updated on 22nd September 2024
I find this Youtuber quite interesting and have recently been following his videos. His name is Alvin Ong, he is 40 years old this year. He has 4 different roles to make a living. He held 2 packing freelance work, FX trading, and selling on eBay.
This post is not in any way to put him down but there are things that I can learn and relate to him. We must have wondered lots of “what if” throughout our lives. Alvin has a degree and he was offered a banking role when he graduated. He chose to pursue his passion for retail. He stays true to his passion.
What if he has taken the banking role? What if his income grows exponentially from there?
He mentioned that the salary at the retail (selling collectible toys if I recall correctly) was low. He worked at Takashimaya making S$3,500/month, overseeing the sports department. He was headhunted by an SME to oversee the local retail sales before he was retrenched during the COVID-19 era.
I am going to stereotype here. I think retail salary will be capped due to market forces. E-commerce has changed permanently how people shop and purchase things. It is indirectly killing traditional retail. There is still room for hybrid mode, a business can have an e-commerce channel and a retail shop for customers to experience the products.
My takeaway on this is salary depends on niche and market forces. You need to be riding the current market trend and go deep to grow your niche. It does not guarantee that you will be evergreen. Market trend changes. During my time, the oil and gas industry was booming. A lot of the graduates joined the industry. During the downturn, some of them left the industry. In recent years, everyone has rushed into the technology industry.
I would suggest going into an industry in which you have an interest and finding a niche that can help to increase your income. You need to add lots of value to increase your income. Most of the time it is directly related to bringing revenue into the business. That is where you find that your income can be negotiated accordingly.
I can relate to his retrenchment. I experienced 4 retrenchments from 2017 to 2019.
In April 2017, the MNC company I was working for shut down its operation in Singapore. We got our severance package, packed up, and left. I remembered that other than the severance package, I was offered 2 monitors and the coffee machine. The guys were sweet to reserve the Jura coffee machine for me.
I joined an SME immediately to execute a project, and after that, we could not secure new projects. I was informed that they can only offer me 1-month notice instead of 3 months. All many annual leaves could not be encashed. From a business standpoint, there is no new revenue to justify this cost, they could easily shut down the entity and not pay a single cent. I experienced a salary drag for weeks during the last few months. I was informed of the retrenchment before Christmas 2017.
In April 2018, I joined another SME. It was at the peak of the industry downturn. Due to demand and supply, I could not sell the products at a higher price. There was no chemistry with the business owner, I was retrenched before Christmas. He met his karma later on.
In 2019, I joined another SME, we are 2 men’s team. The founder put in all the capital. I was paid S$2,500/month with profit sharing. Soon I realized that profit sharing is not an open-book concept. The quantum of profit sharing is determined by the founder. I tender my resignation in September 2019. I learned that the founder took risk with his capital, he deserves to determine the profit level.
During my retrenched days, which I believe to be around 90 days in 2018 and another 180 days in 2019 to March 2020. I was unemployed for a total of 270 days. Back then we do not have any mortgage to serve and we are debt-free. My wife has always been working full-time and she held the fort while I was retrenched. It can be challenging in terms of drawing down from your savings for your daily usage. I would spend my day at the Jurong East Library and eat mixed vegetable rice (1 meat and 1 vegetable which cost S$2.50 then) for lunch. I can drastically reduce my expenses when I do not have income. I was in survival mode and it was difficult for me to invest. I can only invest using my dividend income. Options come with risk.
Coming back to Alvin’s last role in 2020, he has not been working full-time. He does not have huge savings to draw down from. He does not have much savings. He used to be a spendthrift. He spent most of his money on toys. The key lesson here is to follow sound financial planning rules to spend less than your income and you will never go broke. It is important to set aside savings during your younger days. It is important to spend on yourself while you are young and striving for a balance is equally important.
I felt that his health was not at the best as he ate a lot of overnight food which was reheated using the microwave. Convenient food may not be the most healthy. I saw him taking lots of Gaviscon-equivalent medicine. When you can afford a helper and buy fresh groceries, you can have home-cooked meals. With wealth, you can have options for healthier and better quality food.
I admired him and he is on his journey to improve his financial well-being. I wish him all the best and I would continue to support his YouTube channel.
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