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Success Advice

Asia’s Richest Man “Li Ka-Shing” Shares Advice For Young Entrepreneurs

Joel Brown (Founder of Addicted2Success.com)

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Li Ka-Shing Billionaire Richest Advice For Success

Asia’s richest man Li Ka-Shing with a net worth of $31.9 Billion teaches you how to buy a car and house within five years.

“Suppose your monthly income is only 2,000 RMB, you can live well. I can help you put money into five sets of funds. The first $600, second $400, third $300, fourth $200, fifth $500.”

 

First set of funds:

The first set of funds is used for living expenses. It’s a simple way of living and you can only
be assigned to less than twenty dollars a day.

  • A daily breakfast of vermicelli, an egg and a cup of milk.
  • For lunch just have a simple set lunch, a snack and a fruit.
  • For dinner go to your kitchen and cook your own meals that consist of two vegetables dishes and a glass of milk before bedtime.

For one month the food cost is probably $500-$600. When you are young, the body will not have too many problems for a few years with this way of living.

 

Second set of funds:

To make friends, expand your interpersonal circle. This will make you well off. Your phone bills can be budgeted at 100 RMB. You can buy your friends 2 lunches a month, each at $150.

Who should you buy lunch for? Always remember to buy lunch for people who are more knowledgeable than you, richer than you or people who has helped you in your career. Make sure you do that every month. After one year, your circle of friends should have generated tremendous value for you. Your reputation, influence, added value will be clearly recognized. You’ll also enhance your image of being good and generous.

 

Third set of funds:

To learn. Monthly spend about 50-100 RMB to buy books. Because you don’t have a lot of money, you should pay attention to learning. When you buy the books, read them carefully and learn the lessons and strategies that is being taught in the book.

Each book, after reading them, put them into your own language to tell the stories. Sharing with others can improve your credibility and enhance the affinity. Also save up $ 200 per month to attend a training course. When you have higher income or additional savings, try to participate in more advanced training. When you participate in good training, not only do you learn good knowledge, you also get to meet like-minded friends who are not easy to come by.

 

Fourth set of funds:

Use it for holidays overseas. Reward yourself by traveling at least once a year. Continue to grow from the experience of life. Stay in youth hostels to save cost. In a few years you would have travelled to many countries and have different experiences. Use that experience to recharge yourself so that you’ll continually have passion in your work.

 

Fifth set of fund:

Invest. Save the $500 in your bank and grow it as your initial startup capital. The capital can then be used to do a small business. Small business is safe. Go to wholesalers and look for products to sell. Even if you lose money, you will not lose too much money. However, when you start earning money, it will boost your confidence and courage and have a whole new learning experience on running a small business.

Earn more and you can then begin to buy long-term investment plans and get long-term security on your
financial wealth being of yourself and your families. So that no matter what happens, there will be adequate funds and the quality of life will not decline.

Well, after struggling for a year and if your second year salary is still 2,000 RMB then that means you have not grown as a person. You should be really ashamed of yourself. Do yourself a favor and go to the supermarket and buy the hardest tofu. Take it and smash it on your head because you deserve that.

If your monthly income is at 3,000 RMB, you must still work very hard. You must try to find a part time job. It will be great to find part time sales jobs. Doing sales is challenging but it is the fastest way for you to acquire the art of selling and this is a very deep skill that you will be able to carry it for the rest of your career.

All successful entrepreneurs are good sales people. They have the ability to sell their dream and visions. You’ll also meet many people that will be of value to you in the later part of your career. Once you’re in sales, you will also learn what sells and what not.

Use the sensitivity of detecting market sentiments as a platform for running your business and in the identification of product winners in the future.

Try to buy minimal clothes and shoes. You can buy them all you want when you’re rich. Save your money and buy some gifts for your loved ones and tell them your plans and your financial goals. Tell them why you are so thrifty. Tell them your efforts, direction and your dreams.

Businessmen everywhere need help. Offer yourself to do part time for any kind of opportunities. This will help to hone your will and improve your skills. You will start to develop eloquence and soon, you’ll be closer to your financial goals.

By the second year, your income should be increased to at least 5,000 RMB. Minimum it should be 3,000 RMB. Otherwise you would not be able to keep up with inflation.

Li Ka-Shing Picture Quote

 

Conclusion

No matter how much you earn, always remember to divide it into five parts proportionately. Always make yourself useful. Increase your investment in networking. When you increase your social investment, expand your network of contacts, your income also grows proportionately. Increase your investment in learning, strengthen your self-confidence, increase investment in holidays, expand your horizons and increase investment in the future and that will ultimately increase your income.

Maintain this balance and gradually you will begin to have a lot of surplus. This is a virtuous circle of life plans. Your body will start to get better and better as you get more nutrition and care.

Friends will be aplenty and you will start to make more valuable connections at the same time. You will then have the conditions to participate in very high-end training and eventually you’ll be exposed to bigger projects, bigger opportunities. Soon, you will be able to gradually realize your various dreams, the need to buy your own house, car, and to prepare an adequate education fund for your child’s future.

Life can be designed. Career can be planned. Happiness can be prepared. You should start planning now. When you are poor, spend less time at home and more time outside. When you are rich, stay at home more and less outside. This is the art of living. When you are poor, spend money on others. When you’re rich, spend money on yourself. Many people are doing the opposite.

When you are poor, be good to others. Don’t be calculative. When you are rich, you must learn to let others be good to you. You have to learn to be good to yourself better. When you are poor, you have to throw yourself out in the open and let people make good use of you. When you are rich, you have to conserve yourself well and don’t let people easily make use of you. These are the intricate ways of life that many people don’t understand.

When you are poor, spend money so that people can see it. When you are rich, do not show off. Just silently spend the money on yourself. When you are poor, you must be generous. When you are rich, you must not be seen as a spendthrift. Your life would have come full circle and reach it’s basics. There is tranquility at this stage.

There is nothing wrong with being young. You do not need to be afraid of being poor. You need to know how to invest in yourself and increase your wisdom and stature. You need to know what is important in life and what is worth investing in. You also need to know what you should avoid and not spend your money on. This is the essence of discipline. Try to avoid spending money on clothing but buy a selective number of items that has class. Try to eat less outside. If you were to eat outside, do make sure you buy lunches or dinners and foot the bill. When buying people dinner, make sure you buy dinners for people who have
bigger dreams than you and works harder than you.

Once your livelihood is no longer an issue, use the remainder of your money to pursue your dreams. Spread your wings and dare to dream! Make sure you live an extraordinary life!
English Translation by: Edmund Ng (CeoConnectz) Thanks Ed!

There are many people who are struggling to make ends meet. It doesn’t matter if they are rich or they are poor. There are lessons for all to learn from Li Ka Shing.

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances.I'm proud to say through my podcast and through this website we have impacted over 100 million lives in the last 6 and a half years.

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29 Comments

29 Comments

  1. Ringo

    Jan 7, 2016 at 6:33 pm

    The lesson is not only for entrepreneurs. It is also for those who want to have a meaningful life. It seems to be common sense but it will take tons of time to adapt.

  2. Dan Neamtu

    Jan 5, 2016 at 1:32 pm

    Hey Joel,
    This is a great article about smart spending money. Li Ka Shing denies that this article was written by him, but even that is still a great informative resources. Thanky for sharing.

  3. prince emeka ineh

    Jan 3, 2016 at 10:57 pm

    really love all he said, and what really touched me the most “When you are poor, you have to throw yourself out in the open and let people make good use of you.”…… this so true

  4. Fdee

    Jan 3, 2016 at 7:30 am

    This was so helpful. Thank you, sir. I have learned a valuable lesson. Now I know what I need to do to make it.

  5. Arex Akemotubo

    Dec 26, 2015 at 5:59 pm

    Honestly, as a young enterprenur these tips will greatly increase my knowledge. Thanks sir for the privilege and opportunity to share from your tank of wisdom.

  6. Kiran

    Nov 17, 2015 at 9:34 pm

    This article makes so much sense and gives practical advice on what to apply to make your life worth living. It has the principles of success that show you how to progressively grow and achieve your goals and dreams in a systematic manner.

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Success Advice

Why You Should Prefer Emails to Phone Calls if You Want to Be More Productive

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productivity tips
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“Email” and “productivity” rarely go together in a sentence. Emails have been declared as one of our largest time wasters. A McKinsey report stated that people spend around 2.6 hours each day responding to emails. That’s 13 hours a week, 52 hours a month and over 60 days a year! Imagine what you could’ve achieved in 60 days!

Emails also negatively affect our cognitive resources. When we think of responding to them while doing other important tasks, it takes up to 23 minutes and 15 seconds after being disrupted to return to full attention to a current task. Imagine how much our cognition and productivity gets fractured when we get distracted over and over again.

Constant emailing also drains us mentally. And at the end of a day, we realize that we’ve achieved nothing worth mentioning. With a phone call, you can sort issues and solve problems quickly, right? In theory, you’re right. But we live in a practical world where many variables come into play.

Below are three variables that make phone calls adversely affect our productivity, and why emails are a better alternative:

1. Wasting Time

Most “five-minute conversations” can quickly turn into 35-minute calls because people ramble about irrelevant aspects. This derailment, several times a day, severely limits the limited time and energy you have for important tasks.

Emails, on the other hand, force writers to streamline their thoughts and stick to the point. Emails can save you plenty of time and energy because you avoid lengthy phone calls. The constant strife to keep your own emails short and crisp also makes you a clearer thinker, which rewards you in other aspects of your life.

“It’s better to waste money, than it is to waste time. You can always get more money.” – Hal Sparks

2. Inaccurate Responses

An unexpected phone call can catch me caught off guard on a topic. I might respond emotionally or give an answer that doesn’t do justice to what I want to share. In a world dominated by panic buttons and fire-fighting, these don’t just stress me out but the caller as well.

Emails give me flexibility to prepare a coherent response and share it when I’m satisfied. If I feel a surge of emotion, I can sleep over the thought and share a better (more rational) response the next day. Many page-long email responses to emails that upset me have turned into a simple “thank you for your email” the next day.

3. Constant Back-and-Forth

Phone calls often are ineffective to solve business problems. Accounting for multiple people, their views, their timelines… One phone call can quickly turn into three.

Emails are quicker and more effective than even conference calls. They let you communicate with multiple people at the same time. You can share information, assign tasks and give status updates while being as specific as possible.

You must be wondering, “What about back-and-forth emails then? Why do we waste precious time on them?” Yes, email has earned a bad rap. But it’s not because of the medium; it’s because we handle it ineffectively.

A Better Approach to Emailing

For most people, constantly refreshing the inbox is part of the daily to-do list. It keeps them busy and gives them a kick of dopamine – the feel-good chemical.

Ironically, this quest to remain busy makes people compromise on taking action that can move them forward. Using emails prudently, rewards you with plenty of energy and mind space to focus on tasks that truly matter.

Here are three steps that benefited me without succumbing to the side effects of email:

1. Checking Them Less

I check emails just 3 times a day – at 9:30 AM, 12:00 PM, and 4:30 PM. If you don’t have the luxury to do the same, you can start by checking your emails for ten minutes at the end of each hour. Most senders expect a response in a little over an hour. So they won’t mind a slightly delayed response. This gives you 45 undisturbed minutes each hour to work on your core tasks.

2. Responding Quickly

People delay responding to emails at least 37% of the time, which turns finding emails and responding to them into additional tasks that cost time and lead to attention residue. Most emails take under two minutes to respond. When you can respond to an email, do so instead of putting it off. This won’t just put your mind at peace, it’ll also reduce the number of “did-you-see-this” follow-up emails in your inbox.

“I do love email. Wherever possible I try to communicate asynchronously. I’m really good at email.” – Elon Musk

3. The If-Then Technique

The If-Then technique helps you address multiple scenarios at once. For instance, an email that says, “Can we meet at 3:00 PM?” becomes, “Can we meet at 3:00 PM? If not, please advise three other times that work for you.”

This technique is also effective when you want to suggest ideas or provide instructions on alternative steps. For example, “Here’s Plan A. If it doesn’t work, connect with [name] and ask for [specific information]. If you don’t get what you need, inform me.”

I’ll admit. This sounds like more work in the current moment, but it drastically cuts down the number of trail mails, confused correspondences, and fire-fighting instances that occur due to miscommunication.

The If-Then formula is the single most effective technique I’ve learned from The 4-Hour Workweek. All of this doesn’t mean that you abandon phone calls, In fact, it’s better to use the phone for sensitive topics or if an email conversation gets dragged. But remain mindful to not let phone calls waste your time.

If you want to pursue a meaningful life, place a premium on your time. Do things that create time for you to pursue meaningful actions and avoid doing what pulls you away from them. In the knowledge economy, this is the key to success.

Do you prefer email or talking on the phone? Share your thoughts below!

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Success Advice

4 Questions You Need to Answer Before You Reach the Level of Success You So Desperately Crave

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how to be happy and successful
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It’s normal that every person in the world wants to reach success and happiness. Yet, everyone defines both of these things differently. For some, success is making a whole bunch of money while for others this can be to become a good parent. Happiness is defined differently as well. Some people need to own a jet, boat and 3 cars to be truly happy, while others are happy just to be able to wake up in the morning.

It doesn’t matter how you define success and happiness, the truth is, you want to achieve them both. But, to be able to reach success and happiness, you need to answer 4 questions for yourself.

Here are the 4 questions you need to answer before you can achieve success and happiness:

1. Where Are You?

No, not geographically. It doesn’t matter where you live. What matters is where are you in life. Where are you in your way to success and happiness. Let’s say you are lost in the woods. You know exactly where you want to go, but you don’t know where you are. Even a map doesn’t help you with that.

The same is true in life. You may have a goal, but until you truly define where you are in the moment, you can’t move toward this goal. So, step 1 on your way to success and happiness is to define where you are right now.

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.” – Jim Rohn

2. Where Do You Want to Go?

When you define where you are in life, then you can think of where you want to be.

There’s this saying:  When you don´t know your final destination, you´ll end up somewhere you didn’t want to be. Until you don’t know clearly where you want to be in life and who you want to become, your life doesn’t have a true purpose.

Without purpose, there´s no motivation. Without motivation, there´s no energy. And without energy, you´re not living, you´re just existing. I am sure you know someone who looks like a walking corpse everytime you see them. Do you think this person lives a successful and happy life? Most likely not.

So, step 2 on your way to success and happiness is to clearly define your goal. What do you want to accomplish and who do you want to become?

3. Why Do You Want It?

Okay, you know the basics. You know where you are and where you want to be. But, as Rocky Balboa said, “The world ain’t all sunshine and rainbows.” And as you already know, life usually doesn’t go according to your plan. There will be hard times and to overcome those and not give up, you need to know WHY you do what you do.

You need to know WHY you want to accomplish your goals. When you answer this for yourself, you don’t struggle so much to motivate yourself. You will be motivated every minute of every day.

So, as a step 3, sit down and think of WHY you want to accomplish your goals. What’s the big purpose?

“We can change our lives. We can do, have, and be exactly what we wish.” – Tony Robbins

4. How Are You Going to Get There?

And finally, how are you going to get there? What’s your plan? You may know where you are, where you want to be and why you want to do it, but until you truly understand how you are going to get there, there won’t be much success and happiness in your life.

For example, you want to become a bodybuilder. You want to do it because you want to have big muscles and you want to look fit. But, you have no idea how to work out, how to build muscle and how to lose fat. Do you think, you´re going to be happy? No. As Tony Robbins says, “true happiness comes from progress.”

To make progress, you need to have a specific plan; how to get from point A (where you are) to point B (where you want to be). So, as a step 4, sit down and make a specific plan for how you’re going to get what you want in life.

In order to reach success and happiness, there are 4 questions you need to answer for yourself. Without answering them, you´re not going to  get ahead in life, you´re just bouncing around. Success and happiness never come from just bouncing around in life.

Good news is, that these questions are really simple. It won’t take much time to answer them. Just be aware of where you are and where you want to be. Don´t forget to understand why you are pursuing your dream and finally, how are you going to get what you want.

Answer these 4 simple questions today and you won’t struggle with finding success and happiness in life anymore.

Which one of the above 4 questions resonated most with you and why? Share your thoughts and ideas below!

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Success Advice

The Empathetic Heart: How The CHO of VaynerMedia Is Changing The Way We Work

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Claude Silver CHO of Vaynermedia
Image Credit: VaynerMedia

A month after I had joined LinkedIn back in July of 2018, I sent Claude Silver a connection request and began following her content. One day she made a post saying “Ask and you shall receive, what can I do to help you today?”. I commented on that post asking for a 5 minute interview and to my surprise she agreed by asking me to send her a message (I was given a full hour). This was the first example of pure kindness I witnessed from Claude.

The first message you see on Claude’s website is: People need people. People need people that listen and then do something. That message spoke to me on an emotional level, and I believe it will speak to you too. I wanted to know how she created such an amazing culture, what being a “culture carrier” meant, and how the employees at VaynerMedia have been changed by her work there.

A culture carrier in Claude’s own words is “someone who is aligned with our values, I can’t teach someone to be kind they have to already be kind. The process of developing a culture carrier takes about 6 months. It’s about bringing people together and having strong core values of kindness and empathy.”

Gary Vaynerchuk, co-founder of VaynerMedia, is often referred to as a combination of hustle and heart. With the hiring of Claude and the work she has accomplished within the company, it speaks to the level of empathy that can be felt throughout the entire operation.

Although business can be a challenging, tough, and often cut-throat terrain, by putting employees first and providing honest feedback the company has grown to include offices in New York, Chattanooga, Los Angeles and London, and continues to dominate the market.

Below we’ll see 3 different ways the CHO of VaynerMedia is changing the way people work:

1. By being unafraid to share her own story

Claude has been an influential part of breaking the stigma surrounding vulnerability in the business arena. Not only does she openly share her own story, but she sits down with employees to better understand their vulnerabilities and how to use characteristics that previously would have been considered weaknesses as strengths.

When asked what her biggest adventure to date was she replied “Having Shalom (her daughter). I have had an amazing life, I moved, worked hard, landed an amazing job and fell in love but it didn’t come without its challenges.”

Claude is openly gay and is living proof your sexual orientation doesn’t matter. Nothing matters but your character, your track record, and if you leave people a little better off than before you met them. From Claude, business leaders, employees and entrepreneurs can learn to be more open both on social media and in person, allowing them to build more meaningful relationships and connect on a deeper level. A deeper connection can mean more leverage but it also means a more lasting impact on the world.

“Everyone has something they can share. I’m not famous. I don’t have anything that would be newsworthy, but I have stories.” – Tafta Johnson Watson

2. Committing to a strong value system

VaynerMedia has some serious values for such a large company and those values are expected to be upheld by every employee and visitor. Values like kindness, empathy, honesty, hustle and the art of not complaining.

With Claude holding the title of Chief Heart Officer, she is the guiding light for others. When recruiting, she says she “takes the time to evaluate an individual’s talents but most importantly their own heart”.  

Gary Vaynerchuk is quoted as saying:”To me, there’s no debate that kindness is a strength. And it breaks my heart to know that so many people believe it’s a weakness. So many people are afraid that other people will take advantage of their kindness or make them feel “used.” But the truth is, those who take advantage of your kindness are weak on the inside. Feel bad for them, don’t let them make you feel bad about yourself“.

Both Claude and Gary teach aspiring entrepreneurs that it is okay to live with an open heart and that having the strength to commit to and live with a strong value system, will be a powerful tool during the hustle journey. It also allows you to go to bed at night actually liking the person that you are, nothing will kill a business faster than going to bed at night and hating yourself.

3. Listening with action

As mentioned above Claude’s slogan is: People need people. People need people that listen and then do something.  As a woman who wears many hats, she is also an Outward Bound Instructor, taking individuals on amazing adventures in the outdoors.

Taking action on any given day can mean a number of different things but it speaks to her own character and driving force that she is able to not only guide people through the world of office politics but also through the serene and sometimes challenging wilderness.

Claude cultivates an environment of trust by first offering individuals her own trust. It is a huge and vulnerable action that leads to a relationship of love – heart – and productivity. Listening as an action is something that has the power to change an entire organization from an unproductive, toxic environment to one that promotes creativity, passion, inclusion and positivity.

“Relationships are leverage. If you give value to someone else first, you have leverage.” – Gary Vaynerchuk

To get the truest sense of how Claude was changing the way people work, I asked her co-workers to tell me what working alongside Claude has done for them. Here is one of the answers I received:

“During my time working alongside Claude, I’ve really come to appreciate her example of being a good listener. As a society, we tend to praise the power of speaking. But Claude demonstrates on a daily basis that the most important thing everybody wants is to be heard.” – Steve Babcock, Chief Creative Officer VaynerMedia.

I tried looking for images of Claude on her website and I think it speaks to how focused she is on holding space for others, because I couldn’t find a single full sized image of her to use. I googled. Writing this piece has opened me up to evaluate my own values and the way I connect with people in my daily life.

From this article, it is my own hope that entrepreneurs come to the understanding that although tenacity and true grit are really important, the whole of what Claude represents is something to strive towards. The “soft” skills you develop are humongous strengths and to truly impact an entire organization.

What’s the last random act of kindness you did for someone? Share with us below!

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Success Advice

The 7 Secrets of High Achievers Revealed

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We all have goals in life, but very few of us ever learn to consciously set, work on and see our goals through. In our naturalness bias, we marvel at those who have set and reached their goals thinking they have some esoteric abilities that we don’t. We overlook that the final product is the result of a series of mistake-ridden, unrecorded pains. What if we could learn from the process, the habits and rituals of the high achievers? (more…)

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