The 2021 Madness. What's Next

The 2021 Madness. What’s Next?

The 2021 Madness. What's Next
The 2021 Madness. What’s Next

The past 2 years have been madness. I believe you saw how COVID-19 took the world by storm. Your company might have been left paralyzed, our governments scrambled and ordinary people that you know became separated from their loved ones.

Just as we think that things are becoming more stable, Omicron emerged. When will this ever end?

First thing first, for readers following Wealthdojo, I would like to thank you for all the support you have given by sharing my articles. It is really a pleasure.

As you know, it is a yearly tradition to write a reflection of the year so that we don’t miss the lessons we learnt (Read More: 2019 Reflection. 2020 Reflection). In this annual 2021’s reflection, I have a new epiphany.

What if things never really ends and these will continue forever?

History In Context

100 Years Of History And The Stock Market
100 Years Of History And The Stock Market

In the last 100 years, things were crazy. If you travel through time to the 1900s and tell someone that you can find all the information in the world in a 6 inch metal piece (smartphone), they will think that you are crazy.

Do you know what else is crazy? Imagine all of these happening just in the last 100 years.

  • 1.3 million Americans died while fighting nine major wars.
  • Four U.S. presidents were assassinated.
  • 675,000 Americans died in a single year from a flu pandemic (This wasn’t even COVID 19. 777,000 and counting died because of COVID-19)
  • 30 separate natural disasters killed at least 400 Americans each
  • 33 recessions lasted a cumulative 48 years.
  • The stock market fell more than 10% from a recent high at least 97 times.
  • Stocks lost a third of their value at least 12 times.
  • Annual inflation exceeded 7% in 20 separate years.

Every single time when we thought things are crazy, we bounced back as a human race to be where we are now. I believe things will be crazier from now on. (Maybe the Metaverse isn’t that crazy after all. More on the Metaverse in the points below.)

The Crazy Things That Happened in 2021

Let’s start with my pet peeve. Over 35% of all the American dollars ever printed by the U.S. government has been printed in 2020! These American dollars are given out for people like shopping vouchers. I cannot imagine how inflation will be like in the near future. This has raised food prices and (unintended so they say) impacted countries like Egypt, Libya, Syria, and Yemen where people are rioting in the streets for having nothing to eat.

We also saw terrible companies’ stock soar insanely high. Companies such as Gamestop (GME), AMC saw great gains. The worse part of it all is that I see speculators trying to rationalize those buys.

One of the biggest property developer in China, Evergrande is on the verge of collapse.

HDB is being sold for millions. Good Class Bungalows are being snapped up like hotcakes in Singapore.

NFT are now sold for millions with the current record of $69 million. Did I mentioned cryptocurrency already? Anyway, here’s the NFT that was sold.

Christies NFT Auction 69 Million
Christies NFT Auction 69 Million

Investing in 2021 is like going to NTUC before PM Lee gives his speech. There will be lot of people buying, stocking up on toilet paper and cup noodles. There will be fair share of people taking photos or videos of situations. It is funny, exciting and everyone will have a story to tell.

Please enjoy my reflections as I reflect on the 2021.

No One Gives a Damn About Long Term Investing Anymore

If they are, they are probably very seasoned investors or part of a Long Term Investing community.

It is not easy being a self directed long term investor. We live in a world of instant gratification. If you want food, just hit the Grab App and you will get it in 30 minutes. If you want a dress, just hit the Shopee App and you will get it in 2 to 3 days. If our internet connection is down for 15 mins, we behave like the world is over. In a world where things comes so easily, the virtue of patience becomes very hard.

The stock market is one where we see unique individuals. Some people treat it as a place to buy high quality companies. Others might treat it like a platform to instantly change their lives by putting all their savings in one company/coin. I don’t think there is right or wrong to this. I just wonder if they do get their intended results.

Social media changed the stock market completely. 🚀🚀🚀. Everyday, we are going to the moon. HODL. 🚀🚀🚀. It almost makes investing looks like it is easy money until it is not. Corrections happen and people suddenly becomes a “long term investor” again. Well.. at least until the correction is over.

AMC TO THE MOON
AMC TO THE MOON: I wonder how this Youtuber is doing now.

I find it so difficult to talk about investing now when their expectation is getting multi-baggers in the next few weeks. If it is not 100%, don’t even bother.

I wonder if people will be ever satisfied by buying and holding quality companies anymore. That being said, my own investment thesis is still investing and holding on to the quality companies in the long run.

Burn Outs Are Real

Do you remember holidays? Holidays are mostly overseas trips requiring you to pay buckets loads of money for you to take a photo over a scenic location. (Kinda look like this).

Burn Outs Are Real
Burn Outs Are Real

Jokes aside, I noticed the lack of holidays causing burns outs among my friends. Doctors, healthcare workers, teachers and people from all walks of lives are reported to have face anxiety, depression and burn outs in the pandemic. It is so hard to walk away from our work now and worse still, we can’t even go for a holiday.

I always thought that holidays were a temporary reset that we need in a driven society. There is always an email that you need to reply. There is always a whatsapp work group chat that you need to give attention to. You are constantly engaged. Although holidays are temporary relief much like Panadol, you might feel that at least it gives you the opportunity to disengage yourself from work and enjoy that moment.

*Important* If you find yourself constantly feeling helpless or trapped, having an increasing cynical outlook of life or lacking motivation, back pains, shoulder aches, gaining those extra pounds around your belly, those might be signs that you are experiencing a burn out. You might need some help. 

I’m not suggesting that I’m an expert to help with burn outs. Pandemic or not, I believe it is very important to take breaks or just a time to do nothing. I can tell you that it is not easy to do nothing. We have NOTHING in our culture that focuses on doing NOTHING. I grow up learning that I should not waste time and I was punished for wasting time.

Took me 5 years to learn that relaxing is not wasting time. This is so important that I’m going to bold and type this sentence again. RELAXING IS NOT A WASTE OF TIME.

Burn outs are real. Take breaks.

The Common Man Behaves Like Experts

Put a smart phone in the hands of ordinary man and they behave like experts. In my university days, I learnt about Bunning-Kruger Effect in Behavior Economics. Dunning-Kruger effect is generally reported as an irrational tendency among certain incompetent individuals systematically to overestimate their true level of competence.

Dunning-Kruger effect
Dunning-Kruger effect

An obvious example is ordinary man or woman becoming “experts” in vaccines overnight and being able to share certain theories. For companies like Moderna who aren’t even sure if their vaccines will work on the Omicron without new data, how can the common man be so sure?

I struggle with this a lot. It seems like everyone thinks there is a conspiracy theory everywhere and they are very convinced about their own theory. The trust in the government is tested regularly with every strain or every spike in COVID-19 cases. Though I feel annoyed when there are heighten restrictions on dining, I believe we are doing all we can to get through this.

Thinking deeply, I believe the struggle of this generation will be to find the right information. We have an overload of information and it is our duty to sleeve through all the noises. I see this in investment as well. There is probably someone you know who talks about Bitcoin and may be earning money if you know what you are doing.

For me, I placed high importance in finding places with right information.

Be Open Minded AND Keep your Eyes Open

I would like to finish off with this statement. I can’t help but feel that the world is constantly changing. Something that might have worked 5 years ago might be obsolete now.

Floppy discs, CDs, DVDs, MP3 players, the pager, overhead projectors, fax machine are just some technologies that once took the world by storm and are obsolete today. The world is changing and so should our minds.

Be open minded.

Be Open Minded
Be Open Minded

I’m currently learning about everything related to the Metaverse and recording them here. You can follow the page if you wish to be updated. I believe that this is an emerging trend and we are still early in the adoption of the technology.

It is also important to keep our eyes open. With the new shiny object in the room, there will be new scams, new rug pulls (I just learnt this term) and new ways to be cheated. Open your eyes and move. There is no guarantee that we will not be hurt but it is important to keep moving.

Final Thoughts

This is probably my last article for the year. Wishing all of you good health and may fortune favor the brave.

What about your reflections in 2021? Let me know in the comment below.

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Should You Apply For Rochor River Peak BTO

Should You Apply For Rochor River Peak BTO?

Winning the BTO lucky draw is a bonus for many of young married couples. Pinnacle @ Duxton, Natura Loft @ Bishan, The Peak @ Toa Payoh are among the few that has made headlines for being sold at over a million dollars. These BTO are typically are matured areas.

The government then came up with the PLH model to discourage property inflation especially in the matured area.

In this article, I hope to share whether you should apply for River Peaks @ Rochor in the aspect of financial planning (affordability). I will seek to illustrate how much you should be earning monthly to be able to afford this property comfortably.

Should You Apply For Rochor River Peak BTO
Should You Apply For Rochor River Peak BTO

The Assumptions

Buying price for River Peaks is $635,000 (Average of $582K to $688K).

The couple is eligible for BTO application, no debts, no grant whatsoever. They pays for equal portion of the HDB downpayment and the loan. They starts from zero with no help from parents.

We are using HDB loan that requires the couple to pay at least 10% downpayment ($63,500) of the purchase price. We do not use bank loan as it require 25% downpayment and we assume that it is not an easy sum to pay.

We do not include stamp duties and misc expenses.

Illustration #1: Young Couple that just started working

If your partner and yourself are young with a few years of work experience, HDB loan might be the only option if you do not have capital.

Taking the medium monthly gross $3468 for the age group 25-29, your CPF-OA contribution will be $797.85 monthly. It will take you roughly 40 months / 3.5 years to have $31,750 in your CPF-OA. This means that you can consider applying for this BTO if you have already worked at least 3.5 years. Of course, if you have a good saving habit, you can use cash to pay for the downpayment (see #1A).

However with the monthly gross salary of $3468, the available HDB loan that is $458,400 and this is insufficient as the loan amount required is $571,500. There is shortfall of $113,100.

In this case, you cannot apply for the Rochor BTO unless you have saved an extra $113,100.

Should You Apply For Rochor River Peak BTO HDB Loan Estimator
Should You Apply For Rochor River Peak BTO HDB Loan Estimator

Illustration #1A: Young Couple that just started working and are savers

Let’s push the assumption one step further and assume that the young couple saves 30% of their income for downpayment. This translates to $1040.4 cash and $797.85 CPF-OA per person per month.

Shortfall: $635,000 (property value) – $458,400 (potential loan amount) = $176,600

Monthly Couple Saving Towards Property: [$1040.4 + $797.85]*2= $3,676.5

This translates to 48months or 4 years.

Their estimated monthly mortgage repayment will be $2,080 for a 25 years payment at 2.6%. This works to be cash of $242.15 per person monthly.

This is doable but not easy. However, majority of their equity will be in their house.

Illustration #2: Young Couple that just started working with higher median monthly income

Given that the constant is the amount of loan that can be obtained, I did the reverse calculation and found out that a monthly income of $4,400 will produce the HDB loan of $576,000.

Should You Apply For Rochor River Peak BTO HDB Loan Estimator 2Should You Apply For Rochor River Peak BTO HDB Loan Estimator 2
Should You Apply For Rochor River Peak BTO HDB Loan Estimator 2

In this case, a monthly income of $4400 would mean your CPF-OA would have $1012.09 being contributed monthly. It will take around 32 months or 2.7 years to have $31,750 in your CPF-OA.

Similarly, their estimated monthly mortgage repayment will be $2,080 for a 25 years payment at 2.6%. This works to be cash of $55.82 per person monthly.

Definitely suggest that you probably need a higher income to be comfortable to afford this property.

Final Thoughts

I expect that people applying for this BTO is probably going to be couples that have worked for at least 4 to 6 years (maybe 28 to 32 years old). I expect that their income to be at least $4000 to consider this project.

This assumption means that they have both time to save in their CPF and their saving account to afford for this project.

The downside is that the project have a waiting time of 71 months or close to 6 years (without delay). This means you would not be able to have a home until you are close to the mid 30s.

What do you think about this project? Let me know in the comment below.

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

How Do You Start Self Directed Investing

How Do You Start Self Directed Investing

How Do You Start Self Directed Investing
How Do You Start Self Directed Investing

Investing is a like taking a trip to a dream destination that you really want to go. You might feel it is nerve racking as this might be the first time you are going to take a long trip. You might also be unsure what to pack and bring. You might also feel anxious as you don’t know if you prepared enough for the trip.

If you have experience planning for a 10 days (or even longer) holiday, the skillset used there can be transferred over to investing. Here are 5 things to prepare before going on your trip.

Special note: Whether you are starting the journey or have already started, I wish everyone a safe journey.

#1: Determine Your Destination.

Many people stumble on this point right at the start. One of the most interesting conversation I ever had was with a friend in university. I remember him saying that he wants to get “many experiences” travelling. However, when I asked him where he wanted to go or what he wanted to experience, he couldn’t give me an answer. He simply stared at me said “anywhere lah”.

In the end, he didn’t go anywhere at all. He just couldn’t decide.

It is the same for investing, you might want to be a self directed investor because you want to make more money but you might not know how much you need to make. Although “the more the better” is relevant here, the lack of destination creates a tension in your mind because your brain don’t know what to do. In the end, most people don’t start.

Knowing your destination is simply require simple mathematics. I’m going to assume the following.

Assumption:

I want $5,000 monthly or $60,000 yearly for my retirement.

I wish to retire at age 55. Since male mortality is age 83 (female is 88), I would require 28 years of $60,000 or $1,680,000.

In this simple illustration, you would have already determined your destination. It is time to start packing.

#2: Buy A Map / Make Sure You Have Google Maps

If I were to ask you to drive from your house to Tuas Crescent 1, would you be able to do it? Unless you know Tuas very well, it would be very difficult and time consuming. This issue escalates for longer journeys. Imagine, asking someone to drive to Four Season Hotel in Thailand, Bangkok without a map.

For self directed investors, one of the most important thing is to have a map. This map is a strategic game plan that allows you to move from Point A to Point B. It is a map that would show you where are the possible danger spots and route to take.

via Gfycat: Looks easy?

In investing, we call this a game plan. There are several game plans out there. Each and every of them will eventually get you to your end goal. Some example of game plans are like ETF dollar cost investing, Robo-investing, Value investing, Growth investing, Value-Growth investing, Options investing, Momentum Growth Investing, Multi-Asset Value-Growth investing or trading. These game plans are created by people who have gone ahead of us and are itineraries that we can consider.

You might prefer certain itineraries to others. Some of more “adventurous”, some take the safer route. However, the lack of tour guides means that you have to take ownership of the trip.

You might find yourself stuck at this stage because you don’t know which is the best route to follow. My advice is to try out any path. This is because you will quickly understand which paths fits you the best ONLY IF you step on that path. You can also change your path along the way.

#3: Get Your Passport

A passport allows to travel across countries. For investing, the passport is your brokerage account. It allows to buy and sell. This is the most straight forward step for self directed investors.

You can consider between the brokerage account in the traditional banks or the new brokerage accounts like Moomoo or Tiger.

There may be promotions at different periods. If you have enjoyed reading this article, I would appreciate if you could register an account with my referral above. Appreciate it loads!

#4: Leave The House

I remember leaving my house for my student exchange in Sweden. There was a mixture of excitement, fear, uncertainty and I missed home suddenly. Of course, that trip turned out to be one of the best trips I ever did in my life.

Our house is our “comfort zone” and in the same way, investing into the stock market is usually outside our comfort zone especially if you have never invested before.

The journey of a thousand miles begins with the first step. It is only when you put in real money into investing can your journey truly begin.

Leave The House Uppsala
Leave The House: One of my favorite photos of Uppsala, Sweden

#5: Keep Track of Your Progress

Nothing is more scary than being lost. One of my first solo trips was to Taiwan. My plane landed in Taipei and I was trying to get to Kaohsiung. In my very silly attempt to save money, I decided on taking the bus to Kaohsiung instead of taking the train.

It took me 8 hours from Taipei to Taichung by bus and I knew something is wrong. My phone battery was going to be flat and I was meeting a friend in 3 hours time. I transferred to the next train to Kaohsiung (in the end, I spent even more money) and landed at Zuoying Station. I happily told my friend that I will be waiting for them at MacDonald. My friend asked me which one? Who knew that there was Zuoying Station and Xin Zuoying Station. My phone battery took one last breath before shutting down.

Luckily~ my friends found me on their first try.

It is the same for investing. Sometimes we do get caught up in the moment and make irrational decisions. It is crucial to acknowledge when you are lost and change directions immediately. It would be easier especially if you have a group of mentors whom are familiar with the workings of the market.

Even if you are on the right direction, take note of your milestones and celebrate them when it comes.

Final Thoughts

Being a self directed investor gives you a lot of control but you have to learn how to control it. It will take both time and effort. Starting is very scary but once you start, I can assure that it will be a well lived life.

Are there any other tools you feel you need to get started? Let me know in the comment below.

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Biggest Crash In History By Rich Dad

Greatest Crash In History? By Rich Dad

Biggest Crash In History By Rich Dad
Biggest Crash In History By Rich Dad

You probably would have known him. Robert Kiyosaki is famously known for being the author of “Rich Dad, Poor Dad”. My friends and I religiously read his books and I felt that it was a good place to start off with for financial literacy.

The concepts he came up with was simple, easy and gamified. You might have played his Cashflow 101 game in your pursuit of earning knowledge.

This time round, he has gained media attention again for crying the the market will be crashed in October 2021.

A disclaimer as usual. This is by no means a recommendation to buy or sell any securities or financial assets.

His Predictions For October 2021

His thesis: The Evergrande looming default will spread it’s way to the USA market. Debt positions in the US is worsening. Therefore, he feels like it will be good to buy gold, silver and bitcoin but later changed it to keep some in cash.

The above is a possible interpretation from his twitter.

Robert’s Track Record

If you read his books, you will get an idea that Robert is a big fan of debt. He used debt to create huge amount of passive income by purchasing properties.

He also believes that fiat money is worth lesser and lesser due to the extensively QE. As a result, savers are being punished and that hyperinflation will come in future. He is a big believer in Gold because there is value in Gold and have recently talked more about cryptocurrencies.

The very first time (in my memory) when he talked about market crash was in 2015. He believes that a huge market crash will happen in 2016. Of course, it didn’t really happen.

In 2018, he believes that market is going to get a lot worse and we are heading into bear territory. This was the period of time when the FED was raising interest rates.

In 2020, he believes that COVID19 was the final catalyst for the market to move away from traditional assets like stocks and bonds. However, market has already crashed at the time so there wasn’t any prediction for this.

In 2021, he believes that the market will truly crash in Oct 2021.

It is also no secret that he has been talking about investing into Gold, Sliver and Bitcoin.

Biggest Crash In History By Rich Dad Tweet Gold Sliver Bitcoin
Biggest Crash In History By Rich Dad Tweet Gold Sliver Bitcoin

What I Think About His Predictions

Next year, I will be celebrating my 10th year in the financial industry. I read extensively, upgraded my knowledge and here’s what I think about his predictions.

While there is nothing wrong about having a prediction, I personally feel that Robert has a deep sense of distrust in the financial system and he is extremely bearish in nature.

I don’t know whether he is right about this prediction and I’m in no position to say so. However, his money script (more on this in the articles in future) caused him to react very negatively to money. His focus is on money being money. He will be right if people start to question the existence of fiat money and stop using fiat money altogether. As a results, gold silver and bitcoin may become storage of value then. It is a long shot but who knows.

Over the last 5 years, Gold has been doing relatively okay. If he have bought it 5 years ago (as he said he did), Gold would roughly 38% up or around 6% CAGR depending on his entry.

Biggest Crash In History By Rich Dad Gold Prices Trend
Biggest Crash In History By Rich Dad Gold Prices Trend

Final Thoughts

Personally, I’m invested in the long run. In investment, there will be volatility and it is something we have be comfortable with either through education, experience or both. Are you looking to learn about investment?

What do you feel about Robert Kiyosaki’s prediction? Let me know in the comments below.

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Is it possible to profit from passion

Is it possible to profit from passion?

Drawing, gardening, home-based baking. These are some of the emerging trends where passion meets profit. To most people, this could be a dream come true. A dream where you are paid for things you enjoy doing. You could even supplement your wealth management journey through your passion.

You might have received an invitation to a limited time entrepreneur webinar or click through a Facebook advertisement asking you to “BE YOUR OWN BOSS”. In any case, I believe that it is definitely possible to profit from your passion.

In my journey to talk to my readers on their experience profiting from passion, I noticed some key trends that emerged. I realised that most people fail because they did not ask themselves these 3 important questions early on. To help you save your time and effort, I have dedicated time to write this so that you will not fail in this journey on profiting from passion. I have also interviewed a few entrepreneurs who are willing to share their valuable experiences at the end of the article.

Is it possible to profit from passion
Is it possible to profit from passion

Identify Your Passion

For most people, this comes intuitively. For others, it may take time.

Personally, it took some time for me to “identify” my passion. Reading good financial articles (like this one.. haha) and sharing about financial knowledge has been a great pleasure for me. Initially, I do it very sub-consciously. I started off sharing about the best credit cards, simple wealth management tips and also the lessons I learnt from books. It was just something that I enjoyed doing. Though, I did not profit from any of them. I enjoyed the process.

This was “invisible” to me until one of my friends pointed it out to me. He asked me why not look for a career in the financial services space where you can make full use of your passion. It took me 4 years just to “identify” my passion. While it certainly took a long time, I enjoy every moment of my career now.

Coming back to the original topic, one of the most popular question that I hear from my readers is this: “How can I profit from my passion?”

After spending some time to discuss with them, I realised most of them cannot identify or admit truthfully that they have a certain passion. Most of the time, it is because the “passion” appears to be profitable. Their minds were thinking about profitability rather than passion. I think this is very normal. We do have real priorities like improving our standard of living, saving for retirement etc.

In the midst of finding our passion, we lost our way.

I believe the first step is to identify your passion. This will take time. I believe that passion are met to be a net positive in life. Even if it is not profitable or not yet profitable, it has to give you an intangible benefit like happiness.

For Vivian from Platter With Love, she “accidentally” discovered her passion. One faithful evening, she designed a platter (out of pure fun) and brought it home. She witnessed how her family was amazed and delighted at the beauty of the platter arrangement, the food, and also the taste. That was the start of her venturing into the platter business.

Step #1: What is your passion?

 

Does Time Permits?

You will need time. It is very frustrating if your passion now becomes a time burden to indulge in along with the other responsibilities you have in life. I asked a passionate hobbyist Plantssg his biggest challenge. This is what he mentioned.

“One of the biggest challenge is to make sure your assets don’t die. It must grow well and thrive”.

While he did not mention about the amount of time he spend in his garden, I personally believe he would have spend a lot of time there.

Before I scare any of you away, I would like to add another dimension to this. I believe that Time is about Consistency. It is okay not to make any money it your passion yet. It is okay to spend time on it. The most important is to consistently schedule it and commit to your passion. For now, forget about the profit and just doing it consistently will make you better and better. You will hit gold sooner or later.

Even for Liling from Ola.bakess, she had to schedule time outside of her full time job to plan for her business. Her weekends were spend baking while weekday nights were spent in business planning.

Step #2: Schedule your passion

 

Be Honest

Do you really need this passion to be profitable? Sometimes, your passion will turn to become a frustration. Just imagine while preparing your bread for your next customer, you receive a ridiculous bad review. This will definitely put a damper on your mood for the rest of your day.

Is it possible to profit from passion bad reviews
Is it possible to profit from passion ridiculous bad reviews

Honestly ask yourself if this passion needs to be profitable for it to bring happiness to the lives of yourself and others? I would rather you love the process. Not all passion has to be profitable although it can.

Step #3: Are you mentally prepared?

 

Final Thoughts

I believe that it is definitely possible to profit from passion. It is a journey of exploring, having fun consistently and if it makes you happy, profit from it! If you have a story when you tried to profit from passion, I would love to connect with you. Do email me or text me. I look forward to some of your stories.

Continue scrolling to read the interviews with fellow entrepreneurs. Wishing you the best in your passion =)

Alternative, find out more on some of the best ways to earn extra income in Singapore.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

 

Special Interviews

Disclaimer: I’m a great supporter of these businesses. I do not collect any forms of remuneration by featuring them.

Vivien (Platter With Love)

  1. What made u decide to venture into selling platter with love ?
    The business is very much an extension of me as a person; my love for gastronomical fare, my love for quality time spent with family and friends, my love for variety and options, and my belief in contributing back to the community. I have worked as a school teacher before this. Despite years of teaching in schools; in primary schools, secondary schools and junior colleges, I still feel inadequate. I was missing life lessons. Though I am still a teacher at heart, I had wished to be better myself as a person before heading back to the classroom (possibly in my retirement years). One evening, I designed a platter, out of pure fun and enjoyment, and brought it back to my maiden home. I witnessed how delighted my family was as they marveled at the beauty of the platter arrangement, like that of a piece of valuable art work. After digging in, the platter sparked many conversations, my family was curious as it was not a conventional fare. They enjoyed the liberty to try out different food combinations. Not only that, the platter provided something for the whole family, from my niece who was one to my grandmother who was 91 years old. Everyone huddled around the platter and delighted in the meal, it was a precious sight. That was when I resolved to turn it into a business.
  2. Before you started selling your products, how long have you been practicing making platter with love?
    Platters are a relatively new concept, especially in the Singapore market. The concept started in 2016, in Australia/New Zealand, when it was done as a grazing table at a wedding reception. The grazing table offers a variety of food options, primarily cheeses, charcuterie, fruits, and just about anything else you like. Unlike conventional buffet lines where you queue for your food, the concept allows for a freestyle selection, according to your preference. When Covid-19 hit last year, I read about many who have lost their jobs. The job market did not look promising. Instead of viewing that as a crisis, I started to do extensive research and reading up on my passion: gastronomy. I have always enjoyed experimenting and cooking. It was after months of experimentation and research, rounds of feedback from family and close friends, that we arrive at the menu we have today. At the same time, I underwent officially training as a private chef and went for food hygiene certification. I have run this business for over a year now.
  3. How much time a week do you put into running this business?
    I do not stipulate hours when it comes to running Platter With Love. As an entrepreneur, I learnt that we not only possess the ability to dream, but we need to be willing to put in the hours to set our dream into motion. Apart from customer service, fulfilling customers’ order, hours need to be put aside into creation of content for the website, maintaining customer relations, inventory checks/replenishment, licensing, etc. At the end of the day, the raving reviews from my customers are an acknowledge of my efforts. It gives my great satisfaction to know that I have done my best in ensuring happiness and bliss, (apart from a delectable food platter) are safety delivered to my customers. More importantly, the true reward comes in how this business is serving as a vehicle to donate meals to the needy in Singapore, and that makes everything is worthwhile.
Profit from passion Platter With Love
Profit from passion Platter With Love

 

Liling (Ola.Bakess)

  1. What made u decide to venture into selling Ola.Bakess?
    I just like to bake and eat macarons (Hahaha)! Macarons are very delicate almond cookies and require a lot of attention. The recipes are very challenging but I get a sense of excitement and happiness especially when it becomes perfect. It is my dream to make perfect macarons
  2. Before you started selling your products, how long have you been practicing making Macarons?
    It took me almost 1 year for my macarons to be at the level of my satisfaction. I took various courses such as macarons class to have a deeper understanding on the basic foundation. There were also a lot of try and error practice to be satisfied with the recipe.
  3. How much time a week did you put into running this business?
    This is difficult to quantify. I have a full time job. I usually do business planning during weekday evenings. My weekends are reserved for baking.
Profit From Passion Ola Bakess
Profit From Passion Ola Bakess