Cory Diary : Three Things You Must Avoid If You Want to Be Wealthy

1. Not Managing Your Own Money

When I was young, I wasn’t strong academically, nor did I show any leadership qualities.

Morally, going down the wrong path was never an option. So if I wanted to survive and succeed in this world, I had to learn how to manage my own finances.

To me, this advice is obvious — you must take control of your money. That includes managing your savings accounts, bill payments, monthly cash flow, and spending habits. Understanding where your money goes gives you control over your future.

That’s why I don’t trust “black-box” investments like Unit Trusts, Hedge Funds, Investment-Linked Policies (Insurance), or Private Investments. This isn’t to say that all of them are bad or unreliable — but I prefer not to put myself in a position where I can’t fully understand, manage, or monitor what’s happening to my money.

2. Listening to Stock Tips or Taking Advice from Bosses Whose Company Stocks Have Fallen

For most people, running a business isn’t our cup of tea — many lose both their money and valuable time. Investing in stocks is a more sensible path, while the other extreme — keeping everything in fixed deposits — almost guarantees that you won’t have enough for early retirement or old-age needs.

Personally, I’ve rarely had the chance to meet top executives, but even if I did, I wouldn’t take stock tips blindly. It’s simply not in my nature.

I prefer to do my own homework, dig around, and understand what I’m investing in. It amazes me how someone can save up US$100,000 over ten years, only to throw it into an investment within days without thinking. It just doesn’t make sense — perhaps they simply feel rich for a moment.

3. Going All In

This usually applies to younger investors who haven’t built enough savings yet. They tend to go all in on a single stock or asset.

Sure, they might get it right many times — but it only takes one mistake to lose everything. The recent crypto crash is a perfect example: some people leveraged 10x and ended up facing forced liquidation.

Final Thoughts

Wealth isn’t built overnight. It’s built through discipline, awareness, and control.

By managing your own money, ignoring blind tips, and avoiding reckless “all-in” bets, you give yourself the best chance to stay wealthy — not just get lucky once.

Cory Diary

2025-11-03

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.