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Chitchat Six money tips from someone who saved $1 million by age 30

Narong Wongwan

Alfrescian (Inf)
Asset
All these are bullshit stats and the lose-wealth-in-three generations myth to make us sheep feel good. Do you seriously 70% of kids/grandkids of the waltons/mars family/koch brothers/bill gates/warren buffet etc will lose their entire family wealth?

No need to look far, which second or third generation of the super rich in singapore have lost their wealth? Like the yeos of yeo hiap seng, they may have lost control of the business, but they are still be very wealthy. Of course there are exceptions, so no need trough the internet to pick out the exception to counter the obvious hard painful truth.

Yes I ageee with you.
That's where the term old money comes from.
Even if you look at Tan Kah Kee....the Tan family may not be wealthy anymore but the wealth now carried on by the Lee family (Son in law). Technically it's still family.
 

frenchbriefs

Alfrescian (Inf)
Asset
Yes I ageee with you.
That's where the term old money comes from.
Even if you look at Tan Kah Kee....the Tan family may not be wealthy anymore but the wealth now carried on by the Lee family (Son in law). Technically it's still family.

they are not related to the Lees by any chance are they?
 

kryonlight

Alfrescian (Inf)
Asset
by the time it reaches the third or fourth generation the initial family fortune has been chopped and diced up into tiny gong bao diced chicken

Let's not cheat ourselves. Even a tiny piece of gong bao diced chicken is worth more than a peanut, and a peanut is worth more than all of what you have when you inherited nothing from your parents and took a loan for your university education.

I know of someone who inherited S$100K from his dead daddy 10 years ago. He used it to buy 3 second hand trucks to start a business and today he has a brand new fleet of 6-7 trucks and lives in a condominium. It took me 8 fucking years to save S$100K cash (excluding CPF). Even if I want to emulate him, I can't. The price of second hand trucks has doubled since 10 years ago, and so has the fucking COE and the cost of truck servicing and repairs. It's a never ending race to the bottom.

The bottom line is that you will always be playing catch-up to those who have a head start in life with inherited wealth. The inherited rich seldom lose their wealth unless they refuse to work hard, fall for scams or take to compulsive gambling.
 

maxsanic

Alfrescian
Loyal
I'm OK with 2nd/3rd generation rich making use of inheritance and connections in the upper echelons of society to preserve or advance wealth, what I'm cautioning is we need to take all these get rich fast and easy stories found in MSM and the internet with a load of salt and understand we might not have the full context to how they really succeeded. This is especially true when we come across stories whereby the subject claims he is fabulously wealthy, but yet does not disclose how exactly he got to where he is other than some vague disclosures about "doing business" and/or "smart investment".
 

frenchbriefs

Alfrescian (Inf)
Asset
Let's not cheat ourselves. Even a tiny piece of gong bao diced chicken is worth more than a peanut, and a peanut is worth more than all of what you have when you inherited nothing from your parents and took a loan for your university education.

I know of someone who inherited S$100K from his dead daddy 10 years ago. He used it to buy 3 second hand trucks to start a business and today he has a brand new fleet of 6-7 trucks and lives in a condominium. It took me 8 fucking years to save S$100K cash (excluding CPF). Even if I want to emulate him, I can't. The price of second hand trucks has doubled since 10 years ago, and so has the fucking COE and the cost of truck servicing and repairs. It's a never ending race to the bottom.

The bottom line is that you will always be playing catch-up to those who have a head start in life with inherited wealth. The inherited rich seldom lose their wealth unless they refuse to work hard, fall for scams or take to compulsive gambling.

u dont need 100k to start a business thats a common misconception,there are many ways to start making money with very little initial investment or outlay if u bother to go out and look for it,u can do it with as little as $500 or $1000 or even nothing.the easiest and most basic form of business is arbitrage,or buy low sell high,u buy something for cheaper than its worth and sell it higher and pocket the difference for a profit,the most basic form of trade and business.,business does not mean u have to be selling houses or fancy cars or make some high tech smartphone or app and sell for millions,if u can make a profit selling pencils so be it,what u sell doesnt matter.

for example the other day i went to a cash converters in singapore,i walked around for fifteen minutes checking out the stuff which was mostly junk,Sinkies dont like to go to cash converters much,they dont really like to pawn their stuff,unlike ang moh countries their cash converters and thrift shops and good will stores are jammed packed with hidden treasures.....i stumbled upon two PS3 controllers that were old but still brand new in their packaging going for $15 each that looked somewhat interesting in the store full of junk and i didnt want to go home empty handed,i decided to pick them up and list them online and sell what happens,a few days later both of them were sold for $25 each and i made $20 profit on a $30 investment.they sold like hotcakes,

i learnt a few weeks later why,apparently Playstation 3 was a old console and technology,most of the gaming shops in singapore do not carry PS3 stuff anymore...so these PS3 controllers were pretty hot.i went sourcing for other sources online to find out where i can get more PS3 controllers.another interesting thing i found online was a window cat bed that was attached to ur window and ur cat can lie in it and look out the window all day,it attracted alot of female attention and theres alot of crazy pet owners in singapore.that item sold like hotcakes too.....right now my online arbitrage business is still small but i hope to generate the profits slowly and reinvest the profits into the business and grow my inventory and increase my sales.my goal is to do 20k sales a year in Singapore,then migrate to USA and do 2 million a year.....cause SG market sucks.....

another way i used to make money was playing poker,but im done with that now.made 10 to 20k profit over 4 years which was terrible return on time investment but nevertheless i still made a profit.

then theres my stock and reit portfolio which i am still in the process of building,hoping to grow it to 100k within the next 2 years.......its not that hard really,iv seen two sinkie bloggers achieve 300k networth and 500k networth by the time they are 30,and another sinkie blogger with 3 million dollar portfolio and a condo in his forties.....by the time he is 50 years old hes going to be worth 5 or 6 million at least.

Missed opportunities?Everyone has missed opportunities,I regret I had no money when I was in NS during the financial crisis.if I had 20 or 30k.i could have 100k today and happily retired in Australia.
 
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kryonlight

Alfrescian (Inf)
Asset
Missed opportunities?Everyone has missed opportunities,I regret I had no money when I was in NS during the financial crisis.if I had 20 or 30k.i could have 100k today and happily retired in Australia.

That's the point exactly! We are always one or more steps behind those who build their wealth with inherited wealth. By the time we catch up, old age and illnesses would have set in. It's all a losing game.

I thought it strange you would want to migrate to USA. DV 2018 Lottery results will be out 2 May.
 

ginfreely

Alfrescian
Loyal
That's the point exactly! We are always one or more steps behind those who build their wealth with inherited wealth. By the time we catch up, old age and illnesses would have set in. It's all a losing game.

I thought it strange you would want to migrate to USA. DV 2018 Lottery results will be out 2 May.

It's not always a losing game. You can catch up by creating instant wealth from buying life insurance on your life. Still the same thing in the sense that your descendants will benefit from it whether the wealth is from your life insurance or from your business.
 

garlic

Alfrescian (Inf)
Asset
to wake up in the morning and able to read this thread each morning - you are already worth more than a Million...



Steve Jobs' Last Words Will Make You Change Your View Of Life Completely!
I reached the pinnacle of success in the business world.
In others’ eyes, my life is an epitome of success.
However, aside from work, I have little joy. In the end, wealth is only a fact of life that I am accustomed to.
At this moment, lying on the sick bed and recalling my whole life, I realize that all the recognition and wealth that I took so much pride in, have paled and become meaningless in the face of impending death.
In the darkness, I look at the green lights from the life supporting machines and hear the humming mechanical sounds, I can feel the breath of god of death drawing closer…
Now I know, when we have accumulated sufficient wealth to last our lifetime, we should pursue other matters that are unrelated to wealth…
Should be something that is more important:
Perhaps relationships, perhaps art, perhaps a dream from younger days …
Non-stop pursuing of wealth will only turn a person into a twisted being, just like me.
God gave us the senses to let us feel the love in everyone’s heart, not the illusions brought about by wealth.
The wealth I have won in my life I cannot bring with me.
What I can bring is only the memories precipitated by love.
That’s the true riches which will follow you, accompany you, giving you strength and light to go on.
Love can travel a thousand miles. Life has no limit. Go where you want to go. Reach the height you want to reach. It is all in your heart and in your hands.
What is the most expensive bed in the world? – “Sick bed” …


Steve-Jobs.jpg




You can employ someone to drive the car for you, make money for you but you cannot have someone to bear the sickness for you.
Material things lost can be found. But there is one thing that can never be found when it is lost – “Life”.
When a person goes into the operating room, he will realize that there is one book that he has yet to finish reading – “Book of Healthy Life”.
Whichever stage in life we are at right now, with time, we will face the day when the curtain comes down.
Treasure Love for your family, love for your spouse, love for your friends…
Treat yourself well. Cherish others. SOURCE :speakingtree




Inspirational words but, this is not from Jobs...
 
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