7 lessons from self-made billionaire Peter Lim, “Remisier King”

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Contributed by FRANK ALVAREZ – 

If you think high paying and top-level positions are acquired by those who are “privileged”, then you are completely wrong. Peter Lim, “Remisier King”, is a self-made billionaire who went from rags to riches

Here are 7 lessons shared from the life of self-made billionaire Peter Lim to prove that you can do it too.

#1 There Are No Excuses

Peter Lim grew up in one of Singapore’s oldest public housing states, sharing a 2-bedroom government apartment with 11 people.

He never made an excuse to work hard despite his economic conditions, neither should you find excuses everyday because you didn’t catch a sleep, nor because you don’t have the money to start doing something valuable.

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Be tough on yourself; make no excuses

#2 Never Give Up

Peter Lim found it hard to get into a respectable university because of his economic background, being the son of a fishmonger. He kept trying until he found success. Lim then finished his education at the University of Western Australia where he received his degree in Accounting and Finance.

#3 Find Your Means

To be able to fund his studies, Peter Lim had to take a number of part-time jobs, which included being a waiter, cook, and a taxi driver.

If the bigger picture is worth sacrificing your leisure time, then it is worth doing. Find whatever it takes to accomplish your goals in life, even if it involves working three part-time jobs.

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To be successful, make sacrifices to reach your goals

#4 There Is Always Something Valuable To Learn

It wasn’t until Peter Lim worked as a cook in a fast food chain called “Red Rooster” that he learned how business really worked. Lim observed how the business operated and expanded, then he utilised this knowledge to create huge gains in his own business career.

Be sure to observe your surroundings, even if you work at McDonald’s. There is always a valuable lesson that you can implement in your business life.

#5 Don’t Be Afraid To Quit

After Lim graduated, he started working as an accountant, but that job only lasted three months. He then moved into tax consultancy before he realized none of that was really satisfying his inner ambition, which was something he had always wanted since he was 18.

Leaving everything behind, Lim became a stockbroker and he immediately obtained a name for himself “King of the Remisiers”. A remisier is a stockbroker who only gets paid in commissions.

What we can learn from Lim is to always follow your dreams, because you will never be happy if you stay in the place where you find comfortable. Don’t be afraid to quit and to challenge yourself if you think your current job is not for you.

#6 Stick To Your Gut, And Be Patient

Lim invests in the long-term after doing incredible amounts of research. He then sticks to his data and doesn’t let the daily market fluctuations influence his decisions on a short-term basis. Lim is known for turning $10 million dollars of stock in the early 1990s in a company called Wilmar International into $700 million.

“When you are holding stocks, if it goes up, don’t be too happy; when it goes down, don’t be too sad. Otherwise, how? Your life will also be fluctuating and you’ll die of a heart attack. If you really lose sleep over it, maybe the best way is to keep the money in the bank.”

#7 Reward Your Team

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Show gratitude by generously rewarding those who’ve helped you

After making his first big profits in the stock market as a trader, Peter Lim decided to reward his team by buying a BMW and 3 Lexus for the top performers in his team, demonstrating his gratitude towards them for helping him succeed.

Remember to always reward those who have helped you get to the place you are right now. There is nothing more special than saying thank you to those who earned it. It will strengthen your relationships with them and increase their loyalty for you.

By Frank Alvarez

This article first appeared on Wall Street College here.

Related Yak & Crow article:

Millionaires in Singapore–A success story?

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