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Finance: How to meet the right people for success

Legacy Phuket Gazette

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Finance: How to meet the right people for success | The Thaiger

PHUKET: They say you can determine a man’s income simply by taking the average of the four or five people with whom he spends the most time. I am not sure how scientific the study was that has produced this timeless piece of advice, but the general concept is easy to validate if you look closely at the people you know. Success in life is not only a function of absorbing the mindsets of those around you, but opportunities are often determined by those with whom you surround yourself.

It’s common sense that if you have friends who are successful stock traders, they may be able to teach you some basics, or keep you from going too far off track. They may even give you a tip from time to time, although tips can be very dangerous if you don’t have a clear risk control strategy. If you have friends who are real estate investors, they may offer you opportunities to co-invest with them on larger projects, or simply to split up a larger plot so that everyone gets a better deal. Studies have often found that most people find their employment from ‘fuzzy connections’, who are not close friends, but the people they know.

So, if it is so important in life to have friends who are successful, how exactly do you go about becoming friends with these kinds of people? Obviously, the wrong way to do it is to become fake and shallow and judge people by the car they drive and the clothes they wear. Some of the most successful people I know look and play the part of the beach bum, but if you get to know them, the reality is far different. Going to networking functions, handing out business cards to everyone, and trying to sell something to everyone you meet within the first five minutes is another wrong way to go about it.

The saying ‘people who are nice to you, but not nice to waiters, are not nice people’ is one I love. You want to find people with real character.

When I was in business school, we had a networking expert talk to us about how to build a network to find jobs. His advice is not what most people would expect. Rather than look at new people you meet in terms of what they can possibly do for you, always look for ways you can help anyone with whom you come into contact. This is often easiest done by being genuinely interested in people, asking questions, and letting others talk about themselves. People love to talk about themselves, and most people are simply waiting for their turn. Let people talk and you will often find a way of helping them.

Usually it is simply connecting two people who you know, who then mutually benefit from knowing each other. Once you get in the habit of doing this, it becomes natural, and it is a great reward to introduce people and see them hit it off and become friends, or business partners.

So how does all this helping other people impact your own financial future? The trick is that the 80/20 rule applies in every aspect of life. 80 per cent of the nice things you do for people will have no effect on your future, other than giving you the satisfaction of knowing deep down inside you are the kind of person who goes out of his way to help people. However, over a long period of time, those ‘lucky breaks’ that come, are often from those ‘fuzzy connections’ I mentioned earlier.

The more you help others and come across as a nice, genuine, helpful person, the more people will be willing to go out of their way to help you, often without you ever having asked. This is not a tit for tat kind of thing, it is simply human nature. Surround yourself with good people and good things will happen in your future.

David Mayes MBA resides in Phuket and provides wealth management services to expatriates around the globe, focusing on UK pension transfers. He can be reached at [email protected] or 085-335 8573. Faramond UK is regulated by the FCA and provides advice on pensions and taxation.

— David Mayes



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Business

BOI approves new rail services, new port investment

Kritsada Mueanhawong

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BOI approves new rail services, new port investment | The Thaiger

PHOTO: Duangjai Asawachintachit, BOI secretary general

The Board of Investment of Thailand (BOI) has laid out strategies to boost the development of rail services and the country’s cruise tourism.

Duangjai Asawachintachit, BOI secretary general, says the latest BOI meeting chaired by the Prime Minister had resolved to instigate measures to attract investment in rail development and related infrastructure for continued economic growth.

According to Duangjai, investment projects for rail development and related sectors will be entitled to a tax break of 50% for the first three to five years of investment.

The BOI also approved measures to stimulate the cruise tourism business, with the aim of attracting more tourists to the kingdom.

Moreover, the BOI has introduced a plan to attract aerospace investment to U-Tapao Airport in 2019 as part of the Eastern Economic Corridor (EEC) project, as the EEC Office is planning to develop an “Aerotropolis” which will stretch over 30 kilometers from the airport.

Additionally, the meeting endorsed the 7-year strategic investment promotion plan, spanning 2015 to 2021, which it is anticipated will contribute 418 billion baht to the country’s GDP.

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Chinese foreign policy – On track

Kritsada Mueanhawong

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Chinese foreign policy – On track | The Thaiger

by Nikkei Asia Review

“When Japanese trading house Itochu and train maker Hitachi withdrew from a soon-to-be-decided $7 billion tender for a high-speed rail project near Bangkok, it appeared to be another victory for China and its grand plans to connect Southeast Asia with railways.

Thailand has for decades been the centerpiece of Tokyo’s strategy for Southeast Asia, and long-discussed plans to build extensive shinkansen-style rail lines in the country’s east and north were meant to cement the relationship between the two nations.

But while Japan’s ambitions have been stalled by disagreements about financing and other details, Beijing has managed to push ahead with construction of a separate high-speed rail line in northern Thailand. To some, the rail projects are a symbol of China’s growing influence in a country where Japan had spent decades building ties.”

The article predicts that the Chinese investment into South East Asian rail services is part of its broader ‘belt and road’ policy that is stretching out into new routes and connecting regions, and China, with hitherto remote parts of the asian continent.

“China’s high-speed rail ambitions in Southeast Asia don’t end in Bangkok, however. Under its planned 3,000-km pan-Asian railway network, Chinese rail lines will extend even further south, stretching through Malaysia and feeding into Singapore.”

Chinese foreign policy - On track | News by The Thaiger

China’s reach southwards will allow it to exert greater political influence on places like Singapore which, for now, still retains strong connections to Washington. Investing in high-speed railways all the way from China’s borders to the tip of the Malay Peninsula is a lot more than just an economic investment, it’s a high-profile symbol of China’s new influence in the region where issues such as ‘Taiwan’ and it’s demands in the South China Sea have caused prickly negotiations with the ASEAN countries.

But to reach Singapore, China must first get Malaysia on side…

“A dramatic recent shift in Malaysian politics has put China’s plans for Singapore on hold, however. After his election in May, Malaysian Prime Minister Mahathir Mohamad decided to hold up “for now” the $20 billion 688-km east coast rail line connecting southern Thailand to Kuala Lumpur, and postpone for two years a 350-km high-speed rail link between the Malaysian capital and Singapore.”

The article says that these ‘investments’ are actually just loans for high-priced infrastructure that often cannot be repaid by smaller economies….

“China typically provides loans, not grants, for foreign infrastructure projects, and takes possession of the project if the recipient is unable to repay its debt – as happened with a port in Sri Lanka. Such instances have prompted critics in the West to accuse China of practicing ‘debt diplomacy’.”

Read more of this fascinating and important article from Nikkei Asia Review HERE.

Chinese foreign policy - On track | News by The Thaiger

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Business

Thailand opens doors to cryptocurrencies – Thaiger Bites

Kritsada Mueanhawong

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Thailand opens doors to cryptocurrencies – Thaiger Bites | The Thaiger

Divisions are forming across Asia with regards to cryptocurrencies. Some nations such as China are constantly stomping on anything to do with crypto assets but others, Thailand being the latest, are opening their digital doors to the fledgling industry.

Over the past year Thailand has warmed to crypto and this latest raft of official licenses is a big boost to the industry in the country and region as a whole. Military rulers and the central bank remains wary which is no surprise and have issued warnings to investors. Overall though the sentiment is positive and an official ICO portal has even been proposed by the SEC.

Read more about this story from News BTC HERE.

(Thaiger Bites provides these short snippets for stories we believe of interest to our readers)

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