7 Lessons from self-made billionaire Peter Lim
If you think high paying and top-level positions are acquired to those who are “privileged”, then you are completely wrong. Peter Lim “Remisier’s King” is a self-made billionaire who went from rags to riches.
Therefore I provide you 7 Lessons taken from the life of self-made billionaire Peter Lim to prove that you can do it too.
There are no excuses
Peter Lim grew up in one of Singapore’s oldest public housing states, sharing a 2-bedroom government apartment with 11 people.
He never made an excuse to work hard despite his economic conditions, neither should you find excuses everyday because you didn’t catch a sleep, nor because you don’t have the money to start doing something valuable.
Never Give Up
Peter Lim found it hard to get into a respectable University because of his economic background, being the son of a fishmonger he kept trying until he found success. Lim then finished his education at the University of Western Australia where he received his degree in Accounting and Finance.
Find your means
To be able to fund his studies Peter Lim had to take a number of part time jobs, which included being a waiter, cook, and a taxi driver.
If the bigger picture is worth sacrificing your leisure time, then is worth doing. Find whatever it takes to accomplish your goals in life, even if it involves working three part-time jobs.
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There is always something valuable to learn
It wasn’t until Peter Lim worked as a cook in a fast food chain called “Red Rooster” that he learned how business really worked. Lim observed how the business operated and expanded, he then utilize this knowledge to create huge gains in his business career.
Be sure to observe your surroundings even if you work at McDonalds there is always a valuable lesson to learn to implement in your business life.
Don’t be afraid to quit
After Lim graduated he started working as an accountant, which only lasted three months. He then moved into tax consultancy before he realized none of that was really satisfying his inner ambition, it was also something he always wanted to be since he was 18. Leaving everything behind Lim became a stockbroker in which he immediately obtained a name for himself “King of the Remisiers”. Remisiers is a term used in Singapore given to stockbrokers who only get paid in commissions.
What we can learn from Lim is to always follow your dreams, because you will never be happy if you stay in the place where you find comfortable. Don’t be afraid to quit and to challenge yourself if you think your current job is not for you.
Stick to your gut, and be patient
Lim invests in the long-term after doing incredible amounts of research, he then sticks to his data and doesn’t let the daily market fluctuations to influence his decisions in a short-term basis. Lim is known for turning $10 million dollars of stock in the earlies 90’s in a company called Wilmar International into $700 million. “When you are holding stocks, if it goes up, don’t be too happy; when it goes down, don’t be too sad. Otherwise, how? Your life will also be fluctuating and you’ll die of a heart attack. If you really lose sleep over it, maybe the best way is to keep the money in the bank.”
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Reward your team
After making his first big profits in the stock market as a trader Peter Lim decided to reward his team buying a BMW and 3 Lexus for the top performers in his team, demonstrated the gratitude towards them for helping him succeed.
Remember to always reward those who helped you get to the place you are right now. There is nothing more special than saying thank you to those who earned it. It will make you increase those relationships with them and will increase their loyalty to you.
Are you doing what it takes to follow your dreams? Leave a comment below.