Two Decades And A Woman
On February 08, 1992. I changed my life forever, for better or for worse, whether in good times or bad, regardless of sickness or health.
On that day, I no longer was “me” … “Me” became “us”.
That is the one day in history I would never change. That is the day I would live over and over again if I could.
I would do it all over again without changing a single thing, without a second thought and without hesitation, without doubt and without reservation.
It was the day that one person promised, for the rest of her life, that she would my life-long partner, for better or worse, in sickness and health, in good times and bad.
She never broke her promise … for 20 years.
I love you, Lucy, my life buddy, my business partner, my best friend, my lover … my wife … Thank you for always being there for 20 years … for better or worse, in sickness or health, in good times or bad … and even death, we will still be one.
Happy 20th Anniversary my Love.
Weekend Food For Thought – 4 Feb 2011
I shared this on my Facebook page and got quite the reception. So I just thought I’d document it here on my blog too.
Weekend Food For Thought;
People always ask me how I did it; Referring to getting bankrupted, living broke for almost 7 years, working my butt off, changing careers at 42 years of age for something I had no idea about and no one to guide or mentor me, getting beaten by the market and still keep the determination to succeed as a Trader, then teach it and go on to help others to change their lives …
My answer; I had no choice, I had nothing left to lose, It was a “must” for me to succeed and frankly, if you were wearing my shoes then, you would have done the same thing.
The reason you ask me this question is because you still have a choice, you have a lot to lose, success is not a “must” because you have your comfort zone and frankly, you are not wearing those shoes which is why you will never understand why I did what I did when I did what I had to do.
So now that you know, what are you prepared to do?
Or will you wait till it is too late when “should have” becomes a “must“?
In a footnote, I added:
Come to think of it … the secret to success is Failure.
It is a very common story when you dig up all the success stories.
Here are some of the comments that followed:
Success is not something you dream about nor is it a goal to be achieved. I truly believe that success will come when it is earned, deserved and warranted.
Believe in what you do. Work earnestly. Be honest with yourself and with everyone. Do good deeds.
That’s is my secret to success after failure.
2011 Season’s Greetings!
It’s that time of the year again and here’s a timely reminder (courtesy of G.M Teoh) as we celebrate Christmas and spend time with family, friends and loved ones …
The Mayonnaise Jar and the 2 Cups of Coffee
When things in your life seem almost too much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar and the 2 cups of coffee.
A professor stood before his philosophy class and had some items in front of him. When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was.
The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed that it was.
The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with a unanimous “yes.”
The professor then produced two cups of coffee from under the table and poured the entire contents into the jar effectively filling the empty space between the sand. The students laughed.
“Now,” said the professor as the laughter subsided, “I want you to recognize that this jar represents your life. The golf balls are the important things – God, your family, your children, your health, your friends and your favorite passions – and if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter like your job, your house and your car. The sand is everything else – the small stuff.
“If you put the sand into the jar first,” he continued, “there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff you will never have room for the things that are important to you.
“Pay attention to the things that are critical to your happiness. Play with your children. Take time to get medical checkups. Take your spouse out to dinner. Play another 18. There will always be time to clean the house and fix the disposal. Take care of the golf balls first – the things that really matter. Set your priorities. The rest is just sand.”
One of the students raised her hand and inquired what the coffee represented. The professor smiled.
“I’m glad you asked. It just goes to show you that no matter how full your life may seem, there’s always room for a couple of cups of coffee with a friend.”
As we consider the year that has gone by, let’s also consider the time we’ve wasted on unimportant things when we could have been appreciating the good things life has offered us. As we give thanks for the deliverance of yet another year in our lives, let’s not forget those who deserve better and let’s say a prayer for them.
Merry Christmas everyone … and thank you for making my 2011 an unforgettable one.
Cheers!
Con.
I’m A Role Model!
Tessie is a Graduate of my Tutorial from 2008. She is a successful trainer herself and she was recently featured in an interview with Jakarta Globe and quoted me as one of her role models alongside other big name successes. Certainly flattening and definitely motivating.
Thank you Tessie!
You can read her whole article here.
A Lesson In Brilliant Marketing
While everyone makes the buzz on Tampines’ DBSS $880,000 price tag bigger and noisier, little do they know that they are all falling for the oldest and most effective marketing ploy … textbook stuff on how to hype up a sale.
The whole idea is to generate interest. Whether the interest is positive or negative, the first phase of the campaign is to generate maximum interest. And it is common knowledge that negative interest is easier to generate and brings in more interest than positive interest. This negative interest is sure to create public outcry and demands.
The second phase of the campaign is to seem to capitulate to public demand. In the process, the key element is to posture the campaigner as giving in or relenting to the pains, woes and complaints of the public, making it seem as if the campaigner is sympathetic to public concerns. This puts the campaigner back in positive light. This process drums up more interest as the public awaits the final decision.
The third phase of the campaign is to announce a compromise – in the case of DBSS, it would a price discount from the original $880,000 – and to sweeten the deal, an incentive is also dished out. This part of the campaign is often hyped up more than phase one because it is designed to defray any remaining negativity generated by phase one. The distraction is so effective that the public often forgets what originally happened and falls for the hype of phase three.
But when the hype dies down, the compromise and incentives still help the campaigner make more money than if they had taken the conventional route of advertising and marketing. The public will later realize that they still paid more than is reasonable albeit at a lesser price than the original price in phase one.
The objective of such a campaign is to get a deal done at a higher price than is deemed fair or current. Conventional advertising and marketing will not achieve this as such conventions are heavily subjected to supply and demand. The Hype campaign works in a market that is already teeming with interest and waiting for the next big thing or waiting for a move in pricing – especially when pricing has faltered or stalled and just before a perceived price fall. The result of a successful Hype campaign will serve to give the industry another leg up in pricing for the next cycle of the price move.
The Hype campaign is also cheaper than running the conventional route. Conventional advertising is costly and competitive. Running a hype campaign by rousing public interest through mass communication channels is far less cheaper and sometimes costs nothing. But it generates way more interest than conventional advertising and the results are undeniably more effective.
This is classic marketing 101.
I don’t understand what the fuss is all about. If we are not happy about the price of something, just don’t buy it. The basic principle of Supply and Demand will dictate a price capitulation if there are few or no participants in the sale. The power of the Buyer is, in most cases, more powerful than the Vote. If you don’t want property prices to continue rising, then don’t buy anything at these ridiculous prices. It is that simple rather than bitch, whine and gripe about something and contribute to the hype of this campaign. Your complaints will only serve to make the campaign all the more successful.
There are cheaper, more affordable properties in the market now so why make all this noise about something that someone is using to prop up prices?
There is only one solution to combat high prices – stop buying. After all, there is only one person to blame for these high prices – the buyer.
So if you don’t need it, don’t buy it. Just like Mr Khaw said.
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NOTE TO SPAMMERS: Don’t bother. Comments are moderated and spams are deleted automatically.
Merry Christmas 2010!
Discharged But Still Being Punished
After the relief of being discharged from bankruptcy three and a half years ago, I still find myself in financial jail. This is in spite of the government telling me that I am free of all my previous financial obligations and the fact that I have paid up all my debts to every one of my creditors’ satisfaction.
Why then, can I not get a loan or get an approval for a credit card? (Not that I want a credit card anyway … but as a test of my financial credibility.)
First, let’s get a rough and simple idea of the bankruptcy procedure …
A claim can be made against you for any sum owed by you to another party. If the sum owed is less than $5,000, there is no call for bankruptcy. The claimant has the choice to take the claim to the Small Claims Tribunal. This claim has to be made within six months of the debt becoming overdue. The Tribunal will deem if you are indeed liable to make the payment and will only act as a mediator.
If the sum exceeds $10,000, then you are liable for bankruptcy. This is no longer a case for the Small Claims Tribunal. Legal proceedings will be taken against you via the Courts. Creditors (whom you owe money to) will file a writ against you to make a claim for the money you owe. They can collect the money from you via the legal system or if you are unable to pay, that writ allows them to seize your physical assets such as your private home(s), car(s), hi-fi, TV, insurance policies, bank accounts and anything else that’s not nailed down.
Transferring your assets to someone else before the seizure will not save you as the claimant can and will backtrack all asset ownership to reclaim the assets. This can also get that someone else in trouble if found guilty of conspiracy. You are also not allowed to hawk off those assets before the seizure takes place. Those assets are then put up for sale by a Bailiff’s or Sheriff’s Sale to offset your debts. About the only thing they can’t take is your HDB flat, your CPF and your dignity.
Whatever outstanding claims remaining after the Bailiff’s or Sheriff’s Sale is then filed with other unpaid debts into a system that tracks your financial credibility. This system is known as the Credit Bureau (Singapore) Pte Ltd. It is run by an independent (non government) organization and is not responsible for the filings – this is the job of the company that recorded the debt against the bankrupt.
You become a bankrupt after being called to the Supreme Court and officially being declared a bankrupt by the court. Being a bankrupt is not a criminal offence and hence, does not warrant an imprisonment sentence of any kind.
Business failures not of criminal circumstances do not warrant any sort of criminal investigation. Failure to pay up a debt on your credit facilities also does constitute a criminal offence. Failure to honor your obligation as a guarantor and failure to honor guarantees are also not criminal offences. Thus you will not be imprisoned for any of the above circumstances.
You cannot be imprisoned for such financial issues unless the circumstances were deemed criminal by the Corrupt Practices Investigation Bureau (CPIB) or the Criminal Investigation Department (CID). Such activities include embezzlement, cheating, unlawful business activities, criminal breach of trust, misuse of corporate funds for personal gains, etc.
As a bankrupt, you are now protected from creditors. Your “protector” is the Official Assignee (OA) who will now be in charge of your case till you are discharged. Amongst the OA’s duties is to make sure you pay your debts. This can be done through monthly installments. It is the bankrupt who decides how much a month will be paid. The amount of the installment will dictate how long you stay a bankrupt – pay more, get out faster or pay less and stay a bankrupt longer. A POSB account will be the only account you will be allowed to own as a bankrupt. It is from this account that the installments will be deducted. Contrary to common belief, the OA does to help themselves to all your monies. In fact, their other duty is to encourage you to save and develop proper financial habits in order to pay off your debt sooner.
You are not allowed to own a company, be a director of a company, take on risky businesses such as trading/investing or participate in any financial activity that is deemed as a further liability to your current state of bankruptcy without the OA’s permission. You are also not allowed to leave the country without due notice and approval from the OA. Failure to abide by these rules is punishable with imprisonment. You are also obligated to disclose your bankruptcy status to any potential employer if you are seeking a job.
And since the Credit Bureau keeps a record of our financial status, it is impossible for a bankrupt to get a credit card, loan or even a fixed deposit account with any bank. Personally, I will tell you not to hope to get any help from them at all. You also won’t be able to own or open a telco account for a mobile phone, internet services or any telecommunication account. In short, but not conclusively, you cannot have any sort of bill.
During bankruptcy, you will be required to declare your Income & Expenditure (I&E) on a regular basis. This can be done online today which makes it very easy and inexcusable not to do so. Failure to do this will result in the bankrupt being “red-zoned”. This will reduce the bankrupt’s credibility and make it more difficult to get privileges such as getting approvals for travelling for example.
Unlike in the past, there is no more “automatic discharge” from bankruptcy. Debts today must be paid. When a bankrupt has paid up his debt, the OA will require the bankrupt to fork out some more money to pay for the press notices and other miscellaneous administrative costs. The press notice is to inform everyone that you, the bankrupt, are seeking a discharge and for anyone who opposes this for any reason pertaining to your debt, to make a claim or a charge to block your discharge.
If the OA deems it so, you will have to settle that dispute in order to make another attempt to get your discharge.
Assuming there are no blocks, your discharge will be issued within a couple of months and you are free of financial obligations because your discharge wipes your financial slate clean of any debt. The process can be hampered if you were “red zoned” and it could take longer to get a discharge if you were not a cooperative or compliant bankrupt and gave your OA a lot of trouble. You will still get your discharge and your slate will be wiped clean at the end of the day. But …
If you owe the Central Provident Fund (CPF) Board any money, this will be claimed by the board, regardless of your discharge. This is the one debt that you must pay in full. Failure to do so … well, its the CPF … you go figure what it means if you don’t settle their debt.
Now that you are “free” you can own a business, be a director, travel and do everything a normal citizen does. Well, almost.
And that is how bankruptcy works … in a rough sense. Please check with your legal council on the details of the process and requirement or with the OA’s office at their homepage: www.ipto.gov.sg/
Bankruptcy is not entirely a bad thing especially for those with no way out. The stigma is undeniable. The reality of being declared a bankrupt is traumatic and shameful. It is the ultimate acceptance (not that you have a choice anyway) of failure. But these are only temporary emotional setbacks that one should get over quickly. Too often, bankrupts hide in their shame, become recluses and live in denial. They lie to hide their shame and they put up a brave front in public only to weep to themselves in private.
But the truth is that the shame is only in their minds and that no one really bothers about their problems and they could care less. Thus, there is no real reason to feel badly about being a bankrupt. It was a mistake that anyone is capable of falling into and yes, it is a terrible price to pay. But it is also the most precious lesson to take if one is able to turn such a failure around by learning from this mistake.
The fact is that those who turn their fortunes around go on to greater things in life. I have not met any successful person who did not make mistakes or did not have major failures in their life. But these successful individuals had one mindset in common – they were willing to accept their mistakes, learn from it, never give up and strive to better themselves.
A failure is complete only when one gives up. It is never a failure if one never quits and uses the failure to pursue a higher level of success.
After all, the worst has already happen. What have you got to lose now?
And now, for the part that many don’t know about … financial jail after the discharge.
I was told that discharged bankrupts are usually denied any sort of financial help from financial institutions for up to seven years. Then someone claimed that it was only a five-year wait. A financial “expert” also declared that it was a three-year “jail term”.
Its been three years since my discharge and still the banks are denying me assistance on a loan on my next home. My wife more than qualifies on her own to take that loan but this experience is leaving me with a bad taste regardless.
Let’s get the record straight – discharged bankrupts will be denied financial assistance for seven years from their discharge. This record is kept on file at the aforementioned Credit Bureau. Regardless of who you are or how successful you are, you will be promptly rejected by any institution should you want to get a loan, a credit facility, open a fixed deposit account or trading account. Your rejection is swift and without recourse and you will be out of the bank within 3 minutes of your application submission … embarrassed and humbled no doubt. The bank won’t even tell you why you were rejected. You just are.
The truth is that they ran your ID through the Credit Bureau system and saw your status and that’s why it takes only a few seconds to get your rejection without an explanation. You can’t bargain with them, reason with them or show them how much money you have in your savings to justify your application. No means no – no exceptions.
What I find ironic is that this efficient system is also screwing you up without your knowledge.
Banks these days are fond of pre-qualifying you for a credit facility even if you don’t ask for it. That’s how you get blank cheques and pre-approved credit cards in your mailbox. What you don’t know is that they run your ID through the Credit Bureau system to qualify you.
This is how this unscrupulous practice has screwed me up; long before my loan application, a couple of banks had run me through this system only to get a rejection instead of an approval for credit card applications … twice! And I didn’t even apply for any of these facilities. Why this is such a terrible practice is because every time you get rejected, that rejection is recorded in the system and your credit rating gets worse and worse with each rejection … without your knowledge or consent. Now you know why you sometimes can’t get the full loan you applied for even after doing your math.
Another astonishing flaw in this system is that claimants (who claim a debt against you) can conveniently forget or overlook removing their claim even after the claim had been settled for a few years. These claims remain in the system to continue to screw up your rating and the Bureau is not responsible for checking or updating the data as it is the responsibility of the claimant to do so.
Something else that screwed me up was a claim by A__X in 2005 for a $500 debt against me. Apparently, I owed A__X $500 but where this debt came from or what it was for, even A__X didn’t know. Here’s the real clincher – I wasn’t even a card member and I couldn’t have been because I was still bankrupt! To be fair, A__X promptly removed the claim after some vociferous threats from yours truly to their Malaysian headquarters after getting the run-around for two weeks.
I find it totally amazing that the banks have such a reliable central system to reject such applicants as myself but don’t have a central system to tell them which credit users are over-leveraged and unable to settle their debts. In fact, it seems like they would rather lend money to those who don’t have money and obviously don’t have the means to manage such huge debts than lend money to those with the means to repay their debts who obviously have the collateral to make a case for a loan.
Whatever.
Banks today are not what they used to be and definitely not what they advertise themselves to be. I can’t wait for this credit bubble to pop and see some of these banks go bust under the weight of their own greed and self-serving principles. What’s sad about that scenario is that I have plenty of friends in banks who are likely to lose their jobs if it happens. I don’t think I could stand that while watching the greed-mongers keep their jobs.
Now with COEs at $72,000 and the CPI threatening to hit 4% by year’s end, you have to ask why prices are all up there. Its not because of demand nor shortage nor inflation as a result of demand on shortage … its because of cheap money. I’ve said it before so I won’ say it again but it will be interesting to see what happens if the government raises our monetary policy again in a fruitless effort to fight inflation that is not entirely because of an inflationary nature but rather that of a flood of cheap money.
Watch your spending and keep your expenses within your means. If I am right, we’re in for another rough ride in our economy and you don’t want to be one of those who end up bankrupt … the nightmare doesn’t end with your discharge, I promise you.
22 Years of Friendship
Kristy, a staff member at AKLTG, was having a conversation with Lucy a month ago about how we’ve been able to stand each other for more than 20 years and hold our marriage together so many times in our tragic past when other couples would have given up for less. Her answers were no different from mine and it would be sound advise for any couple wondering if the partner he or she is about to marry is the “right one”.
I had a separate conversation around the same time to one of my WA graduates, Ais, who is in a relationship with another graduate from WA and WAT, R***. The two make a lovely pair. During the time I’ve known them, they have made AKLTG their second home and make-shift “pick-up” point where they meet after work. I caught Ais one night, waiting for R*** and decided to keep her company till he arrived. In our conversation, I casually asked what her relationship was to R*** … she declared they were “Best Friends”. So I prompted if they were going to get married and she shyly pushed away the question by answering that in order to consider marriage, a couple must first be best friends so that the relationship can stand the test of time.
Deja Vu.
There was no need to make any comment or give advice to this young couple. They are on the right path to a loving and happy life together. She did ask me for three specific tips to improve her life. My first tip on success was to never quit persevering. I even quoted her two of my favorite quotes on success;
You always pass failure on the way to success.” ` Mickey Rooney
and …
Many of life’s failures are people who did not realize how close they were to success when they gave up.” ~ Thomas Edison
My tip on financial success;
Be happy with what you have because small fortunes breed bigger ones, small thanks lead to greater gratitudes and every financial problem is only a temporary set back meant to garner more momentum for the next ride up to the top.
My tip on life;
Set your goals. Stay focused. Take a dare. Be greedy. Stay Hungry. After all, you only live once so what have you got to lose?
These are the same sound advice I took throughout my life, in good times and bad, for better or worse. They were codes of life that Lucy and I held dear and close to our beliefs … and we believed. We put our faith in our strength as a couple, as friends, as parents. We put faith in our ability to survive and surpass. We put faith in knowing that others have done it thus so can we. We put faith in God to watch over us and give us strength.
Today we put faith in the fact that we’ve done it so many times in the past that we can do it again in the future if the need arises.
So what is the one piece of advice I will give to a couple who want to know if their friendship can stand the test of time? One word – cohabit.
A relationship, like any business, has a time test. In business, the first year is finding the footing and controlling budgets and hoping you don’t lose too much money and wipe out your first year in business. In the second year, you find out if your business partners truly have what it takes to run the business and grow it. The third year is make-or-break time. Any business that survives the third year usually goes on to bigger success and longevity.
In a relationship, the first year of cohabiting will breed either familiarity or contempt. Small things like squeezing the toothpaste tube, tardiness and spending habits come to the fore. Tolerance and patience will be tested. Adaptability and flexibility will be stretched.
The second year will test the financial strength of the couple. Ambition, pride, greed, hunger (or the lack thereof) will come to the fore and the couple struggle to financially understand each other better.
The third year usually is a test of fidelity. While many fail, few persevere to overcome, forgive and move on. In other cases, the couple tire of each other’s company and as they say, the spark fades. For some, chicken rice everyday is boring. But for whatever reason the relationship gets tested, it happens for a reason and it is best to find out sooner rather than later. Those who survive, forgive and move on, usually go on to have a really meaningful relationship and later, a marriage.
Being unfaithful is not something to be taken lightly but for those who have lived through this, they will tell you that it is better to know your and/or your partner’s weakness and work to make it better than to give up and repeat the process with another new partner and constantly live in doubt about the fidelity of your new partner.
Nobody is going to be perfect. And if we accept that, then the next step is to be a friend and love your partner for everything he/she is, flaws and all. The three year cohabitation test is a small investment of time for the long term future of the life-long partnership.
In trading, we take controlled risks. Sometimes we get beaten, sometimes it works out. But we take the trade knowing the risks it carries and in the long run, the good trade will reveal its intrinsic value while we cut losses on the bad ones.
In life, we do the same thing. It can be a painful life lesson but it is necessary in our on-going quest to find that perfect partner that may never exist. So we cut our losses if it doesn’t work out and we hedge ourselves on the one that just might hide an intrinsic value.
I made a few “trades” in my early years. Some of them were good ones with no intrinsic value while others had to be cut for both our sakes. A few were meant to be nothing more than good friends while a few others just weren’t meant to be. Then there were those few … erm … how shall I say, … “scalps” … *Ahem*
But I did find one that met most of my fundamental and technical criteria. Heck, she even fit into my budget! I guess I must have made it into her watchlist too because I became her prime investment. She became a friend, a buddy, a lover, a soul mate and finally, my wife and mother to my two kids. The ride up the chart was filled with corrections, pull backs, spikes, dips, rallies and even at one stage, it almost became a junk stock. But she still saw value. In fact, I had become a truly undervalued stock that no one wanted. But she stuck with her investment and in spite of a few more dips, today she is reaping the dividends of her investment.
Me? I still enjoy my “scalps” on the same stock for the last 22 years.
Happy Birthday, Lucy, my love … its been a good time, its been a rough time, its been a time of our lives and I look forward to more with you.
Common Sense Prudence
Why do you still stay in a 3-Room Flat and drive a Suzuki when you can afford much better?
This is a common question I get all the time. I myself must have asked that question of others in my earlier years. The answers to that one simple question are varied as they are vast but I’ll sum it up in a handful of not-too-long paragraphs.
I Don’t Need More.
Really I don’t. And even if I did, the last two years have not been the best time to get a bigger house or car especially when prices have been going up and up. Like the trader I am, I don’t buy things at or near the highs or as they continue rising. Having recovered from nothing, I am used to having bare minimal and keeping costs low. Even now as I can afford more luxury, I don’t find it in me to spend lavishly as I have never been that way all my life.
I am not fully invested. I have taken the advice of my wise old friend, G.M. Teoh and kept cash ready. As a personal rule in this current economy, I am not investing more than 50% of my cash and keeping hoards of it ready to pick up more investments when opportunity come knocking. Whatever I am invested in can easily be liquidated for cash if the need arises. And the need will not arise as long as I keep 50% of it as ready cash.
Money has never been a main priority in my life. To me, money is there to be made and I have been blessed with the gift of making it as and when I need it. I have always prioritized more important passions above money as long as there was enough of it to provide for a comfortable life. So what do I do with all that money I’ve made? Read on …
I’m Absolutely Debt Free.
For the first time in my adult life, I have enjoyed a debt-free life since my bankruptcy discharge in April 2007. Everything I have, I own outright. I own my 3 room flat. What little I owe the HDB for the few remaining payments can be easily covered with a small percentage of my CPF money. The bills on my flat are conservative because it is a small flat. The flat we live in is Home and it doesn’t matter what it looks like or how big it is as long as it’s comfortable, conducive and filled with love.
I own my Suzuki. There are a few remaining payments I can’t settle in bulk because the damn finance company needs to collect the interest to stay in business. (Doing my part to keep the economy afloat.) My petrol bill per month does not exceed $200 (Shell V-Power, no less) as we hardly use the car anyway. Its two and a half years old and I have only clocked up 30,300km including a trip to Bukit Bintang. S0 why buy an expensive flashy car I don’t need?
I don’t have credit cards – what I need, I buy with cash or my debit card. I don’t trade on Contra. I don’t owe anyone anything at all. I am debt free and loving it. Being debt free to me is much better than being financially free. Of course now that I am both, I can’t say it’s all that bad.
I’m Happy.
My only luxury in life today is a life-long dream that I have hung on to and only recently made a reality. In my younger, struggling days in the media industry, I had always wondered what it would be like to walk into any restaurant I desired, picked up the menu and ordered whatever I wanted without having to look at the price. I remember how terribly embarrassing it was to entertain clients and worry about paying the bill and hoping we’d have a “wallet duel” that the client would win. Those days are gone now. Today, I sit across from people who hope I win the wallet duel … and I understand how it feels to be in their shoes.
I know a lot of people who have flashy cars, nice houses or apartments but are stressed out with monthly payments and debts. They would rather keep these unafforable luxuries in the name of face and pride rather than to live prudently and be happily cash-rich. Isn’t it funny how the ones that can’t afford it, must have it and those who can, don’t bother. I had always wished for it and in some time in my past, lived the life of one who couldn’t afford it but did … albeit with some prudence. Reality has a strange way of teaching us these lessons – it’s called Maturity – and it is always a tough lesson to learn.
Being wealthy is not the key to being happy. I have always chosen to be happy, no matter what my circumstance. Maybe that’s what got me out of bankruptcy and all the other sticky situations in my life. Choosing to be happy makes financial goals more achievable. If you can’t be happy with what you have, nothing and everything will never be enough and you will never be satisfied, let alone, happy. Being thankful and grateful for the little things you now have will lead to bigger and better gratifications in time. It all starts with choosing to be happy. Problems are always temporary … happiness is permanent if you wish it to be.
I’m happy to have a wife who knows what having nothing means having come from nothing and then losing everything on more than one occasion. She is a prudent yet financially savvy chic from whom I have learned a lot about financial management. She doesn’t make big demands, doesn’t ask for much and is a very simple person at heart. If anything, I am the one who wants to spoil her.
If I do owe someone and have a life-long debt to, it would be my wife.
And she deserves all I have.
Personal Thanks and Tribute to a Selfless Coach
Here’s another really nice testimonial. It’s one thing to get such nice words from a fresh student but to get it from a student that has already been trading for some time is another thing altogether and it means a lot to me. And it means even more when lessons in life are appreciated above the lessons on finance. This is why I teach. And love teaching.
Hi Conrad,
Wednesday was the last lesson for WAT 41. Reflecting on these 8 weeks of classes, I have gained tremendously as it gives me a fantastic new beginning to my trading and psychology and also an awesome lesson on life and family management. You have made me realized that in the midst of all these struggles towards getting more means (money) for a better living, I have often forgotten that my objective/goal is the FAMILY and not the means.
When I heard you talk about giving up a big pay check (teaching in Indonesia and Malaysia) for family time, my first thought was that you had enough of a rally and decided to take some profit off the table for your family. The same question came to me; When will I learn to take some profit off the table and enjoy the fruits of that success?
Thanks for your selfless contribution and sharing with others by revealing not only some of your trade secrets but the secret to success not just in monetary terms but in life. I have seen and learned more than trading and also learned to plan my next “trading plan” not just for myself (technical) but with my family(fundamentals).
In these 8 weeks, I have learned how to do a risk reduction trading plan and various strategies to trade options successfully. They are fantastic ideas and makes me often wonder, “Why I didn’t think of that?” despite reading so much from the many trading books at the library. Now my virtual account is growing and finally I begin to see a small beam of light towards becoming a successful trader. However, there is still lots more hard work ahead.
Thank you for the precious guidance from you and your team of coaches.
Steven Yip
