Useful tips to super-charge your life for maximum success!

3 Little-Known But Powerful Life Principles That the Top 10% of Rich People Apply Daily

Wealth has little to do with your age. Insteadmaturity is the key factor in living successfully and accumulating wealth. I’ve seen 40-somethings and 50-somethings behave like school children, and 20-somethings with nothing in their pockets but with an attitude that would put accomplished men to shame.

The latter are the superstars of tomorrow. But what is the defining difference between these 2 groups of people?

The answer lies in their life principles, and here are 3 essential life principles that are adopted by all the world’s richest and most successful people.

FIRSTLY, IT’S NOT WHAT YOU HAVE IN YOUR POCKET, BUT WHAT ATTITUDE YOU HAVE IN YOUR HEAD.

Attitude makes the difference. I have met employers, bosses, CEOs over the years and one thing I’ve noticed is that many of them do not mind hiring fresh graduates, as long as they want to learn. Many people come straight out of school expecting a $4,000 salary and posh benefits, but the truth is, these jobs no longer exist. Instead, the business world is a harsh hustle and the reality may shock comfort-seekers and fun-loving teenagers.

Money is not the solution to your financial difficulties. It’s your mentality towards wealth and life in general.

aSource: Quotefancy.com

Of course, in capitalism, money speaks. But when you have nothing to your name, it’s your willingness to change and your enthusiasm that attracts the money eventually.

Entrepreneurs are people who create money out of thin air. They see a problem, and find a way to

If someone is hiring a trader, I want to see at least 5 years of dedicated self-study to the subject, outside of the classroom. I want him to be proficient in all asset classes, conversant with financial jargon, and at least know who Yellen and Largade is.

When an aspiring trader tells me that the FOMC rate caused a bull spike and reversal on the yen yesterday despite the announcement being ambiguous, I’m sold.

Rich people have raw passion, and I believe every successful entrepreneur would say the same.

What kind of attitude do you have?

SECONDLY, LEARN TO SERVE INSTEAD OF BEING SERVED.

Many people, young or old, squirm at the idea of having to serve someone more experienced than them. After all, they would say to themselves “I could jolly-well do what my boss is doing. Why is he paid 3 x of my salary?”

“That’s because he’s the boss, silly you.”

This is the truth: your boss did something, and had something that got him there. He paid his dues and did what it takes to get to where he deserves.

 

1Would you ‘wash someone else’s feet’ in order to learn and get where you want eventually?
Source: enemyofdebt.com

And learning to serve is a great way to buy into the shoes of high-rolling elites. Many wealthy people are humble, hardworking, honest, eager to learn, and much much more. When they see the same qualities they once had, you’re in.

Serve your boss. Look out for what the company you are in wants. Help others around meet performance goals. Learn to work for a vision greater than yourself, and don’t beat yourself up for having low pay initially.

When you serve, you grow as a person, you grow in maturity, you expose yourself to different experiences, and you’ll instantly stand out from the crowd.

 

LASTLY, BE FAITHFUL WITH LITTLE, AND YOU’LL BE GIVEN MORE.

I’m surprised by how many people I meet, fresh out of university, who have studied Economics, Finance, Corporate Accounting, Complex Derivatives, and many other subjects, but fail to manage their own income and expenses.

A person who manages his expenses at the age of 18 is impressive. People don’t look only for great results; the person’s habits will show.

I’ve seen youngsters who can pull out spreadsheets detailing their monthly income and expenses for the past 5 years, filed into category, along with savings plans, % completion on their financial goals, and many other cool details. These are the ones that will get ahead.

If you can’t manage $1,000 a month, don’t think that things will get better when you have $4,000 a month. If you are faithful with little, you will be faithful with much.

Have you ever heard of lottery winners striking it rich, and then lose it all because they were bad financial managers?

 

izI ain’t no saint, but Mother Teresa has some great wisdom on this issue.
Source: izquotes.com

 

Budget faithfully, keep to your current level of income, and stick to it. But always seek to grow your level of earning power.

TRUTH BE TOLD, MANY PEOPLE DON’T LIKE TO DO THE ABOVE 3 POINTS.

Sadly, I’ve also met adults in their 40s-50s who have lost hope. When the family comes, the kids come, and the crushing mortgage comes, the cracks will show in their financial discipline. These habits are formed over many years, and the lack of discipline and a humble attitude is to blame.

Keep at your inner-game and you’ll be much closer to your financial goals than you imagine.

Cheers! 🙂

P.S. To help you kickstart your journey to greatness, we have compiled a comprehensive list of all the best resources we have, because we always believe in giving value, since value will multiply, and when people like what they get, they will definitely come back for more.

P.S.S We will be conducting our quarterly intake of the Trading Mastery Program this coming weekend on 18 & 19 March, and if you want to join us please inform us asap so that we can book lunch and prepare the training materials for you. The fastest way is to drop us an SMS/Whatsapp at 97724280. See you soon!

6 Little-Known Things that Rich People Do Differently that Give Them an Unfair Advantage

Many people do not realise that small things add up. Like how a small river can cut through rock and form grand canyons, small habits can add up over time to produce vastly different results. This means that quite often, a small change in the way we do certain things can result in huge leaps in improvement. So here are some things that rich people do differently:

1. MAKE MANY SMALL & FREQUENT WINS, NOT A FEW BIG WINS

1

Trading is boring. Ask any seasoned trader in a proprietary fund, and they will tell you the same thing. It’s all about doing the same thing over and over again, and it is surprisingly difficult to do something simple over a very long period of time.

Some of the richest people I know own very humble businesses. One example is the typical food hawker; it’s unexciting, it’s repetitive, but hey, it gives a very stable source of income, week in, week out. It is virtually impossible for good food to become irrelevant to the typical consumer, and hence this source of income is one that will last a long time.

Too bad they ran out of the small lobster bowls, but I’ll definitely be back! 👍😄🍴 #sumoprawnnoodle #prawns #lobsters

A post shared by Spencer Li 🇸🇬 Synapse Trading (@iamrecneps) on

In trading, it’s the same. Small wins add up over time, and instead of being diligent, many aspiring traders choose to take the easy way and just look for that one quick way to make money. Although the news always glorifies the one-hit wonders, like Zuckerberg and other billionaire tech founders, the majority of the rich are not overnight successes, and they know this rule best: small wins add up over time.

 

2. THINK IN % ROI, NOT DOLLARS OF INCOME

Compounding is the way to go. Although you might be nauseating because this is probably the 100th article on the power of compounding, it really works. Just take a moment and think with me:

Nobody would learn trading if you claim to make $10 a day. They want $100 a day, $1000 a day, but forget that it starts with $10 a day.

That’s why most people fail to achieve financial success. They measure monetary success in dollar terms, and fail to consider that ROI is what brings true riches over the long-run.

Thinking in ROI is a very huge barrier for many people, and it actually benefits you because when you finally do make a substantial sum of money, you will still be thinking in terms of ROI and not be overwhelmed by the huge amount of funds on your plate.

I’ve seen many traders do well on small accounts, only to blow up with larger accounts because they have not drilled the ROI concept deep into their minds.

If you can make 3% a month, that’s $30 for a $1000 account, $300 for a $10,000 account, and $3,000 for a $100,000 account. Go figure. If your focus is on % ROI, you will not have an issue growing your wealth quickly.

 

3. STAY AWAY FROM ALL FORMS OF GAMBLING

This point is probably the easiest to write about:

Gambling = negative expectation

Investing/trading = positive expectation

I bet I can stop gambling!”

Gambling gives you hope, which is false and always gets dashed.

Investing gives you certainty, which is true and rewards the skillful.

I think that’s enough said. If you’re gambling for the thrill, treat it as expenses. As a trader I always think in probabilities, so since the expected return from gambling is negative, the rational decision is to not participate at all.

In addition, 1 in 5 gambling addicts attempt suicide. It destroys your family, your friendships, your sense of sanity, and your work ethic. I think it’s enough to let you realize it won’t get you rich; even the seemingly innocent TOTO or 4D that you buy is not a rational attempt for someone to earn big money.

 

4. TIME IS WORTH MORE THAN MONEY

Quite often, people will go to great lengths to save money, for example spending hours hunting around for cheap shopping deals, when all you save for your hours of effort is a mere $10-20. Rich people know the value of their time.

One important question to ask yourself is, “what is the $ value of 1 hour of your time?” If 1 hour of your time is only worth $2, then spending an hour queueing up for free ice-cream might make sense. However, if one hour of your time is worth $200, then taking a $20 cab ride to save an hour of transport will make a lot of sense. You get the idea.

At this point, you might have realised that one if the key ways to increase your net worth is to gradually work your way up by increasing the value of your time. After all, everyone has 24 hours in a day, but the more value you can create in one hour of your time, the higher you will be paid for it, and the higher the value of that hour will be.

 

5. DON’T WASTE MONEY ON CHEAP STUFF – ONLY BUY QUALITY GOODS

It’s sad that most people are thrifty in things that do not matter, but silly when it comes to investments of thousands or hundreds of thousands of dollars. I’ve seen people scrimp on their daily meals, yet when it comes to investments, blow $50,000 on an investment fund they do not understand, or buy into a multi-currency deposit that doesn’t even make sense.

Home purchases, which make up the bulk of most people’s expenditures, tend to be bad decisions. People buy houses that they cannot afford, spend money on renovations that don’t matter, and waste money where it doesn’t bring returns.

1Most people are smart with small sums of money, but unwise on big decisions

Rich people buy things that appreciate in value, while poor people don’t. Electronics generally don’t appreciate in value. If you consider buying electronics, buy quality electronics, and keep them in tip-top condition so that you can resell them at a decent price. And… just because it’s the latest gadget doesn’t mean it’s quality. You’ve got to do your research and think about your purchases if you are serious about your money.

Wine does appreciate in value, and so do quality branded goods. Some Louis Vuitton bags appreciate in value, and it would do you well to consult experts if you are intending to use these products.

Other things that are not worth spending on include:

  • fast food
  • low-quality makeup
  • gifts that don’t really matter
  • alcohol
  • bottled water
  • cheap shoes/clothing that you throw away within 6 months

Yes. It might hurt to read this, but if you need a total personal finance audit, then it helps to do a reality check on yourself.

 

6. LASTLY, RECOGNIZE THAT PERSONAL DEBT IS A SHACKLE

Personal debt chains you from spending on what really matters. In the U.S, many undergraduates end their college years with US$100,000 and above in personal debt. How in the world would they be able to start a family, much less get a home to live in?

In my opinion, the only useful loan is the humble HOME LOAN. Yes, a loan for the house you actually live in, not the house that you would not live in. It is essential to have a roof over your head that you own, because when your business fails, when you lose your job, you still have somewhere to rest and find solace while you sort things out. The worst thing you can find yourself in is having no house, no money, and no one to support you at your lowest moment. Using debt to buy additional houses is a bad idea unless you are a real estate investor by profession and you know what you are doing.

Car loans are unnecessary. Unless you have a dire need for a car, buy the car in cash as much as possible, or just take a taxi everywhere since you can afford it anyway. Credit card loans are the jaws of death for many; stay away from them, and just follow the simple mantra of  spending below your means”. 

Spend below your means, but also look to expand your means.

Too many people get stuck in the “spending below your means” mentality, and fail to consider how they can acquire more sources of income. In fact, having no personal debt frees you to make decisions that allow you to work towards financial freedom, which may require you to have no income for months or years in a row.

 

WHAT SHOULD I DO?

I hope that these 6 tips will get you toward your goal of financial freedom. Keep at it! Remember, if you change your habits, you will change your outcomes. Live like the rich do, and you’ll soon be living the life that the rich do.

Reading this article without putting the tips into practice is like looking into a mirror and forgetting what you look like. It might hurt at the start, but changing the way you live could very well change your destiny!

Wishing you all the best in your journey!

P.S. If you are keen on picking up some investment and trading skills which you can use to generate additional cashflow and grow your wealth more quickly, I will be holding a workshop to share how you can build a portfolio from scratch, and how you can use my 4 proprietary trading strategies to trade any market effectively for more cashflow. Special $25 workshop promotion:  http://wp.me/P1riws-6gw

 

RESEARCH SOURCES & REFERENCES

sbr.com.sg/commercial-property/commentary/state-industry-rise-self-storage-in-singapore
businesstimes.com.sg/hub/property-2016/self-storage-industrial-space-poised-to-expand
nreionline.com/self-storage/self-storage-sector-maintains-steady-growth
alternet.org/how-gambling-can-kill-you-faster-drug-abuse-or-alcoholism
wondergressive.com/20-biggest-wastes-money/

Personal Checklist: The Top 5 Habits of Singaporean Self-Made Millionaires

Just last week, I came across this interesting article, talking about some of the prominent millionaires in Singapore, and how they created their wealth.

vulcan-postSource: Vulcan Post

As I read it through, I couldn’t help but think about what they did to make, keep, and grow their wealth. Sure, some of them inherited their wealth, but it takes a different kind of education in order to preserve and grow the inherited wealth.

It is definitely not chance that these people have achieved phenomenal success. There were, in fact, common patterns of behaviour that keep them successful.

The difference lies in just 5 actions they take consistently:

1. THEY CREATE MULTIPLE INCOME STREAMS

The average person lives from paycheck to paycheck, while the average wealthy person receives cash from various sources, so that even if one source were to be temporarily cut off, they can still enjoy the same standard of living they currently have. Here are just some of the commonly known income streams that they have:

Earned Income: working for money

Interest Earned: earning money by lending it

Dividend Income: earning money by share ownership

Profit: Selling something you make or own

Capital Gains: Selling something higher than what you bought it for

Rental Incomes: Money gotten from owning real estate

Royalty Incomes: Money from selling intellectual property or franchise systems

3

Having multiple streams of income is like having many waterfalls flowing into the same ocean. The more streams you have, the more reliable the flow.

Which do you currently have? The average person struggles to survive because he only has one stream. Personally, I like trading and portfolio management. The great thing about portfolio management is that you can enjoy interest earned, dividend income, and capital gains.

2

 

2. THEY TREASURE EVERY SECOND OF THEIR TIME

Let’s be honest with ourselves; how many hours a day do you do things that do not contribute to your financial success? Most people would rather procrastinate or spend time on enjoyment rather than on what really matters.

I found this really interesting image of how most people spend their time in a year:

4Source: The Visual Communication Guy

It’s amazing; out of 365 days a year, 183.7 days are spent on media! If we were honest with ourselves, perhaps what we need is to rethink the way we live. Perhaps if we all take some time away from Media and reallocate it to self-improvement, learning, investing, and growing as a person, we could be living a very different life indeed.

How would your life look if you re-arranged your priorities?

Robert Kiyosaki once made a quip about what he noticed of rich and poor dads; he said that poor dad would sit on the couch and watch TV every night, while rich dad would review his investments and upgrade his skills every night. Poor dad would spend the weekends wasting time, while rich dad would build a business during the weekends.

2

Many of you would know that I read more than 200 books before I embarked on my trading journey. Even now, I make it a point to read at least 3 books a week, because I feel that it is important to never stop learning and upgrading oneself. Here are some key pointers:

  • Don’t waste time. Find out what you need to do, and do it.
  • Re-prioritize. Find out which areas of your life you can do away with, and cut them out quickly.
  • Learn. Just because you have graduated doesn’t mean you should stop learning. Successful people get where they are because they have an attitude of lifelong-learning.


3. HAVING A MENTOR MAKES A BIG DIFFERENCE

Mentors are looking for people who are humble, hungry, and hard-pressed for success. No matter where you are in your career or life, it helps to have successful people to reach out to and learn from. They’ll be able to quickly point you in the right direction if you are going off-track.

When I started my trading career at a professional fund, I had wonderful, experienced mentors to guide me in the right direction. I quickly picked up on what worked and what did not. I learnt their habits, their lifestyle, and the difficulties that they went through to get where they were.

Where can you look for mentors if you have no one at the moment? This is what many people ask me from time to time.

  • Build connections: Networks are not built overnight. As you expand your social circle to include successful people, you will start to find people who could potentially guide you to where you want to go.
  • Be inquisitive: People will only want to mentor someone who has the attitude for success. While at the beginning you might lack aptitude, the right mentality and motivation would attract the right people to you.
  • Keep learning: As you learn more, you discover you will have the vocabulary to connect with people. With greater proficiency, you would be able to speak at the same level as industry practitioners, asking smart questions, being able to understand jargon, and make an impression.


4. THEY VISUALIZE THEIR DREAMS IN DETAIL

Goals without dreams are dead; they become mere tasks rather than the exciting outcome that you hope for. It helps to have an idea of what you want; most people want to be wealthy but don’t know what it would look like.

What does a wealthy life look like for you? For YOU personally?

For some, it could mean having to work only 2-3 days a week. Financial goals differ from person to person, and it’s not just the monetary goal, but also the lifestyle goal. For me, I knew I wanted to have the luxury of making passive income even when I am travelling. This may not be everyone’s goal.

“How much money do you want to make exactly, and what would that lifestyle look like exactly?”

Many people want to lose weight. Losing weight isn’t a definite enough goal; Losing 12 kg by the end of 6 months is a definite goal. Many people fail to achieve their goals because they don’t even define their goals!

It’s also important to visualize yourself doing what you hope to be doing. Having a lot of money is pointless if all you are going to do is sit aroud with the cash; it is accomplishing the goals you have, those bucket lists, that make life worthwhile.

So what is it for you?

Grab a piece of paper and start getting your hands dirty. It doesn’t matter if you are old or young, experienced or inadequate; what matters is a willing heart and dilligent hands, and of course, a big enough dream that will knock you off your sofa and get you started.

  • Be specific about your goals. General goals generally don’t work. Specific goals help you to move toward exactly what you want.
  • Keep track of your progress. You never know if you are on the right path if you don’t take stock regularly. Even better, get a mentor to help you evaluate where you are.
  • Focus on the dream with its details. Keep reminding yourself of where you eventually want to be. Otherwise, you’ll just lose steam and burn out, bum around, and end up not getting where you were heading toward.


5. THEY DO NOT GIVE UP OR QUIT

If you’ve got your foot into the investing arena, you would be familiar with financial losses. It is at this point where your mettle is truly tested; is this what you want? Are you willing to sit through heartache and tough lessons to get where you want? Is the life you left behind really worth going back to? Do you still believe in the dream you have?

When that business fails, would you stand up again and start all over? When you family doubts you and the pressure to provide hits you, will you continue to stand by your dream? People want the glory without the trials and training. Just take a look at the infographic below that I found:

33Source: Anna Vital (Founders & Founders)

I also came across this interesting quote, which I thought was very useful in clarifying what we really value. Millionaires invest their money and make investing a priority, while poor people spend their money first and make spending a priority.

5Source: Gecko and Fly

Always, always seek to make investing your primary objective. Invest your time, invest your money, invest in your team if you are running a business. Invest, invest and invest.

Is investing your primary objective, or is spending your primary objective? Would you be willing to delay gratification, in order to enjoy a lot more in the future, far more than you can ever imagine?

  • Do not quit. Ensure that you have made a commitment. Tell your friends, and engage people to keep you on this path.
  • Invest your money, your time, and in your team. Investing is what multiplies your returns in the long-run. Keep at it!
  • Prioritize learning, rather than earning. It pays to be more proficient at what you want to do. When you are starting out, make learning a priority, and the profits will come eventually.

Don’t give up on your dreams!

555

Feel free to share this with people you know who are working hard toward their dreams, and striving to build their first pot of Gold. And with these 5 actionable steps, you’ll be one step closer to your first million! 😀

Bonus: Download free ebook: The 7 Best-Kept Secrets of Professional Traders

RESEARCH SOURCES & REFERENCES

vulcanpost.com/593788/in-forbes-2016-asias-richest-families-list-we-see-some-prominent-singaporean-names
businessinsider.sg/habits-of-self-made-millionaires-2016-3/#rJDS8hCPPhHm5qpK.97
fastcompany.com/3052770/how-to-be-a-success-at-everything/7-habits-of-self-made-millionaires
allbusiness.com/slideshow/9-smart-habits-of-real-millionaire-entrepreneurs-16769866-1.html
huffingtonpost.com/timothy-sykes/top-30-millionaire-habits_b_8260134.html

Update: Answer to Triangle Puzzle (At Last!)

This is a follow-up to this post I made last week:
A Simple Puzzle that Stumped Many of the Brightest Minds – Can You Solve It?

2016-05-11 00.36.43

 

HERE’S THE ANSWER:

Although it looks simple, the trick is that such a triangle simply cannot exist. The maximum height can only be 5, as show in the diagram below.

impossible triangle

Read more: https://www.quora.com/What-is-the-toughest-question-ever-asked-in-any-interview/answer/Prashant-Bagdia?srid=h4JL

 

SO IS THERE A REAL ANSWER?

Technically, yes, if you consider a 3-Dimensional (3D) triangle. 😀

3d triangle

Read more: https://www.quora.com/What-is-the-toughest-question-ever-asked-in-any-interview/answer/Job-Bouwman?srid=h4JL

 

Hope you enjoyed this brain-teaser, have a great weekend! 😀

A Simple Puzzle that Stumped Many of the Brightest Minds – Can You Solve It?

2016-05-11 00.36.43

Yesterday, my friend gave me this interesting puzzle, which he said was one of the most difficult interview questions he had seen.

I immediately gave 30 as the answer, but he said that it was wrong.

Can you figure out the trick? 😀

P.S. I will be revealing the answer very soon, so stay tuned! In the meantime, feel free to post your answers below!