my peers are earning 10k plus but I don't see them save or do investment. They just go hong kong and korea spend money on clothes and shoes and makan. One even bought a condo to have the feel of living atas. If you look at famous blogger AK, he don't earn that much but the dividends and wealth he accumulate is respectable. He is a successful person in my view.
(10-03-2015, 03:52 AM)Big Toe Wrote: [ -> ]Investment for a living, good topic, guess most of us here are trying to do that.
My opinion is that it is easier said than done even with a capital of say 2-3Mil and living modestly.
There are many a times where you just sit around and do nothing while waiting for the next opportunity.(May it be property or buying equities or other investments). Or worse, sitting on loses of a bad investment. So where is the money going to come from? Maybe you have set a side some money to last you for a while but bad times can last a few years. So it ain't going to be easy.
It would be easier if you are running a small business at the same time. But the first few years can be really though going and many businesses do fail. So once the business is relatively stable, the regular cash flow from the business can be put into investment or expanding the business, whichever makes more sense. In Singapore, it is highly competitive in most businesses with relatively small domestic population and activities.
Life has a way when it comes to money. While there are many who may hold an easy job earning very decent money, say 10K and up. But at some point, retirement will set in and suddenly a high income earner may find themselves having difficultly finding income. The gung ho ones who struggled with their own businesses, at their retirement age, may find themselves in a position where the business has grown to a considerable size and they no longer need to worry about operations too much and cash flow will not run dry anytime soon. You reap what you sow.
Wow, with 2 to 3 million cash I tlhink it is very viable capital to invest for cash flow. We must remember when we buy a stock we are actually OPMI. It means we are minority sleeping partners. IMHO, if we have not become an active investor aka running your own business when much younger, I think it's a bit too late liu. i know a 70 year old friend who has inherited a business from his father from his graduation day ; who has left the running of his small company to his employees many years ago. He only check the account now and then. In this way all his employees know their rice bowls are as secured as the positive cash flow generated by the business.
Due to sentimental reasons, he did not sell to an interested party; which he almost had done.
(10-03-2015, 07:05 AM)Bibi Wrote: [ -> ]I think you haven start but reading these comments you might not feel like doing so liao. I recommend you to read "Think and Grow Rich" book. Google this book as it comes in free pdf.
This book is a compilation of 500 successful pp who achieved great wealth from NOTHING. They dont inherit any money, they are not born rich, neither are they academically inclined.
But i haven finish reading this book. too lazy . Basically its a motivational book and it instills positive thinking in whatever things you do. If you have negative thoughts, you will fail. Entrepreneurs dont think of failure, they only think of how to succeed. They think of what to do to succeed. They dont think of what should i do if i fail.
We should prepare for the worst in planning. In execution, positive thinking is very important to get things done successfully, IMO.
Investing for living, shouldn't be a smooth ride, with uncertainties ahead, even with a reasonable capital base. You have to manage it.
(10-03-2015, 07:05 AM)Bibi Wrote: [ -> ]I think you haven start but reading these comments you might not feel like doing so liao. I recommend you to read "Think and Grow Rich" book. Google this book as it comes in free pdf.
This book is a compilation of 500 successful pp who achieved great wealth from NOTHING. They dont inherit any money, they are not born rich, neither are they academically inclined.
But i haven finish reading this book. too lazy . Basically its a motivational book and it instills positive thinking in whatever things you do. If you have negative thoughts, you will fail. Entrepreneurs dont think of failure, they only think of how to succeed. They think of what to do to succeed. They dont think of what should i do if i fail.
The best time to read a book is on a mrt or bus journey, provided you are not driving. Each day to and fro, you will have around an hour or more on average to read it. When train break down, or caught in a traffic jam, you will have more time to finish it.
(10-03-2015, 09:29 AM)CityFarmer Wrote: [ -> ]We should prepare for the worst in planning. In execution, positive thinking is very important to get things done successfully, IMO.
I am not an Entrepreneur maybe because i plan, think and worry too much. But i remember reading that those entrepreneurs dont plan for failure. They have no exit strategy. They have only one way to go and that is to succeed. If you have an alternative, they you wont give your best shot. Your mind will tell you, nvm, fail i still can have something to fall back on. Maybe thats why entrepreneurs failed many times (maybe due to lack of planning) but they always come back up again.
(10-03-2015, 09:53 AM)Bibi Wrote: [ -> ] (10-03-2015, 09:29 AM)CityFarmer Wrote: [ -> ]We should prepare for the worst in planning. In execution, positive thinking is very important to get things done successfully, IMO.
I am not an Entrepreneur maybe because i plan, think and worry too much. But i remember reading that those entrepreneurs dont plan for failure. They have no exit strategy. They have only one way to go and that is to succeed. If you have an alternative, they you wont give your best shot. Your mind will tell you, nvm, fail i still can have something to fall back on. Maybe thats why entrepreneurs failed many times (maybe due to lack of planning) but they always come back up again.
Entrepreneur is a "special breed or class of people". They are wired so much differently from us. They can take so many times work and stress until they succeed.i suppose they must have a vision and steely conviction to make them go on and on.
i think it is a bit the same as one who can invest in the stock market for a lifetime.
(10-03-2015, 10:09 AM)Temperament Wrote: [ -> ] (10-03-2015, 09:53 AM)Bibi Wrote: [ -> ] (10-03-2015, 09:29 AM)CityFarmer Wrote: [ -> ]We should prepare for the worst in planning. In execution, positive thinking is very important to get things done successfully, IMO.
I am not an Entrepreneur maybe because i plan, think and worry too much. But i remember reading that those entrepreneurs dont plan for failure. They have no exit strategy. They have only one way to go and that is to succeed. If you have an alternative, they you wont give your best shot. Your mind will tell you, nvm, fail i still can have something to fall back on. Maybe thats why entrepreneurs failed many times (maybe due to lack of planning) but they always come back up again.
Entrepreneur is a "special breed or class of people". They are wired so much differently from us. They can take so many times work and stress until they succeed.i suppose they must have a vision and steely conviction to make them go on and on.
i think it is a bit the same as one who can invest in the stock market for a lifetime.
doing business needs optimism/hope coz when no sales or customers dont pay.
Whereas, hope/optimism is the enemy of investment success coz wont cut loss or admit wrong.
(10-03-2015, 08:41 AM)Life is a game Wrote: [ -> ]Actually it's not about how much you earn in gross but how much net you left at the end of the month for savings in war chest and investment. Most of my peers are earning 10k plus but I don't see them save or do investment. They just go hong kong and korea spend money on clothes and shoes and makan. One even bought a condo to have the feel of living atas. If you look at famous blogger AK, he don't earn that much but the dividends and wealth he accumulate is respectable. He is a successful person in my view.
Thats exactly right. When accumulation is so poor, there is hardly any capital to compound or grow.
(10-03-2015, 10:48 AM)opmi Wrote: [ -> ] (10-03-2015, 10:09 AM)Temperament Wrote: [ -> ] (10-03-2015, 09:53 AM)Bibi Wrote: [ -> ] (10-03-2015, 09:29 AM)CityFarmer Wrote: [ -> ]We should prepare for the worst in planning. In execution, positive thinking is very important to get things done successfully, IMO.
I am not an Entrepreneur maybe because i plan, think and worry too much. But i remember reading that those entrepreneurs dont plan for failure. They have no exit strategy. They have only one way to go and that is to succeed. If you have an alternative, they you wont give your best shot. Your mind will tell you, nvm, fail i still can have something to fall back on. Maybe thats why entrepreneurs failed many times (maybe due to lack of planning) but they always come back up again.
Entrepreneur is a "special breed or class of people". They are wired so much differently from us. They can take so many times work and stress until they succeed.i suppose they must have a vision and steely conviction to make them go on and on.
i think it is a bit the same as one who can invest in the stock market for a lifetime.
doing business needs optimism/hope coz when no sales or customers dont pay.
Whereas, hope/optimism is the enemy of investment success coz wont cut loss or admit wrong.
I do agree with Bibi, but it is only one of the working strategies for entrepreneurs.
In our context, investing for living, is a marathon, rather than a 100m sprint. No-exit strategy is counter-productive, over longer term, IMO. We may out-of-breath after first year, with a do-or-die attitude.