I feel very curious and Suspicious.
After reading the entire interview, there is NO mention of how much money he make from Forex Trading.
Guess this is just another Forex Trading Trainer who make millions from Seminars rather than from Forex Trading that's why they don't dare to mention any Profit figures on their Forex Trading.
He sort of "let the cat out of the bag" when
he admitted that Forex Trading is NOT his best investment but Food & Beverage biz he set up a few years ago.
Sigh....so many such Forex Trading Seminars but yet TILL TODAY, I personally have NOT met any guy who become Millionaire through Forex Trading, but I know many who become Millionaire through Stock Investing and Property Investing, including my multi-millionaire sifus and also, this is how I reached Millionaire status myself.
Cheers!
Dennis Ng
Apr 10, 2011
me & my money
Ex-DJ's money-spinner: Forex trade
Pub owner learnt the trade from a customer and now runs a forex trading school
By Lorna Tan, Senior Correspondent
Mr Jimmy Wong, 36, started out in his career as a deejay, spinning discs at bars - first at Europa Entertainment and then at Wong San Entertainment.
In 2002, he set up a pub, Illusion Bar, with another partner. The initial investment was $1 million; Mr Wong forked out $100,000. But the timing was bad: The severe acute respiratory syndrome (Sars) epidemic hit the following year and affected the business badly. The bar was shuttered and Mr Wong found himself heavily in debt.
Undaunted, the young man set up pub RAV Entertainment in Circular Road with three other partners just before the Sars epidemic blew over in 2003. It was profitable and he managed to pay off his debts. He recently sold off most of his shares in the pub and now maintains a small share.
It was at RAV that Mr Wong met his 'mentor' - a regular RAV customer and wealthy foreign exchange trader, who taught him forex trading in 2008. It took him about a year before his trades became more consistent. That was when he bought over forex school JF Lennon & Associates, formerly run by two forex coaches, with a six-figure sum, and started running it himself. It received its ISO 9001/008 certification last year.
Now, the bulk of his income comes from forex trading, his overseas investments and JF Lennon & Associates.
Mr Wong obtained his O levels at Shuqun Secondary in 1991. A year later, he obtained a diploma in sound engineering at The School of Audio Engineering.
He is married to Ms Kathleen Soh, 34, who is the general manager at JF Lennon. They have a daughter, Renee, nine, and a son, Reykell Reyes, two. Mr Wong launched his first book, Stupid Trader, last month.
Q: Are you a spender or saver?
I am a saver. I will spend on what is necessary to provide a comfortable and happy life for my family. In addition to daily expenditure, I always set aside more than ample money for my parents and my children's future. I believe in saving at least half of my pay. I would even spend less on food in order to achieve my savings target.
Q: How much do you charge to your credit cards every month?
I have four credit cards and I pay my credit card bills in full every month without fail. My total monthly credit card expenditure usually does not exceed $5,000. I withdraw about $500 a week for daily expenses.
Q: What financial planning have you done for yourself?
I have four life insurance policies that provide a total life cover of $4.5 million, as well as other insurance plans that cover accidents and hospitalisation. This is to ensure that if I suffer any mishap, my family will be well taken care of without any financial burden.
In addition, I have set aside 35 per cent of my net wealth in cash for emergency use. This amount can last my family and me for at least 15 years in the event that I am unable to work.
My investment portfolio consists of my forex training business JF Lennon, foreign investments and properties that are generating a healthy passive income. Three of my four properties have been fully paid up.
Last but not least, I am in forex trading, which consistently adds to my wealth.
Q: Moneywise, what were your growing-up years like?
I come from an average family of four. I have an older sister. My dad was a bank manager. He believes in working hard and saving 60 per cent of his income to invest in properties and fixed deposits to generate extra passive income. He leads a simple and frugal life. When we were kids, he frequently said 'no' to our pleas for childhood luxuries.
I started to work part-time when I was 14 to earn my allowances, as my dad believed that it was time to start paying for my own expenses. My mum was a designer-cum-tailor. We lived in a one-room flat in Bukit Merah. We moved to an HDB maisonette in Teban Gardens when I was 13. My parents are retired.
Q: How did you get interested in investing?
In 2008, when I was running my F&B (food and beverage) business, I met a patron who was a highly skilled and successful forex trader. He taught me that forex was the most powerful financial instrument available to everyone, from the central banks down to the man in the street.
At first, like most sceptics, I had reservations about his claims. It was only until he showed me his live trading platform that I was blown away by his trading results and the returns on his capital. It was like nothing that I had ever seen or heard of before. From then on, he became my mentor.
Q: What property do you own?
A three-bedroom 1,270 sq ft condominium in West Coast Park that I bought for $1.1 million in 2009. It is currently worth more than $1.5 million.
Between late 2007 and early 2008, I bought three properties in Australia under my parents' names. The two properties in Melbourne comprise one double-storey townhouse and one three-bedroom apartment, each costing about A$800,000 (S$1 million). The two-bedroom apartment in Perth cost A$500,000. Since then, property prices have dipped. The current net rental yields are about 5 per cent annually. These three Australian properties are fully paid up.
Q: What's the most extravagant thing you have bought?
I bought my Harley-Davidson Road King for $43,000 in 2009 and imported accessories from the United States. After additional modifications, the bill came up to $68,000. It has always been my dream to own a Harley-Davidson bike since I was young.
Q: What's your retirement plan?
I have been financially independent since I was 33. Being an entrepreneur with a strong zest for teaching, I do not believe in retiring young and I hope to venture into businesses and investments when opportunities arise while continuing my teaching endeavour. My income is generally derived from forex trading, business investments and other sources of passive income.
I plan to travel around the world with my wife when our children are older and independent. On average, I spend about $20,000 monthly, including allowances for my wife and my parents.
Q: Home is now...
My condo in West Coast Park.
Q: I drive...
A red BMW X6 and a red Harley-Davidson Road King.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investment to date?
In 2008, two partners and I invested $1.2 million in a food and beverage business with the intention of opening Singapore's largest outdoor bistro. Unfortunately, the business never saw light.
We put in months of effort, from finding the perfect location at Mount Sophia and renovating the premises, to importing exquisite Balinese furniture. We also trained a management team and a service crew which were meant to cater to what would have been the ultimate chill-out venue in Singapore.
In the end, all our efforts were in vain when we could not obtain a licence to operate. We later found out that the plot of land was under state conservation and not authorised for F&B operations.
Q: And your best?
Forex is often assumed to have been my best investment, but actually, it was my previous F&B business, RAV Entertainment at Circular Road. It was set up in 2003 with three other partners with an initial investment of $60,000. At its peak, the average annual turnover of RAV was around $1.6 million to $1.8 million. RAV was renamed Delizioso last year.
Running it for eight years taught me a lot about the art of running a business. It was also a period of character building that shaped me to be the man I am today.
Very importantly, RAV was where I met my mentor who taught me how to earn my wealth from the forex market. It took me a year to master forex trading skills.
I just hope these people don't go crying at the Speakers' Corner in future.