Money have to be earned

At the beginning of new year is a good time to reflect upon what have been done last year, and prepare for what ought to be done in the coming year. In my work in advising people on wealth preservation matters, the core purpose has always been deepening the relationship with my core clients. There will always be economic issues that will cause sleepless nights; there will always be new innovative financial products that will grace the market; there will always be new kids on the block that claim to have the unique strategy to make you a (instant) millionaire. If one is not careful, it is very easy to feel overwhelm by such issues and feeling unsecure.

Most of my time is spent having dialogue with people. In the process, I have an appreciation on their life's goals, fear and love. To those who are clients, i will then see how can they deploy their financial assets to address these goals, fear and love. To those who are not yet to be clients, I will make mental notes, and allow myself to be available when they meet up with life transition events.

Through these dialogues, I also learn alot about issues in life and money from different people. One such wisdom is from a successful businessman in his 50s. He runs a travel agency and pioneered the Israel tours since the 1980s. The dialogue is as follows:

Me: "Mr Soh, how do you view money?"

Soh: "First, money have to be earned. Investment products will have their place, but it would be unwise to think that one can sit back and let investment products take on the money earning role for you. Investment products can compliment your finances, especially in retirement, but it cannot be rely upon to replace your earning role or capability. To do so is foolish.

Second, money still have to be earned. Money don't come from 4-D, ToTo, or how many goals David Beckham scores in a football match. To rely on investment products to replace your earning role is foolish; to rely on random probability on chances (i.e. gambling) to replace your earning role is deadly."

Back to my earlier paragraph where one feels overwhelm and unsecure by economic issues, new products or concepts. The response is simple: "Are you earning your money truthfully, and strengthening your capability in earning money in your current role, whether as a an employee or businessman?" The ball has always been in our own court.