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Li Ka-Shing teaches you how to buy a car and house in 5 years
- ulfw 13y agoFollow this and you will become a billionaire too?
- ck2 13y agoSo: 1. don't be unemployed or under-employed (he clearly says it is your fault if so) 2. don't get sick, not mentioned anywhere what happens then, does HK have universal healthcare? This sounds a bit like McDonald's financial advice to their employees http://www.nbcnews.com/business/personal-finance/mcdonalds-finance-guide-insulting-low-wage-workers-f6C10653604 http://www.nbcnews.com/business/personal-finance/mcdonalds-f... btw, this guy made his money by buying cheap real-estate and got lucky when prices went up: http://en.wikipedia.org/wiki/Li_Ka-shing#Real_estate http://en.wikipedia.org/wiki/Li_Ka-shing#Real_estate In reality, Li went to school for a couple of years and then started working for a wealthy uncle (from the family that owns Hong Kong's Chung Nam Watch Co.). Subsequently he became part of an important subcategory of tycoons who got ahead, in part, by marrying the boss's daughter.
- ctz 13y agoHK has one of the best public healthcare systems in the world (modelled after the NHS before handover, and benefiting from HK's prosperity after), and as a result does extremely well in infant mortality and life expectancy metrics.
- ck2 13y agoThis is actually great to hear. Now why doesn't the US, sigh.
- daliusd 13y agoUS has reasonably good system IMHO just a little bit expensive.
- tomkarlo 13y agoA system that you can't afford to use is never very good for you. Healthcare systems should be judged on how they serve the overall population, not just those who can afford to use them.
- daliusd 13y agoThere should be more properties by which system is valued. Free system can be inefficient, corrupt and slow like it is partially in my country. Still results surprisingly are quite similar to US looking at statistics.
- ck2 13y agoA little bit? There are many millions without insurance in the USA. I was quoted $80 for an antibiotic I needed last week.
- bmurphy1976 13y agoThat's not fair. What antibiotic and how much of it? Not all antibiotics are equal. You are right, the prices in our system are out of control but your example does not sufficiently demonstrate the problem.
- daliusd 13y agoWow. That looks outrageous. Unless it is some new antibiotics. Still in my case if I get sick I get some free services but I usually should pay myself for my medicine.
- collyw 13y agoSo only good if you are not too poor. Sounds perfect to me...
- collyw 13y agoDon't worry, our government want to sell it off and try and model it on the US system....
- seferphier 13y agoThere are both pros and cons. HK healthcare system is quite affordable but has long lines. They optimize for the cheapest effective medication rather than the best healthcare you can offer.
- apalmer 13y agoFor all the valid criticism you have pointed out, this doesnt make his advise invalid. In fact that seems to be at the core of his advise... the key take away is the majority of your efforts should go to investing in increasing your social circle, and making use of this social circle to advance yourself... like it or lump it or even find it distasteful but it is consistent and rational advise... and it worked for him... he shmoozed his rich uncle into giving him a foot in the door, and then married into a successful family to get further ahead
- mcguire 13y agoIt's never what you know. It's always who you know.
- sergiotapia 13y ago"Gentlemen, when I first started Reynholm Industries I had two things in my posession: A dream and six million pounds." http://www.youtube.com/watch?v=UxVivkXUfdU&t=15 http://www.youtube.com/watch?v=UxVivkXUfdU&t=15
- kstenson 13y agoAlso it helps when you're able to build a huge monopoly in hong kong http://www.economist.com/node/413357 http://www.economist.com/node/413357
- yapcguy 13y agoDon't forget TOM.COM. His nickname in Hong Kong is "Superman" so everybody trusted him. During the first dot.com he jumped on board the IPO wagon resulting in mom and pop investors getting absolutely fleeced. I think after that episode people began to see him truly for what he is: just another rich guy playing the politicians to extend his empire, built mostly on property. Another tidbit. His younger son, Richard Lee, promoted himself as a tech guru having graduated from Stanford studying computer science (it said so on the IPO prospectus). Journalists later discover that in fact he had attended but dropped out of Stanford, and instead went to Canada to work at his dad's financial firm, before returning to Hong Kong to help run the family business.
- collyw 13y agoYou got to love all these baby boomer aged investors giving advice on how to get rich. Most my age never got the chance to buy property ridiculously cheap, and are now having to rent it from the boomers.
- SyneRyder 13y agoNot sure how old you are, but did you consider property in Florida or Detroit during the global financial crisis? Planet Money had the story of a girl who bought a house for $12,000 and rents it at $700/month: http://www.npr.org/blogs/money/2012/03/09/148218539/this-14-year-old-girl-just-bought-a-house-in-florida http://www.npr.org/blogs/money/2012/03/09/148218539/this-14-... I'm not saying it's easy (hey, I didn't do it myself). But there have been opportunities. You've got to put the effort into finding the opportunities & be brave enough to jump in & take the risk.
- collyw 13y agoNope, from Scotland, where the government seem happy to trash the economy to keep house prices high.
- rschmitty 13y agoI actually first saw this article on reddit, and someone posted the following http://www.reddit.com/r/Entrepreneur/comments/1y6xqr/hong_kong_billionaire_li_kashing_shares_some_of/cfic0wg http://www.reddit.com/r/Entrepreneur/comments/1y6xqr/hong_ko... >Li Ka-shing is an impressive man, and he drops some good wisdom here. I certainly don't want to knock it. But here's how you become Li Ka-shing: show up in the middle of a war zone with a little cash, a lot of ambition and no scruples. Smuggle supplies for both sides, at a major premium, of course, and use your profits to slip your sticky fingers deep down into the underbelly of your city (that's where the buying lunch for more knowledgable people comes in). Then you use your newfound influence to quash the competition, and any dreams of a free market in your chosen territory. Buy up all the prime land, take over the port, and stand there at the door with a shit-eating grin on your face when the Chinese roll in with their tanks, because they're happy to make you even richer as long as you do what they say. > You want to set up a department store chain to compete with Li Ka-shing's? Well you're shit out of luck, because he owns the shopping mall where you set up, and for some reason, security won't let your delivery trucks in, and they happen to be fixing the sidewalk right in front of your door. Want to compete with his shipping business? Sorry, things are really backed up at Li's port, what with the sudden unscheduled maintenance on that crane near your berth. > Sorry for the rant. A lot of people think that Hong Kong is some bastion of the free market. It's actually a really dirty oligopoly, run by Li and a handful of other people like him. It just happens that if you're another Asian billionaire, or a major bank, you can park your money there basically free of charge, with no questions asked. Just don't try to bootstrap your way from Chunking Mansion to the private jet-set. Not on his watch. > Having said that, Li Ka-shing did start from next to nothing, and he did pull himself up by his bootstraps to become one of the richest men in Asia. He's certainly a highly capable guy, but he has made many very questionable decisions along the way. Being rich isn't everything. I'm just hoping I can work my way to a comfortable retirement, and at least be able to sleep at night when I look back over my choices in life. I claim to have done no fact checking, but the user seemed at least someone in touch with HK politics, way more so than myself :)
- kstenson 13y agoThis is true, I live in Hong Kong. It's easy to find yourself in an apartment, internet/phone, electricity provided by LKS. Then you go downstairs to the shopping centre that's part of your apartment and the food store, the pharmacy and the shopping centre itself are also owned by LKS. Hong Kong, is owned by a bunch of families, it's as far from a free market and is more like a capitalist aristocracy.
- ronaldx 13y ago"Always remember to buy lunch for people who are richer than you" I have spotted a conflict of interest here.
- acconrad 13y agoNot to mention his ultimate paradox of spending money on others when you are poor and spend money on yourself when you are rich.
- theboss 13y agoI think it is good advice. He says to do it twice per month, not everyday. It sounds dumb in those words, but the concept is good. This can be as simple as saying ``lets get coffee'' and you buy the other person the coffee. It is a friendly thing to do and people like that. People don't forget when you do small things for them, like this.
- derwiki 13y agohttp://en.wikipedia.org/wiki/Reciprocity_(social_psychology) http://en.wikipedia.org/wiki/Reciprocity_(social_psychology)
- jmngomes 13y agoIn that same paragraph, I find it amusing calling those people "friends" when you are actually creating a connection with them simply because you want to extract value from it...
- goatforce5 13y agoHis pro-tip seems to be to get a 150% pay rise after 12 months.
- shiftpgdn 13y agoGetting a raise from $320/month to $480/month USD isn't that insane. The rules aren't hard and fast either. They're just goals to set for yourself.
- yen223 13y agoTo be fair, going from monthly income of RMB2000 to RMB3000 in a year is not a particularly difficult task. Most corporate types will get that just by showing up.
- goatforce5 13y ago> By the second year, your income should be increased to at least RMB 5,000. Minimum it should be RMB 3,000, otherwise you would not be able to keep up with inflation. He's saying to expect to go from RMB 2,000 to _at least_ RMB 5,000.
- andypants 13y agoAnd then to get a part-time job.
- aashishkoirala 13y agoIs this guy for real?
- ihaveajob 13y agoNope, it seems to be a hoax.
- tarekmoz 13y ago[..] Well, after struggling for a year and if your second year salary is still RMB 2,000, then that means you have not grown as a person. You should be really ashamed of yourself. Do yourself a favour and go to the supermarket and buy the hardest tofu. Take it and smash it on your head because you deserve that.[..] Hahaha smash your head with tofu if you don't get a raise. :))
- samstave 13y agoThe idea make me curdle!
- naterator 13y agoSuppose your monthly income is only RMB 2,000, 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 $500. Da fuq? Are we talking about renminbi or dollars here? Either way... terrible article.
- seszett 13y agothe "$" sign is often used as a general currency sign. Since 600+400+300+200+500 == 2000, the article is obviously talking about renminbi. And it doesn't matter a lot. The writer probably didn't have a 元 or a ¥ on his keyboard and didn't know about ¤.
- russell_h 13y agoI actually like his categories: 1. Living expenses - 30% 2. Networking - 20% 3. Education - 15% 4. Travel - 10% 5. Savings - 25% But his living expenses category seems to exclude housing costs - is there some cultural peculiarity that accounts for that?
- apalmer 13y agoProbably the fact its somewhat expected for asian youths to live at home with their parents until they are well established
- goutmaximum 13y agoWhich, in Hong Kong, is likely to happen when you are 35 and have kids already. All living in about 400~600sqft.
- tsiki 13y ago>Famous theory from Harvard: The difference of a person’s fate is decided from what a person spends in his free time between 20:00 to 22:00. Anyone know the source for this theory? I'd like to know more about it but googling turned up nothing but links to this article.
- andypants 13y ago"Living expenses" is not just food. What about rent, utilities, taxes, health, debts?
- tomkarlo 13y agoAs others have pointed out, the (regional) expectation may be that the subject is living at home with their parents (rent / utilities), that there's state-provided healthcare and education (debt). At this income level you might not be paying much income tax, either. ~30% of my post-tax take-home goes to rent, which is pretty typical in the US. If I didn't have to pay that, I'm sure I could save a bunch more!
- kstenson 13y agoIn Hong Kong, most people don't leave home till they marry.
- tszming 13y agoI am from Hong Kong, the article appears to be a spam/fake article: http://finance.sina.com.hk/news/-3-5652018/1.html http://finance.sina.com.hk/news/-3-5652018/1.html (Chinese)
- benwikler 13y agoGoogle Translate: "Li Ka-shing, said through a spokesman, He never made similar remarks."
- cflee 13y agoGoogle Translate might not be very clear, but the article actually says that Li Ka-Shing denied authorship of this article on 20 February 2013. (Yes, 2013!) This current resurgence is probably linked to an English translation being posted on e27 in the past 24 hours, before being subsequently picked up by TRS: http://mirror.e27.co/li-ka-shing-teaches-buy-car-house-5-years/ http://mirror.e27.co/li-ka-shing-teaches-buy-car-house-5-yea... Just a note that The Real Singapore is not representative of Singapore's media scene.. while it is not quite an equivalent of The Onion, it is also not the first news source for most locals. I am quite embarrassed to see it linked to on HN.
- kayyyl 13y agoEng: http://www.scmp.com/news/hong-kong/article/1154751/li-ka-shing-denies-offering-get-rich-quick-tips-online http://www.scmp.com/news/hong-kong/article/1154751/li-ka-shi...
- theboss 13y agoI don't see why a lot of people disagree with his advice. Perhaps it is the words he uses. These are his basic divisions of cash. 1. Live cheaply. Don't waste money where you don't need to. 2. Expand your network by being nice and friendly to people. 3. Learn and invest in your future. 4. Take time off, travel the world and expand your horizons. 5. Save money. This is ideally used to start your dream. In reality, this can be used in times of trouble. What's so bad about that? I think this is good advice for anyone trying to ``make it''.
- noodle 13y agoI think the problem people seem to have is that it is standard, stereotypical advice. The entire premise is built upon the fact that you have a job that pays enough money to allow you to do the things he's suggesting -- people with untapped upward mobility. If you're in a situation where you're working multiple jobs (or can't find any jobs) just to be able to "eat poorly", you won't have the time or money to network, invest in your future, travel, or save up.
- mcguire 13y agoWant to lose weight? Don't eat so much.
- deleted 13y ago[deleted]
- sdegutis 13y ago> Well, after struggling for a year and if your second year salary is still RMB 2,000, then that means you have not grown as a person. You should be really ashamed of yourself. Lost all credibility right here.
- Aqueous 13y ago"Well, after struggling for a year and if your second year salary is still RMB 2,000, then that means you have not grown as a person. You should be really ashamed of yourself. Do yourself a favour and go to the supermarket and buy the hardest tofu. Take it and smash it on your head because you deserve that." The supermarket is fresh out of hard tofu...
- sdegutis 13y agoHis "network" advice is really just "how to use people", and it's reprehensible.
- oskarth 13y agoWell, after struggling for a year and if your second year salary is still RMB 2,000, then that means you have not grown as a person. You should be really ashamed of yourself. Do yourself a favour and go to the supermarket and buy the hardest tofu. Take it and smash it on your head because you deserve that. This is hilarious. I wish people in western media would say things like this more often.
- jfasi 13y agoI find it fascinating that that the consensus among the responses in this thread seems to be somewhere between Li Ka-Shing being a hypocrite, that buying food for people richer than you is crazy, that his advice is useless, etc. Sure, there are cultural incongruities. Americans don't understand buying lunch for your superiors, and the advice to beat yourself up if you fail to see progress is directly opposed to the "do your best" attitude that lives on this side of the Pacific, but the lessons are the same. In the end, the moral is simple: wheeling and dealing. Being crafty. Placing yourself in a situation where opportunities find you, not vice versa. Focusing your personal development on becoming competent enough to act on your opportunities. What bugs me is that this sort of hustling is necessary to thrive in any business, not just software. I suspect HN's criticism of this advice might be a sign of wantrepreneurship rather entrepreneurship.
- angersock 13y agoYou completely misunderstand the "Curse of the Gifted". The point of that article was that hustle will only take you so far, and after that point real engineering projects require design and process, least of all because you need to interact with other people. Write software on a team, work on a large project, and you'll understand this better. The things espoused by this guy are more a function of good luck and parasitism than hustle--do not mistake one for the other.
- jfasi 13y agoYou're right, I did slightly misinterpret the post. I've removed it and supported my argument in a different way. Also I don't appreciate the implication that I don't write software on a team for a large project, because I do.
- Shivetya 13y agoWhere I work you cannot gift your superiors and lunches are a gift. You can gift downward.
- coldtea 13y ago
- seferphier 13y ago'The problem with quotes on the Internet is that it is hard to verify their authenticity.' - Abraham Lincoln
- the_watcher 13y agoDid I miss it or did he leave out rent?