OK, I don’t mean to ask you to go start a business which requires VC funding, although you could if you have a great business idea, a FAN-FREAKING-TASTIC business plan, and a dream team to execute the plan.
The business I’m referring to here is a business which you can start and run on the side during your spare time that does not require a substantial start up capital.
But before I let you in on what are the businesses anyone could start without quitting your job, let me first explain why a business is your most ideal insurance and retirement plan.
First, let me ask you two questions.
1. What is the primary purpose of insurance?
2. What is the main objective of a retirement plan?
1. The Primary Purpose of Insurance
Insurance primarily serves to provide financial support to you and/or your family in the event that you met with a mishap that causes you to lose your ability to work or even your life.
2. The Main Objective of a Retirement Plan
A well-thought and implemented retirement plan serves to allow you to enjoy your retirement without having to worry about your finances.
So…
Why is a Business Your Best Insurance and Retirement Plan?
In one of my Facebook quizzes ‘How Well Do You Know Mark Foo?’, one of the questions asked is ‘What Do I Hate Most?’ A number of my friends answered ‘Being Broke’. In fact, the correct answer is ‘A Job’.
Yes… I hate a job more than I hate being broke.
In all 33 years of my life, I’ve only worked in one serious full-time job for about 2 years. The other few jobs where I worked full-time for a short period were only temporary jobs, which I didn’t consider to be a serious career path.
It’s just never been my thing to be an employee. I’ve always wanted to be an entrepreneur, to work for myself, to run my own multimillion-dollar empire, to enjoy the liberation that comes with it.
I never understood why people would always assume they should go get a job after they graduate from an accredited online school or college. That rationale has always seemed weird to me. My guess is they think that’s just the way life is, and that’s what everybody else is doing anyway.
Well… I never believe in following the conventional way of doing things if it doesn’t make any sense to me. That is why I’d always encourage people to work for themselves, or to start their own business – basically to just take the plunge, quit their job, and live their life like no one else.
If you’ve been an employee your whole life, and you can’t understand why people like me hate a job so much, you’ll be enlightened by the following articles: Continue reading →
In the article, Steve mentioned that he’s read several articles on entrepreneurship, to which he realised that, every article emphasises failure at some point, but somehow failure is rarely defined.
This got Steve to ponder about the definition of failure. After asking the opinions from several people, and based on his own experiences, Steve came up with 3 of his own definitions:
1. Failure is an Attitude
When things don’t pan out as planned, you have to get back on your feet and get things clicking again. This is when you’ve developed an attitude for success.
2. Failure Doesn’t Exist Unless You Give Up
Henry Ford once said, “Failure is simply the opportunity to begin again, this time more intelligently.”
You don’t fail unless you throw in the towel and never dare to try again. As long as you keep going, bringing with you the new lessons learnt through your setbacks, you’ve not failed. Continue reading →
A friend recently emailed me the above video clip and I had a good laugh over it. This is a short clip produced by The Onion, a Peabody Award-winning American “fake news” organisation that features satirical articles reporting on international, national, and local news as well as an entertainment newspaper and website known as The A.V. Club.
Although this good humoured production is entirely satirical in nature, it does provide a glimpse of the possibility of achieving The 4-Hour Workweek that’s been the rage over the past 2 years and it also gives us some food for thought on how to escape the 9-5 corporate prisoner lifestyle.
Go ahead, watch it, if you haven’t already done so. I promise you’ll have a hell of a good laugh.
Oh… And don’t forget to let me know what you think of the early retirement possibility in the comment section below.
Cheers~
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A couple of weeks ago, I was having a chat with a friend who has been investing in the stock market for the last 5 years.
During the 5-year period, he’s made some pretty good returns on his investment following sound investment strategies.
He has been a disciplined investor where he buys only after he’s done some extensive research on a stock and holds the stock for the long-term. He’s not a speculator or a trader. So, he doesn’t time the market or follow any particular market trends.
He simply buys good companies with a good business model, good growth potential or good dividend yield, and run by good people.
However, in 2007, when the Singapore stock market was still in a bull run Continue reading →
Hi! My name is Mark. Thank you for visiting TheBigDreamer.com. On this blog, you will find tips and advice to help you become a better, wiser and richer person.
Topics include Success, Personal Finance, Wealth Creation and Entrepreneurship. Read More About
