Another idea that popped up in my mind was the idea of setting up a business. Thus the thought process was what to sell (Product or service)? If product, where am I going to get my supply from? Overseas or Local? Who can give me a good rate? Such simple questions but so many answers.
Accountants can sell accounting services, advisory services, lawyers can sell legal advisory services etc. Bakers can sell cake and bread, chefs can set up a small eatery. Drivers can set up a delivery company, the list goes on and on. Such are the paths of those who have skills to sell.
Alternatively, one can import electronics from Japan, accessories from Thailand, clothes from China, etc... again the list is endless.
Next comes the question of who to sell to and how? Setting up a shop enables a simply way of advertising as people are more likely to see your shop and enter the shop. However, rent becomes a large overhead and might put you out of business earlier than expected. A small pushcart type of shop might be more cost efficient for small start-ups selling accessories and clothes. Thus, a shop would be an effective way to sell products/services as it provides a visual influence and creates a tendency for people to enter the shop and view what the business has to offer.
An online business is also feasible. However, due to the lack of brick and mortar, a visual impact is not present. As a result of this, creditability might not be present. Also advertising is more difficult. Although there are avenues such as Google Adwords, etc, the web is such a big network that one's personal website might be lost in all the other webpages which are around. A big plus point of having an online business is that the cost is extremely low. Furthermore, there is also a possibility of having overseas clients.
I have a friend who had an online blog selling handmade trinkets for a couple of dollars. She managed to make about SGD1000 per month selling such accessories to local and international clients. Although not alot of money, she was doing this during her schooling and it was additional allowance for her spending. I believe if she wanted to expand and continue this line, it would have been possible. However, as she is furthering her studies, time did not permit for her to continue.
I am very interested in this idea as it was always my ambition to be a business owner. However, the questions above have to be answered and I will have to spend much of my time thinking about them.
Analysis
Pros:
Own business, own time, own boss.
Potential to make large profits in the long run.
Doing what you like to do. (Sell handicraft if you like to make them, sell cakes if you like to bake them)
If a small start-up, small capital is required to set up a blog selling accessories.
Cons:
Some risk depending on how you start. As rental is a very high risk, a brick and mortar shop might not be advisable in the beginning. However some businesses require space to operate.
If the business is capital intensive and a bank loan is obtained, there is a bankruptcy risk if unable to return the bank.
Saturday, March 28, 2009
Wednesday, March 25, 2009
Trading...
After about 2 weeks of playing around, I finally decided to get down to doing research and exploring what I wanted to be doing with my life. Being a Finance graduate, I decided to look deeper into the possibility of doing online trading in derivatives so as to gain significant profits in the minimal amount of time. I will not go into details on how these products work as you may be able to read them on Wikipedia.org for more detailed explainations.
Derivatives
http://en.wikipedia.org/wiki/Derivative_(finance)
1) Options Trading
http://en.wikipedia.org/wiki/Option_(finance)
http://en.wikipedia.org/wiki/Options_Trading
2) Futures Trading
http://en.wikipedia.org/wiki/Futures_contract
http://en.wikipedia.org/wiki/Futures_trading
3) Forex Trading
http://en.wikipedia.org/wiki/Forex
http://en.wikipedia.org/wiki/Forex_trading
There are many ways in which people trade derivatives.
The technical trading methods below lists some of the ways traders make their money.
http://en.wikipedia.org/wiki/Technical_trading
1) Japanese Candlestick Charts
http://en.wikipedia.org/wiki/Candlestick_chart
2) Pivot Point Calculations
http://en.wikipedia.org/wiki/Pivot_point_calculations
3) Parabolic SAR
http://en.wikipedia.org/wiki/Parabolic_SAR
4) Fabonacci Number
http://www.traderslog.com/fibonaccitrading.htm
Trading in essence is not entirely complex. It is as simple as buying low and selling high. Alternatively, borrowing a stock, selling high, then buying low and returning the stock.
However as time progressed and derivatives came into the picture, trading became more complicated. With more products to look at and more methods to trade and hopefully, out play the rest of the market.
There are many courses which teach trading to suppliment your income. I have been for some of them. My advice to any prospective client is to do some research on the speaker before signing up for the courses as the course fees might not be cheap. Therefore, some reviews from forums or other netizens who have been for the course would help to make an informed decision.
As I am not in a rush to decide on what I will be doing with my life, trading will be put as an idea which I might proceed to embark on at a later date.
Analysis
Pros:
Derivative trading might have a low start up capital for high gains.
Trade within the comfort of home.
Trade as and when you feel like it.
Cons:
Derivative trading has high fluctuations in prices thus a possibility to lose alot or make alot
Require intensive reading and possibly analysis.
Stress level may be high if you are risk adverse.
Derivatives
http://en.wikipedia.org/wiki/Derivative_(finance)
1) Options Trading
http://en.wikipedia.org/wiki/Option_(finance)
http://en.wikipedia.org/wiki/Options_Trading
2) Futures Trading
http://en.wikipedia.org/wiki/Futures_contract
http://en.wikipedia.org/wiki/Futures_trading
3) Forex Trading
http://en.wikipedia.org/wiki/Forex
http://en.wikipedia.org/wiki/Forex_trading
There are many ways in which people trade derivatives.
The technical trading methods below lists some of the ways traders make their money.
http://en.wikipedia.org/wiki/Technical_trading
1) Japanese Candlestick Charts
http://en.wikipedia.org/wiki/Candlestick_chart
2) Pivot Point Calculations
http://en.wikipedia.org/wiki/Pivot_point_calculations
3) Parabolic SAR
http://en.wikipedia.org/wiki/Parabolic_SAR
4) Fabonacci Number
http://www.traderslog.com/fibonaccitrading.htm
Trading in essence is not entirely complex. It is as simple as buying low and selling high. Alternatively, borrowing a stock, selling high, then buying low and returning the stock.
However as time progressed and derivatives came into the picture, trading became more complicated. With more products to look at and more methods to trade and hopefully, out play the rest of the market.
There are many courses which teach trading to suppliment your income. I have been for some of them. My advice to any prospective client is to do some research on the speaker before signing up for the courses as the course fees might not be cheap. Therefore, some reviews from forums or other netizens who have been for the course would help to make an informed decision.
As I am not in a rush to decide on what I will be doing with my life, trading will be put as an idea which I might proceed to embark on at a later date.
Analysis
Pros:
Derivative trading might have a low start up capital for high gains.
Trade within the comfort of home.
Trade as and when you feel like it.
Cons:
Derivative trading has high fluctuations in prices thus a possibility to lose alot or make alot
Require intensive reading and possibly analysis.
Stress level may be high if you are risk adverse.
Sunday, March 15, 2009
Losing Out to Others...
After graduating from College at 25, I have a handful of peers who enter the workforce along with I. And after almost 3 years of employment, my peers and I have advanced almost equally in jobs within the same industry. One of my concerns was that by leaving my job, I would not be able to compete with my peers and that I would be set back due to my adventure. I gave myself 2 years to find what I was looking for. Should I fail to find what I seek, I promised myself to return to the workforce and join the rest of the people carving out the life which most people live. However, this 2 years would put me behind the rest of my friends as they would have advanced the corporate ladder without me.
After much consideration, I came to a simple conclusion...
1) I would only lose out to my peers IF I failed. Should I succeed in my endeavor, I would be much happier and contented with my life. By thinking that I would fall behind my peers, I had already believed that I would fail after my 2 years. As such, I told myself that within these 2 years, I HAD TO SUCCEED!!!
2) And even IF I did fail, I would be about 30 years old. I would enter the workforce again and 20 years later, when we all are 50, we would all still have the same things. (i.e. A home, a family, probably a car, kids, etc.) And so I thought to myself. Does this 2 years really make that much of a difference? Compared to the length of your life, 2 years should be insignificant as an investment to find out what you were born to do.
Thus, I realised. That comparing with people is never reasonable. There will always be others better and others worse. In the end, life is still life, when you/I have reached >50, I think everything will all be the same and what is important is, "Have you tried?" and "Have you lived a fulfilling life?" I want to answer a big YES to both those questions.
After much consideration, I came to a simple conclusion...
1) I would only lose out to my peers IF I failed. Should I succeed in my endeavor, I would be much happier and contented with my life. By thinking that I would fall behind my peers, I had already believed that I would fail after my 2 years. As such, I told myself that within these 2 years, I HAD TO SUCCEED!!!
2) And even IF I did fail, I would be about 30 years old. I would enter the workforce again and 20 years later, when we all are 50, we would all still have the same things. (i.e. A home, a family, probably a car, kids, etc.) And so I thought to myself. Does this 2 years really make that much of a difference? Compared to the length of your life, 2 years should be insignificant as an investment to find out what you were born to do.
Thus, I realised. That comparing with people is never reasonable. There will always be others better and others worse. In the end, life is still life, when you/I have reached >50, I think everything will all be the same and what is important is, "Have you tried?" and "Have you lived a fulfilling life?" I want to answer a big YES to both those questions.
Tuesday, March 10, 2009
Bravery, Foolishness and Everything In-Between...
Now, I believe everyone has a choice of what they can do. However, there is a fine line between bravery and foolishness. Leaving without a job is not just for anyone. Being a prudent person, I have put down 2 criteria which one should NOT leave their jobs without knowing what they will be doing next.
1) Debt
Debt of any sorts is a liability. If you have a home loan to service, car loan, study loan, etc. I do not recommend leaving your current paying job for an unknown future. Should things turn out wrong, the bank/financial institution will come after you and you might lose your home or become bankrupt, etc. Thus, please be very careful with debt.
2) Family
Family members who need care are also another thing which should hold one back. If you have kids who need your support, elderly/ill parents who are not financially independent, or any other family matter which might require stable financial income, such as getting married, planning on starting a family, I again do not suggest leaving for the unknown.
Both these factors do not mean that I discourage those from leaving their jobs and finding their true callings. However, these 2 factors will be an obstacle which one must overcome. Be it settling the debt before venturing out, or knowing what the next step is before leaving your current job. Such things should be thought out and planned well for people who have such commitments.
As for me, I do not have any of these commitments. Thus, with minimal savings, I decided to leave for the unknown and explore the adventure of what life has in store. Slowly but surely, this journey has taken me on a trip to understanding myself and what I believe in.
1) Debt
Debt of any sorts is a liability. If you have a home loan to service, car loan, study loan, etc. I do not recommend leaving your current paying job for an unknown future. Should things turn out wrong, the bank/financial institution will come after you and you might lose your home or become bankrupt, etc. Thus, please be very careful with debt.
2) Family
Family members who need care are also another thing which should hold one back. If you have kids who need your support, elderly/ill parents who are not financially independent, or any other family matter which might require stable financial income, such as getting married, planning on starting a family, I again do not suggest leaving for the unknown.
Both these factors do not mean that I discourage those from leaving their jobs and finding their true callings. However, these 2 factors will be an obstacle which one must overcome. Be it settling the debt before venturing out, or knowing what the next step is before leaving your current job. Such things should be thought out and planned well for people who have such commitments.
As for me, I do not have any of these commitments. Thus, with minimal savings, I decided to leave for the unknown and explore the adventure of what life has in store. Slowly but surely, this journey has taken me on a trip to understanding myself and what I believe in.
Monday, March 9, 2009
Taking the step... Leaving without a job...
Ever feel bored and restless at your job?
I have... And recently, in the midst of the current Global Financial Crisis, I decided to leave my job in search of greener pastures without another job offering. Admittedly, my job was quite well paying and provided much other benefits such as medical and good annual leave. Why, then, would I decide to leave, you would wonder.
Well, if the day comes that you have to drag yourself out of bed everyday, then I believe, it is about time to leave. "But why without another job?!", you would probably ask again. My answer to this is. If you look for a job, you will only find a job. I have heard many of my friends say, "I'm only working for the money." As such, they, and even I previously, treat what we do as... Only a job. What I hope to achieve in the next few years is to find something which will enable me to make a reasonable living with reasonable effort, do it with a smile on my face and do it in my own time.
Idealistic? Maybe. But at least I'm going to try.
The rest of this blog will describe the thoughts I have pondered before leaving, the options I have considered for myself, also the possibility of success and other points I have considered.
I hope this blog and myself will serve as an inspiration to all those who are currently not enjoying their employment but do not have the confidence of taking the step and moving out of their comfort zone. And through my experiences, I hope that people will be able to realise that the only thing stopping them, are themselves.
P.S. To those who say that you do not know what you want to do for a living, and why not wait til you find out before you take the leap, my answer to that is. You have worked for sometime, and that has not given you the answers. If you look for something in the same place all the time and you cannot find what you are looking for, I think you are looking in the wrong place.
If you are an auditor who does not like long working hours and tough clients, moving to another audit firm won't help you find your calling. However, many people fear moving out of their current industry to find something which truely calls out to them. My advice is, leaving your job is not the end of the world. It depends on what you are willing to settle for. There are many jobs out there, in banks, accounting firms, restaurents, manufacturing, teaching, service, etc. It only depends on whether YOU are willing to do them.
I have... And recently, in the midst of the current Global Financial Crisis, I decided to leave my job in search of greener pastures without another job offering. Admittedly, my job was quite well paying and provided much other benefits such as medical and good annual leave. Why, then, would I decide to leave, you would wonder.
Well, if the day comes that you have to drag yourself out of bed everyday, then I believe, it is about time to leave. "But why without another job?!", you would probably ask again. My answer to this is. If you look for a job, you will only find a job. I have heard many of my friends say, "I'm only working for the money." As such, they, and even I previously, treat what we do as... Only a job. What I hope to achieve in the next few years is to find something which will enable me to make a reasonable living with reasonable effort, do it with a smile on my face and do it in my own time.
Idealistic? Maybe. But at least I'm going to try.
The rest of this blog will describe the thoughts I have pondered before leaving, the options I have considered for myself, also the possibility of success and other points I have considered.
I hope this blog and myself will serve as an inspiration to all those who are currently not enjoying their employment but do not have the confidence of taking the step and moving out of their comfort zone. And through my experiences, I hope that people will be able to realise that the only thing stopping them, are themselves.
P.S. To those who say that you do not know what you want to do for a living, and why not wait til you find out before you take the leap, my answer to that is. You have worked for sometime, and that has not given you the answers. If you look for something in the same place all the time and you cannot find what you are looking for, I think you are looking in the wrong place.
If you are an auditor who does not like long working hours and tough clients, moving to another audit firm won't help you find your calling. However, many people fear moving out of their current industry to find something which truely calls out to them. My advice is, leaving your job is not the end of the world. It depends on what you are willing to settle for. There are many jobs out there, in banks, accounting firms, restaurents, manufacturing, teaching, service, etc. It only depends on whether YOU are willing to do them.
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