Thursday, September 26, 2013

How to get rich? - The dreamer's way

Many people want to be rich. However, it is only a dream for many people. What is a dreamers' way of getting rich?

1) Buy 4D/Toto and hope to strike it rich. 



Remember the 8 million chinese new year ang bao draw? Didn't you hear your friends or colleagues say if they strike it then they can resign from the company and don't need to work anymore? Maybe you can be lucky and strike it rich. Is it just a dream or will it turn into reality?


2) Speculate in penny stocks and hope it goes up 10 fold in a very short time. 



Have you ever thought that you could make a lot of money in stocks in a very short time? There are advertisements on the newspaper and internet of people making $1000 in stocks in a day? That is $30k in a month. Maybe once you sign up for the seminar and pay thousands of dollars, you can learn and be like that guy too? Maybe this is your hope to get out of your poverty life? Maybe, just maybe.

Don't get me wrong, Some of the seminars out there are really good and they teach you proper ways to invest. I have attended good ones before. However, there are many scams too. If there's someone who promise you guaranteed investment returns or say that you can get rich quick, most likely its a scam.


3) Go to the casino.



The casinos are finally here in Singapore. You don't have to travel to Genting taking the long coach rides and the treacherous mountain roads. You don't have to board a cruise ship and get sea sick. But there is a $100 entrance fee for the Singapore casino. $100? Small fee maybe? You think you can make back the $100 and even much more money. Maybe its just a dream. A dream and a hope you can't get out of.

4) Start a business
You read on books that many people make a lot of money through business. There's bill gates, donald trump, Steve jobs etc. In Singapore there's the famous bread talk owned by George Quek. You are inspired by their success stories and think that you can be like them. No money to start? No experience or knowledge? But well, i'm young and just want to strike it rich for myself. Working and having a job is for timid people. How will it turn out? Nobody knows and maybe you just could be the lucky one to succeed.


The Reality
So what is my point of listing down the ways to get rich which is supposedly a dreamers' way? I suppose many of us have thought of either one of the ways before. It is frustrating when you don't have enough money and humans will just think of any ways to get rich. However, the probability of the 4 ways above working out is very very low. I hope you realised it when you were reading it. Even if someone did strike it rich through the lottery, gambling or speculating in stocks, it will also be gone very quickly. It seems like money that comes quickly goes away quickly also.

Comparing the 4 ways above, I would think the most legitimate way of getting rich is starting a business. However, do note that on average, 6 out of 10 businesses close down within the first 5 years of operations. Starting a business is hard work and it does requires lots of knowledge and experiences. If you think that doing business is easy to make money, you may be one of the dreamers too. It is certainly harder than the full time job you have now.

My point in writing this post is to awaken people who are still in dreamland. I may have sounded sarcastic but what i have said is the truth. There is no point in hoping to strike it rich or counting on luck to strike it rich. It is ok to buy lottery or go to the casino just for some fun or entertainment. But do not let it become an addiction to the point when it becomes damaging to your life and your family.

How do the rich get rich? It is through proper financial planning, risk management, hard work, patience and lifelong learning.


There are 2 basic ways to have more money. Firstly, increase your income. Secondly, reduce your expenses. However, doing the above 2 steps will NOT make you financially free. You still need to invest and create passive income. Learn how to invest and multiply your money. Have patience to wait for the results. Sooner or later you'll realise that you have achieved financial freedom and don't have to worry much about money any more. This is the reality of getting rich. The sooner we get out of dreamland and go back to reality, the faster we are on our way to financial freedom. Choose to be in the right zone today!


Success is One percent inspiration, 99 percent perspiration - Thomas Edison


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Related Posts:
1. Money or happiness? Which would you choose?
2. A Blog Post by Singapore's Youngest Millionaire Adam Khoo

8 comments:

  1. Hi Sg YI

    Thanks for waking me from my dream. I thought there's an easy way to making money. In fact at time I do nibble a bit at sports betting especially on tennis and soccer. With the right approach you can still minimize ur risk and get decent returns but experience and patience play a big part here. Oops I shouldnt be saying this...pardon me :)

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  2. Hi B,

    Some dreams are good while some are bad. Sometimes we prefer to stay in a good dream because reality can be cruel.

    Hmm, sports betting sounds interesting. Maybe the odds of winning are higher than 4D and Toto? Decent returns with experience and patience? Sounds like investing in stocks to me. :P

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    Replies
    1. Hehehe no no no I dont recommend that. If its for entertainment expenses once in while thats ok but to sustain, I rather have stocks and properties ahead :)

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    2. Buy a dream when ToTo JackPot hits $3M and above

      :-)

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    3. Hi Uncle CW,

      Using a few dollars to buy toto and exchange for a dream of more than $3M sounds good. It does add to some fun and thrill. Haha. But if it gets obsessive to the point when its using a few hundreds every week to buy then it may not be a good idea after all.

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  3. Monday ToTo $3M Jackpot.

    Time to buy a Dream @ $1!

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