5 Mistakes that I made in Stock Market Investment

I first got exposed to the stock market investing back in 2015 through like-minded university friends and investment books. However, without proper guidance and experience with the market, I made tons of mistakes in my early investment journey.

Looking back, while it did not feel good at all to lose money during that time, I am glad that I’ve made those mistakes because it was those experiences that shaped me into a more diligent and careful investor today.

Here are 5 mistakes that I’ve committed, some of which are extremely common among experienced and new investors alike:

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(1) Making investment decisions based on ‘Hot Tips’ and ‘Analyst Recommendations’

One of the regrettable mistakes that I’ve made in my early investing journey was to rely on ‘Hot Tips’ and ‘Analyst Recommendations’ that were shared with me.

I remembered putting a few hundred bucks into a local stock and ended getting out at a lost just because of a ‘Hot Tips’ from my friend which went like this:

“The boss of the company is very confident that they will do great for the next quarter onwards.”

Dumb me, dumb me.

Depending solely on ‘Analyst Recommendations’ is also extremely dangerous. While you may make money on some ideas, you may also lose a substantial amount in it. The bottom line is, you would never really know the reason of you winning or losing as you’ve not done the necessary due diligence yourself – thus lack the understanding towards the particular company or industry.

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Key lesson: Always take ‘Hot Tips’ and ‘Analysts Recommendations’ in with a pinch of salt. Even if those insights are true, they would probably have gotten through multiple parties before it reaches you – the final victim of the market.

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Typical representation of investing on 'Hot Tips'.

(2) Invest based on Gut Feeling & Impulse without Sufficient Research

Investing based on gut feeling and impulse is another mistake that I have done in my early investing journey. (Confession: I still make this mistake every now and then).

One of my vivid memory of buying on impulse was when my friend was participating in a case study competition and got Inari (a local semiconductor company that works with Apple) to research. As such, I’ve always heard about the company from my friend and hence developed a positive interest towards Inari.

With the very limited information that I got from my friend, I started to formulate my own theory:

“After all, if iPhone sales have (had) been doing so good, Inari should be a great buy, right?”

And you can have a smart guess on my investment outcome.  

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Key lesson: Refrain from investing based on feelings and limited knowledge. If you wouldn’t risk your health by buying a packet food without first checking its expiry date, why gamble your hard-earned savings or money purely on your feelings and limited knowledge?

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Another example of me investing on impulse. (TRC is a local listed construction company)

(3) Too Afraid to Cut Losses and Taking Profit too Early

Now, I see this not just in myself, but also among many friends that invest as well.

Some of the biggest frustrations in my early investing journey was NOT so much on deciding WHAT company to buy (I already had ‘Hot Tips’ and ‘Analyst Recommendation’ for that), but rather WHEN to SELL my positions.

With no prior investing experience in the market, I tend to be extremely emotional regardless if price rises or drops.

Reason being, when the price drops, I would be too afraid to cut my losses in hope for a rebound (even worse, some inexperienced investors add-on to their positions while prices are dropping to ‘average’ down their losses).

On the other hand, when price rises, I also have the tendency to sell at little profit in fear of the market reverses later. As a result, some of my profits were cut short when prices move straight up just after I sold my positions.

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Key lesson: Understand your intention when you enter a position. Are you in for the long-term, medium-term or short-term? Then, set your target profit (TP) and stop loss (SL) accordingly. Most importantly, stick religiously to your TP and SL.

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An example of me taking profit too early without any solid reason. (Dialog is a local listed company that deals with oil & gas)

An example of me being indecisive in cutting loss early.

(4) Ego to be Right

Well, well. Look at that newbie that tries to brag about his first few winning streaks and try to predict where would the market move in the future.

Chances are, we were in the position of that newbie before. We felt extremely ‘syiok’ or pumped whenever we were right and our positions hit our targeted profit.

Then, we moved on to brag about how easy it is for us to make money from the market. Even worse, we denied every difference in opinion by others.

Not long after that, market trend changes, bringing our beginners luck to an end as well. Guess what? It hurts so much to be wrong.

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Key Lesson: No one is right 100% of the time. No method or strategy will be victorious 100% of the time. Be humble, if not the market will humble you.

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Be humble, or the market will humble you.

(5) Never keep track of my investment

When I first started to invest, the idea of keeping track of my investments never came to my mind. As a result, I kept making the same mistakes over and over again.

Not only that, without a clear record of my investments, I couldn’t even track my profits or losses back then.

Now that I think about it, keeping an investing journal is, in my opinion, the most important habit that every new investor must pick up in order to make it in this journey.

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Key Lesson: Pick a notebook or journal (or excel), keep track of all your stock investments – the entry and exit price, mistakes and lessons. You may not see the benefits now, but you will soon be glad that you did it in the first place.

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p.s. Get the Template of My Stock Investment Journal for FREE! More details at the end of this article.

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Always make it a point to keep track of your investments.

No Money Lah's Verdict

So there's it! 5 of the biggest mistakes that I've made in my investing journey and the key lessons that I've learned from them.

All in all, investing for me is more of an art than science. In order to be a successful investor, we have to understand not just the numbers and strategies behind it, but also to master the psychology and discipline as well. It is the discipline and emotional control that separates profitable investors from the herd.

What are your some of your biggest mistakes (and the lessons learned) in investing? Share with me in the comment section below! I cannot wait to learn from you :)


#1 BONUS: Get the Template of My Stock Investment Journal for FREE!

Journaling is the most important habit that an investor must build. If you are keen to build this discipline, I want to support you!

Just click HERE to download my personal investing journal template, and I am sure that you will thank yourself for building this journaling habit! 

#2 SPECIAL: Learn how to generate passive income in the stock market!

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What Steve Jobs taught me about Life & Death

If there is one defining individual that has a heavy influence towards some of my biggest life decisions, it would be Steve Jobs.

If there is a trigger point, it was Steve Jobs’ 2005 Stanford Commencement Address and his last words that have helped me made up my mind to pursue the realm of uncertainties as a learn to trade full-time and start No Money Lah.

With that, here are some key pearls of wisdom that I’ve picked up from the legendary Steve Jobs:

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(1) Death is a destination shared by everyone.

If you know that you are going to die tomorrow, what would you spend your last remaining day doing?

As hypothetical this question might be, this may be the hardest question that you’ve ever have to answer in life.

And if you have this question answered without a second doubt, chances are you have found the most important purpose in your life – the answer to your miseries and doubts all this while, may be just right within you.

The moment when we truly acknowledge and embrace the fact that we are going to die, our priorities in life will change drastically:

All of a sudden, the morning jam to work isn’t so frustrating anymore.

All of a sudden, getting a new luxury car may not be so important anymore.

All of a sudden, expressing your feelings towards the important someone (with the chance of getting rejected) may not be as intimidating anymore.

All of a sudden, having to have dinner with your family members every day become a precious moment in your daily life.

Once you embrace death as a part of life, things that you used to think were important aren’t as big anymore. In contrary, things and people that you have taken for granted all these while become the most important thing in life.

If knowing that death is a destination that we all share together, what would you do differently compared to what you are doing right now?

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No one wants to die. Even people who want to go to heaven don't want to die to get there.

And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life.

Steve Jobs


(2) When in doubt, follow your heart and intuition.

The irony of all misery is, deep down, we already have a decision or answer within, yet we still do the exact opposite in reality:

When you do something that you truly have no faith in, you will suffer within.

When you sell a product or services that you do not believe in, you will not find fulfillment within.

When you go for a career or degree that does not connect with you, you will not be happy within.

If you are struggling between your inner voice and what you are doing in real life, always follow your heart and intuition. They somewhat already know what you truly want to become. Everything else is secondary.

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For the past 33 years, I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?"

And whenever the answer has been "No" for too many days in a row, I know I need to change something.

Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose.

You are already naked. There is no reason not to follow your heart.

Steve Jobs


(3) Embrace love.

At the final moments of death, the only thing that we can bring with us are the memories precipitated by love, not all our physical riches and wealth gained throughout our lifetime.

Hence, be generous with love.

Love the people that are important to you. Spend time with them. Talk to them. Listen to what they say. Never take the people that you love for granted.

Even more important, love yourself. Be genuinely happy inside and out. Take care of your health. Fill your heart with purpose and fulfillment. Make self-love your biggest priority in life.

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Nonstop pursuing of wealth will only turn a person into a twisted being, just like me. God gave us the senses to let us feel the love in everyone’s heart, not the illusions brought about by wealth.

The wealth I have won in my life I cannot bring with me. What I can bring is only the memories precipitated by love. That’s the true riches which will follow you, accompany you, giving you strength and light to go on. Love can travel a thousand miles. Life has no limit. Go where you want to go. Reach the height you want to reach. It is all in your heart and in your hands.

Steve Jobs


Side note...

This week’s article is truly a hard piece to produce. Seeing the tragedies happening around the world (Shootings, Plane Crashes, Earthquakes) saddened me, and I can genuinely feel the fragility of life in the moments of death and crises.

If you are reading this, I hope that this article could ease some of the pain and misery that you are going through in life. If you feel any better, even by a little, it would be the happiest thing in my life.

By any chance, do SHARE this article with your friends and family members if you find that they could benefit from it!


Read This if You Feel Miserable in Life

Do you feel miserable in your life most of the time?

As a SPM/STPM leaver, don’t you feel directionless while deciding your next pursuit in life?

As a university student, don’t you feel that you do not belong to the degree that you are pursuing?

As someone in the workforce, don’t you feel that work is, well, just work?

No matter which stages of life you are in, let me ask you this question:

Why do you do what you do?

This sounds like a question so simple that people would have simply shrugged it off with a standard:

“Nah…no specific reason.”

Or… is it so?

If, for most of the time, you have been miserable with life, chances are, if you have yet to ask this question enough – and not being honest enough to face the right answer within.

So let me ask you this question again:

WHY do you DO what you DO?


Are You Doing This for Others, or for Yourself?

For a big part of our early life, many of us have been living it in a pre-arranged manner.

Remember the piano classes on Monday? How about those badminton lessons on Saturday morning? Don’t even mention the drawing classes on my beautiful Sunday mornings (of which, I still got a ‘D’ in my Art (Seni) in my high-school years).

School was even more rigid – “Ah, you scored well in PMR/PT3, off you go to the science stream.”

If any, I hated science subjects more than ever!

Wait, there is more:

“Wow, you did a great job in SPM/STPM, you gonna do well studying law!”

If you haven’t noticed yet, we have been living our early life that is very much planned or as according to our parents’ arrangements and societal norms. Here’s a problem with this way of living:

While it may have helped us established a sense of how to live our life, it may not be the best way to live it – for the rest of our life.

Hence, for most of us, it goes without saying that a lot of our life choices that got us miserable is heavily influenced by the norms (or expectations) set by our parents and the society.

Look, careers like lawyers or doctors may be prestigious in the eyes of society, but are you in your career because of societal status? Or are you pursuing your career because it is your passion to uphold justice and save lives?

Are you doing what you do for the sake of meeting people’s expectation on you, or are you doing it because that is what you truly want to do?


Be Selfish with Your Purpose

Now, this may sound counterintuitive but hear me out:

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You have to be selfish when it comes to the purpose of doing what you do.

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Too many of us, when asked of the reason for pursuing certain life choices, we put too much weight on societal norms and expectations.

“I studied dentistry because my whole family is in the business.”

“I work as a consultant in Big 4 because all my peers are doing the same thing.”

“I got to find a partner and get married by 28, because that’s usually the case for most people.”

If your primary purpose in doing what you do is to fulfill your family and society’s expectations, it is hard not to feel miserable especially when routine gets boring and when times are tough.

Having a purpose that comes within yourself make tough times and repetitive routines more bearable. You know that you are in charge of making things work. You know that you make a particular choice willingly.

You know that you are doing it for yourself.

“I studied Chinese Medicine because I want to help to treat more people.”

“I become a comedian because I enjoy putting smiles on people’s face.”

“I agreed to Joel’s proposal because I wish to build a family with him.”

Whatever you do, do it for yourself. Having a selfish purpose in what we do prevents us from burning out of societal expectations.

The question is: WHAT do you REALLY WANT to do?

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Spend some time to think about WHAT you REALLY WANT. Getting clear of this will help you tremendously in getting out of a miserable life.

Be Selfless with Your Goals

This is weird. You’ve just asked us to be selfish with our purpose, yet now you are asking us to be selfless with our goals?

You see, while your purpose or intention should come from what you want or desire to do, but your actions and goals could be as big as making the world a better place. In other words:

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You can be selfish with your purpose, yet selfless in your goals.

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Of course, a selfless goal does not mean that you have to change the world. It could be to make the community around you - your workplace, your local club/society, your home, a better place to live in. 

It could be as small as sharing your recycling knowledge online to help raise more awareness towards the environment, or even as big as a global movement to encourage race and gender equality all around the world – all because you WANT to do so.

If having a selfish purpose prevents you from unnecessary burnout, then having selfless goals give you a sense of fulfillment in what you do – something that many miserable people do not find in themselves.


The key to getting out of misery

To be honest, it is simple to say whatever I’ve said than actually doing them in real life.

This is because whenever we try to move out and do something out of the norm, we would normally be met with resistance, not just externally but also within ourselves. Changes, well, are never meant to be comfortable.

In this instance, some people turn back to their comfort zone and continue to live their miserable life, while some break out of the zone to find their WHY in life. For you that need help in finding your WHY, I leave you with this formula:

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Remember: Be selfish with your purpose, be selfless with your goals.


Compounding Effect: The Art of Getting Rich

Let’s say you were given an option to choose between taking RM3 million (RM3,000,000) in cash this very instant and a single cent (RM0.01) that doubles in value every day for 31 days, which option would you choose?

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RM3 million vs a single cent that would double in value. Which one would you choose?

The Incredible Story of a Compounding Penny

When I first encountered this question in a book, picking RM3 million seemed like a no-brainer. After all, how would a single cent make any difference in my bank account?

Now, let’s say I eventually chose to take RM3 million in cash, and my friend, Jack, chose the latter:

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Day-5: I would feel sorry for Jack because he only has 16 cents (RM0.16) compared to my gigantic RM3 million.

Day-10: I would be laughing at Jack because he only managed to accumulate RM5.12 in his pocket.

Day-20: With only 11 days left, Jack has only RM5,243 with him compared to my RM3 million. In that instant, it is easy to dismiss and conclude that Jack has made a poor decision in life.

However, it is not until the final days of the 31-days bet that we finally witness the magic of a doubling cent.

Day-29: Jack has managed to accumulate RM2.7 million. Close enough, but still lesser than my RM3 million.

Then, by Day-30, Jack finally surpassed me and accumulated RM5.3 million on hand. Finally, on Day-31, Jack won the month-long bet by making RM10.7 million (vs my RM3 million) merely from a single cent that doubles in value.

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This would have put me into shame and regret with my decision, but more importantly, we see why being consistent over time is so crucial.

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Compounding Effect, given time, is incredibly powerful.

How did Warren Buffett Become So Rich?

It may seem crazy how a single cent that doubles in value can grow into such extend given consistency and time.

This is the Power of Compounding Effect. It is the idea that given time, with the consistency in effort (eg. Investments, Habits), the payoff will eventually compound and return to us in an exponential rate (as seen in the previous chart).

Warren Buffett, one of the richest figure in the world, built his wealth mainly via interest from the companies that he invested in. At age 56, his net worth was $1.4 billion. If this looks like a lot to you, his wealth grew more than 1000% to $17 billion by the age of 66!

If you observe the image below carefully, you will realize that the vast majority Warren Buffett’s fortune is acquired later in life. In fact, it is the power of compounding that triggered such an exploding growth, very much alike with the story of the Compounding Penny above.

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The shape of Buffett's fortune growth. Isn't it similar to the graph above?

Great. So What Does That Mean for You and Me?

(1) Positive behaviors and habits, no matter how small they are, given time, will become a formidable push of success via Compounding Effect:

Hence, start now

You may not see the immediate effect of jogging 2km daily, but you will be surprised by how healthy your life will become if done consistently.

You may not become financially free right after learning new investing knowledge, but you will be surprised by how continuous learning will lead you to your goals if done consistently.

You may not become rich instantly after investing, but you will be surprised by how an RM1,000 investment into the right company can grow by more than 470% in 30 years (at a conservative 6% dividend return a year) if you have the patience to let your wealth grow via Compounding Effect.

Again, start now.

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(2) The idea behind Compounding Effect is simple and powerful. And it can work both ways:

You could either take control and work consistently towards your life and financial goals from now on, OR you could choose to do, well, nothing.

Taking charge of your life with consistent life and money habits may not be the most comfortable option at the beginning (well, isn't that always the case with making changes in life?). But given time, persistence and the right strategies, your path to success is only a matter of time:

A matter of time before momentum takes off and the power of compounding effect starts rewarding you with exponential returns.

On the contrary, sticking with your current life and financial status with no intention to improve may be the best option at the moment. After all, we ain’t have time for this, right?

But if you choose to do so, just do not regret with the fact that mediocrity will always be part of your life. Period.


The Conversation Between 2 of the Richest Men on Earth

Jeff Bezos once had a conversation with Warren Buffett, and I think this conversation would bring a very on-point end to this article. The conversation went on like this:

Simple words, amazing wisdom.

Now that you understand the Art of Getting Rich, here are 4 Financial Goals in life and how to achieve them! 

Learn how I build PASSIVE INCOME in the stock market with MINIMAL RISK!


9 Simple Ways to Build Better Relationship with People (Part 2)

In Part 1 of this article, we've discussed 4 key people skills as outlined in the amazing personal development classic: How to Win Friends & Influence People by Dale Carnegie.

In Part 2, let's explore 5 more important (yet surprisingly simple) people skills mentioned in this book!

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(5) Admit your mistakes

We all understand how hard it is to put down our ego to admit our mistakes upon making them sometimes.

At times, although we realized that we've made a mistake, many of us tend to choose to be arrogant, stubborn and persistent in the same standpoint which may results in an endless argument.

Here's a good commercial example of admitting to mistakes:

A customer found a dead lizard in the Salted Egg Snacks sold by the Singapore-based food company Irvins. Rather than avoiding this incident or trying to cover it up, Irvins conducted their apology and offered refunds.

They chose to face it, learn from it and move on to provide a better experience to all customers. Learning from their integrity and honesty, let's practice the courage to admitting our mistakes and making it a habit.


(6) Make them say "Yes, Yes, Yes!"

As taught in the book, the moment you start to say "No", all your pride and ego demands that you remain consistent with your "No".

It takes a huge effort, facts and action for a person who've said "No" in the very beginning to turn into affirmative.

Hence, the next time when you need something, try to ask using questions like "Wouldn't you", "Don't you think" to get people to reply your questions with a "yes".

You will experience the differences as you have set the tone of the conversation to be a positive one.


(7) Make it a point to give credit to others

As mentioned above, people in general like the feeling of being important.

As such, we tend to take full credit to ourselves for all the achievements accomplished by saying things like "That was my idea" or "We succeeded because I did XXX in the process".

The irony is, no one enjoys the feeling of being sold something or asked to do something, unless it is something they have initiated or created.

Looking from a salesperson's perspective, instead of pushing hard to sell a product, why not let the potential customers use for free and get their feedback or ideas?

Doing so, the customer does not have to be sold and will buy it when he is credited by the salesman because of giving such insightful feedback and ideas to improve.

This principle is so easy to apply in different areas. As a start, you could try it with your team members, sincerely praise your partner in front of everyone etc.!


(8) Talk about our own mistakes first before pointing out others' mistakes

We often condemn, complain and criticize whoever that did something which made us unpleasant or uncomfortable.

However, let's take a step back and reflect on this.

Why do we do this?

Because it makes us feel great as if we have won over the person. Yes, you may have won the argument but not the person's heart.

To gain creditability for your words, you will need to talk about your own mistakes first. For instance, use sentences like "You have made a mistake, but it is not as bad as the one I made when I was at your age".

Bringing up your past mistakes can help change one's behavior, because it shows them the reasoning of your statement and it makes full sense to stop repeating your mistakes


(9) Ask questions instead of giving direct orders

"Do this and do that". "Do not do this and do not do that".

No one likes getting orders in this manner, because they do not have a say in the decision-making process.

However, using a different approach, in this case asking questions can help you to achieve the same objective of conveying instructions.

Imagine that you already have a plan in mind but to give people the sense of appreciation and help spur their creativity, you could ask questions like "what do you think", "what would you suggest", "Can anyone think of XXX".

That is the point when the team starts contributing ideas, which could lead to a better solution that is agreed among all the team members. Everyone wins.


Here you go! 5 more simple ways to build better relationships with people! If you have missed out on Part 1, definitely check it out HERE!

What you have learned from above are only 9 out of the 30 principles taught in How to Win Friends & Influence People by Dale Carnegie.

Meanwhile, if you want to discover all the essence of this book, definitely GRAB A COPY of this book at the link below! If you have read this book, do share your view in the comment section below! I cannot wait to hear from you!

Before we part ways, be a social butterfly and make 2019 your year, would you?

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How to Win Friends & Influence People by Dale Carnegie

About Guest Writer:

Xi Rong’s enthusiasm with books started back in 2016. It is hard to imagine someone who used to hate reading actually could find books as his best companion. If you believe in it, a book is the best teacher and a priceless commodity for every reader. He reads a huge spectrum of books, ranging from financial, management, self-help, business, marketing, communication and more! Check out his Instagram Stories Highlight here for his amazing collection of book reviews!

Also, you can also connect with Xi Rong via LinkedIn.


9 Simple Ways to Build Better Relationship with People (Part 1)

Andrew Carnegie, also known as the Steel King, is one of the richest man in history. Yet, don’t be surprised that he, in fact, had just very little understanding of steel manufacturing.

With that in mind, how did he actually build his legendary business empire? The key answer (which always seemed underrated): PEOPLE SKILL.

He knew how to handle people, and that is what made him rich.

The Carnegie Mellon Foundation & Stanford Research Institute International conducted research with Fortune 500 CEOs in 2015 and discovered that 75% long-term job success depends on people skills, while only 25% on technical knowledge.

Given that you are still reading this post shows how curious and eager you are to discover this skill even further. Well, people skill is not rocket science as you think it is and I’ve found you a quickest and effective way!

I’ve read over 30 books in 2018, but this one stands out among the rest: “How to Win Friends & Influence People”. An ever-classic self-help book written by Dale Carnegie in 1936. Here are the top 9 simple hacks about people-skill in the book that I find interesting:

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(1) Give honest & sincere appreciation

Deep inside, everyone desires the feeling of being important.

The feeling comes in different forms.

As an example, people like Warren Buffett and Bill Gates got their feeling of importance by contributing most of their wealth to philanthropic causes. On the other hand, an employee who worked super hard got the same feeling the moment he got promoted.

The next time someone makes a mistake, whether at work, school or home, you should never kill off their ambition or enthusiasm by criticizing the person.

Instead, try giving them appreciation and praise. They will cherish, treasure and repeat it.

This is how simple words can change one's life.


(2) Smile

To get someone to like you instantly, a smile is probably the easiest thing to do that requires minimal effort.

It is a magical force that will help you in building a positive first impression and shows others how easy-going you are as a person. Of course, it is impossible to fake a genuine, warm smile as it depends on our inner condition.

How do we think and control our thoughts will ultimately determine our level of happiness.

Next time, when you are afraid to network, nervous for a job interview or having a bad day, a smile is always something that you can do to help you overcome these hurdles.

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Something to do before you proceed to the next point...

(3) Remember the names

Have you ever experienced a conversation where you just got to know someone new, and proceed to forget his/her names the next moment after a good conversation?

Just like how people appreciate the feeling of importance, everyone likes their names to be remembered as well. The ability to remember names is as important in business and social contacts.

Starting from today, try saying "Hi John" instead of just "Hi bro". Even if you do not recall the new acquaintance’s name, just ask again (with no awkwardness) and write it down if necessary.

Want to start winning win friends? First, you would have to remember their names.


(4) Be genuinely interested in others

Being genuinely interested in the people around you are essential to develop long-lasting relationships!

Often, unless those who are important to us (eg. future wife, potential business partner), we tend to care about ourselves more than others.

Believe it or not, according to Dale Carnegie, you can make more friends in 2 months by being interested in other people than you can in 2 years by trying to get others to be interested in you.

Ask yourself these 2 questions, "Are you genuinely interested in ones' life story?" and "Do you care or curious about what they are struggling, enjoying or thinking?".


5 More Useful & Simple People Skills in Part 2!

What you have learned from above are only 4 out of the 30 principles taught in How to Win Friends and Influence People by Dale Carnegie. In the next post, you will learn 5 more useful and simple principles outlined in this amazing book.

Meanwhile, if you want to discover all the essence of this book, definitely GRAB A COPY of this book at the link below! If you have read this book, do share your view in the comment section below! I cannot wait to hear from you!

Stay tuned for Part 2! 

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How to Win Friends & Influence People by Dale Carnegie

About Guest Writer:

Xi Rong's enthusiasm with books started back in 2016. It is hard to imagine someone who used to hate reading actually could find books as his best companion. If you believe in it, a book is the best teacher and a priceless commodity for every reader. He reads a huge spectrum of books, ranging from financial, management, self-help, business, marketing, communication and more! Check out his Instagram Stories Highlight here for his amazing collection of book reviews!

Also, you can also connect with Xi Rong via LinkedIn.


Why Being A Little Lost In Your 20s May Not Be A Bad Thing: My Quarter-Life Crisis

And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.

Steve Jobs

3 months. It was the month of June in 2018. It had been 3 months since I left my first full-time job that pays me comfortably above the market rate.

“So…what do I do now?”

At 24, I found myself lost in a pool of uncertainties. Here’s what happened:

Upon leaving my job, I went on to pursue a career in trading while building No Money Lah (this blog) on the side. The idea was to sustain myself by trading the market full-time while pursuing my passion for writing.

There was just one problem:

Nothing was going according to plan.

3 months into trading, I was making a loss on my capital. I underestimated the learning curve involved in a full-time trading career. Adding salt to the wound, the progress in designing No Money Lah was stagnant. As far as I enjoy writing, website designing was (and still is) not my forte.

As a result, not only I was not earning money from trading, I was losing my capital from it. Moreover, I have a semi-baked website that was not ready by any standard.

I was stressed out mentally. In the face of uncertainties, a side of me would blame myself for quitting my previous job with the urge to give up and get another 9-5 job.

However, the gritty side of myself (my friends would call it stubborn) refused to give in.

What followed was months of being drown in self-doubt and self-blame.

And that, was how I got lost into the miserable spiral of a quarter-life crisis.

While later life crises may be distinguished by the realization that we have failed to achieve our goals, quarter-life crises are rooted in the epiphany that we don’t have any goals, or that our goals are wildly unrealistic.

Caroline Beaton, Psychology Today


As much as this article is about me, it is also very much about you.

If you are in your 20s, currently lost in direction and miserable about what’s to come next in your adulting journey, you are not alone.

Just like me, you may feel miserable with your current (or future) career path and goals. In addition, other life aspects such as personal relationships, money, family and societal expectations may also get you confused and overwhelmed.

Some call this experience part of growing up. I think the term ‘quarter-life crisis’ sums it up the best.

Either way, going through quarter-life crisis is, without doubt, a challenging experience. In your 20s, you may find yourself in a career that you do not find fulfilling. You may also be in a relationship that is breaking down. Perhaps, you are also split between pursuing money or passion.

It is during these time that self-defeating thoughts like “I am not good enough”, “I cannot do this”, “I have no experience in this” started to crawl in and overshadow our self-confidence.

Then again, despite all these life disruptions during our 20s, experiencing quarter-life crisis does provide us with a valuable opportunity.

A change in perspective will lead to opportunities that will surprise yourself.

The Upside of a Quarter-Life Crisis

The fact that we are affected emotionally during our quarter-life crisis means that there is something within us that is unwilling to settle with our current situation.

In other words, being lost during our 20s present a great opportunity for us to reevaluate our values and purpose in life. Simply put:

“Is this it? Is this how I am going to live for the rest of my life?”

Knowing this, the crisis serves as a wake-up call for us to strive and change our miserable situation. Some may strive faster, some will struggle along the way.

But the point remains the same: Being in the 20s offers a precious window of opportunity to change for the better without carrying the similar burden of those in the 30s and 40s.


It is All About a Change in Perspective

I like to relate quarter-life crisis as an exploration sailor going through a rough sea storm.

The sailor could give up, turn around and go back to the peaceful land and be content with a mediocre life. Also, the sailor could brace the storm, screw up once in a while and become the founder of a whole new land of opportunity.

One thing for sure: No storm will last forever. Likewise, tough times will also bound to come to an end.


Trust Your Intuition to Guide You

Today, I shared about how I stumbled into my quarter-life crisis in my 20s. Since then, a transitional change in perspective has helped me brace through many storms and realign my focus in my trading and blogging adventure.

However, just like you, I do not have the full answer to every existing adulting challenge. As such, I still face my equal share of self-doubt and anxiety strikes on a daily basis. I guess we just have to pick up and learn along the journey in our 20s.

With that in mind, know that no matter your current situation, you are not alone in this journey.

It is okay to feel a little lost in our 20s. No one has everything figured out from the start. It’s all about the willingness to change our perspective towards problems in life and the courage to change for the better.

Take your time, have faith and patience in your intuition, and most importantly, never settle.


Share your #MyQuarterLifeCrisis story with No Money Lah!

If you are currently going through this phase in life and would like to share your experience and story with more people, I encourage you to write about your story! Then, I will share your story on No Money Lah to empower and support more people that are going through a similar experience like yourself.

Spread the love, send your story today to yixuan@nomoneylah.com! You can also reach out to me via the Contact Form below (Ideas & Feedbacks). 

I cannot wait to hear from you!



4 Books on Money That Will Transform Your Financial Lifestyle in 2019

Reading is to the mind what exercise is to the body.

Wanna get rich in 2019?

To many, the idea of getting rich or wealthy is to learn how to earn money in the quickest manner. Well, that is only half the truth on getting rich (in fact, just a quarter of the truth).

In order to achieve truly sustainable and long-lasting wealth, it is essential for us to first master the correct mindset about money and being rich.

To do so, the most effective way is none other than to explore the wisdom on money that can open our world to a new perspective about money and wealth.

Coming into a brand-new year, here are my 4 book recommendations on money that will transform your financial lifestyle in 2019:

(1) Think & Grow Rich by Napoleon Hill

When it comes to the ultimate book of money-making, Think & Grow Rich is the book that you have to read.

In Think & Grow Rich, author Napoleon Hill shares the money-making secrets that have made fortunes for more than 500 men, such as Thomas Edison and Henry Ford.

This secret, as stated by Hill, was inspired by Andrew Carnegie, one of the richest people in history that led the expansion of American steel industry in the late 19th century.

Not surprisingly, while being one of the most successful self-help book about money in the history, there are very few use of words such as ‘money’, ‘finance’ and ‘stocks’ in the book.

Instead, Hill shares about psychological barriers that prevent people from getting wealthy.

In this book, Hill also breaks down 13 money-making secrets to the readers, such as:

  1. Desire: The starting point of all achievement.
  2. Faith: Visualization of and belief in the attainment of desire.
  3. Autosuggestion: The use of affirmations to influence the mind to succeed.
  4. Imagination: Visualizing yourself into success.
  5. Persistence: Keep going until you achieve what you want.
  6. The Subconscious Mind: How to influence your mind with positive thoughts.
  7. And more!

For me, Think & Grow Rich is a classic that covers all aspect of life that ultimately set you to achieve the wealth that you deserve.

Definitely make this book your to-read book in 2019!


There is a difference between wishing for a thing and being ready to receive it. No one is ready for a thing, until he believes he can acquire it. The state of mind must be belief, not mere hope or wish.

Napoleon Hill, Think & Grow Rich

'Think & Grow Rich' by Napoleon Hill

(2) Rich Dad, Poor Dad by Robert T. Kiyosaki

If you are not familiar already with Rich Dad, Poor Dad, it is a solid book that offers money concepts that will change how you look at money forever.

Essentially, the book goes around the difference between the ‘poor dad’ (the real father of the author), and the ‘rich dad’ (the author’s mentor) on handling wealth and money despite the ‘poor dad’ having a solid education background while the ‘rich dad’ has otherwise.

In this book, Robert Kiyosaki discusses key issues such as:

  1. The importance of financial education, and why most families are doing it wrong.
  2. Why the rich are getting richer, while the poor are getting poorer?
  3. The concept of assets and liabilities in financial planning.

In short, Rich Dad, Poor Dad is the textbook on the concept of money that everyone should read, and re-read.

Special mention: Aside from Rich Dad, Poor Dad, I also recommend reading Rich Dad’s Cashflow Quadrant by Robert Kiyosaki (click here to get 23% OFF YOUR PURCHASE!) where he introduces the famous 4-Quadrants concept that changes how people look at money and career!


Most people never study the subject [of money]. They go to work, get their paycheck, balance their checkbooks, and that’s it. On top of that, they wonder why they have money problems. Few realize that it’s their lack of financial education that is the problem.

Robert T. Kiyosaki, Rich Dad, Poor Dad

'Rich Dad, Poor Dad' by Robert T. Kiyosaki

(3) The 4-Hour Workweek by Timothy Ferriss

If you ever thought of the idea of starting a business (be it you are working a full-time job or not) and how to get your work done by working fewer hours, The 4-Hour Workweek is definitely for you.

In this book, author Tim Ferriss offers a constructive guide on how he started his health supplement business to how he automates the business so he can go on to live a mini-retirement lifestyle.

Some of the key highlights of The 4-Hour Workweek include:

  1. The definition of ‘New Rich’: Those who have the time and mobility to enjoy life to the fullest.
  2. The secrets to live the life of ‘New Rich’.
  3. How to eliminate unnecessary work processes, automate effort and achieve liberation from our work.

For me, reading The 4-Hour Workweek was a mind-blowing experience, as I discovered fresh and new possibility towards a dream lifestyle without compromise on time and money.

Definitely a must-read!


If you are insecure, guess what? The rest of the world is, too. Do not overestimate the competition and underestimate yourself. You are better than you think.

Timothy Ferriss, The 4-Hour Workweek

'The 4-Hour Work Week' Timothy Ferriss

(4) Secrets of Self-Made Millionaires by Adam Khoo

If you ever need a practical handbook about personal money management, Secrets of Self-Made Millionaires is no doubt the best book that you can learn from.

In this book, author Adam Khoo shares practical tips and hacks to improve your overall wealth and finances.

Some of the important lessons shared in this book are:

  1. Habits and steps to achieve financial abundance.
  2. Ways to manage your cash flow and expenses.
  3. How to create multiple streams of income online.
  4. How to build million-dollar net worth.

Personally, I've learned a lot from Adam’s books. As such, reading Secrets of Self-Made Millionaires has empowered me to take on my finances and wealth with confidence.


You see…none of us are ever taught how to make money, how to invest money or how to manage our wealth and yet money is the most important subject in our adult lives. Although many say that ‘money isn’t everything' that’s only a half-truth. The truth is that ‘everything is money’!

Adam Khoo, Secrets of Self-Made Millionaires

'Secrets of Self-Made Millionaires' by Adam Khoo

No Money Lah's Verdict:

So here's it! 4 books that you absolutely have to check out to transform your financial lifestyle in 2019!

Personally, reading the books above have totally changed my perspective towards money, and I have no problem at all to recommend all these books to you.

Plus, when you purchase these books through No Money Lah's link, you will also help support the daily operations of No Money Lah! If you do so, be sure to let me know and I would love to show my appreciation to you!

Do you have any good books recommendation for personal finance? Share with me at the comment below!

I cannot wait to hear from you!


I Spent Most of My 2018 Alone. Here’re Why It Was Not Necessarily a Bad Thing.

To many, being alone seems to be a negative thing. In fact, there is something about being alone that people just seem to be uneasy to be in this state.

Maybe this 5-minute read can change your mind.


2018 has been a very special year for me. I've finally graduated from university, got a high-paying first job and I quit the job after 3 months.

Then, I spent most of my 2018 discovering myself and build a career around things that I am interested in or keen to explore. Most of the time during this period, I spent it with myself.

And guess what? 2018 is by far the most fulfilling period in my life, and here’re why:

(1) I’ve learned to truly love myself

All our life, we’ve been taught to give love and care to others. Naively, many of us have built our happiness on the belief that the more love and care we give, the more we will receive in return.

Hence, we felt pain, sad, anger and all other negative emotions when the love and care that we give to the others do not return with the similar ‘amount’ of love.

In short, many of us have, in one way or another, built our happiness around the people around us. We only felt loved when people love us back.

All our life, we’ve been taught how to show love and care to the others, yet we spent so little time to love the person within – ourselves.

Being alone, I’ve learned to love myself.

I’ve started to be comfortable on my own. I’ve brought myself out for dates and movies that I really want to experience. Finally, I have the time to read the books that I’ve always wanted to read.

For a long time in years, I’ve come to appreciate my own company, and be genuinely contented and happy while being in this state.


Genuine happiness should not come from any external factors – not even from the people closest to us. Rather, true, genuine happiness should come from within – ourselves.


(2) I’ve learned to be in peace with myself

All these time, I’ve been living a life trying to fulfill the norm of the society: Study hard, get good results, enter a good university, graduate with first-class honor and get a stable and possibly high-paying job.

In the instances where I was not able to fulfill some of these norms, I felt terribly bad about myself. I felt that I was not good enough.

Surprisingly, quitting my high-paying first job was a liberation for me.

Since then, I have all the time alone to meditate, write, read and take life on my own pace.

I’ve started to really accept myself for who I am with all my existing traits and flaws.

Being alone, I’ve come to be in peace with myself.


Always take some time off to reconnect with your inner-self. In life, we tend to stray away from our heart and intuition due to work and other external matters. Hence, some alone time will really help us recalibrate and heal.


(3) I’ve learned to trust and depend on my intuition

Being able to be in peace with myself is by far one of the best thing that have ever happened to me.

As such, it has given me the opportunity to consciously reach out to the deepest corner within myself and learn to trust the voice within – my intuition.

Many of the times in life, the answers and direction that we seek are already within ourselves. However, too many external voices are out there trying to tell us what is the right thing to do.

Being alone most of the time in 2018 has gave me a great opportunity to filter the external voices and follow my intuition.

By following my intuition, I’ve ventured into various interesting adventures that I’ve never thought of doing before.

Within this period, I’ve learned to trade the financial market, became a certified table tennis coach, joined Toastmasters to conquer my fear of public speaking and most importantly, started No Money Lah to inspire people around to live a more meaningful adulthood life.

Guess what? Thanks to my intuition, 2018 has the most fulfilling year in my life thus far.


Giving yourself occasional personal space helps tremendously in sharpening your intuition. Somehow deep within, you already have the answer to most of your questions. You just have to listen close (and deep) enough.


No Money Lah’s Verdict

At the beginning of this article, I’ve described my 2018 as ‘special’. Now that I give it a thought, 2018 has really been a year of conscious personal discovery for me.

It has always been a societal norm to regard being alone to be something negative, that if someone were to be alone, he/she is certainly having some issues (or a weirdo).

Ironically, a lot of the time, having the chance to be alone – to think, to read, to write, to meditate is just what people need to overcome miserable thoughts and rediscover themselves in life.

Have you been lost in a miserable path in life? Have you
been overwhelmed by the waves of voices that tell you what ‘you should do’?

Perhaps it’s time to be alone and reconnect with the person within, don’t you agree?


6 Morning Rituals That Have Transformed My Life in 2018. (Plus: The Best Christmas & New Year Gift??)

I used to have terrible self discipline.

This has cost me my productivity, focus and happiness when I first started No Money Lah and work on my own as a full-time financial trader earlier this year.

Luckily, it didn't take long for me to realize that I would need to develop a set of discipline, or rituals to hold myself in check

Coincidentally, I came across the book 'The Miracle Morning' by author Hal Elrod, and it changed my life forever:

The tone of our morning has a powerful impact on the tone of the rest of our day.
Hal Elrod, the author of ‘The Miracle Morning –The 6 Habits That Will Transform Your Life Before 8am’

'The Miracle Morning' by Hal Elrod

In his book that has helped thousands of people around the world find fulfillment and purpose in life, Hal has proposed 6 rituals that will help you set the tone to your morning – and your day and subsequently, your life. He calls it the Life S.A.V.E.R.S:

(1) S is for Silence (5 – 10 minutes)

Silence, or purposeful silence in the morning, is what Hal described as ‘one of the best ways’ to reduce stress, build mindfulness and maintain clarity on our goals.

Typically, a working adult’s morning would be either sluggish or hectic. Starting the day with these moods would affect the rest of one’s day to be either unproductive or more impulsive.

As such, waking up 5 - 10 minutes earlier every morning and practice purposeful silence such as meditation would help to set a peaceful tone to our morning and day.

For me, meditation is a no-compromise daily ritual, where I will meditate for 5 - 10 minutes in the morning and before sleep improve my focus and sleep quality.

More: 5 Simple Steps to Meditate for a Focused Mind & Better Sleep. (click on the picture above)

(2) A is for Affirmations (2 – 3 minutes)

“I am the greatest!” Muhammad Ali affirmed these words over and over again – and then he became them.

According to Hal, every individual has an internal dialogue that runs through our head, almost non-stop. The thing is, we do not choose these dialogues consciously as most of it happens unconsciously in our mind.

Our self-talks are either working for or against us, depending on how we use them. Hence, it is important to consciously design and choose our affirmations.

As such, Hal suggested 5 steps to help us design them:

  • Step 1 – What do you really want?
  • Step 2 – Why you want it?
  • Step 3 – Who you are committed to being to create it
  • Step 4 – What you are committed to doing to attain it
  • Step 5 – Add inspirational quotes and philosophies

For me, I find self-affirmation extremely powerful. Being a full-time trader requires patience and confidence to overcome the steep learning curve.

By reaffirming myself every morning, it has helped me brace through the toughest days in this journey.

My trading affirmation goes like this:

I will become a successful trader, and I am committed to do so by being patient and discipline with all my trades. I am also committed to make quality decisions while executing all my trades.

Lastly, to feel the lasting impact of affirmations – you must be consistent! This means that you got to practice it daily  – no shortcuts!

Affirmations are the key to becoming the person we need to be to achieve everything that we want in life.

(3) V is for Visualization (2 – 3 minutes)

Visualization is a form of mental rehearsal that practitioners use to construct a mental picture of specific outcome from their actions in life.

As we visualize daily, we align our thoughts and feelings with our vision. This practice has been especially useful in helping me overcome self-limiting beliefs and habits.

Every morning, I combine the practice of visualization with my affirmation session. As such, I will visualize myself being the successful trader that have the time and flexibility to travel to places and experience new culture during my affirmation.

(4) E is for Exercise (5 – 15 minutes)

In his book, Hal, a yoga practitioner, suggested exercise as a staple in our daily rituals.

Of all the benefits, exercising in the morning can help maintain our emotional well-being and concentrate better during the day.

For me, the least I would do is to go for a walk around my area in the morning. 

Surprisingly, many amazing creative content ideas that I have come to me during my morning walk!

(5) R is for Reading (5 – 15 minutes)

Reading is the fastest way to acquire the knowledge and methods needed for you to achieve what you want in life.

According to Hal, the idea is to learn from those who have already done what you want to do.

Even by just reading 10 pages a day, we would be 3650 pages better off than those who do not read in a year time!

Just like how humans need food to fill up our tummy, the mind also needs to be fed by knowledge and ideas to improve. So, start reading!

(6) S is for Scribing (5 minutes)

Scribing is essentially the habit of keeping a journal in our daily life.

By building the habit of scribing, it will enable you to document your thoughts, ideas, breakthroughs and learnings.

For myself, I keep a journal to record my daily To-Do’s, the things that I am grateful for during the day.

Keeping a journal in life has kept my life in check and organized.

No Money Lah's Verdict

As far as I am concern, the S.A.V.E.R.S. morning rituals are the most effective way to live a fulfilling life.

With just 20 – 30 minutes of my time in the morning, I’ve been able to keep myself in check and focus on the important things in life in 2018.

I’ve find this book extremely helpful that I’ve lend this book to many close friends of mine. In fact, I frequently revisit the book to internalize the knowledge within.

For those who seek breakthrough in life in 2019, definitely check out ‘The Miracle Morning’ by Hal Elrod!


The Best Christmas & New Year Gift: Purchase 'The Morning Miracle' by Hal Elrod at 31% Off Via Book Depository Through No Money Lah!

Personally, I believe that 'The Miracle Morning' would make an amazing Christmas and New Year gift to your loved ones and even yourself!

Hence, specially for No Money Lah's readers:

Get 'The Miracle Morning' at just RM36.82 (Ori. Price @ RM54.11) with free delivery when you purchase through my link today! Your purchase will help support No Money Lah in producing quality content like this.