Looking back in 2010...

As usual, we all like to look back into time and ask ourselves, "what have I done this year?". I will add in, "What have I done this year to deserve living another year?"

Recapping the events that happened, I must say 2010 isn't the best that I've lived. Every year should be better than the last, and can't be better than the next, but it didn't happen in 2010.

Studies wise, I graduated with a 2nd upper honours, and if you have been following my life, 3 years ago I said I wanted to get 1st class. I have been deceiving myself that I missed it by a marginal figure, but we all know that it doesn't work that way. You aim for the stars, hit the sky on the way, but ultimately when you land you need to have the star in your hand. I missed.

Career wise, I have been telling people that I am doing full time since July, but in actual fact, I have been fooling with time. Putting in less than 25 hours a week is not working at all. If I have to sum it up in one sentence report book style, it should be "Overall sales increased 4 fold as compared to 2009, but can be better with management of time and discipline."

Before you think 4 fold is a super figure, let's not forget that I am comparing to 2009 and 2009 I was almost non-existent at work. Anything that has more than 100% sounds damn good, and this is really how you play with numbers.

Talking about work skills upgrade, this is probably one area that I done well. I signed up for CERTIFIED FINANCIAL PLANNER (CFP) program in Aug and have successfully cleared 2 out of 6 modules on the 1st attempt. On the practical front, it puts me in a good position to advise clients on financial planning, and I really mean the broad aspect of financial planning, where insurance planning (my main ricebowl) is only a component of it.

Some people don't understand the term financial planning, and will always associate it with insurance, which I don't blame them because this term is overly misused. An example of the kind of service a financial planner provides is will planning and writing, which I advised for the 1st time this year, on a simple will and liased with a lawyer to execute the will document.

Collecting alphabets have become my new hobby and most of you know that I am doing CFA program, which I told myself to gain charter end 2012. However, at the stroke of midnight today I will be able to issue new namecards with these initials AFP, which means Associate Financial Planner.

One great achievement I made in my life this year would be completing a marathon. Since young, I am never the head of a pack when it comes to running and never the best player in sports. When half of the year just passed me in 2010, I asked myself what the hell have I done this year to deserve living, the answer was nothing. So I took the challenge to sign up the marathon that took place in the 1st Sunday of December, which coincides with the CFA level 1 exam I took in 2009.

I trained together with a friend I knew for more than half my life. He also had a down year. I must say this is one event that can potentially change your life. After completing it, we agreed that it gave us newfound belief that nothing is impossible. We can feel the power when we said the 3 words.

I am happy to pick up cycling again. This is one sport that pushes you to the limit and you can't stop. Life is largely like that.

In this new year, the main focus will be my career. I have done a thorough planning and strategy on my business, all written down in my new notebook (which I will let you catch a glimpse of it in near future), it is tough when you are your own boss and you report to yourself. Internal locus of control needs to be present in this line of work.

Achiever's Club bronze
Trigger at least 3 months bonus at year-end

Pass CFA level 2
Clear 2 CFP modules
Pass IPPT ("What?! You did a marathon and you can't pass 2.4km??")

Nothing is impossible.

Just when you thought interest rates are already at rock bottom...

"Effective Oct 15, interest rates for POSB savings account will be pared to 0.1% from 0.125% for balances under $100,001."

Live within your means

Many a times, we forget this simple thing because we are doing well. Just look at America today and you get the answer.

There are many kinds of salesmen out there and I have nothing against them. I am one as well!! You sell the products and services that you believe in, where your core values tell you that it is right. For example, you may not see people who sell soda as ethical because it makes consumers fat.

Just like I hate credit card salesmen. I know of plenty of people who had to declare bankruptcy because of debts. And credit is the root of these problems. Before you point the finger at me for not educating enough consumers on financial planning, review your own spending habits.

Think about it. Our banks are only paying 0.125% interest and that wonderful card that holds the key to your future money is charging 24%. $1000 in the bank becomes $1001.25 and your $1000 bill becomes $1240 after a year. That makes you $238.75 poorer, which also means that you lose 23.88% of your wealth. Think about it.

The greatest challenge is not what we do when we are poor. But what should we do when we are doing well?

Question: When should you stop working for money?

Answer: When money start working for you.

Life Teachings

Sometime ago on a particular Saturday morning when I was back in office, my Director was also in. He shared some ideas on management and teachings with me, obviously hoping that I start recruitment and rise to manager as soon as possible.

He told me that men should be prudent and live within our means. Earning loads of money doesn't mean that a person should live a lavish lifestyle, drive big cars and look down on people. For you do not know where you stand in the future. When one becomes rich and famous, he tends to become arrogant and comfortable with what they have, which is the start of their downfall.

To sum it up, he said:

花没有百日红，

人没有千日好。

Loosely translated, it means that flowers don't bloom for a hundred days, men don't flourish for a thousand days. I was so impressed with this statement, especially when it came from a veteran who has lived two times as much as me. Now, when people talk about life and earning loads of money, this phrase constantly rings in my head.

The moral of the story is: Everything in this universe moves in cycles, like it or not. So remember that you can be earning $100,000 per year now, but you can also be out of job when I come back to visit you two years later. It is therefore important to save for a rainy day and don't pretend that life must get better.

In finance, we call that random walk. Today you might be up, tomorrow you have an equal chance of going up or down. This trend may persist for a prolonged period but eventually it will revert to the mean.

New Year Resolution

It's February and more than 8% of the year is already over. So am I too late for a resolution now? My apologies for not following the calendar, but I am Chinese, so my new year only starts now. I don't usually set new year resolutions for a simple reason that what I want to achieve is of a longer term horizon as compared to you, who make a resolution like making a wish which never happens.

That is the problem with people. People say new year must have new start so must think of what to do for the new year. Then you come out with some crap and don't follow through. What's the point of wasting that precious brain cells to come out with something in the first place

Some wish to lose some weight, some wish to spend more time with family, and some wish to spend less money. And the whole problem begins. How much is your "some"? Can you be more specific? Lose 1kg is lose some weight, lose 10kg is also lose some weight! So how? Must I really come out with an answer? Shall we abandon it now?

So, before something stupid comes out of your ideas again, think properly and ask yourself how much you want it. For me, I have 2 tasks to accomplish:

1) Increase sales by another 100% before June
2) CFA in 2014, age 27

Happy Lunar New Year to all. Tigers and bears both have paws. So take care for the year.

Drive Drove Driven

Thinking back, I was a piece of slack shit in the past. Me today and the me some years ago are not the same person. What changed me? And when was my turning point?

To investigate my turning point, I had to recall the friends I met in the past that had not met me in a long time. And I found it. It was during army. Not the beginning of army - but 2 months into it. I found out through my long lost BMT buddy last week. He was surprised with the things that I told him.

So what is it...? It is the array of failure that I went through during that phase of life. Failure in BMT, failure during SISPEC made me realise that I was really quite useless, even at the area that I thought I was good. In the process I met some really educated people and a bunch of uneducated soldiers, whom taught me about life in ways which I had never known before.

I looked at them and looked at myself. I didn't want to be useless anymore. So I started picking up materials that had the power to change my life. I give the best in everything I do. I demand the best from people around me. I don't take nonsense and excuses for non-performance.

At this juncture, I feel that I'm stronger than superman. Holding a job that demands so much hardwork and rejection is no easy feat. I have to constantly upgrade my own knowledge in this line and conduct myself fit and proper. Other than that, I have 2 kids to perpare for PSLE. On top of that, my own academic responsibility is starting to scare myself as well. Going into the last year of study, I signed up for Chartered Financial Analyst exam that is coming in December. As if I'm not busy enough right.

But it's ok. I will conquer every single one of them. I have the techniques to achieve academic excellence. Woosh!!!

Traits to Succeed - Part 1

I'm starting a new section on the most important aspect of a human being - Personality. Why do some people know what to do to get on the right track, whereas some of the rest just keep screwing things up? Is it because of certain things people do? Or is it pure luck? In this new series, we will look into just that.

I am not going to start with the most important trait, yet. Today, we are going to look at one trait that is often being scorned upon - Salesmanship.

"Wtf? Salesmanship? I hate sales!!", that is the first thing that I am going to expect from most of you. Unfortunately, like it or not, this is one of the most important trait of entrepreneurs, CEOs and people who earn loads of money. No doubt, we associate salespeople with qualities like cheating, lowly job, area for the uneducated. But let's not forget that they are also the people who earns the best money with assets that are God-given, which are the brain and the mouth. Formal schooling is secondary.

What I really mean here is the selling of concepts and ideas. Everyone has ideas. Some keep to themselves, some love to present to others so that people can buy it, give feedback to improve it. Successful people make sales pitches to the right people, to borrow money, or to make use of their talent.

What we didn't realise is that we put this skill to use everyday, without you even knowing it yourself. As long as you have a working vocal cord, friends and talk to them, salesmanship is at work. For example, you remember that you ate a very nice plate of chicken rice some time ago and want to go back for that same plate of delicious chicken rice today for lunch, so you tell your friend how nice that plate of chicken rice is and that he should have it together with you later. He agrees and off you go, hand in hand, arm in arm, or whatever the way you like to walk.

So what have you just done? You tried to sell an idea to your friend and succeeded.

Can you persuade people to part with their money because of a good idea?

Coincidentally, good salesmen also have good social skills, which will be the trait that we discuss next.

What Motivates You?

I resumed work after my exams, telling myself that I am committed to make things happen and I had to be disciplined to finish my admin work fast and start making appointments.

Fortunately or unfortunately, I was asked by my director to attend a morning talk organised by our affiliated club. You know, talks are all supposed to be motivational and life-changing just by listening to successful people. They share their success stories to impress upon you, so you can open your mouth in awe, forgetting that you should be learning something instead.

Trust me, you leave the room and nothing has changed.

Are talks supposed to be motivational? Why is it that it doesn't help even when we go with an "open mind"? Remember, that external force is not enough to do any substantial change. You have to realise that the open mind with nothing inside can't really help much. The sweet words coming out of the speaker's mouth is bullshit if he doesn't teach you how to do and guide you on doing it. And most importantly, you must be committed to doing it.

You really want to change for the better? Talk is really cheap you know. The first step to change, is to identify the need to do so. Humans don't like change because they are comfortable with status quo. We are habitual creatures and we like to keep doing the same thing if we think is right and if people around us think is right.

Listening is not enough. Neither is reading at this post. Get your ass to work by mapping out your mission and objectives. Give yourself deadlines. Achieve or die. Have the discipline to follow through and reward yourself for doing so.

Change really come from within. And stop calling those talks motivational. They are just inspirational. Only you can motivate yourself.

Teachings from Buddha

Extracted this part from the audio on my iPod that follows me wherever I go. This is by Anthony Robbins in his Personal Power II program - Day 19 - Overcoming Fears of Failure and Success.

Buddha was well known for his ability to respond to evil with good, and there was a man who knew about this reputation and had travelled for miles to test Buddha. And what he did was when he got into Buddha's presence, he verbally abused him, challenged him, insulted him. He did everything he could to try and offend Buddha.

Buddha was unmoved. He simply turned to the man and said, "May I ask you a question?"

The man responded, "What?"

Buddha said, "If someone offers you a gift and you decline to accept it, to whom then does it belong?"

The man said, "Well then it belongs to the person who offered it."

Buddha smiled. "That is correct. So if I decline to accept your abuse, does it not then still belong to you?"

The man is speechless.

Period

Right now, I'm in the period of uncertainty again. Not saying that I lost my aims in life, just that sometimes you don't know what's coming in the short term that will affect your long term goals. My life objectives are still as clear cos everything is there on my vision board.

Gone are the days of tuition coordinating. At this moment, I find myself getting involved in lots of things, to the extent that school work is starting to feel sad at me for not touching her. Life's tough, especially when you live in a country like Singapore. I don't wait for things to happen and take me by surprise. I plan and I plan ahead.

I never let problems take over me. People say that my problems are small, I say I don't let problems get big. Small problems when unsolved get big, if you don't realise.

Now, as usual, due to my super competitive character, I cleared 3 test papers in a month (which is a feat) and is now a certified insurance agent. I don't call myself a life planner, a person who sells insurance is an agent and I don't plan your life. I can give you my point of view if you want to know about finance. What is uncertain now is whether I can have a career in this field. Oh btw I'm not from Prudential. I won't sell insurance like the private banker who introduces minibond to your grandparents, neither do I sell insurance like the Geylang peddler who sells fake viagra.

Next up is that I might be starting a company with my relatives. To be a company owner is something that a person like me cannot resist. Of course, one has to weigh the pros and cons of starting a company. We are going there to make profits, not to have a picnic. What business I'm going into will not be revealed cos I have something the other industry players don't.

Oh btw, if the Ze Qi you happen to know is a clown and nothing constructive ever comes out from his mouth and at this point you are laughing, you should just take it as it is cos you will cry if you do business with me.

And the last thing now is my scholarship. I'm glad that I did so well that I can be top few in the world and I'm going to do the same for the remaining two years regardless of the scholarship. I bet you NUS NTU students are laughing at me, saying that you can do it anytime if you were in my course. Probably you can, that is if you concentrate on studying, and probably studying is the only thing you can do.