MBA Student Blogs

Some of you may already know that I travel around the region pretty frequently, having to visit and conduct seminars at my offices in Malaysia , Indonesia , Thailand and Su Zhou (China ). I am in the airport almost every other week so I get to bump into many people who have attended my seminars or have read my books.

Recently, someone came up to me on a plane to KL and looked rather shocked. He asked, 'How come a millionaire like you is travelling economy?' My reply was, 'That's why I am a millionaire.' He still looked pretty confused. This again confirms that greatest lie ever told about wealth (which I wrote about in my latest book 'Secrets of Self Made Millionaires').

Many people have been brainwashed to think that millionaires have to wear Gucci, Hugo Boss, Rolex etc. (I shop at G2000 by the way) and sit on first class in air travel. This is why so many people never become rich because the moment they earn more money, they think that it is only natural that they spend more, putting them back to square one.

The truth is that most self-made millionaires (not those lucky bast**ds who inherited money) are frugal and only spend on what is necessary and of value. That is why they are able to accumulate and multiply their wealth so much faster. Over the last 7 years, I have saved about 80% of my income while today I save only about 60% (because I have my wife, mother in law, 2 maids, 2 kids, etc. to support). Still, it is way above most people who save 10% of their income (if they are lucky). I refuse to buy a first class ticket or to buy a $300 shirt because I think that it is a complete waste of money. However, I happily pay $1,300 to send my 2-year old daughter to Julia Gabriel Speech and Drama without thinking twice.

When I joined the YEO (Young Entrepreneur's Organization) a few years back (YEO is an exclusive club open to those who are under 40 and make over $1m a year in their own business) I discovered that those who were self-made thought like me. Many of them with net worth’s well over $5m, travelled economy class and some even drove Toyota 's and Nissans. I noticed that it was only those who never had to work hard to build their own wealth (there were also a few ministers' and tycoons' sons in the club) who spent like there was no tomorrow. Somehow, when you did not have to build everything from scratch, you do not really value money. This is precisely the reason why a family's wealth (no matter how much) rarely lasts past the third generation. Thank god my rich dad (Oh no! I sound like Kiyosaki) foresaw this terrible possibility and refused to give me a cent to start my business.

Then some people ask me, 'What is the point in making so much money if you don't enjoy it?' The thing is that I don't really find happiness in buying branded clothes, jewelry or sitting first class. Even if buying something makes me happy it is only for a while. It does not last.

Material happiness never lasts, it just give you a quick fix. After a while you feel lousy again and have to buy the next thing which you think will make you happy. I always think that if you need material things to make you happy, then you live a pretty sad and unfulfilled life.

Instead, what make ME happy is when I see my children laughing and playing and learning so fast. What makes me happy is when I see my companies and trainers reaching more and more people every year in so many more countries. What makes me really happy is when I read all the emails about how my books and seminars have touched and inspired someone's life. What makes me really happy is reading all your wonderful post about how this BLOG is inspiring you. This happiness makes me feel really good for a long time, much much more than what a Rolex would do for me.

I think the point I want to put across is that happiness must come from doing your life's work (be in teaching, building homes, designing, trading, winning tournaments etc.) and the money that comes is only a by-product.

If you hate what you are doing and rely on the money you earn to make you happy by buying stuff, then I think that you are living a life no better than a prostitute.

NB:- This is an article I stumbled upon while browsing the internet. You can find the actual blog entry here. Are You Living Like a Prostitute?

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Subprime Crisis - Explained Graphically!

Posted by NoeL in Articles, Finance, My Interests

You will love this!

The Subprime Primer

NoeL

NB: I got this link from www.pagalguy.com. Someone had shared it there. I don't know who the author is, but whoever he/she is, has done a wonderful job!

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End of Investment Banking?

Posted by NoeL in Articles, Dream MBA, Finance, MBA, My Interests, My Thoughts

This is THE BIG question that is being asked by many all over the world, today! Yes or No? With the latest developments with the last standing BIG 2, Morgan Stanley and Goldman Sachs Group Inc., we are forced to believe so!!

On Sunday, Sept. 22, 2008, the standalone investment bank died quietly, after a brief but dramatic illness. It was 75 years old. Hope you all know which one I am referring to here!!

On Sunday night, Goldman Sachs and Morgan Stanley said they would become bank holding companies, submitting to the authority and oversight of federal banking regulators. After the collapse of Bear Stearns, the bankruptcy filing of Lehman Brothers and the agreement by Merrill Lynch to be acquired by Bank of America, Goldman and Morgan were the last remaining investment banks. Goldman noted that the move would make it the fourth biggest bank holding company in the U.S. Morgan said it was seeking “maximum flexibility and stability to pursue new business opportunities as the financial marketplace undergoes rapid and profound changes.”

Christine Harper and Craig Torres at www.bloomberg.com says “The Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc. andMorgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken.”

For more reading:-

I always wanted to be an investment banker. The very reason why I wanted to do my MBA was for this! Now what? What should be my long term and short term goals? I will have to readjust myself before the BIG interviews!!

Cheers
NoeL

3 comments »

Google Chrome

Posted by NoeL in Articles, Blogging, My Interests, Websites

Here comes the next 'BIG' (?) application from Google. Earlier dubbed as Google Browser is now called Google Chrome.

You can find more details, with images and videos at the following links.

A Fresh Take on the Browser.
First Images of Google Chrome.
Google Tackles Microsft in the Launch of Browser.
A book - Google Chrome, By the Google Chrome team, comics adaptation by Scott McCloud

The Google is planning to release the first beta version for the users on 2nd September 2008, today!

The Google browser takes direct aim at Microsoft's Internet Explorer, which is by far the most widely used browser. In recent times, Mozilla Firefox has gained popularity as an alternative to Internet Explorer. Firefox holds nearly 20% of the market, compared with about 72% for the Microsoft Internet Explorer. The main reason for the 72% market share for Microsoft is because it comes installed for free with the windows operating system.

With this one and the slated Google Operating System to come, Google is trying to take control of the entire World Wide Web. With all these, what I feel is that this will be just another way to invade the privacy of the internet users. Already Google is collecting a lot of information (such as the user's browsing habits, web history, search history etc) through their internet explorer toolbar. With their own browser, this will be come just too easy for them!

What say?

NoeL

Update :- 03/09/08
After the initial hiccups with Google Chrome, finally it is available for download here.

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