Chester’s Tips for Success

Tips on How to Live a Rich, Passionate and Meaningful Life

Smart Stock Investing For Young People: Introduction and First Steps for the Newbie Investor

June 21st, 2008 by Chester
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Part I - An Introduction to Smart Stock Investing And First Steps For the Newbie Investor

I started investing in stocks over a year and a half ago just when the market was beginning to come down and a few months before the whole sub prime mortgage crisis reared its gruesome head.

At the time I knew very little about the stock market and I knew even less about the businesses that I thought about investing in, so instead of making the heart wrenching choice of what stocks to buy myself, I had my father, a long time veteran, do the decision making for me. Since then I’ve begun to venture out and make my own decisions. Some good, some not so good, but all around I’ve learned quite a bit.

For those of you who are looking to invest some money or are already invested in an IRA or 401K account but are looking to understand more about smart stock investing, this series is for you.

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Toastmaster’s Icebreaker Speech Version 2.0

June 21st, 2008 by Chester
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Today I completed my first Toastmaster’s speech in my new club. I thought about writing a whole new speech with a similar theme, but a different angle; however, as time crept up, I realized that I had too much on my hands to write up a completely new speech.

According to Google Analytics, it seems that my first Toastmaster’s Icebreaker speech received one of the most number of views of all the pages on my website. So for those of you who enjoyed my first speech, here’s version 2.0

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The Secret to a Successful Career

June 19th, 2008 by Chester
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This week I told the people at work that I planned to quit by the end of next week. They were shocked, but understood and respected my decision.

For the last few months I have been working as a reporter for a Japanese news wire. I took the job because I was curious about journalism and I liked the sound of writing for a living. However, what I soon realized was that being a journalist is much, much more than just writing for a living. It is an entire lifestyle, one that cannot be taken lightly. Although I was interested in journalism, I was pretty sure that I did not want to make a career out of it. The job was a means to an end, a day job that would, I thought, afford me time to work on my real passions, film and writing. Two months in and I knew I had made the wrong choice.

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How to Get Rich With Patience Part III - Three Tips to Improve Your Emotional Economic Situation

June 18th, 2008 by Chester
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Even if you’ve taken an economics course in high school or college before, I doubt you’ve ever heard of the phrase Emotional Economics. I was thinking about how to best phrase this post when the catchy phrase came to mind.

What is Emotional Economics?
Economics is a pretty broad term that gets used in business, academia, politics, general life and even at the dinner table. Here’s the first definition that popped up at the thefreedictionary.com: of or relating to the production, development, and management of material wealth, as of a country, household, or business enterprise.

Economics by definition deals with material wealth; and as anyone would likely agree, material wealth has a direct impact on our overall well being. Our wealth impacts our standard of living which directly affects our mood and overall state of happiness. Although people say that money can’t buy happiness, being in a good financial and economic situation can definitely leave you more happier than most.

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The Illusion of Passion

June 17th, 2008 by Chester
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Living passionately is one of the three pillars of successful living that I believe in and live by. Having passion in your work and life is often quoted as a vital component of successful living. While I agree that passion is a great motivator and leads many towards success in their careers, by itself it is merely a momentary emotional high.

Before I unpack my previous statement, let me first define the meaning I am referring to.
Here are some definitions that I’ve taken from www.dictionary.com.

1. any powerful or compelling emotion or feeling, as love or hate.
2. strong amorous feeling or desire; love; ardor.
3. strong sexual desire; lust.
4. an instance or experience of strong love or sexual desire.
5. a person toward whom one feels strong love or sexual desire.
6. a strong or extravagant fondness, enthusiasm, or desire for anything: a passion for music.

The definition of passion that I am referring to is #6, a strong or extravagant fondness, enthusiasm, or desire for anything; in particular I’m referring to passion as related to work or action.

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How to Become Rich With Patience Part II - The Fast Road to Seven Figures

June 16th, 2008 by Chester
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The fast road to seven figures post is inspired by a book that I finished reading recently called Seven Years to Seven Figures by Michael Masterson.

As the title implies, the book is a compilation of eight success stories of people who achieved the fast road to seven figures, reaching $1,000,000+ net worth in seven years or less. Though the book, which is included in my recommended products section, is filled with a lot of motivational talk with a sales and marketing spin to it, but overall I found that there were a number of good ideas that I would like to share.

The book starts off by explaining the three components of becoming rich:

    1. How long you invest.
    2. How much you invest.
    3. What rate of return you get on your investments.

Pretty logical right? Most of the ideas Masterson presents are not novel; but he’s successful, in my opinion, because he iterates the same message over and over again with each anecdote. It’s like having a wealth building mantra slapped in your face over and over again until you can’t get it out of your mind.

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How To Become Rich With Patience

June 15th, 2008 by Chester
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How to Become Rich With Patience Part I - Saving Smartly - How I Graduated College With $10,000 in Savings

This is the first article in a series entitled How to Become Rich With Patience. Although I’m not “rich” yet, I am confident that I will get there before long. My definition of rich is the point at which you no longer have to work to survive. In order to get to this point, you need a consistent net positive cash flow.

I decided to write this article after doing some keyword research and found that the words “How To Become Rich” received a lot of Google searches. After all who doesn’t want to become rich? In response to this great demand there are now countless books, e-books, DVDs and home learning courses that offer steps towards becoming wealthy; unfortunately many contain false promises and the ones that don’t require patience and diligence. Becoming rich is not a thirty day affair.

In this series I hope to shed some light on the different paths one can take towards financial independence. Though there are many components to becoming rich, I believe the most important first lesson is learning how to save smartly. In this article I will share four lessons I’ve learned about saving money during my college years.

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How to Identify Your Personal Strengths Part III - The Value of Assessment Tests

June 14th, 2008 by Chester
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When I started my training as a career counselor for my college’s career development center, one of the first things we did was take the Myers-Briggs Type Indicator(MBTI) and the Strong’s Interest Inventory assessment tests.

Myers-Briggs Type Indicator

The purpose of the Myers-Briggs test is to assess your personality type. The assessment is a set of questions which are meant to identify psychological differences between people according to the different psychological types defined by the early 20th century psychologist Carl Jung.

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How to Identify Your Personal Strengths Part II - Common Pitfalls and Challenges

June 12th, 2008 by Chester
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Dream Infatuation – Knowing When to Let Go

Discovering your strengths might sound pretty straight forward. Try a whole bunch of things, take some assessment tests and talk to people and voila, you’ve got it all figured out!

I wish!

While the relation may be unclear at first, dreams and strengths are intimately connected. If you’ve ever become attached to a particular dream, you may know what I’m talking about.

In junior high school, I started playing tennis. I loved the game and my parents allowed me to take lessons during the summer and into the school year. During the summers I made it a habit to wake up early every morning to go practice serving at the public tennis courts behind my house. I practiced every day for hours, sometimes going from 6 in the morning to noon.

Even with all the practice, I rarely won in competitions. When the pressure was on, I’d mis hit or make an unforced error. My game lacked consistency among other things. I spent hours at the courts but made only marginal improvements.

I tried out for my high school team twice, but failed both times. Though it was hard to admit, I eventually decided that being a tennis star was probably not for me.

Play to Your Strengths, Hard Work Alone is Not Enough

The reason why many people have unrealistic dreams is because our culture is one that promotes the power of dogged perseverance in overcoming all odds. We are raised to believe in the fairy tale that says if you work hard and don’t give up, eventually you will succeed.

Personally, I think the message of “Perseverance overcomes all” is misleading; and, in general, it’s not a smart way of approaching life. Doing well and achieving your dreams is usually about beating out the competition. If you don’t play to your unique strengths, you are putting yourself at a disadvantage.

Even if I practiced tennis day and night for years, I may have only made marginal improvements. I knew kids who had terrible form and little practice, but they had this innate “sense” about the game. I usually lost to those types of kids.

Although it was painful to admit the reality of my own shortcomings, the process has been extremely freeing. Trying to do something that you have no talent in is like trying to fit into somebody else’s clothes; while you might be able to get them on, they will probably feel, at best, awkward.

Distinguishing True from Mediocre Strengths

Strengths and weaknesses are not binary categories. There is a vast spectrum of talents that fall somewhere between being a strength and a weakness. Poorly identifying true strengths from mediocre ones is often the most challenging of all tasks on one’s journey towards self-discovery.

Not everyone has to deal with task of weeding out the so-so strengths from the true ones. There are the lucky few who just seem to know, without a doubt, what they are good at and what they are not.

I’ve met people in my life who were stellar at one thing and one thing only. For example, I once met a writer who confessed of panic attacks whenever he was asked to do long division in grade school; I have also met engineers who have trouble putting together a grammatically correct paragraph in their native language. While being so one sided may be considered a disadvantage in some respects, in many ways it’s a boon because you never have to think twice about what to do.

Unfortunately for most people deciding which strengths to hone is not as simple; it’s common for people to have a number of different things they can do reasonably well. The challenge becomes how to separate your true strengths from mediocre ones.

True strengths have two primary characteristics, they are:

1. Instinctive

2. Empowering

When you are utilizing true strengths, the act is natural and almost effortless. For example people who are naturally analytical can take information, digest it and find all the relevant relationships with ease. The analytical person naturally breaks information down into relationships and sees the meaning behind the numbers without having to think extensively.

In addition to being instinctive, when used, true strengths leave you feeling empowered. For example, being a natural communicator, speaking energizes and leaves me feeling stronger than when I am silent; this is why it is often hard to get me to shut up. :) When I am not speaking, I often lose concentration.

Strengths need to be tested and challenged in order to differentiate the true from the mediocre. True strengths, when challenged, often have limitless growth potential; they are the best tools in your toolkit, ones that only get sharper and stronger with practice.

Rather than identify the spectrum of strengths and weaknesses, I believe it is more productive to focus only on identifying true strengths and poring most of your energy into developing them. Once you are focused on developing your true strengths, everything else will fall into place.

Stay Tuned for How to Identify Your Personal Strengths Part III - The Value of Assessment Tests

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How to Identify Your Personal Strengths

June 11th, 2008 by Chester
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This is the first article in a series in which I will tackle the challenge of identifying personal strengths. My goal is to share my own journey on the path towards self-discovery and how that helped me identify my personal strengths as well as helping to clarify both my dreams and purpose in life.

The Early Years– Discovering my Passion for Literature and Public Speaking

I am the son of two Taiwanese immigrants that arrived in America in the early 1970s. Both my father and mother finished college in Taiwan and came to the United States to pursue graduate studies. My father received two Master’s degrees, one in Computer Science and the other in Mathematics. Since Computer Science was a rapidly developing field that was also very lucrative, my mother, who had studied nutrition in college, also began learning how to program.

Growing up the son of two programmers, I naturally was encouraged to explore my technical side. Throughout my elementary and junior high school years, I generally did better in the math and sciences than in the humanities and I took it to mean that I was just better in those subjects than others.

It wasn’t until my freshman English course in high school that I began to develop a strong interest in reading. Before then I read a lot of popular children’s fiction, Goosebumps , Madeline L’Engle books, and fantasy novels such as C.S. Lewis’s The Chronicles of Narnia. My taste in English literature became more sophisticated as I was introduced to a broader range of contemporary as well as early American and British fiction.

Although I was beginning to develop a passion for reading, I still spent most of my time studying math and science; this was mainly due to the fact that I attended a specialized high school for math and science. Although it didn’t occur to me at the time, in retrospect, I realize that I had little interest in the subjects that I spent most of my time on. But since I had been conditioned since childhood to do well in my studies, even if I wasn’t very interested, I studied hard anyway.

In addition to my English literature classes, I took a public speaking class during my sophomore year. I still remember the hours I spent rehearsing this speech about a Catholic school boy pleading his innocence after incurring the wrath of his teacher. The applause and praise I received both from my peers as well as my instructor was one of the best moments of my high school career.

As a result of the hard work I put into my studies and other high school activities, I was admitted to a number of top American universities. I finished high school thinking that I wanted to be an engineer partly because of my father’s influence and partly because of the amount of time I had spent studying math and science. Somehow I had managed to convince myself that engineering would be a good fit for me.

College Years – Major Hopping

When I started my first quarter in college, I quickly realized that I didn’t have the chops to be a top engineering student; I had decided upon Computer Science as my major thinking that it would be the best option given my interests and abilities. As it turns out, not only was I wrong about my interest, but I was completely off about my strengths as well.

Going to a school with very highly regarded engineering programs didn’t help at all. Every time I thought about changing course, I would look around at my peers, many who were pursuing engineering degrees, and think to myself “I can do this, I just need to get motivated and work hard.”

During my first quarter I took a challenging Computer Science course that had weekly problem sets which took me on average 15-20 hours. Meanwhile there were many students who could finish in half or a third of the time. Although I spent a great deal of time on my homework, the results were always mediocre; having being used to getting As in school, this frustrated me greatly.

Although I didn’t switch gears immediately, I began toying with the idea of branching out and trying different subjects. By the end of my freshman year I had taken my first Religious Studies class and loved it. Freshman year ended on a high note and I returned home excited about a new year full of different possibilities.

Sophomore Year - The Turning Point

I returned to school during my sophomore year unfocused and confused about what I wanted. Spending the summer at home meant that I was in constant contact with my father who was dead set on me following in his footsteps. At the time he had just begun developing a new engine technology and wanted me to collaborate with him. Excited by the idea, I ended up convincing myself to pursue a degree in Mechanical Engineering.

I spent my first quarter taking Mechanical Engineering classes then switching to Product Design, which is a hybrid of art and engineering, and then finally returned to Computer Science during the spring quarter. By the time I had finished my sophomore year I had taken classes in at least five disciplines and considered at least as many majors, but was no closer to understanding my personal strengths. I moved from one subject to the next by a process of elimination.

The end of sophomore year was the turning point of my college career. I had taken another very challenging programming class and was extremely unhappy with the long hours I spent coding. After spending over two years pursuing an engineering degree, I finally worked up the courage to admit that I lacked the passion to gut it out. Although it offered a lucrative starting salary, prestige and security, I had no intention of wasting two years of my life studying something just for the sake of money and status.

Sophomore year was a major turning point for me because I had made a decision to give up a path that had a lot of visible upside. I was also, through my training as a career counselor, developing a better understanding of me and my own unique strengths and interests.

The End of College - And the Beginning of a New Me

In the end I graduated with a degree in East Asian Studies, which was completed in my remaining two years. Since the major’s requirements were quite flexible, I was able to study abroad in three different countries and still graduate on time. Although the job prospects upon graduation were certainly not as bountiful as my friends who majored in engineering, I was still able to find work.

My time abroad was another major eye opener for me. It helped me realize that I enjoyed meeting new people and experiencing different environments. Through these experiences I came to realize that working and interacting with people on a personal level is not only very important to me, it is also one of my strengths.

The thought that interpersonal communication could be a strength was a totally novel idea for me. Up until then, my concept of a strength was restricted to technical skills. Everyone could speak and write, but not everyone could build cars or program computers, so I naturally believed that only the rarer skills could be considered strengths. I had naively thought that everyone needed some kind of technical skill to prove their value to society. Although intuitively, I knew this to be false, I couldn’t imagine a company hiring me without any technical skills.

Although I graduated with a better understanding of what my strengths were not, I was still unclear as to what my strengths were and how I could utilize them to my advantage.

Stay Tuned for How to Identify Your Personal Strengths Part II - Common Pitfalls and Challenges

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