[justime]

Part Two:

2) As for investment decisions, it good to see the in-built premise:

a) I am responsible for my own wealth (and any failures) should my financial goals be not met.

b) I Know as much as my Private Banker & Relationshjp Managers (if not more). Ultimately, no one has more invested interest to see me succeed than me myself.

Keep this mind-set. But also be flexible and humble enough to recognize “investor hubris”. Return on Investments are again not formulaic. Even if you know the full intricacies of the Black-Scholes models and totally conversant with the principles of value investment, you might not make it. Here is why:

Note two important aspects that distinguishes success and spectacular success.

One, Returns are never reduced to mathematical formulas. There is a whole lot of intuition involved. Numbers are like compass, they simply show the way. But there is an element to intuit whether the direction is correct. Bankers simply by being around money have an favourable conducive environment to build this intuition. (Not all mind you, there are some playful and out of depth Private Bankers mind you!)

Even if all technical indicators and fundamentals are favourable, it’s the emotional capacity to act that matters. A lot of people I know want more and more confirmatory instances of a good deal that by the time they get in the game, the rate of return slows (or even reverses).

So my personal view is that, do consider giving discretionary powers to your banker. Obviously not all of it but a nice percentage of your Assets Under Management.

The big caveat is of course to choose wisely the banker. Never settle for defaults like most people do. (Remember it is NOT the Institution (Bank) but rather the person who manages your money.

Much the like finding a significant other (wife or even a BY), actively seek these out. (How to do so is beyond the scope of this thread.)

3) There are several allusions to the concept of “opportunity cost” in this thread. That is, if only I don’t spend so much money on cheong, I would have a tidy pile by now. I would be in a better position to springboard more material gain and really get the super desirable babes now… I’ll be a millionaire instead of thousandaire, I’ll be a billionaire instead of a millionaire yadda yadda yadda..

Firstly, this is unproductive thinking. Let me tell you point blank that what’s past is past. You did not sow and now you lament about the prospective harvest.

Let me also put to you that even if you have sown and exerted the mental and physical stamina to concentrate on building wealth, you still might not make it. Its called deferred gratification unfulfilled. And this phenomenon is more common than you realize.

Break free the conventional thinking that reward is commensurate with effort and self denial. Not so. There are other tools that can short-cut the wealth trajectory. (Again not in the scope to this thread).

Lastly before I hurriedly pen off: remember that it is the journey itself (and not the destination) that makes for a quality life … getting wealthy should be a nice journey in itself. And in undertaking this journey, romance can be make the road all that much sweeter!