The financial tomes

Bookstore shelves are crammed with get-rich-quick guides, but which should you invest in? June Lee asks three self-help authors how to make that first million

You’ve seen them around, but had your doubts: ‘wealth creation’ books that promise to show you ways to achieve the same level of success reached by their highly hyped author. Local reads often follow the jaunty, perky Adam Khoo prototype. Famously branding himself a millionaire at age 26, Khoo has made a career out of motivational speaking following the release of I Am Gifted, So Are You! and Secrets of Self-Made Millionaires.

To test the validity of these entrepreneurial tomes, we picked three top-selling ‘gurus’ whose credentials back up their claims. Answering our questions were Teh Hooi Ling, a financial journalist with The Business Times, whose weekly personal finance column ‘Show Me the Money’ has been running since 2002; motivational trainer Christian Chua, the incoming president of the Asia Professional Speakers’ Association (Singapore); and Sant Qiu, a copywriter-turned profit strategist for startup companies.

Author
Sant Qiu 31
Personal motto
Be the best me that I can be. If you’re thinking, you might as well think big. Books written
Get Rich Now (with Dr Dennis Wee); Secrets to Dominate Your Niche (with Thomas Fernandez)
First million earned at
Age 31 (2008). We’re on target to hit over $1.5 million in sales this year.
Most expensive item bought
I was taught to be thrifty by my hard-working parents. However, I’m learning that some ‘unnecessary’ things can make you feel good, and when you feel good, you perform better. I recently bought a special Montblanc pen for my co-author (Thomas Fernandez).
How can you make a million with limited resources?
Start with looking at demand. Look for a big, hungry crowd. Then it’s only a matter of supplying the solution and pricing it correctly. Business is not about busyness. I see a lot of people who are busy doing a lot of things but produce few results. Benefit from other people’s expertise. If I spend $5,000 on someone that can bring in $15,000, then I’ve made $10,000 profit.
What are some misconceptions about self-help books?
I came across a lot of people saying that this or that self-help book didn’t work. It is called ‘selfhelp’ because you are supposed to take action and do something about your situation. The information in the book will show you the way, but you have to do the work.
Best tip
In today’s market, it is critical to differentiate yourself and focus in a niche market to thrive.

 
Author
Christian Chua 40
Personal motto
Success is just an attitude away.
Books written
Financial Literacy for Schools; Making Extra Pocket Money; How to be a Success Magnet
First million earned at
Age 29 (1996)
Most expensive item bought
My home. Bought at approximately $1.5m, now worth $2.5m.
How can you make a million with limited resources?
As an entrepreneurship coach, money is the least important of three factors I list. The first is to have a great idea (a ‘unique selling point’); it is about being creative. Second is to have a workable business plan. Some ideas are creative but perhaps not that viable. Third, if you have a great workable business plan, the money will find you.
What are some misconceptions about self-help books?
That local self-help books are not on a par with foreign self-help books. On the contrary, there are ideas cited in local books that can be more useful than those in foreign ones.
Best tip
Work on your likeability rather than just your ability.

Author
Teh Hooi Ling 'Age is a question of mind over matter. If you don't mind, it doesn't matter.'
Personal motto
Live and let live.
Books written
Show Me the Money (volumes 1-4)
First million earned at
I’m a late bloomer – not one of those high-flyers who made their first million before they were 30!
Most expensive item bought
Besides properties, it would have to be my $5,000 games table from Sorrento, Italy. But as a friend said, it’s a ‘white elephant’ – I’ve only used it once since I bought it three years ago!
How can you make a million with limited resources?
Be patient, keep at something you are passionate about and are good at. Dare to be a ‘contrarian’ – the best time to buy stocks is when everybody is too scared to go in. And when everyone you know is talking about the easy money from the stock market, it’s time to be cautious.
What are some misconceptions about self-help books?
It’s not so much about misconceptions; philosopher Alfred North Whitehead once observed that ‘intelligence is quickness to apprehend, as distinct from ability, which is capacity to act wisely on the things apprehended.’ So ultimately, it is about practising what one has read and understood.
Best tip
Always aim to buy a good business or asset at a cheap price.