Wednesday, 27 February 2013
How to amass a small fortune?
Start with a big fortune.
This way, if you mess up, fall for scams, or the global economy implodes, you may still end up with at least a small fortune. And that's if you are lucky!
Now who says size does not matter?
Sarcasm aside, there is a message between the lines.
Just look at those who started with almost nothing and ended with a fortune - never mind small or big. What did they do?
Walk away from free lunches.
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Short but very true.
ReplyDeleteGreedy people without knowledge will fall into the trap of free lunches.
Greedy people with knowledge will eat free lunches and grow their wealth
B
B,
DeleteYou have an interesting financial literacy take on my post.
My personal variation on your 2 points:
Greedy people with knowledge will SELL free lunches to grow their wealth - especially to the people you've mentioned under point 1.
There's also a social-political angle (roar of the heart) on free lunches too.
Either we pay our own way, or our children and grand children will pay.
Buy 1 lot and goes to AGM for free lunch once a year. LOL!
DeleteYa lor!
DeleteWait. These one lotters are smarter than me.
My shares are pledged to my margin account so they are in my broker's nominee account. Same goes for shares bought with CPF.
I don't even qualify for free lunches at AGM :(
I guess the silver lining is I rely more on price action than "the plums are round the corner" spin :)
"We are cautiously optimistic about the future"???
Who says no "Free Lunch"? Yes there always is "FREE LUNCH" for only people who can buy their own "Free Lunch! Only be careful, please don't feel obligated to buy something after the so called "FREE LUNCH". This is what they say about Corporations playing the psychology game of RECIPROCITY on those who can afford the "Free Lunch" many times over.
DeleteOf course, until we have reached that standard (aka very rich), nobody is going to offer us "Free Lunch"
So coconut is damn right:- "Greedy people with knowledge will eat free lunches and grow their wealth."
Coconut you must have reached that standard many times over. But i think you are not that greedy as you had blogged sometime ago, you had turn down many "Free Lunches" or something to that effect.
Ha! HA! i appreciate SMOL's & coconut's thinking or wisdom. i think both of you can always say something for us to ponder.
Sorry B,
ReplyDeletei mistaken you for coconut.
temperament,
DeleteThanks. I work best by bantering with others.
You may want to visit B's blog too. Under 30 youth doing much better than when I was his age ;)
I love to take a peek at what young people do. Although it's a bit counter-intuitive, youth's strength is not knowing what cannot be done.
DO first ask questions later works best when you can recover from your falls quickly.
Once you've reached middle-aged, you got to seek medical advice before doing anything. One fall and I may not recover!
What a bummer :(
LOL!
haha temperament, wrong identity?
Deleteya, it may look free (lunch) but lots of thing happen behind the sense, lots of "hard work" too.
at 30, i'm still pennyless with lots of debts, still enjoying my "youth" haha. really! only when i'm around 31 or 32 then i got serious about making money when my kids were born.
so how i make money?
Deletestart business and a bit later start trading haha, only to find out that instead of making more money, you actually end up losing more money. i was lucky on the business front, 90s was a boom time with lots of easy money, so they goes to feed my trading expenses haha.
i got to be honest, trading day in and day out cannot make much money, the real money only comes from extraordinary events, they are very few of them.
talking about making money, this month i lost money, very lucky i recovered a lot the past week or so. if i add up the past 3 months, i end up flat, nothing to show off the result, all effort wasted but things has to go on, i'll keep trading.
most traders lost money, most investor lost money too, or at best they didn't make any money.
Deleteto amass a small fortune (i'm talking about millions), you have to find the common ground between the two, trading and investing. and that common ground usually occurs during extraordinary situations.
coconut,
DeleteI know what you mean. My swing trades here and there are just kopi money after deducting the losses. It's just to bide time and be in tune with the rhythms of the market. Waiting for the big trend to ride ;)
The yum-yum money was made when I entered the market in late 2009. These events come around every 4-5 years?
Prior to 2009, made a lot and lost even more. But without that experience, I wouldn't have discovered my own demons.
Or realise free lunches cost too much!
ya, as long as you don't lose money during these "off pick" period, never mind about the incomes, don't bother about passive incomes and yields, don't look at inflation bla bla bla. these are not speculating games.
Delete08/09 financial crises is just too extraordinary, the system almost collapes, its a once a life time event. we should have more smaller crises we can take advantage of. always have your cash standby at your side, like a pistor ready to draw upon your opponent.
after listening to chinese songs, its hard to turn back to english songs. 95% of chinese singers are female, at least in the past.
Deletemy favorate singer died even before i was born, left with us is a whole records of her collecting dust.
http://www.youtube.com/watch?v=kNvKtVXadFE
i remember i was angry with one of my friend who don't know who she was and the original singer of 何日君再来, he insist was 邓丽君 haha.
some joker had just posted the complete movie of 渔家女 on youtube. above is just one of a song in the movie.
Wow! That's black and white era ;)
DeleteThat's how I learned my cantonese; watching all those black and white Feng Bo Bo movies.
And the kung fu movies are a riot! The pugilists don't fight but throw their weapons into the sky and the weapons ding ding dong dong themselves.
I still remember! Our B/W TV was from Sharp.