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the other day, I was telling my father in law that I am actively looking for a someone suitable to succeed my businesses while I take the back seat. I am in my thirties but I guess I am getting to feel the fatiques of my active work. My daughter who was in P4 happened to overhear it and said "daddy, why don't let me take over, so that I no need to study anymore?" I nearly drop off my chair hearing that. I thought it over and told her "if you really mean what you said, I will not leave a single cent to you and the same goes for your brother. You should be ashamed of yourself for thinking of such things. Please get such thoughts away"
I came from a lower middle class family. The one thing my parents gave me was my education, which to them, I ám be eternity grateful. Think of it now, I was glad that I did not receive any assistance from my parents (because they also could not afford to do so.) That helped me to stand on my feet and work hard.
My early years were hard. I just got married not long after graduating and had a family soon after. Family quarrels were not infrequent, due to my stingy ways(I admit it) But to me that was my hard earned money. Everything must buy cheap ones if possible.
Even now, when my wife and I go shopping, I would still have second thoughts when buying things especially cheaper options exists. I guess I have that frugality in-built inside me.
Sorry to bore you guys with my stuff.
To summarise, in my personal experience, to get rich, be frugal. Live FAR below your means. Most pple don't get rich not because they don't earn enough, but because they spend too much.
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07-01-2014, 12:06 AM
Danger is real, fear is purely our imagination - "after earth" 2013 Will Smith
When we possessed something precious, we will guard against anyone from taking from us... the fear of losing them is so real.
As I am getting older (and hopefully wiser), my heart sync with Frank Sinatra:
[Image: quote-if-you-possess-something-but-you-c...267225.jpg]
source: izquotes.com
G,
The millionaire next door claims to have a spouse that's more frugal then themself. This makes the millionaire life easy in deciding what to buy, what to drive, where to go for holiday.
These are the lucky millionaire next door... I admire them.
F,
At this moment, bluechip sucks and penny stocks is back into the game.
He might be struggling now but my instinct tells me that his turn will come soon.
Read more and learn fast ... I wish both of you more luck on choosing the right stocks...
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07-01-2014, 12:10 AM
(This post was last modified: 07-01-2014, 12:12 AM by Temperament.)
But really i never plan to be anything (aka with minimum education) i just intrigue by people who dare to venture into active business. And i hate office politics though i know it's part of working life. And since i have no connections or know hows to go in to active business i study passive business (anything to do with investments and financial knowledge) until the age of 40 before i dare to plunge into the stock markets.
So now i am 65 going to be 66, i hope i will be like Johnny Walker still going strong. Except my assets allocation will be different from when i was young. (Actually not young remember i was 40 when i started investing in the Market)
i have a 25 years old son who really has yet to decide what he wants to do for a living.
What can i do for him except what he wants to do for himself?
But he demonstrates he got money sense;
Though he is not crazy of going after money.
i mean the usual route study hard and get a good and high paying job, etc.....
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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He could become a value investor, make 15% a year and have all his bonuses deferred for 5 years. Someone else (preferably an outsider with accounting background) to be his boss or mentor or go to work at a financial institution or local/regional bank first? Just giving ideas....
(07-01-2014, 12:10 AM)Temperament Wrote: But really i never plan to be anything (aka with minimum education) i just intrigue by people who dare to venture into active business. And i hate office politics though i know it's part of working life. And since i have no connections or know hows to go in to active business i study passive business (anything to do with investments and financial knowledge) until the age of 40 before i dare to plunge into the stock markets.
So now i am 65 going to be 66, i hope i will be like Johnny Walker still going strong. Except my assets allocation will be different from when i was young. (Actually not young remember i was 40 when i started investing in the Market)
i have a 25 years old son who really has yet to decide what he wants to do for a living.
What can i do for him except what he wants to do for himself?
But he demonstrates he got money sense;
Though he is not crazy of going after money.
i mean the usual route study hard and get a good and high paying job, etc.....
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(07-01-2014, 12:10 AM)Temperament Wrote: But really i never plan to be anything (aka with minimum education) i just intrigue by people who dare to venture into active business. And i hate office politics though i know it's part of working life. And since i have no connections or know hows to go in to active business i study passive business (anything to do with investments and financial knowledge) until the age of 40 before i dare to plunge into the stock markets.
So now i am 65 going to be 66, i hope i will be like Johnny Walker still going strong. Except my assets allocation will be different from when i was young. (Actually not young remember i was 40 when i started investing in the Market)
i have a 25 years old son who really has yet to decide what he wants to do for a living.
What can i do for him except what he wants to do for himself?
But he demonstrates he got money sense;
Though he is not crazy of going after money.
i mean the usual route study hard and get a good and high paying job, etc.....
Happy for you that your boy has money sense. Many parents worry their children have none (they don't teach it in schools, so maybe they will learn from school of hard knocks. ouch).
25 yo still v young, maybe he just needs more time to think carefully what he wants to do for the next 20-30 years. Better a few months than gg into something that he will regret later in years to come.
儿孙自有儿孙福, u can only do so much for them.
A stock well bought is half sold - Ben Graham
Price is the most important factor to use in relation to value - Walter Schloss
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He is a poly-technique accounting graduate who is so hooked up with playing international computer games daily, that (i think) he is not interested in anything else. Though he did try to work once or twice after much grumbling from who but 老 爸，
He has demonstrated he knows and understands the games' (aka like our stock market) market so well that he has been making money out of trading "items" with international game players.
To me that's "moneysense" or how to value a buy and sell.
i hope one day he can transfer his energy focus on playing game to the stock market. Whatever his vocation going to be.
Quote:
“Again, you can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”
Steve Jobs (1955-2011);
Co Founder Apple Inc.
Unquote
i only hope it's true for my son too.
Shalom
Amen.
(07-01-2014, 08:47 AM)tikam tikam Wrote: He could become a value investor, make 15% a year and have all his bonuses deferred for 5 years. Someone else (preferably an outsider with accounting background) to be his boss or mentor or go to work at a financial institution or local/regional bank first? Just giving ideas....
(07-01-2014, 12:10 AM)Temperament Wrote: But really i never plan to be anything (aka with minimum education) i just intrigue by people who dare to venture into active business. And i hate office politics though i know it's part of working life. And since i have no connections or know hows to go in to active business i study passive business (anything to do with investments and financial knowledge) until the age of 40 before i dare to plunge into the stock markets.
So now i am 65 going to be 66, i hope i will be like Johnny Walker still going strong. Except my assets allocation will be different from when i was young. (Actually not young remember i was 40 when i started investing in the Market)
i have a 25 years old son who really has yet to decide what he wants to do for a living.
What can i do for him except what he wants to do for himself?
But he demonstrates he got money sense;
Though he is not crazy of going after money.
i mean the usual route study hard and get a good and high paying job, etc.....
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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07-01-2014, 09:44 AM
(This post was last modified: 07-01-2014, 09:53 AM by opmi.)
(06-01-2014, 10:35 PM)gautam Wrote: the other day, I was telling my father in law that I am actively looking for a someone suitable to succeed my businesses while I take the back seat. I am in my thirties but I guess I am getting to feel the fatiques of my active work. My daughter who was in P4 happened to overhear it and said "daddy, why don't let me take over, so that I no need to study anymore?" I nearly drop off my chair hearing that. I thought it over and told her "if you really mean what you said, I will not leave a single cent to you and the same goes for your brother. You should be ashamed of yourself for thinking of such things. Please get such thoughts away"
I came from a lower middle class family. The one thing my parents gave me was my education, which to them, I ám be eternity grateful. Think of it now, I was glad that I did not receive any assistance from my parents (because they also could not afford to do so.) That helped me to stand on my feet and work hard.
My early years were hard. I just got married not long after graduating and had a family soon after. Family quarrels were not infrequent, due to my stingy ways(I admit it) But to me that was my hard earned money. Everything must buy cheap ones if possible.
Even now, when my wife and I go shopping, I would still have second thoughts when buying things especially cheaper options exists. I guess I have that frugality in-built inside me.
Sorry to bore you guys with my stuff.
To summarise, in my personal experience, to get rich, be frugal. Live FAR below your means. Most pple don't get rich not because they don't earn enough, but because they spend too much.
Just to add.
Financial flexibility = Passive income (PI) - living expenses (LE)
Either increase PI or/and Reduce LE.
In reducing LE, follow the middle path. Need time/energy to 'enjoy life'
Dont do it too late or too early in life.
e.g. I like to tell my younger friends, go travel for 1 or 2 months after graduation.
Unlikely to get this opportunity until 30-40 years later. Borrow if needed. (but dont get into borrowing habit)
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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(07-01-2014, 09:30 AM)FatBoi Wrote: (07-01-2014, 12:10 AM)Temperament Wrote: But really i never plan to be anything (aka with minimum education) i just intrigue by people who dare to venture into active business. And i hate office politics though i know it's part of working life. And since i have no connections or know hows to go in to active business i study passive business (anything to do with investments and financial knowledge) until the age of 40 before i dare to plunge into the stock markets.
So now i am 65 going to be 66, i hope i will be like Johnny Walker still going strong. Except my assets allocation will be different from when i was young. (Actually not young remember i was 40 when i started investing in the Market)
i have a 25 years old son who really has yet to decide what he wants to do for a living.
What can i do for him except what he wants to do for himself?
But he demonstrates he got money sense;
Though he is not crazy of going after money.
i mean the usual route study hard and get a good and high paying job, etc.....
Happy for you that your boy has money sense. Many parents worry their children have none (they don't teach it in schools, so maybe they will learn from school of hard knocks. ouch).
25 yo still v young, maybe he just needs more time to think carefully what he wants to do for the next 20-30 years. Better a few months than gg into something that he will regret later in years to come.
儿孙自有儿孙福, u can only do so much for them. Thanks for the reminder. i agree.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 3,474
Threads: 95
Joined: Jul 2011
Reputation:
17
(07-01-2014, 09:44 AM)opmi Wrote: (06-01-2014, 10:35 PM)gautam Wrote: the other day, I was telling my father in law that I am actively looking for a someone suitable to succeed my businesses while I take the back seat. I am in my thirties but I guess I am getting to feel the fatiques of my active work. My daughter who was in P4 happened to overhear it and said "daddy, why don't let me take over, so that I no need to study anymore?" I nearly drop off my chair hearing that. I thought it over and told her "if you really mean what you said, I will not leave a single cent to you and the same goes for your brother. You should be ashamed of yourself for thinking of such things. Please get such thoughts away"
I came from a lower middle class family. The one thing my parents gave me was my education, which to them, I ám be eternity grateful. Think of it now, I was glad that I did not receive any assistance from my parents (because they also could not afford to do so.) That helped me to stand on my feet and work hard.
My early years were hard. I just got married not long after graduating and had a family soon after. Family quarrels were not infrequent, due to my stingy ways(I admit it) But to me that was my hard earned money. Everything must buy cheap ones if possible.
Even now, when my wife and I go shopping, I would still have second thoughts when buying things especially cheaper options exists. I guess I have that frugality in-built inside me.
Sorry to bore you guys with my stuff.
To summarise, in my personal experience, to get rich, be frugal. Live FAR below your means. Most pple don't get rich not because they don't earn enough, but because they spend too much.
Just to add.
Financial flexibility = Passive income (PI) - living expenses (LE)
Either increase PI or/and Reduce LE.
In reducing LE, follow the middle path. Need time/energy to 'enjoy life'
Dont do it too late or too early in life.
e.g. I like to tell my younger friends, go travel for 1 or 2 months after graduation.
Unlikely to get this opportunity until 30-40 years later. Borrow if needed. (but dont get into borrowing habit) "Financial flexibility = Passive income (PI) - living expenses (LE)"
Unquote:-
Well put. You will know how much truth it is especially when you are in your "de-accumulating phase of life", like me.
FF is actually very important concept to practise no matter at what stage of your life.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 1,733
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31
09-01-2014, 08:25 AM
(This post was last modified: 09-01-2014, 08:28 AM by yeokiwi.)
(06-01-2014, 10:35 PM)gautam Wrote: My daughter who was in P4 happened to overhear it and said "daddy, why don't let me take over, so that I no need to study anymore?" I nearly drop off my chair hearing that. I thought it over and told her "if you really mean what you said, I will not leave a single cent to you and the same goes for your brother. You should be ashamed of yourself for thinking of such things. Please get such thoughts away"
http://www.valuebuddies.com/thread-1954-...l#pid69358
Quote:My wife and I bought a pte ppty 10 years ago before we got married. Then we rented it out and bought another one, just to be within 1 KM of the school which my child needs to enroll in. Just that simple requirement, would mean a few hundred K to spend to buy that other property just to meet that requirement. My third was a commercial ppty used for my business.
Gautam, you had a shotgun marriage ah?
Not easy.. juggle with a newborn kid + newly married + managing business + investing. Impressive.
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