How one man beat the odds to become an international sensation.
By Romesh Navaratnarajah
I’m not a risk taker at all when it comes to investing my money, so when friends and family ask me when I am going to buy an investment property, I usually tell them that I’m waiting for home prices to hit bottom.
While there are benefits to being careful with money, I do feel it is important to take calculated risks when you see an opportunity in the market.
Recently, I spoke to a savvy property investor and she recounted how she and her husband were considering buying an apartment at the upmarket Icon condominium in Tanjong Pagar when it was launched in 2003. At the time, the project was selling at an average price of $680 psf. But Singapore was in the midst of the SARS crisis, which made many investors jittery. As such, the couple decided not to proceed with their purchase.
Today, they are kicking themselves for not taking the plunge because prices at the 99-year leasehold project have shot up. For example, a 700 sq ft unit located on a high floor changed hands for $1.2 million ($1,715 psf) in April this year. During the initial launch, it cost only $508,220 ($726 psf).
One person who has reaped the rewards of risk taking is John Lee, chief executive officer of Wealth Dragons, a UK-based company that aims to share with people of all ages and backgrounds how to change their lives on every level.
From hardship to success
Lee started investing in property at the very young age of 20, making him a self-made millionaire by the time he was 27 years old. No stranger to hardship, he grew up working in the kitchen of his parents’ takeaway business in North England.
However, he made the decision to break free from his family and cultural expectations to create the life he wanted, rather than simply plod along “just because”. Today, he travels the world giving motivational talks, and has also added best-selling author and entrepreneur to his resume.
Despite his success, Lee feels it is important for him to stay humble and keep learning, while at the same time sharing his considerable knowledge with others.
This is what pushed him and his business partner Vincent Wong to start the Wealth Mastery Academy (WMA) in Malaysia six years ago. Today, WMA has grown to a team of about 30
people in Kuala Lumpur and Penang.
“Our objective at WMA is to provide practical wealth creation and accumulation skills and education that assist people to achieve their desired wealthy lifestyle.
“While many successful people know how to achieve financial freedom, they do not have the skills to deliver and share those ideas to others,” he said.
Avoid the hard knocks
Lee’s advice is to find the right mentor to help make the learning process more effective. “It’s always best to avoid the mistakes that cost you money and time.
“I paid £10,000 (approx. S$22,000) for two days of coaching from my first mentor, and because of that, I bought enough houses to retire. It’s all about knowledge and action.”
As for his talks, Lee stated that they don’t only help people to become successful in work and life, but also trains them in leadership development. “We coach them to become world-class speakers, mentors and trainers who can deliver impactful training and coaching.”
WMA also provides a strategic advisory service to its corporate clients, particularly real estate agencies and property developers.
“We help clients develop marketing infrastructure and execution strategies in order to attract the right target markets. We also help with the marketing and PR efforts for their projects,” said Lee.
For instance, WMA will conduct market research complete with comparison and analysis of competing projects with similar concepts within the marketplace. It will then advise its clients on the right pricing strategy and marketing plan to help increase sales through annual conferences and pre-launch events.
Looking ahead, Lee said the company has plans to extend its presence to Singapore, and further afield in the Asia Pacific region.
“Our organisation has expanded over the years and we have successfully hosted numerous large events. We are constantly searching for more information, resources and trainers,” he added.
Image: International speaker John Lee engaging the audience during one of his talks.
NAME: John Lee
ACHIEVEMENTS:
• Built a multi-million pound property portfolio, achieving his dreams of financial freedom, providing for his family and owning a Lamborghini, all by the age of 27.
• Started Wealth Dragons, an international coaching and training company to teach people how to grow their wealth and achieve their dreams of financial freedom in their twenties.
• Co-authored two best-selling books, “A Step to Step Guide to Lease Options” and “Property Millionaire Secrets”.
• Has shared the stage with world-class entrepreneurs such as Richard Branson, Sir Alan Sugar, Tony Robins and T Harv Eker.
• Spoken to crowds of as many as 10,000 people to teach them techniques for success.
Try these top money-saving tips
British entrepreneurs John Lee and Vincent Wong have in the past shared some important money-saving tips. “These top tips are really easy to remember as they are acronyms linked to your phone: CHAT and WIFI. The hard part is being disciplined, taking action and making the change,” they said.
Here are a few of Wealth Dragons’ suggestions to save money based on a 30-day month:-
• CHAT
– Coupons and vouchers: Sign up to daily voucher companies and see what you can get on two-for-one deals, such as dining out, beauty treatments or holidays.
– Habits: Give up bad habits such as smoking. Puffing away on 40 cigarettes a week can set you back approximately $80 per month.
– Accounts: Do a spread sheet of all your monthly outgoings and be strict with yourself in terms of non-essential monthly expenditure.
– Teach yourself to cook: Spend less on eating out and make cooking a family, couple or individual pleasure. Making your own food saves money and can also be much healthier. For a couple eating out three times a month, cutting out two monthly dinners could save you up to $100 (based on a cost of $25 per person).
• WIFI
– Walk: All non-essential travel can be done on foot. It’s great exercise and more eco-conscious, too.
– Insurance: Apply for a cheaper car, house or pet insurance. Companies will be incentivising customers to switch.
– Fixed rate mortgage: Ask your broker or lender if you can switch to a fixed rate on your mortgage payments so you have a clearer vision of spending.
– Invest in yourself: Learn from others and embark on a voyage of self-discovery. If your external world is not how you want it, this is usually a reflection of what is going on internally.
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This article was first published in the print version The PropertyGuru News & Views. Download PDF of full print issues or read more stories now! | ||