Advice for Young Fresh Graduates

[Ax]

Hi Dennis,

Just graduated from your secrets to investing in stocks seminar on sunday.

Just had my 27th bday on saturday(day 1 of seminar). have been working for a year plus. I do understand the importance of investing to prevent inflation from corroding away the value of money.

After hearing your story, I do believe its possible to be a millionaire even if a person comes from a normal background. But how did you manage to setup a family even during the process of building your wealth?

I have plans to get married in 2 years time. However, I am faced with very hard choices of allocating my funds, sometimes even feeling a bit tied for choices. I have managed to build up a fund of barely 5 figures.

wish you could share some pointers/advice from your experience? being young and foolish and rash.. I hope to make a wise decision at this stage of my life.

would be very grateful to your reply

[Dennis Ng]

Hi Dennis,

Just graduated from your secrets to investing in stocks seminar on sunday.

Just had my 27th bday on saturday(day 1 of seminar). have been working for a year plus. I do understand the importance of investing to prevent inflation from corroding away the value of money.

After hearing your story, I do believe its possible to be a millionaire even if a person comes from a normal background. But how did you manage to setup a family even during the process of building your wealth?

I have plans to get married in 2 years time. However, I am faced with very hard choices of allocating my funds, sometimes even feeling a bit tied for choices. I have managed to build up a fund of barely 5 figures.

wish you could share some pointers/advice from your experience? being young and foolish and rash.. I hope to make a wise decision at this stage of my life.

would be very grateful to your reply

Hi Ax,
Chinese has a saying:"set up family then build your career" 成家立业. I think it is words of wisdom.

Looking at some of my peers, those that focused on their career and didn't settle down in their 20s, some of them are still single at age 40. While I got married at age 27 and now I have 2 children.

To become Rich, you need to develop the mindset of the Rich, the Rich think that both can be achieved, Happy Family and Career. While the average think they need to sacrifice one for the other.

As I shared, after I got married in 1996, I had cash of S$5,000 only and Networth of S$205,000. Now, my Networth is 10 times more, 14 years later.

Give yourself a pat on the back, you have started Learning how to plan, manage and grow your Finances, which means you're already ahead of those who DID NOT even start.

Saving, Managing and Growing one's money is a habit. From 1st month I worked, I developed the habit of saving at least 20% of my income. And over the years, as my income increases, I can even save a higher percentage.

Saving is just the first step. The next step which can Lead to Riches and Financial Freedom is "making your savings work for you" (as Robert Kiyosaki preached). However, I did not learn HOW to make money work for me from him (since he didn't teach in his books). I learned from other sifus and mentors, Real Multi-millionaires in Singapore that I had the luck to meet and learn from.

At age 27, I still had no idea about stock investing, which led to me losing over S$50,000 (half of my wealth then) at age 29 during year 1998 Asian Financial Crisis.

So at least you start out right (ie. invested your money to Learn How to Invest) and possibly avoid the "heartache" of losing half of your wealth which I experienced.

And you have this Forum to continue your learning Journey, something I didn't have at age 29 back in 1998...

[cellobear]

Hi Ax,

You don't know me. But reading your post reminds me of when I started working at 25. I had 0 idea of not just investment. So as what Dennis mentioned, I think you already have a good start.

I got married 2 years after graduations and its true, I had to finance many things by myself. It's not easy as a wedding and home can wipe out your savings. Even more now, I believe.

Be disciplined in your savings so that you will have the ability to invest long term.

Invest in relationships as well. Its still one of the most underrated investments.

ch.

[alvin]

oh no. I am 27 too. This means I need to get married soon

[Ax]

Hi Ax,
Chinese has a saying:"set up family then build your career" 成家立业. I think it is words of wisdom.

Looking at some of my peers, those that focused on their career and didn't settle down in their 20s, some of them are still single at age 40. While I got married at age 27 and now I have 2 children.

To become Rich, you need to develop the mindset of the Rich, the Rich think that both can be achieved, Happy Family and Career. While the average think they need to sacrifice one for the other.

As I shared, after I got married in 1996, I had cash of S$5,000 only and Networth of S$205,000. Now, my Networth is 10 times more, 14 years later.

Give yourself a pat on the back, you have started Learning how to plan, manage and grow your Finances, which means you're already ahead of those who DID NOT even start.

Saving, Managing and Growing one's money is a habit. From 1st month I worked, I developed the habit of saving at least 20% of my income. And over the years, as my income increases, I can even save a higher percentage.

Saving is just the first step. The next step which can Lead to Riches and Financial Freedom is "making your savings work for you" (as Robert Kiyosaki preached). However, I did not learn HOW to make money work for me from him (since he didn't teach in his books). I learned from other sifus and mentors, Real Multi-millionaires in Singapore that I had the luck to meet and learn from.

At age 27, I still had no idea about stock investing, which led to me losing over S$50,000 (half of my wealth then) at age 29 during year 1998 Asian Financial Crisis.

So at least you start out right (ie. invested your money to Learn How to Invest) and possibly avoid the "heartache" of losing half of your wealth which I experienced.

And you have this Forum to continue your learning Journey, something I didn't have at age 29 back in 1998...

Dennis, thank you for your advice!!!

[Ax]

Ch,

Thanks for your advice too.. maybe we will meet in 1 of dennis's seminar also? i'm going for the other 2 seminar in aug 2010.

Alvin,

Haha.. Ya. You should... haha...

[adriantal]

To those in their 20s,

You all have youth on your side and you are really lucky to know Dennis at this stage where you can take serious look at your finances and start planning for you and your family lives ahead. Unlike me who only just trying to start this year at age 37.

But its still better late than never right

Anyway, as Dennis has always mentioned, life is a continuous learning journey and with him as a mentor and sifu, life will start getting better for all of us.

[ahvyee]

thanks for bringing up this thread..

For me, I am same age as Alvin.. But married and own a HDB flat... I am glad to know Dennis, which has taught some financial principle which I am not able to learn from my parents for example.

1. Do not pay off your housing loan too early
2. Housing loan is the cheapest among all the loan
3. Leaning how to invest in stock
4. Learning how to invest in property
5. And many more....

So far, I have followed Dennis advice, invested in silver, UK endowment, stock.. Property is far beyong my reach at this moment.. But I believe I am able to in a few yrs time..

[Dennis Ng]

Hi all,

thanks. Please participate actively in the forum, whether asking questions or sharing views and comments.

I personally discovered that the best way to learn is to share. And if you have any questions, just ask, there is no such thing as a stupid question, you only "lose" if you pretend to know and don't dare to ask (shy) when you should ask.

I'll be away in China (to attend seminar by billionaire entrepreneur Huang Ming in Shandong. I'll be away from 28 Jul to 2 Aug 2010, back on 3 Aug 2010, so in case you ask any questions but didn't see my reply, you will know why.

Yes, it is never too young or too old to learn. The earliest is NOW, and as Adrian and I have shared, how I hope that in my 20s that I could learn all these knowledge from someone then....I only really started my learning journey at age 28 and it was a very slow start, as I didn't find any single person I can learn all the things I want to learn from......in the last 12 years on my journey to Financial Freedom I met and learn from various sifus and mentors, and now I'm merely "passing it on" and hope that some of you can "avoid" some of the pitfalls that I had to go through in my journey.

[bltan88]

Hi Dennis

I'm 34, married with 1 kids and just graduate from your seminar last Sunday
I do agree that someone need to start from somewhere and preferably to start saving as early as possible

Looking forward for your property and millionaire seminar during August, I do BELIEVE that I will achieve to become Financially Free 5 years from now

[boonseah]

Hi all,

seems like this is the normal financial path that average singaporean will experience. Of cos, I'm one of them.

I only got to know Dennis 2 yrs back, from then i keep reading his articles, newsletters, forums. That's when my financial mindset started to change.

Besides his stock secrets, things that i learned from him are,

- good debt vs bad debt (I've stopped partial lump sum payment which i always do during late 20s)
- contribution to SRS acc to reduce tax
- setup a just-in-case fund
- setup an opportunity fund
- whenever i invest, i'll ask myself "Am i financially ok if i'm wrong"
- etc etc etc...

I'm sure whoever follow his articles, newsletters, book & forums, will learn the above too.

[Ax]

hi ppl..

i din expect so much reply from this thread..

there's a saying in chinese that says "wan shi qi tou nan"... guess this applies to almost everything in life? in biz and in investing....

thanks for all the words of wisdom n advice.. hope we will all be healthy, wealthy and happy...everyday!!

[cellobear]

Hi Ax,

I should be attending 1 of Dennis seminar in August. So I will see u there as well!

As someone who believes in education and having been in the education service for a while, investing in continuous learning is the only thing that has help kept me relevant at work. So it is with the same belief that I embarked on financial learning.

But it is important to do your own reading as well. Dennis seminar is only 1 to 2 days but its what happens after that which will make the difference.

I have attended too much corporate related training where there is too much knowledge but no action.

I am 36 with 2 small kids so certainly bringing them up is no mean feat.

ch.

[Dennis Ng]

Hi Ax,

I should be attending 1 of Dennis seminar in August. So I will see u there as well!

As someone who believes in education and having been in the education service for a while, investing in continuous learning is the only thing that has help kept me relevant at work. So it is with the same belief that I embarked on financial learning.

But it is important to do your own reading as well. Dennis seminar is only 1 to 2 days but its what happens after that which will make the difference.

I have attended too much corporate related training where there is too much knowledge but no action.

I am 36 with 2 small kids so certainly bringing them up is no mean feat.

ch.

Hi all,
what I can assure everyone is that I will do my utmost to support and guide all of you (my seminar graduates) in your Path to Financial Freedom.

It can be done. An average Singaporean can reach Financial Freedom if not by age 40 then certainly by age 50 or age 60, without need to extend retirement age to 65 or 70.

I hope that my personal journey and "demonstration" can inspire and encourage many more people to start their journey towards Financial Freedom.

I hope that this forum can be an "active" community to support and help everyone who wants to Master Your Finances.

[brazilian_rosewood]

" Dennis seminar is only 1 to 2 days but its what happens after that which will make the difference."

I really agree to the above statement. It's the every going conscious commitment to be Financial independence, the drive that will make you carry on day in day out.

Not sure where I heard it from but I find this to be powerful motivation to keep the drive ..."you only get to retire once in your lifetime " (for most folks) .

Cheers!