Mentored by a Self-Made Millionaire

Mentored by a Self-Made Millionaire

In March, i came across this article featured in the Business Week or Economist or some business magazine .It featured the story of how this young man, Terry, CFA, CEO of OneMentor.com became a multi millionaire by the age of 34 owning a few properties fully paid and having several businesses generating income in excess of 1 mil annually.

He graduated from University with Honours in Engineering and got a job in a fund management firm so that he can learn about money. This was followed by several other roles in the financial industry with securities firm, Investment and Commerical Banks.

Fed up that the financial industry is more about politics and greediness rather than truly helping people make money, this Self-Made Millionaire left to set up OneMentor.com educating people on their Career and Money Management.

I too wanted to be rich and stop worrying about paychecks. I longed to have a few million so that i can do what i want in life. I have always been sceptical about the get rich schemes from FX, options trading or Internet biz listed in the newspapers. These cost thousands and i wonder are these speakers really worth thousands for just a few days' work?

Found that OneMentor.com have mentoring services costing only a few restuarant meals. I signed up with them just to try the free trial.

The Mentor signed to me helped me analyzed my job and showed me why with my performance, i can never become a millionaire. I found that in the office, there is a certain hidden protocol to get to the top.

Over some months, he worked with me on increasing my salary through specific steps and mentored me on smart money management. It is quite good advice and i am definitely surprised how the rich view money. Its totally different from mine! I wished they taught this in school!

The good thing about this service is i now have a realistic target to reaching the elusive 1million and wiser in money management than before.

The bad thing is i can't get to meet my assigned Mentor face to face. he is overseas and he charges $1000 per hour for face to face coaching. hmm, i can't afford it, so can only settle for the online 99bucks email service. works anyway.

So far, i have gotten a $1890 pay rise, made about $36,890 in the recent stock market crash thanks to his views and gained lots of insights on how a Millionaire thinks.

overall, a very good return on the Coaching i received at www.OneMentor.com Now, i know what i want in life and have a specific plan to achieve my goals in Career and being a Millionaire in 3.5 years.

Recently, a friend asked me how to make money in the stock market.

There was this friend who has unfortunately lost a big sum in the financial meltdown in 07-09. I remember discussing with him in early 2008 on the stock- Citigroup, yes, the one that fell from $30+ to the current $4+.He got it at $19 and held till today.

As the stock market dropped steadily in 2008 and sharply after Lehman Brothers collapse till March 09. he kept his portfolio of stocks and stopped reading the stock statements.

I was lucky, i decided to stop loss for any positions at 20% and will buy it back later when the drop reach a plateau which i did after April 2009. The astonishing rise in stock prices more than erased the 20% loss i took in some stocks had now, my portfolio is up in a short time.

Just like me, we had daily does of Wall Street Journal, Financial times, Economist, Bloomberg access and devour the investment book classics.

However, i realised there may be one difference between us. i read non-mainstream media as well such as from RGE Monitor started by Nouriel Roubini. I also have regular investment insights from www.secondopinion.asia . It is quite affordable and offers an alternative view.

I think it is important to read different views so as to form a holistic view before making any decisions.

Warren Buffet

bh never chase after soaring markets

boon hui: 10 year money or 5 year money

Jim Rogers on US Subprime and on China Nov 2007

Six more hard years tipped for subprime falloutThe US subprime crisis will continue for years to come and America may be facing a permanent decline as an economic power, famed investment guru Jim Rogers said over the weekend.

//-->Benjamin Scent Monday, November 19, 2007The US subprime crisis will continue for years to come and America may be facing a permanent decline as an economic power, famed investment guru Jim Rogers said over the weekend.
"The situation is going to continue to deteriorate," he said in Hong Kong.
"When you have a bubble, it normally takes years to work out all the ramifications."
The subprime crisis is not over, Rogers said.
"I think we have a long way to go before it's finished," he said later at a conference. "When you have a bubble like this, it usually takes five to six years to clean it up."
Rogers said not many people have lost their houses yet despite a credit bubble that allowed Americans to buy a house with no down payment - a situation unprecedented in US history.
But he said many will lose their homes before the crisis is over.
"Inflation's going to get much worse. You are going to have more people losing money. You're going to have more bankruptcies," he said.
On top of his dire prognosis, Rogers said he does not see anything that could be done to save the day.
But, he said, any steps the US authorities take to try and stop a recession will not help the economy anyway.
"Let it happen," he said. "There are these bad elements in the economy that need to be cleaned out."
Rogers said that America's position as an economic power may be starting a permanent decline.
"The United States has certainly peaked," he said.
"America, in [my daughter's] lifetime, will certainly be a shadow of its former self." Rogers has one daughter, Happy, who is four.
China will be the "next great country in the world," following Britain's economic dominance in the 19th century and the United States after that.
He said of the ramifications of a devalued dollar: "You've got to figure out ways to protect yourselves. It's going to change, the world as we know it."
The dollar's decline is getting "very bad," he said.
He predicts many countries are going to stop using the US dollar.
In response to reports that Gulf countries, including the United Arab Emirates, are pondering dropping their currencies' pegs to the US dollar, he noted some countries had already done so and expects more to follow suit.
"In 20 years, very few [countries] will have their reserves in US dollars - very few," Rogers said. "You have to be nuts to buy US dollars in the twenty-first century."
Rogers also called on US Federal Reserve chairman Ben Bernanke to resign for devaluing the greenback.
"All he knows about is printing money, and he's doing it," Rogers said. "He doesn't know about the value of the dollar; he doesn't care about the value of the dollar."
The bow-tied investment sage, who helped launch the Quantum Fund with George Soros, said the yuan could replace the US dollar as the world's reserve currency in 15 years, after it becomes fully convertible.
"I don't suspect the euro's going to last 15 to 20 years from now," Rogers said.
"The yen will never be able to replace the dollar."

Lee Shau Kee turned cooler on markets in Nov 07

Cooler Lee urges investor caution Henderson Land Development (0012) chairman Lee Shau-kee turned cooler on the Hong Kong equity market for the first time yesterday, warning that investors should be cautious.

//-->Alfred Liu Monday, November 19, 2007Henderson Land Development (0012) chairman Lee Shau-kee turned cooler on the Hong Kong equity market for the first time yesterday, warning that investors should be cautious.
In response to the tumble of Hong Kong shares at the end of last week, Lee said the effects from the mainland's crackdown on underground channels pumping money into Hong Kong have been factored in.
"I am afraid other negative [news] will come. It is so serious these few days. The index may see a further slide, but the drop will only be temporary.
"The [situation] will be stable after a while," Lee told reporters after casting his vote in the district council elections.
He added: "Anyway, investors should be careful and don't buy the shares if they are too expensive; buy them when the prices are low. The stock market is very volatile now and more tightening measures from the mainland may come.
"Investors need to be more careful before buying any stock. Buy more shares if [the index] drops, buy even more when it drops further."
Gaming magnate Stanley Ho Hung- sun said on Saturday the benchmark Hang Seng Index will be able to reach 40,000 points by the end of this year, but Lee sees a less-than-rosy outlook for the market.
"It's impossible [to reach 40,000]. I believe it will probably reach 35,000, or about 30,000 points by the end of this year and expect the index to hit 33,000 in two to three months after the New Year," he said.
Yesterday was the first time this year that Lee has expressed negative comments to the public.

Jum Rogers Warren Buffet on China 2007

Gurus place China betsAs the mainland market continues its bull run, two heavyweights in the world of investing have expressed contrasting views about where they may unlock potential value in the country.

//-->Gita Dhungana and Victor Cheung Thursday, October 25, 2007
As the mainland market continues its bull run, two heavyweights in the world of investing have expressed contrasting views about where they may unlock potential value in the country.
Commodities guru Jim Rogers declared yesterday he is pulling out of all his US dollar assets and buying the yuan. Billionaire Warren Buffett, meanwhile, warned of overstretched valuations of mainland stocks - and urged investors not to lose their shirts.
Rogers, who has consistently been bearish on the US dollar, said the yuan is the best currency to buy, predicting the value of the currency to quadruple in the next decade.
"I don't see how one can really lose on the [yuan] in the next decade or so. It's gotta go. It's gotta triple. It's gotta quadruple," he was quoted by Bloomberg as saying during a presentation in Amsterdam late yesterday.
The yuan yesterday broke through the psychologically important level of 7.5 to the greenback for the first time. It closed at 7.4926, up from Tuesday's close of 7.5047.
Reiterating his bearish view on the US dollar, Rogers said the value of the greenback will further erode.
"I am in the process of - I hope in the next few months - getting all of my assets out of US dollars.
"I am that pessimistic about what's happening in the US," said the chairman of Beeland Interests and former partner of George Soros.
The US dollar has fallen against major currencies as concern mounts over economic growth in the United States, while last month's 50-basis
point interest rate cut has prompted investors to dump US dollar assets.
Meanwhile, billionaire Buffett said although the fundamentals of the mainland economy remains positive, investors should be "cautious about mainland stocks as the market is too hot.
But last week, after his investment vehicle offloaded shares in PetroChina (0857), he noted it was "too soon to have sold the entire stake as the shares had risen since.
"We never buy stocks when we see prices soaring, Buffett told Bloomberg in Dalian, where he was visiting a subsidiary of a company held through Berkshire Hathaway. "We buy stocks because we're confident of the company's growth. People should be cautious when they see prices rising."
The world's second wealthiest man said he was looking elsewhere in Asia to buy large businesses that he understands, but that he was doubtful of finding a good buy in the mainland now that the benchmark index has more than doubled this year.
"If you understand a business and buy at a reasonable price, there's no risk.We've never realized a loss because we understand the businesses that we buy in," he said.
He denied media reports that Berkshire will invest in China Life Insurance (2628).
The CSI 300 index, which tracks major mainland-listed stocks, has jumped more than 170 percent this year. It gained 0.87 percent to close at 5,588.01 yesterday. The Shanghai Composite Index rose 1.21 percent to 5,843.11.
Meanwhile, Buffett, 77, said he was "appreciative of the performance of PetroChina."
Buying PetroChina had been "an easy decision, he said, but he doubted if he can find "another PetroChina, given the high valuation of mainland listed companies."

Jum Rogers Warren Buffet on China 2007

Gurus place China betsAs the mainland market continues its bull run, two heavyweights in the world of investing have expressed contrasting views about where they may unlock potential value in the country.

//-->Gita Dhungana and Victor Cheung Thursday, October 25, 2007
As the mainland market continues its bull run, two heavyweights in the world of investing have expressed contrasting views about where they may unlock potential value in the country.
Commodities guru Jim Rogers declared yesterday he is pulling out of all his US dollar assets and buying the yuan. Billionaire Warren Buffett, meanwhile, warned of overstretched valuations of mainland stocks - and urged investors not to lose their shirts.
Rogers, who has consistently been bearish on the US dollar, said the yuan is the best currency to buy, predicting the value of the currency to quadruple in the next decade.
"I don't see how one can really lose on the [yuan] in the next decade or so. It's gotta go. It's gotta triple. It's gotta quadruple," he was quoted by Bloomberg as saying during a presentation in Amsterdam late yesterday.
The yuan yesterday broke through the psychologically important level of 7.5 to the greenback for the first time. It closed at 7.4926, up from Tuesday's close of 7.5047.
Reiterating his bearish view on the US dollar, Rogers said the value of the greenback will further erode.
"I am in the process of - I hope in the next few months - getting all of my assets out of US dollars.
"I am that pessimistic about what's happening in the US," said the chairman of Beeland Interests and former partner of George Soros.
The US dollar has fallen against major currencies as concern mounts over economic growth in the United States, while last month's 50-basis
point interest rate cut has prompted investors to dump US dollar assets.
Meanwhile, billionaire Buffett said although the fundamentals of the mainland economy remains positive, investors should be "cautious about mainland stocks as the market is too hot.
But last week, after his investment vehicle offloaded shares in PetroChina (0857), he noted it was "too soon to have sold the entire stake as the shares had risen since.
"We never buy stocks when we see prices soaring, Buffett told Bloomberg in Dalian, where he was visiting a subsidiary of a company held through Berkshire Hathaway. "We buy stocks because we're confident of the company's growth. People should be cautious when they see prices rising."
The world's second wealthiest man said he was looking elsewhere in Asia to buy large businesses that he understands, but that he was doubtful of finding a good buy in the mainland now that the benchmark index has more than doubled this year.
"If you understand a business and buy at a reasonable price, there's no risk.We've never realized a loss because we understand the businesses that we buy in," he said.
He denied media reports that Berkshire will invest in China Life Insurance (2628).
The CSI 300 index, which tracks major mainland-listed stocks, has jumped more than 170 percent this year. It gained 0.87 percent to close at 5,588.01 yesterday. The Shanghai Composite Index rose 1.21 percent to 5,843.11.
Meanwhile, Buffett, 77, said he was "appreciative of the performance of PetroChina."
Buying PetroChina had been "an easy decision, he said, but he doubted if he can find "another PetroChina, given the high valuation of mainland listed companies."