Nowadays, birthdays are one of the best opportunities to catch up with your friends and loved ones, since most people have to work.
Grateful for all the meetups and birthday treats in the last week, and the insightful life conversations with people that I have known for more than 10, and even 25 years.
At a certain age, people start to dread birthdays (hmm.. what did I achieve with my life since last year?), and for me it is the mid-point in the year, so I usually review my goals that I set at the start of the year.
“And in the end it’s not the years in your life that count; it’s the life in your years. ”
As I grappled with the arrival fallacy for the last few years and struggled to find purpose in life, I have placed much less emphasis on career and financial success, and focused more on other aspects of life, such as:
Growth and contribution (reading, blogging, volunteer work)
Relationships (quality time with quality friends, settling down)
Healthy living (8 hours of sleep, eat healthy, eat more)
Hobbies (trying out new stuff to challenge myself)
Travelling (seeing all the safe countries in the world)
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2019/07/2019-07-11-19.29.49.jpg20482048Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2019-07-14 03:57:152022-03-07 14:37:07Reflections on my 33rd Birthday – What Lies Ahead?
*Note: This article is adapted from Quora (written by Ziad K Abdelnour, Wall Street Investor), and the source to the original article is listed at the end of the article.
Given the nature of my business, I am often asked by friends how does it feel like to deal with billionaires on a daily basis and what really makes them tick. Understanding after all the billionaires psyche is key in unlocking potential not seen anywhere else.
Well for a start…let me tell you that the main thing I realized after starting dealing with billionaires a decade ago is that billionaires tend to be really good at understanding systems of value creation and placing themselves into those systems more effectively than anyone out there.
Billionaires tend in fact to view the world as a tangibly fungible place. They see the world and want to move the puzzle pieces entirely around. They look for the faults in the ecosystem and identify massive holes and what could be added to fully capture that value. Then they spend about 10 years maniacally attacking the gap, organizing people, recruiting and generally creating a “cult”. They create a bible so to speak of values and ideas that bundle together in such an appealing way to attract the smartest people around (aka the future millionaires).
The billionaires I know don’t look forward to the weekend. They don’t drink. They work from 5am to midnight everyday including weekends. They don’t socialize with friends and they often mix friends and work. It’s all one big chain that supports their vision of the future and tying up the value. This is a different internal programming than most people have out there.
What do you do if you live in Trent, Michigan today? The auto plants around you are closing. It’s tough to be a billionaire potential person in that environment, but 100 years ago in 1912 it was actually possible. Ask the Ford family about this. So overall, location, timing, industry and proximity can be a major factor that comes into play. Tech is what’s happening now, but other industries happened before. 1950s Texas oil well drilling, 1910s autos Michigan, 2010s Silicon Valley. There is much to discuss, but the mindset pieces are the key and are universal.
So what to make of it all?
Well, I see billionaires having 3 types of focus
1) Inner/self: a keen sense of where you want to go, and self discipline to get there. 2) Empathy and the ability to inspire others. 3) Awareness of where the greater world is going, and what can be done to shape it.
The young millionaires I know seem to spend a lot of time working on 1 and 2, talking about emotional self discipline & company culture.
The billionaires & ultra high net worth power players have on the other hand mastered all 3, particularly the 3rd. They are the “unreasonable” ones who adapt the world to their vision. They are absolutely fearless. Perfectly willing to move mountains, change cultures, lobby regulation to achieve their vision and kick real ass..
Come to think more of it, billionaires would seem to have more in common with a homeless man on the street than a millionaire in the sense that they are completely unconventional and independent thinkers. They are outcasts from regular society and most probably will always be.
A millionaire might have more sense about her-himself and scale back to preserve wealth and “quit while they are ahead” sort of speak.
The billionaire mindset defies logic and decisions are made against all outside reason. They really don’t give a rat’s ass about the money and frankly have a clean detachment to it, therefore with that clarity of thought mixed with pursuing their passion, make most of the money.
One common theme that I see all the time in my billionaire friends and that’s the theme of failure before success. Self-made billionaires NEVER give up if they fail. They just go on and on and on until they stop failing and become a success.
Now that you know the basics of the billionaires psyche, go use those priceless tips to make a killing and never turn back.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2017/10/thumb_candidate-1570343-2015-04-30-11-33-09.jpg400700Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2017-10-09 05:09:572022-03-07 14:38:23The One Key Trait which Separates Billionaires from Millionaires
Last week, I had the privilege to attend a 7-day training program in Johor to learn from Bill Allen, David Neenan, and the legendary Marshall Thurber.
It was a great time making new friends, learning (so many amazing individuals here!), and reflecting on turning 31 (on the first day of the course) this year.
Last year was an eventful year for me, in which I continued to grow my training business, bought a new house, and invested in 10+ new businesses.
During the 7 days, I also read these 3 books during my free time (in between the eating/drinking/massage sessions), which further gave me insights and clarity on how to build network by following sound business principles and sticking to my integrity. I am looking forward to many new exciting projects coming up soon.
Dotcom Secrets – By Russell Brunson
Expert Secrets – By Russell Brunson
No Excuses – By David Neenan & Eric Lucas
Here is a summary of some of the key learning points from the course and the books:
How to position yourself as an expert in your field
How to develop sales funnels and build a strong “CULT-ure”
The story of the sea quirt – don’t stop learning!
Claiming responsibility gives us power over our lives.
Moments of hardship and difficulty are the times when we strengthen the muscle of responsibility. Only through challenge do we grow.
4 options when you hit the wall: change yourself, change the system, get out, suffer.
When you are perturbed and aware, it means that an opportunity for a breakthrough may be at hand.
“Most of the best things that ever came my way seemed, at first, as if they might be the worst.”
Simply acquiring information is not learning – knowing vs. doing
Luck is what happens when preparation meets action.
Mistakes = great learning moments
A lateral thought is an innovation that takes an entirely new tack to solving a problem.
Lateral thought > Niche (Lag) > Leverage > Value
Commodity > Product > Service > Experience > Transformational offer
“Emergence by Emergency” – Bucky
Do you allow others to love and support you? support vs. propping up.
Values are the ideas that guide all your actions. Abundance is an attitude that shapes your reality.
What legacy do you want to create for this world?
Speed learning – learning is not time dependent, and once you get it, you get it.
Leadership – being able to make good predictions.
Hero vs. Victim mentality
The power of priming
The importance of a good network – strong connections & weak ties
Communication is the response I get
Interesting vs. Interested
The importance of “Essence” and “Emotions” – Go Hydra! 😀
Cyclical vs. Structural change
2 most important things: time & attention
Clarity is power!
The law of Abundance – Sharing is having more!!! Cooperation vs. Competition.
“Financial freedom is having enough” – when is enough for you?
How to use leverage to amplify your resources
Ephemeralization – doing more with less
What business are you really in? (Hint: same for all biz)
Sometimes you need to slow down to get there faster
All decision are driven by emotions – get to the heart of the matter
DyVal = Quality/Investment
Request > Suggest > Surprise & Delight
The concept of Precession – always keep moving!
Theory > Method > Tools > Metrics
Network Science – how to build strong networks
What do you want to do in life once you have enough money?
Dissipative structures and Perturbation
How to deliver powerful presentations – the “Essence”
The concept of Entrainment
Mastery is to simplify the complex
Values vs. Policy – United Airlines case study
Client vs. Customers – how to attract more missionaries
Lemonade stand game – Revision of GAAP vs. IFRS accounting standards
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Once again, a big thank you to all participants and organisers, and for those who are keen to join next year, please drop me whatsapp/email and I will link you up with the organisers for next year’s event.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Recently, I came across an interesting report by Wealth-X, which conducts research about the ultra-wealthy. In this report, they revealed the hobbies, interest and passions of the world’s richest people, and some are actually very different from what we think them to be.
The top 5 hobbies are as follows:
1. Philanthropy
It’s surprising that philanthropy features top in the list of hobbies of billionaires. While giving by the rich is often ridiculed by others (“Probably giving because they feel bad”), giving is a financial discipline that keeps the rich rich, and the not-so-rich to be on the right path to success.
Some ways to give your money:
Give regularly to a cause you believe in.
There are some people who frown upon giving to the poor just because they are poor, or perhaps you don’t have a very good perception toward charity. If that’s the case, find a cause that you believe in, and give regularly to it. Some causes that are worth giving to include humanitarian aid, sponsoring budding artists, supporting the elderly in society, giving to children’s education (or even a partial scholarship).
Giving is good for the heart.
The act of giving brings a healthy sense of awareness of where your finances come from; the more you serve and give, the more likely it is that people treat you with respect and have a positive attitude towards you, and your business grows.
Give physical gifts instead of financial gifts.
Some charities allow people to give physical goods instead of money. Doing your research, getting the right contacts, and finding a cause you believe in (and a sustainable one too!) requires patience and some hard work on your part, but it’s a worthy exercise. Although I personally give regularly to several charities, I do not like to publicise it.
2. Travel
Rich people travel because… simply because they can afford it. If you do have the spare cash, it makes sense to start travelling while you are on your way to financial success. This keeps you motivated, and you can always upgrade your holidays when your financial stability improves.
But the real challenge for most people is not just the money, but also the time. Given the nature of my job (trading), I have become the go-to person whenever any of my friends want to travel, and over the past few years I have travelled to 50+ countries while still making passive income along the way.
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3. Art
Art is something that really enriches the soul, and adds flavour to life. And there is a wide range of selection to choose from, ranging from a few thousand to rare pieces that go into millions.
Personally, I have taken an interest in this after hunting for some pieces for my new house.
4. Fashion
I’m not much into the fashion scene, but the ultra-rich truly enjoy obtaining unique pieces of clothing.
Bespoke, boutique, and customized clothing are the rage for the ultra-rich.
While I don’t really splurge on costly apparel, I do recommend spending good money on key essentials, like a pair of decent dress shoes for men, or any other piece of clothing that you find to be something you want to pull out once in a while.
I also find that it’s a waste of money to spend on cheap clothing; it’s far more cost-effective to buy quality, reasonably priced products that can last you 5-10 years, than to buy-and-throw most of your wardrobe.
That said, I do enjoy the occasional indulgence, from quality brands like Mont Blanc, Paul Smith, AP, etc 😀
5. Politics
When people mention the word “rich” and “politics” together, Donald Trump is the first thing that comes to mind. Other people like Henry Ross Perot, Mitt Romney and Ronald Lauder are also rich people who forayed into the political scene, but with limited success.
What are your hobbies?
At end of the day, your hobbies and passion are activities that bring additional job and add colour to your life, so pick something that is fun, meaningful, and something within your means. (Not all hobbies have to be ridiculously expensive.)
On a personal note, my hobbies include hitting a gym (with my trainer), tennis (with my coach), yoga (private noob level class), reading (2-3 books a week), and not forgetting trading (15 mins a day). Oh, and travelling as well. I aim for 2-3 new countries each year. 😀
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2017/04/22-Miami-holy-ship-beach-party.-Photo-by-stellaperformanceusa.com_.jpg8531280Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2017-04-26 05:25:162022-03-07 14:41:24The Top 5 Hobbies of Millionaires & Billionaires Around the World
Wealth has little to do with your age. Instead, maturity 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.
Source: 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.
Would 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?
I 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.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2016/12/zen-garden.jpg619900Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2017-03-15 05:59:262021-10-04 22:39:423 Little-Known But Powerful Life Principles That the Top 10% of Rich People Apply Daily
