Max Koh Profile picture
13 Oct, 16 tweets, 3 min read
Will you feel happy when you finally quit your 9-5 job and never have to work again?

Here's why that may NOT happen:
3 reasons:

1. Rich is about finding fulfilling work

2. We need to "struggle" for something

3. The same traits that helped you retire early will make you unhappy when you actually do retire early.

Here's my story...
I recall that day mid of 2020, when I hit my own version of financial freedom.

It's been a day I've been waiting for my whole career.

When my portfolio crossed a certain amount of net worth.
Based on my own calculations...

I would be able to liquidate 3% of my total portfolio every year to cover my annual expenses comfortably.

That amount will allow me to live a decent lifestyle without having to compromise any parts of my well being.
So by that calculation, I was financially free.

I could retire and quit my job the next day...

Submit my resignation, never work another day in my life, and spend all my free time chilling at the beach.

So guess what I did?
I said to myself "oh cool".

Then I turned off my phone and went to bed, and continued going to work the next day.

And I'm still working at my 9-5 job even after 1.5 years of hitting my financial freedom number.

Why?
Reason #1 of 3:

Life is about finding fulfilling work, not saving up enough money to never work again.

You’re rich if the day of the week doesn’t affect your happiness
Upon reflection, I realized I was still enjoying what I do.

I get to lead a team and hone my leadership skills as a General Manager.

I get to speak in public and inspire others as a trainer and coach.

I'm still having fun. Why do I need to retire now?
So before you quit your job thinking it'll solve all your problems and worries, remember that it won't.

You'll only feel happy when you find work you feel happy doing.
Reason #2 of 3:

We need to "struggle" for something.

I believe humans need struggle in our lives.

We cant just sit by and be idle. We'll waste away and our minds lose their ability.

Struggle gives our lives meaning. It makes us feel like we're growing as a person.
The key is to find work that is worth struggling for.

And the work that I do while tough, still gives me meaning.

And even if I do leave my current role, I'd probably still want to be working hard.

It's just seeking a new mountain that I am willing to struggle for.
Reason #3 of 3:

Ironically, the people who have what it takes to retire early will usually be unhappy retiring early.
I heard this from an early retiree, and it opened my eyes.

The people who usually achieve FIRE at a young age were able to do so because they have traits like ambition, drive, focus.

They're go getters.
And ironically, it's these same traits that will make them unhappy with early retirement.

They somehow feel stagnant.

They lack a mountain to climb, and they feel meaningless.
So it's not about quitting your job to go sip wine by the beach.

It's about finding work that still brings you meaning.

This gives you an outlet to channel your drive and ambition to, even though you're "retired".
TL;DR:

1. Rich is about finding fulfilling work

2. We need to "struggle" for something

3. The same traits that helped you retire early will make you unhappy when you actually do so.

Follow me at @heymaxkoh where I share my journey on how I reached financial freedom before 30.

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More from @heymaxkoh

13 Oct
15 Investing Lessons from Yen Liow:

Based off his recent presentation at the MicroCap Leadership Summit 2021.

*Hint: You do NOT need to find 100 baggers to create great wealth.

Thanks to @yliownyc for the value bombs.

And to @iancassel for organizing this.
1. True compounders are rare. Hold on tight when you find one

Over last 20 years, of all the US listed companies with market cap over $2B:

Only 14% of them have have compounded at more than 20% for 5 years.

And only a tiny 3% have compounded at more than 20% for 10 years.
2. Strategy - find horses

Horses are monopolies and oligopolies that compound EPS at 2-3x the broader market for long periods of time.

True north: Over time, stock price and intrinsic value will converge.

So find businesses that can show durable growth in FCF or earnings.
Read 21 tweets
12 Oct
This is Bill Walsh.

He was the head coach of the San Francisco 49ers.

He was famous for teaching the team's receptionists how to answer the phone properly.

Here's 12 leadership lessons I learnt from him:

Thanks to @rabois for recommending it in many of his podcasts.
1. Sweat the little things

How the players dressed and the appearance they gave to others when taking the field was very important.

I wanted our football team to look truly professional—impeccable.

Thus, shirttails tucked in, socks up tight, and more were requirements.
2. Respect the team

Players were told their practice helmets, which carried our emblem, should never be tossed around, sat on, or thrown in the bottom of their lockers:

“Wear it, hold it, or put it on the shelf in your locker.”

It represents who you are and what you value.
Read 17 tweets
12 Oct
Why do people get stuck in the rat race with a job they can't quit?

The answer has to do with the "Fear and Greed" cycle:
I recently had a chat with a friend over dinner...

She was telling me how she goes to work everyday out of fear.

Because she's worried if she stops working, she won't have money to pay the bills and put food on the table.

She's driven by fear of not having enough money.
So that forces her to wake up everyday and go to work at a job she doesn't like.

But it doesn't stop there.

It only gets worse because of this other emotion known as "Greed".

How does that come about?
Read 10 tweets
11 Oct
Richer, Wiser, Happier.

This has been my favourite investing book of 2021.

Here's 20 of my favourite quotes and lessons:

Thank you @williamgreen72
1. Bet big but infrequently

You have to be like a man standing with a spear next to a stream. Most of the time he’s doing nothing.

When a fat juicy salmon swims by, the man spears it. Then he goes back to doing nothing. It may be six months before the next salmon goes by.
2. Read a lot + Patience

How long can he go without buying? “Oh, I can wait ten years—even longer,” Chou replied.

In the meantime, he studies stocks that aren’t cheap enough to buy, hits balls at a golf range, and reads two hundred to four hundred pages a day.
Read 26 tweets
10 Oct
Investing & Meditation. My true short story:

I come from a Buddhist family. 2 of my aunts were ordained as Nuns in their early 20s. That's how deep and serious this runs in my home.

I was taught how to meditate at age 4. Focus on breathing. Watch my thoughts.

I hated it.
As a kid, I couldn't sit still. I had a "monkey mind" as they called it.

The adults kept encouraging me to meditate. But I was a rebellious teen.

Fast forward to today, I have been meditating without fail for almost 15 mins every morning. Since Jan 2019.

What changed?
I started investing more seriously.

Started putting more of my money into high growth stocks, and the volatility and draw downs made me realize how weak and frantic my mind was.

Out of panic, I started meditating seriously to learn how to center myself.

What's the lesson?
Read 4 tweets
9 Oct
Friend of mine borrowed a fair sum of $$ from the banks in the march 2020 covid crash. Even took on leverage.

Best time to buy stocks, he said.

He even built a financial model on excel to understand his downside.

No issue.

But a few weeks later, he sold them all.

Why?
He told me:

“When the 2nd circuit breaker hit and the market fell further, I took a double look at my excel model.

I could still take further drawdowns and be ok.

But when I picked my 5 year old daughter up from school that day, I started to panic...
“Am I making the right decision, I wondered?

What if something happens that I didn’t expect?

I wouldn’t be able to give her the life I promised I would. “

Few days later, he sold all his stocks.
Read 4 tweets

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