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Know the answer to this question and life will be better.

Friday, October 31, 2014

1. Before we have a pet, we must have the correct mentality to have one. 

How often have we heard of pets being abandoned or neglected? I

f we are not prepared to be responsible pet owners, don't have pets.

"I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals," Winston Churchill.

2. Before we have a car, we must have the correct mentality to have one. 

It irks me when people tell me that they do not send their cars for regular servicing until they develop serious problems. 

Their cars could break down on the roads and this not only causes problems for these owners but also for other road users. 

It is not just about being responsible for our cars but also being responsible to other road users.

"The best car safety device is a rear view mirror with a cop in it," Dudley Moore.

3. Before we get married, we must have the correct mentality to be a good husband or wife and to be a good father or mother (if we plan to have children). 

We must also have the correct mentality to be a good son or daughter in law (if our spouse is not an orphan). 

Marriage brings with it a great deal of responsibility.

"When a man opens a car door for his wife, it's either a new car or a new wife," Prince Philip.

4. Before we become an investor, we must be sure that we have an emergency fund put aside and we must make sure that we are not investing with money that we cannot afford to lose. 

Again, it is about doing the responsible thing.

"In this day and age, it is really stupid to be stupid about financial matters," Maria Shriver.

Therefore, an important question to ask before doing anything is:

"Am I ready?"

Related posts:
1. The very first step to becoming richer.
2. Vandals and cyclists.
3. Returning our trays and financial security.


Sillyinvestor said...


No lei, I still open my car door for my wife...

I dun mind a mistress LOL, but I dun have the money, to change car or wife, so still opening my car for my wife, now lesser, opening car for my son.

Recently, my son opening car door for us LOL.

AK71 said...

Hi Mike,

You disagree with Prince Philip, I see. Well, he says he is suffering from Dontopedalogy which is the opening of one's mouth and putting one's foot in it. hahaha...

I only open car door for myself. No choice, that. ;p

AK71 said...

Another related post:
Journey to financial freedom needs preparation.

temperament said...

Sometimes, you won't know something until you do the thing.In theory there is no difference to practice, in practise there usually is. There are too many examples in life.

Cory said...

Something strike me today. Most people i would think cannot afford to lose all their money in their investment. Maybe rephrase it to something with knobs on high risk investment and spreading investment to a larger basket.

AK71 said...

Hi Cory,

Oh, yes, I agree that position sizing is important and diversification too.

For that, I always remind myself not to forget the pyramid which I blogged about before. Not only is it useful in sizing my exposures, it also guides me in scaling up or down my investments.

For readers who might not have read that:
Motivations and methods in investing.

AK71 said...

Is Insurance such as Life Insurance, Endowment Plan and Investment Plan are protected from creditors, including credit card companies, banks, etc even in bankruptcy or divorce as well?

In bankruptcy, everything the bankrupt owned that could be liquidated to repay lenders will be liquidated. That includes all financial assets.
When it comes to divorce, it is about division of matrimonial assets or assets which were bought during the marriage only. So, if the insurance was bought during marriage, yes, it would be included.


AK71 said...

Raymond Ng:
Is OK to have a position... It is a binary betting. However, lessen learn here is that we must exercise position sizing, regardless if one has insider information.

Prasad Rnv:
Nibble and gobble but never a glutton be. Invest only in what you have as surplus. My rule Never leverage even if banks are waiting to lend you millions to invest. Invest only what you can afford to lose. Commonsense but needs saying.

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