“A horse cannot gain weight if not fed with extra fodder during the night; a man cannot become wealthy without earnings apart from his regular salaries” ~ Chinese proverb
The Auntie prefers public transport to having her own vehicle to travel around. Why so? Because not only do you, NOT have to drive your own car, you actually get to hear / see amazing things on the buses and trains, such as comments like “Whoa!!! I wish I can be Li Kah-shing’s god-son, then I won’t have to worry about the rest of my life.” Yeap, I did hear such a thing before.
Aunty Scroogey can’t think of any ways to turn you into Li Kah-shing’s god-son or god-daughter, but I can breakdown the big picture and explain in laymen terms how people like him get to where they are, and perhaps from there, you could strategize and brainstorm a financial path for yourself to walk. Let’s, for a moment, examine how did Li Kah-shing himself get to the stage where he need not worry about the rest of his life? Well…. he built multiple streams of income. Same goes for people like Wee Cho Yaw and Robert Kuok. What do I mean by that? Quite simply, these people do not just depend on one source of income.
Take Wee Cho Yaw for example, what business do you think he is involved in? Many of you would say banking, being that he is the Chairman of United Overseas Bank and the largest shareholder of the bank. However, the story doesn’t end there. If you dig around a little bit more, you’ll find that the guy also has a substantial stake in and controls property company UOL Group Ltd (in which the Pan Pacific and ParkRoyal hotels are part of), diversified corporation Haw Par Corp Ltd, real estate developer Kheng Leong Co. (Pte) Ltd just to name a few.
What about Robert Kuok? His business interests are wide ranging, stretching from the sugar trade to oil palm production to Shangri-la Hotels to property development to publishing, and the list goes on. As for Li Kah-Shing, the list is almost endless – telecommunications, real estate, port operations, energy, infrastructure, life sciences, retail, etc. And oh, did I forget to mention that he owns Aunty Scroogey’s favourite personal store, Watsons?
How about yourself? Do you only depend on only one source of income? What happens when that source collapse? What do you fall back on? It takes time to see the fruit of your labour, so start thinking of building up alternative sources of income NOW, if you haven’t done so. Afterall, the 3 men mentioned above did not build their various sources of cashflow overnight either. Aunty Scroogey’s role is not to spoon feed you what you should be doing, but rather to get you thinking so that you will start to take some actions. Only you yourself will know what you are good at doing and what suits you best. And most importantly, have fun while you are at it :)