What's your educational and work background?

[h.y.o.m]

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

You have a Masters in math finance and work in a bank now. Sounds good. May I ask why the preference in engineering?

 

[highsulphur]

You have a Masters in math finance and work in a bank now. Sounds good. May I ask why the preference in engineering?

Because I'm bored with banking after 15 years. Barriers to entry is very low with hardly any job security.

It is really just for the money haha

 

[wondrdoggie]

Because I'm bored with banking after 15 years. Barriers to entry is very low with hardly any job security.

It is really just for the money haha

A lot of people probably admire the fact that you work in a bank. I know engineers that want to get into banking. A case of the grass being greener perhaps. Are you in front or back office?

 

[Majestic12]

Respect to you for daring to write the truth. Personally I know I am blessed with the luck and am doing my utmost to maximise it. I came from an average family. The goal is to be a multi-millionaire before 35.

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.

 

[frenchbriefs]

Respect to you for daring to write the truth. Personally I know I am blessed with the luck and am doing my utmost to maximise it. I came from an average family. The goal is to be a multi-millionaire before 35.

can share ur journey thus far.to be that confident of becoming a multimillionaire before 35 means u already got something in ur books.

 

[highsulphur]

A lot of people probably admire the fact that you work in a bank. I know engineers that want to get into banking. A case of the grass being greener perhaps. Are you in front or back office?

There's really nothing admirable about working in a bank especially nowadays. I'm in FO...

 

[h.y.o.m]

Because I'm bored with banking after 15 years. Barriers to entry is very low with hardly any job security.

It is really just for the money haha

Thanks for the honesty. Almost everyone works for money except that it is not politically right to admit that during a job interview.

I can understand the lack of job security given the spate of retrenchments going on in the banks today. But why low barriers of entry? Your Masters of math finance looks pretty high barrier of entry to me, even with an engineering background.

 

[highsulphur]

Thanks for the honesty. Almost everyone works for money except that it is not politically right to admit that during a job interview.

I can understand the lack of job security given the spate of retrenchments going on in the banks today. But why low barriers of entry? Your Masters of math finance looks pretty high barrier of entry to me, even with an engineering background.

You really don't need any specific degree to join the banking industry. Most of the knowledge and skills can be picked up easily on the job unlike a profession like accountancy or engineering.

 

[h.y.o.m]

I know engineers that want to get into banking. A case of the grass being greener perhaps.

I was and still am an engineer. The grass was definitely greener for the bankers, at least before 2008, before the financial regulations and negative yield of today crimped bank's profits. It does not bode well for banks' prospects if the hottest banking job today is compliance. Compliance is a cost centre. These are reasons that make me wary of bank shares today for the medium term.

Financially wise, I am pretty sure bankers are doing much better than engineers like me. Do I have any regrets as an engineer? Choosing a career entails having the right talent and temperament for the job. I do not think it is wise to switch careers just because it pays better. A person needs to be honest with himself whether he has what it takes to do a good job in the new career. I stayed on in engineering because it suits my temperament very well although talent-wise, I have seen far superior engineers.

Unfortunately, engineering as a career during my time does not pay well and lacks job security. So, how? Many engineers like me who wanted to stay on in engineering had to turn to investing as a part-time job. I like reading. I love money. I do not mind solitary activities. How to not like investing?

 

[Johnpierpontmorgan]

Banking degree second class honours,
Graduate in 2014

Corporate banking rm/ credit analyst, covers large mnc clients

 

[h.y.o.m]

You really don't need any specific degree to join the banking industry. Most of the knowledge and skills can be picked up easily on the job unlike a profession like accountancy or engineering.

I see your point now.

If a student does not know what he likes and is reasonably good is math, I think choosing engineering would be a good choice. Engineering is highly flexible in that you can choose almost any job as a fresh graduate.

I know of engineers who ace the MBA course (from linkedin profiles) but I have so far not heard of business students aceing an engineering masters course. This is not to say engineering students are smarter. It is just that the engineering curriculum is much harder.

 

[Johnpierpontmorgan]

Barriers to entry may be low 15 years ago where any degree can land you a banking job, but certainly not so today when competition is so strong and headcounts are so rare

 

[highsulphur]

Barriers to entry may be low 15 years ago where any degree can land you a banking job, but certainly not so today when competition is so strong and headcounts are so rare

Damn I feel so old reading this post

 

[rottingapple]

Diploma here, nursing

 

[Johnpierpontmorgan]

Damn I feel so old reading this post

Yea, I'm still in primary school when you have started work.
But in today's context, not any kind of degree can land a front role banking job.
What FO job are you in? I'm in corporate banking dept

 

[highsulphur]

Yea, I'm still in primary school when you have started work.
But in today's context, not any kind of degree can land a front role banking job.
What FO job are you in? I'm in corporate banking dept

Trading. I must admit I was at the right place at the right time. I remember my boss asking me a couple of years I was hired what was my degree and where I studied. From that I doubt my educational background was critical in me getting the job. I think back then your education qualifications probably was needed to avoid you getting the first cut but the interview process was probably the most important. This was for private sector. Public sector would be very different, requiring stellar academic results

 

[Johnpierpontmorgan]

Prop or agency trader?
If agency, that's same as shiny

 

[Genesisz]

I know of engineers who ace the MBA course (from linkedin profiles) but I have so far not heard of business students aceing an engineering masters course. This is not to say engineering students are smarter. It is just that the engineering curriculum is much harder.

During those years (20 years ago or more), I was impressed upon by my parents and elders in my family that pure science was the way to go for guys. I ended up studying engineering in polytechnic.

Then I made a switch to law school. And since then, I have enjoyed and am still enjoying what I am doing.

Follow your heart, know your strengths and weaknesses and learn from mistakes to look ahead and move well.

 

[Majestic12]

A very successful client of mine who is the head of an FX trading desk in an European Bank once shared with me that the secret to his wealth today was purely because he went for the walk-in interview years ago upon graduation. Nothing to do with his degree or education qualifications. Just pure and sheer dumb luck - and there's nothing wrong with it.

Trading. I must admit I was at the right place at the right time. I remember my boss asking me a couple of years I was hired what was my degree and where I studied. From that I doubt my educational background was critical in me getting the job. I think back then your education qualifications probably was needed to avoid you getting the first cut but the interview process was probably the most important. This was for private sector. Public sector would be very different, requiring stellar academic results

 

[Majestic12]

can share ur journey thus far.to be that confident of becoming a multimillionaire before 35 means u already got something in ur books.

I am blessed by heaven. I am not trolling.