What's your educational and work background?

[Optionstrader]

We all gather here to talk about essentially money and making money. I am wondering what are each of your backgrounds? Curious to see if we have more IT/engineering type or finance/business type.

I will start. Educational background is construction for my basic degree and MBA majoring in marketing. Work specialities include marketing, publishing and creatives. Plus entrepreneurship and startups.

If u want to make big money then go into trading its like going from a small stakes poker player to a monster stakes player

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[Average]

Full time job software engineer part time digital options trader and loving it

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Senpai notice me.

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[jujuhippo]

Degree holder working in HR

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[arigatoast]

PSLE. 10char

 

[wondrdoggie]

If u want to make big money then go into trading its like going from a small stakes poker player to a monster stakes player

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Don't think I will make a good trader. Guess there are many ways to make big money, entrepreneurship is another one.

 

[Optionstrader]

to be rich u have to list the company -_-

 

[highsulphur]

Econs degree. Masters in math finance. Works at a bank now

 

[Genesisz]

Don't think I will make a good trader. Guess there are many ways to make big money, entrepreneurship is another one.

I suppose you might already have some form of "expectation" of what "big money" constitutes.

I agree with you that there are many ways to have a successful job/career and in the process earn big money.

More importantly and ideally, if one can discover what he or she likes to do and enjoys doing it as his or her job, and that brings good remuneration package or monetary rewards to him or her along the journey, then it may bring forth long term success and meaningful purpose in his or life.

The challenge is discovering what one likes or enjoys doing what he or she wants. That is the most important factor in my opinion and thereafter the money factor comes into the picture. Having to weigh the options and make a decision would be key in one's determination in his or her life. A lot of time, money may not be the main consideration though is one of the key considerations.

My 2 cents worth in my short limited working experience.

 

[arigatoast]

hope this thread wont end up brick-throwing and kana closed..... normally these kind of how lian thread will end up like that.

 

[neanea]

wondrdoggie how are you?

 

[frenchbriefs]

Econs degree. Masters in math finance. Works at a bank now

nice,how to get econs degree?

 

[wondrdoggie]

wondrdoggie how are you?

I am fine, thank you. Happy new year!

 

[wondrdoggie]

I suppose you might already have some form of "expectation" of what "big money" constitutes.

I agree with you that there are many ways to have a successful job/career and in the process earn big money.

More importantly and ideally, if one can discover what he or she likes to do and enjoys doing it as his or her job, and that brings good remuneration package or monetary rewards to him or her along the journey, then it may bring forth long term success and meaningful purpose in his or life.

The challenge is discovering what one likes or enjoys doing what he or she wants. That is the most important factor in my opinion and thereafter the money factor comes into the picture. Having to weigh the options and make a decision would be key in one's determination in his or her life. A lot of time, money may not be the main consideration though is one of the key considerations.

My 2 cents worth in my short limited working experience.

Plus luck. You need some luck too. Not everything is within our control even when many successful people like to think its all their own doing.

 

[wondrdoggie]

to be rich u have to list the company -_-

Listing is one way to exit a business but it's pretty onerous, with all the processes and paperwork. A simpler way is to sell to a strategic buyer. You get pretty similar valuation anyway because one of the key determination of selling price is listed competitors' trading PE.

I just met a friend who sold his business for upper 8 figures. He very Huat now.

 

[wondrdoggie]

Econs degree. Masters in math finance. Works at a bank now

If I could turn back time, I would have read econs in uni and then go for MBA later. Or screw all this money stuff and studied design. Haha

 

[Genesisz]

Plus luck. You need some luck too. Not everything is within our control even when many successful people like to think its all their own doing.

That is true also. Like what some people said, be at the right place at the right time.

Happy New Year. Huat ah.

 

[h.y.o.m]

Plus luck. You need some luck too. Not everything is within our control even when many successful people like to think its all their own doing.

To accumulate 2-3 million, skills plays a bigger role than luck. One does not need good luck for that. The absence of bad luck is a sufficient condition. Lots of successful professionals who are good at their job belong to this category.

To accumulate 20-30 million, you need lots of luck besides being very capable. Such a person is probably a successful entrepreneur or CEO of a big company. HNWIs who got rich through this route and admit the role of luck are humble and intellectually honest. I like them.

In the course of my engineering work, I have worked directly with entrepreneurs. Several are smarter and definitely more diligent than me. They worked until they forgot some days are weekends. Some opened up to me. I realize that there are several things that must not happen in order for their business to even survive, especially during the early start-up days. These things are beyond their control. For example in today's context, high currency volatility. Businessmen are not currency speculators but some are affected by currency movements nonetheless. If the business imports electronic components priced in USD but sells finished goods priced in SGD, their margin is going to be severely eroded since middle of 2014, particularly if the business lack the pricing power to raise prices. Extreme forex volatility may cause them to hedge at the wrong time assuming purchase orders are large enough to even do hedging. To accumulate 20-30 million, being capable, diligent, passionate is not enough. You need good luck. The absence of bad luck is not enough. You need good luck.

For the average income Singaporeans who wants to accumulate 2-3 million, it is still possible. You don't need good luck. You need good financial habits such as saving money, a good working attitude plus some stomach for risk-taking to invest. Just be patient and don't try to get rich quick when you invest. By the way, like the HNWI individual who humbly admits the role of luck in their success, the majority of average income Singaporeans who cannot beat the benchmark indices better admit they cannot DIY. So, have the intellectual honesty to admit you cannot do well DIY and invest in passive index funds or ETFs. As your wealth grows, diversify to protect it. Concentration is for the gurus, not wannabes.

 

[highsulphur]

If I could turn back time, I would have read econs in uni and then go for MBA later. Or screw all this money stuff and studied design. Haha

I wouldn't. I would rather take up a professional degree like engineering or accountancy

 

[highsulphur]

To accumulate 2-3 million, skills plays a bigger role than luck. One does not need good luck for that. The absence of bad luck is a sufficient condition. Lots of successful professionals who are good at their job belong to this category.

To accumulate 20-30 million, you need lots of luck besides being very capable. Such a person is probably a successful entrepreneur or CEO of a big company. HNWIs who got rich through this route and admit the role of luck are humble and intellectually honest. I like them.

In the course of my engineering work, I have worked directly with entrepreneurs. Several are smarter and definitely more diligent than me. They worked until they forgot some days are weekends. Some opened up to me. I realize that there are several things that must not happen in order for their business to even survive, especially during the early start-up days. These things are beyond their control. For example in today's context, high currency volatility. Businessmen are not currency speculators but some are affected by currency movements nonetheless. If the business imports electronic components priced in USD but sells finished goods priced in SGD, their margin is going to be severely eroded since middle of 2014, particularly if the business lack the pricing power to raise prices. Extreme forex volatility may cause them to hedge at the wrong time assuming purchase orders are large enough to even do hedging. To accumulate 20-30 million, being capable, diligent, passionate is not enough. You need good luck. The absence of bad luck is not enough. You need good luck.

For the average income Singaporeans who wants to accumulate 2-3 million, it is still possible. You don't need good luck. You need good financial habits such as saving money, a good working attitude plus some stomach for risk-taking to invest. Just be patient and don't try to get rich quick when you invest. By the way, like the HNWI individual who humbly admits the role of luck in their success, the majority of average income Singaporeans who cannot beat the benchmark indices better admit they cannot DIY. So, have the intellectual honesty to admit you cannot do well DIY and invest in passive index funds or ETFs. As your wealth grows, diversify to protect it. Concentration is for the gurus, not wannabes.

Good post..... Thanks for the effort

 

[frenchbriefs]

To accumulate 2-3 million, skills plays a bigger role than luck. One does not need good luck for that. The absence of bad luck is a sufficient condition. Lots of successful professionals who are good at their job belong to this category.

To accumulate 20-30 million, you need lots of luck besides being very capable. Such a person is probably a successful entrepreneur or CEO of a big company. HNWIs who got rich through this route and admit the role of luck are humble and intellectually honest. I like them.

In the course of my engineering work, I have worked directly with entrepreneurs. Several are smarter and definitely more diligent than me. They worked until they forgot some days are weekends. Some opened up to me. I realize that there are several things that must not happen in order for their business to even survive, especially during the early start-up days. These things are beyond their control. For example in today's context, high currency volatility. Businessmen are not currency speculators but some are affected by currency movements nonetheless. If the business imports electronic components priced in USD but sells finished goods priced in SGD, their margin is going to be severely eroded since middle of 2014, particularly if the business lack the pricing power to raise prices. Extreme forex volatility may cause them to hedge at the wrong time assuming purchase orders are large enough to even do hedging. To accumulate 20-30 million, being capable, diligent, passionate is not enough. You need good luck. The absence of bad luck is not enough. You need good luck.

For the average income Singaporeans who wants to accumulate 2-3 million, it is still possible. You don't need good luck. You need good financial habits such as saving money, a good working attitude plus some stomach for risk-taking to invest. Just be patient and don't try to get rich quick when you invest. By the way, like the HNWI individual who humbly admits the role of luck in their success, the majority of average income Singaporeans who cannot beat the benchmark indices better admit they cannot DIY. So, have the intellectual honesty to admit you cannot do well DIY and invest in passive index funds or ETFs. As your wealth grows, diversify to protect it. Concentration is for the gurus, not wannabes.

i would like to object to your thesis,so u are saying in order for a person to be incredibly successful,to become a billionaire,he has to experience a huge string of good luck,almost every business decision he makes has to be incredibly good fortune and lead to even greater fortune,his company must experience a unstoppable string of lucky results,making 50 million,100 million or even 150 million year after year for a number of years in order for him to become a billionaire.super lucky,people like elon musk they are just super incredibly lucky and not born geniuses,able to create multiple companies in three different industries,one in the online payment industry(paypal),one in the electric transportation industry(tesla) and one in the space exploration industry(space x) and finally one more in the solar energy industry(solar city) and each one a incredible astounding success.....no its not down to inborn skill or talent,he is just the incredibly super luckiest muthafarker on the planet earth......or warren buffet,he is so incredibly lucky literally almost every single one of his stock picks since the 1960s have been out of the field home runs,in fact he is so lucky that almost all of his mistakes have been that of omission rather than commission as he likes to say.its rather what he didnt do than the things he did that were his biggest mistakes.so very lucky.

and then theres people like richard branson and robert kuok and superman li ka shing,everything they touch seems to turn into gold.what about people like duncan bannatyne?or peter jones or theo papatis?or the founder of wal mart or jeff bezos?

i can give u one example of a businessman who had way way more luck than skill though,singaporean businessman and idiot sim wong hoo,at the height of his luckiness,he had two ipos,one in singapore and one in NYSE,his invention of the sound card made him and his companies multi BILLIONAIRES,yes at one point in time Sim wong hoo was a billionaire and the top 10 richest singaporeans.......fast forward to 2015,Sim wong hoo spent the next 15 years dribbling away like a alzhimers patient with aids,his stock price plunging lower and lower from $52 to toilet paper........he even had to sell his office building to pay for twelve consequtive quarters of losses,creative was delisted from NYSE.sim wong hoo's last reported networth in 2012 was 110 million,this man has lost 90 percent of a billion dollars over the course of 15 years,have u seen a more sadder piece of **** than him?a more unluckier businessman?luck my ass,even when lady luck of fortune smiled upon him and awarded him 100 million dollar lawsuit against apple.....he was still ultimately a ****tard and nothing could save him or creative.