Wealth Creation Program

A prestigious private group session with multimillionaire, businessman, investor and ex-banker CEO Mr. Nicholas Chia. He is currently CEO of WBG and chairman of DSAS.

Wealth Creation Program is a 2-year program that handholds you towards having wealth running in your blood.

AN AMAZING FIRST SESSION [14 October 2007]...Jet has prepared a brief summary of the important points and ideas mentioned by Mr. Nicholas Chia during his 3-hour long session. My advice is to hear it direct from Mr. Chia himself during Wealth Circle Program.

Around thirty qualified people from all walks of life have the luxury of being up-close and personal with Mr. Nicholas Chia on Sunday. Mr. Chia spoke of 3 major topics todayduring his first session, namely (i) wealth is about spending, (ii) discipline, and (iii) the structure of wealth. He repeatedly emphasized that we should understand his logic of thinking and not just tend to his answers to various questions. The framework of thinking is critical. This dictates everything we will become.

Topic 1: Wealth is about spending
Wealth is about spending and not saving! He advised us to chart out on how we investour (i) time and (ii) money on separate sheets daily. Money sheet indicates where our money goes to. Money=soldiers, they should help work for us.

On the topic of spending money, he shared with us why he sits First Class and why he must be seen at Ritz Carlton once every few months. Why First Class? Because deals are made at the Solitaire Lounge which one can go when one flies First Class! E.g. For a S$8,000 ticket, he got offered a directorship which pays S$80,000 p.a. and only has to attend 3 meetings.That’s good spending! Why Ritz Carlton? “You go Ritz Carlton, you get Ritz Carlton deals; you go coffeeshop, you get coffeeshop deals!” Plus Mr, Chia wants to ensure that he injects a culture of wealth for his kids while they are young. In summary, smart people are smart spenders.

Wealth is not just about being rich, it goes much deeper than that. Wealth is about money, but not all about money. He added that the spouse is utmost important on the path towards wealth. Why? Because we need the right environment to rest, to retire into after a hard day's work and we need to get the energy, support from the spouse and also the family. Hence it is crucial that we develop a strong bond with our family such that they can support us better.

Get a good tax consultant! Bill Gates spends millions hiring good tax consultant and other consultants. Pay the expert to do what they are expert in. But don’t believe them entirely,you still gotta decide on your own and trust your gut.

Rich people don’t save. They EARN.How? They SELL (ideas etc). Sell what? Sell YOURSELF first. Then whatever you sell later,people will buy. Wealthy people are “dai feng (generous)” versus most others who are “siew feng"(stingy).

Someone asked Mr. Chia which are the top areas that he spends time on. He replied
(i)time with family, God, rest/holidays
(ii) time with friends and consultants in the industry he is in so that he can learn from them; as chairman of DSAS, he would meet up with each member at least once a month
(iii) time with business leaders and people from the ground. He added that everything is about sales. Use ears to sell. Listen to them. His son wanted to be the greatest salesman, i.e. a doctor! Because they sell by listening to their patients and then, just writing! And they don’t get rejected!

On the virtues and values that wealthy people have, he mentioned
(i) generosity
(ii)mutual respect
(iii) faith
(iv) hope and
(v) love.
(vi)Hope. Hope is something we should cling on to, until we die. Life isn't worth living if we lead a hopeless life.

Topic 2: Discipline
Discipline is all about how we run our lives. If you are your own boss, you must have the same discipline as if you are still working for someone else!

Topic 3: Structure of Wealth
Incorporate a company for tax advantages.Build a tax efficient structure. Be a boss, not an employee because of obvious tax benefits.

(Topics 2 & 3 are not elaborated as it is quoted with examples of reputable people, personal friends of Nicholas Chia)

On a side note, Mr. Chia encouraged us to go feel our dream car and house. Do not just look at the brochure but physically go test drive that porsche, rev the engine by stepping on that accelerator, and go visit the show-flat. He was already driving around in porsches at a very young age! I believe with him as our mentor in wealth, we will be there one day.

Remember, this is just an introduction by Mr. Nicholas Chia. I don’t think he has even started yet, do you?