Wealth Inspiration: The Henry Sy Story

Two days ago, Forbes Magazine released the list of 50 Richest Filipinos of 2013. I wouldn't be surprised if Mr. Henry Sy Sr. who owns the country's biggest shopping mall network (SM), the most valuable real estate firm (SM Prime Holdings), and the biggest bank by assets (BDO Unibank) still holds the top spot for 6 years in a row. 

source: www.rappler.com

Just like any other successful people, I believe Mr. Henry Sy has his own story to tell. And this is what I will share with you, the life story of the richest man in the Philippines. A very inspiring from rags to riches story. 

Teresita Sy-Coson, his daughter, narrates the story of his success. Here's her exact words:

Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr. It is a rags to riches story that even myself did not realize until I went to trace his roots in China.

His journey from the thatched hut I saw there to the shopping centers he has today is something that amazes even myself.

His determination, his discipline and his thriftiness have produced an astute and street smart businessman who has influenced a lot of people. Including us, his children.

My father’s perseverance during the different crises our country has gone through has made our active business pursuits possible for a half century. True, he was disappointed with the economy many times, but he never saw the reason to quit and instead pursued his goals relentlessly.

He had many obstacles – both external and internal – in his business, and there were times he could not understand why things had to be so complicated for him to pursue his business objectives.

It has been written – and I can attest that it is true – that Henry Sy started from the bottom.

He came to the Philippines at the young age of 12, and worked in his father’s small sari-sari store more than 12 hours everyday to help him. It was located on Echague St., which is now Carlos Palanca Sr. St. in Quiapo, Manila. There, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets.

He was able to make multiple sales in order to make extra income, spending so much time in the store that he had no time to go out and play with friends in the neighborhood. It did not take a long time for him to realize, however, that he can only do so much in a sari-sari store environment.

WWII came and the sari-sari store was looted and burned. He did a lot of buying and selling of odd things during the war to enable the family to survive.

Wisdom from Warren Buffet

Sharing with you some nuggets of wisdom from one of the world's richest man, Warren Buffet.

The 2nd Richest Man in the World's Advice to Young People

Just this morning, I read a link that was shared by my sister about the 2nd Richest Man in the World--Warren Buffet and got inspired on how simple he is. Actually, I really admire him on how he thinks, how he creates his own life and his conviction on things he believes in. And now, I'd like to share with you the exact words for you to know him more.

There was a one hour interview on CNBC with Warren Buffet, the world's second richest man who has donated $31 billion to charity. 

Following are some very interesting aspects of his life: 

1. He bought his first share at age 11 and he now regrets that he started too late! 

Things were very cheap that time. Encourage your children to invest.

2. He bought a small farm at age 14 with savings from delivering newspapers. 

One could have bought many things with little savings. 
Encourage your children to start some kind of business.

3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought 
after he got married 50 years ago. He says that he has everything he needs in that house. 
His house does not have a wall or a fence.

Don't buy more than what you "really need" and encourage your 
children to do and think the same.

4. He drives his own car everywhere and does not have a driver or security people 
around him.

You are what you are.

5. He never travels by private jet, although he owns the world's largest private jet 
company.

Always think how you can accomplish things economically.

6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each 

year to the CEOs of these companies, giving them goals for the year. He never holds 
meetings or calls them on a regular basis.

Assign the right people to the right jobs.

7. He has given his CEO's only two rules. 

           Rule Number 1: Do not lose any of your shareholder's money

           Rule Number 2: Do not forget rule number 1

Set goals and make sure people focus on them.

8. He does not socialize with the high society crowd. His past time after he gets home is 
to make himself some popcorn and watch television.

Don't try to show off, just be yourself and do what you enjoy doing.

9. Warren Buffet does not carry a cellphone nor has a computer on his desk.

10. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill 
Gates did not think he had anything in common with Warren Buffet. So he had 
scheduled his meeting only for half hour. But when Gates met him, the meeting lasted 
for 10 hours and Bill Gates became a devotee of Warren Buffet.

His advice to young people

"Stay away from credit cards (bank loans) and invest in yourself and Remember:

A. Money doesn't create man but it is the man who created money.

B. Live your life as simple as you are.

C. Don't do what others say, just listen to them, but do what you feel good.

D. Don't go on brand name; just wear those thing in which you feel comfortable.

E. Don't waste your money on unnecessary things; just spend on them who really in
need rather.

F. After all it's your life then why give chance to others to rule your life."

"The HAPPIEST people do not necessarily have the 'BEST' things. 

They simply APPRECIATE the things they have."

Let us choose a simpler and smarter way to live.

Source: http://9gag.com/gag/1899211?ref=fb-share

How A College Dropout Became A Mega-Millionaire

I couldn't help but share after knowing how Citiseconline's Chairman, Mr. Edward Lee created his wealth and become one of the billionaires in the country today. I hope Bro. Bo wouldn't mind if I share the article with you. Stay inspired and may we all achieve financial independence!

How A College Dropout Became A Mega-Millionaire

“I don’t come from a rich family,” Edward said.

Mr. Edward Lee, Chairman
               of Citiseconline

I blinked hard. “For a moment there, I thought you were related to the Taipans. Sorry to say this, but you look rich.” 

“Not at all,” he said, “My parents are very simple people. My mother was a school teacher and my father was an ordinary door-to-door salesman. That’s why I believe that anyone can succeed in life.”

That day, I was having lunch with the Chairman of the Board of a few mega-companies. (I never knew that this was going to be the first of many, many lunches with Mr. Edward Lee. He has now become one of my best business and life mentors.)

“I was a bad student too,” Edward said.

“No Harvard under your belt?” I asked.

 “Bo, I was a failing student all my life! People called me dumb. In fact, I never finished college.”

No college degree?

At that moment, a nice waiter came to our table. 

Suddenly, it occurred to me that the young chap serving my dish probably had a college degree! (We were eating in a really expensive restaurant.)

And here I was, seated in front of a man who had no college degree, yet was now a billionaire.

Why? What happened?

I couldn’t wait to find out…

 One of the Secret Ingredients of Success

“Do you know how bad a student I was, Bo?”

“Really bad?” I asked.

“In Grade School, I was an overweight kid who always slept at the back of the class,” he said. “Because my mother was a teacher in that same school, she would silently enter the room and wake me up. Being stout, I’d sweat a lot. She’d pull me out of the classroom, wipe my back, and change my shirt. She’d then tell me to return to class. And yes, I’d go back, sit on my chair, and sleep again.”

We both laughed. “You loved sleeping.”

“I was so lazy. And I just didn’t like school. That’s why I failed most of my subjects. All the way to High School. The only reason why I never repeated a year was because of my mother. As I told you, she was a teacher in the school.”

“Must have been very difficult for your parents.”

“I gave them hell. I caused them so much heartache. They’d cry and cry and cry in front of me, saying, ‘Edward, we know you’re not dumb!’”

“They never condemned you,” I said.

“Never. Not once did they say, ‘You’re stupid,’ or ‘You’re hopeless.’ Instead, all I saw were their tears and their unconditional love for me.”

“Wow.”

Edward continued. “So if you ask me today, ‘What was the most important ingredient for your success?’ I would have to answer, “I am who I am today because of the unconditional love of my parents.”

“Beautiful. And did you at least try to go to college?”

“Yes. My parents insisted. But I failed there too. I cut classes and played bowling instead. By age 20, I dropped out.”

          “And then what happened?”

          “That was when I started investing in the stock market.”

          “Huh?”

God Moves His Hand

          “One day, while playing bowling, I met another bowler. I was shocked to learn that he was one of my college professors! As the days went by, we became fast friends. And he was the one who taught me how to invest in the stock market.”

          “So that’s what happened. You were 18?”

          “Yes. On that day, I believe that God intervened in my life.”

          “Wow.”

          “By the way, after 36 years, that professor is still my friend today. He now sits in the Board of Directors in one of my companies.”

          “Fantastic. And you never left the Stock Market ever since?”

          “Been there for 36 years. That’s how I created my wealth, Bo.”

          “Edward, here’s my big question for you. Can anyone create his wealth in the Stock Market?”

          “If you can save P5000 a month, yes you can.”

          “P5000 a month?”

          “That’s right.”

          I frowned, “But Edward, isn’t the Stock Market dangerous?” (At that point, I have not yet gotten into the Stock Market.) “So many people say that they lost a lot of money in the Stock Market. I know some who curse the day they got into it.”

Are You An Investor or Trader?

            Edward chuckled. “Bo, there are two kinds of people who get into the Stock Market. There’s what you call Investors and there’s what you callTraders. Investors hold their stock positions longer with the view the company’s growth will eventually carry the price. Traders take a short-term view trying to make the most out of market swings. Trading therefore is much more difficult and more prone to risk…”

“We shouldn’t trade then?” I asked.

“Don’t get me wrong,” he said. “If you know how to trade, you’ll earn much more. And yes, I can teach you to be a good Trader. But it requires time and experience to be a good one. But because you don’t have time…”

“Hmm, you know my schedule!” I laughed.

“Because you’re always busy preaching and doing your ministry, I’d rather that you be an Investor. It’s a no-brainer. I believe anyone can be an Investor in the Stock Market. And you’ll earn millions over time.”

          “So when you’re an Investor, you don’t sell?”

“You do sell, but only after ten or twenty years.”

Click here to read the complete article.