China - the success story

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lootster
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China - the success story

Post by lootster »

Someone send me this email which is quite interesting so just thought of sharing :)

US President Obama visited China last week, primarily to find out what exactly & how exactly China is doing things that makes it such a success story, surpassing all the so-called "expert economic planners" of the US & Europe. His team found these 5 basic lessons behind China 's success - it applies equally to our country :


LESSON No. 1 - BE AMBITIOUS

The Chinese believe in Setting Goals, Making Plans, & Focusing on Moving Ahead - there is always the sense of foward motion.

As an example, a huge 6-lane highway in Shanghai took only 2 years from planning to ready for traffic. In the US , 2 years will only get
you the environment and local authority permit if you are lucky - in Malaysia in 2 years, they will still be calculating how to inflate the
costs, and to whose abang-adik company to award the project.


LESSON No. 2 - EDUCATION MATTERS

The Chinese are obsessed with ensuring kids get the right education - English, Maths & Science. They made sure that ther education system reached even the most remote rural areas - today the literacy rate in China is OVER 90%, surpassing even the USA 's 86%. According to American Educationists, the Chinese kids are way ahead of the kids in the USA .

Meanwhile in Malaysia , our Moo-Moo politicians are determined to retract our education system into the stone age.


LESSON No. 3 - LOOK AFTER THE ELDERLY

The Chinese DO NOT send their elderly to nursing care centres - they personally look after & care for their parents. In the US , nursing care of the elderly is now costing each resident USD 85,000 annually, & this is rising. The Chinese also believe that the grandparents at home make the best tutors for their children. It also provides a sense of cultural continuity - this helps bind society.
In Malaysia , its a growing trend to have children brought up by maids, of the lowest educational & moral quality - so our children
(the future leaders) grow up with similar language & outlook capability.


LESSON No. 4 - SAVE MORE

In the USA , savings dropped to zero in 2005, and is only now slowly rising to 4%. In China , the savings rate for every household has
exceeded 20%. The Chinese believe that fugality & a healthy savings rate are a sure indicator of a country's financial health. High
savings lead to increased investments - results in increased productivity, innovation & job growth.

In the West, & aped by our Malaysians, the status symbol is to spend more than you earn, with as many credit cards as possible. In the end, the whole country gets into debt.


LESSON No 5 - LOOK OVER THE HORIZON

In China , eveyone is foward looking - never backwards. New graduates make a vow - never ever will their children & grandchildren ever work in the fields again. With this kind of foward mentality, people are always thinking & planning how, not just to succeed, BUT how to be the best in the world in everything they do.

In Malaysia , we are still, after 24 years, trying to get the window switches of the Proton to work properly, and our Muslim
Fundamentalists want us to adopt medieval syariah laws.
wemakebread
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Post by wemakebread »

Thanks Lootster.
Interesting comparison between US, China & Malaysia.

Here's my personal take on Singapore.
1) Ambitious
For the BIG things that matter (eg. F1, IR, YOG) I think Singapore has done pretty well.

2) Education
Overall, I think Singapore has done well, especially in terms of English, Maths & Science. But to break into the next league would be a real challenge. I am thinking in terms of moulding a learned & wise generation, who appreciates humanities & the arts, values heritage & culture, builds a gracious society, and is socially and environmentally conscious.

3) Elderly
I think we are going to face a real dilemma and challenge in the years to come. Highly dependant on housing policies & overall cost of living.

How plausible is it for married couples to stay with or stay near parents?
("But do not expect HDB to provide a flat in a mature estate at a comfortable price, as there is not enough land in the mature estates to build the number of flats that people want." Doesn't it sound a bit like: people can live in HDB flats near their parents, its whether they choose to?)
Source: CPF imsavvy
'http://www.cpf.gov.sg/imsavvy/infohub_a ... 6207833885}

And how many people can reasonably choose a job that gives work-life balance while being remunerated enough to maintain their desired standard of living? That work-life balance is to allow them to spend quality time with their children & take care of elderly parents.

4) SAVE MORE
Singapore society seems pretty affluent and we do see many wealthy people around, at least from the sight of branded bags & expensive cars.
I have not exactly figured out where or how they made their money, is it from handsome salary? good secondary income? flipping properties? made a pile in stock market? gambling at casinos? excessive spending & drawing on credit lines?

5) LOOK OVER THE HORIZON
I am also not so sure whether our younger generation in general is as driven as those from China. Afterall, we belong to the 2nd, 3rd or 4th generation in Singapore and some of us already got to enjoy fruits of our father's / grandfather's success. There is a Chinese saying that "a family's wealth does not last beyond 3 generations" and I think Singapore has reached that particular junction.

The government shoulders a heavy responsibility to chart the direction for future growth. But it is also up to individuals to find their own niche so that they can continue to be relevant and valuable to society.


Just my personal opinion.
lootster
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Post by lootster »

Hi wemakebread,

I am a newbie here so still have a lot to learn from you guys!

I may not have much to share due to my limited knowledge in investing but maybe can share some things outside yet can be related indirectly

Thanks for your opinions!
wemakebread
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Location: Singapore

Post by wemakebread »

Welcome lootser!

We are all here to learn.

Even Dennis is still learning.
Recently he mentioned that he will flying over to China to learn from an entrepreneur called Huang Ming who built a business empire based on solar power products.

Sometimes newbies can ask very important & fundamental questions that others may have taken for granted or fail to see. Therefore it is always good to have lively discussion in the forum so that everyone can benefit from the Q&A :)
lootster
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Post by lootster »

Hey thanks for pointing out!

Ya indeed we are here to learn but I am surprise not many people participate in the forum after attending Dennis's seminar.

I have been always wanted to join in the discussion but was onlt told by Dennis that only graduates are allow to participate in this closed forum.

I have been waiting for a year to join in!

I have been following Dennis posting for many years and admit I am quite skeptical with his view initially, but he has proven to me over the years that he really know his stuff!

That's the reason I keep "following" him and looking forward to learn from him. It will be good to have him as a living mentor rather than learning from books only :D
Dennis Ng
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Post by Dennis Ng »

lootster wrote:Hey thanks for pointing out!

Ya indeed we are here to learn but I am surprise not many people participate in the forum after attending Dennis's seminar.

I have been always wanted to join in the discussion but was onlt told by Dennis that only graduates are allow to participate in this closed forum.

I have been waiting for a year to join in!

I have been following Dennis posting for many years and admit I am quite skeptical with his view initially, but he has proven to me over the years that he really know his stuff!

That's the reason I keep "following" him and looking forward to learn from him. It will be good to have him as a living mentor rather than learning from books only :D
Hi Lootster,
yes, I'm similarly surprised that not many of my Seminar Graduates are maximising the benefit of this discussion forum I created for all of you.

Perhaps becos the membership is given FREE to seminar graduates. My experience is most people do NOT value anything given free to them, so perhaps, to "help them" maximise the benefit of this forum, I maybe need to impose a fee for membership so that people will respond differently.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
lootster
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Post by lootster »

Well maybe you are right but again hope you won't do that :D

Hope to see more member responding to the forum so it will be more lively!
Dennis Ng
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Post by Dennis Ng »

lootster wrote:Well maybe you are right but again hope you won't do that :D

Hope to see more member responding to the forum so it will be more lively!
Well, it is up to each person to maximise this forum. I'm very committed and update info/content everyday to the forum. The ball is in the court of Seminar Graduates.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Ice-Man88
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Post by Ice-Man88 »

Hi Dennis & pals,

I realise from my own journey to achieve financial freedom is a lonely one.
I tried to share wif pple its possible but they always think i am money-crazy :D They will laugh at my ways.

I think the baby step is how to have the right frame of mindset. Tat is the hardest to achieve. After that, it is to find the right mentor to guide you. The problem is how do u identify the correct & suitable mentor? I am glad i attended dennis "'Mastering ur finance seminar"' & manage to bring my friends to attend.
ahvyee
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Post by ahvyee »

I agree with you Iceman.. i myself shared with my many friends about the law of attraction, encouraging them to attend seminar.. all the response i get is negative..

at least i know the people in the forum shared the same vision as me, where everyone of us want to achieve million by a certain age.
Dennis Ng
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Post by Dennis Ng »

ahvyee wrote:I agree with you Iceman.. i myself shared with my many friends about the law of attraction, encouraging them to attend seminar.. all the response i get is negative..

at least i know the people in the forum shared the same vision as me, where everyone of us want to achieve million by a certain age.
no worries, the Teacher will appear when the student is ready.

Right up until age 27, if anyone talks to me about money I would think the person is "money-face" and I would avoid him/her far, far away. I only changed my mindset towards money in 1997 (thanks to Robert Kiyosaki). But frankly, I did not learn how to grow my money from him, but from other Singapore Real multi-millionaires.

My motivation is NOT money, but the difference I can make to others in educating them about Financial Maters.

I hope more people can be financially free (like me since age 39) and only choose to work becos I want to, NOT becos I have to (need the money from work). It's a very joyous and peaceful feeling that maybe difficult for many to imagine.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
lootster
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Joined: Tue Dec 08, 2009 2:50 am

Post by lootster »

That's precisely the reason why we all should focus more on this forum!

At least this is a closed forum shared by many people with the same thinking towards better financial literacy. Those people with a different mindset won't be able to participate! :D

I doubt anyone would like to pay Dennis just because they want to get into this forum to oppose our thinking right?

If the road to financial freedom is a lonely one just because people surrounding you cannot agree to your thinking, so be it! I rather be lonely then to let those negative people surround me and "plant" their negative thoughts into me.

I have nothing against the poor but only feel sorry for those who didn't even have the courage to admit they like to become rich. Those people even influence others to be like them so they themselves won't feel inferior.

I believe its a matter of choice isn't it?
Stradlinz
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Post by Stradlinz »

It's good to see lively discussion and more participation in this forum. Months ago the forum was dead quiet with Dennis being the lone guy posting. Back to the topic, I think one of the most common wrong mindset to have is to be "Debt-Free". When I shared being "Financial-Free" is not abt being "Debt-Free" I got a confused and sceptical look. Do u guys encounter the same thing? Excessive Debt can destroy us, however Good Debt can help us to move forward financially. So let's discuss the argument u guys use to convince ur friend regarding this argument...
Dennis Ng
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Post by Dennis Ng »

Stradlinz wrote:It's good to see lively discussion and more participation in this forum. Months ago the forum was dead quiet with Dennis being the lone guy posting. Back to the topic, I think one of the most common wrong mindset to have is to be "Debt-Free". When I shared being "Financial-Free" is not abt being "Debt-Free" I got a confused and sceptical look. Do u guys encounter the same thing? Excessive Debt can destroy us, however Good Debt can help us to move forward financially. So let's discuss the argument u guys use to convince ur friend regarding this argument...
Hi Sradinz,

yup, agree with you.

Over at bigfatpurse.com , there are still people thinking that if a person has debt, he/she cannot be debt-free. I was forced to illustrate using my own financial situation to show how a person can have debt and still be financially free.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Stradlinz
Investing Mentor
Posts: 227
Joined: Thu Oct 08, 2009 2:12 pm

Post by Stradlinz »

Dennis Ng wrote: yup, agree with you.

Over at bigfatpurse.com , there are still people thinking that if a person has debt, he/she cannot be debt-free. I was forced to illustrate using my own financial situation to show how a person can have debt and still be financially free.
Some of the most common excuse to be debt-free is peace of mind. They feel safe and worry-free if they are debt-free. However I always thought if one is debt-free, but not financially free... how to have peace of mind?
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