DumbFunded were lucky enough recently to catch up with and ask some questions to John Lee and Vincent Wong from Wealth Dragons, the UK’s leading wealth creation training provider.
What first got you interested in personal wealth? Did anyone in particular inspire you?
John: I grew up in Manchester watching my parents struggle on a hamster wheel with their Chinese takeaway. I would sweep floors for 12 hours a day in my teens and knew even back then that I wanted something different. Some years on, I was inspired by international authors such as T. Harv Eker, Blair Singer and Robert T. Kiyosaki.
Vincent: I was expected to pursue a profession after I left University and qualified as a Pharmacist which I found to be soul destroying. I also completed an MBA at Cass Business School but still didn’t feel satisfied. I too was stuck in a rut and knew after my first property deal that this was how my future looked. Moving towards a life committed to creating and teaching financial independence also led me towards the above three names, as cited by John, amongst many others.
What do you find stops people from wanting to, or even thinking of managing their wealth?
Fear is the greatest challenge to us in any aspect of our lives. We also tend to refer to our parental or inner circle’s view of money. If we grew up in a household where people around us said “Money doesn’t grow on trees” we either take on this mindset or usually do the opposite. All of us can change our view of wealth and accept that money is not a bad thing or that we don’t deserve to have it.
What common mistakes have you seen people make in the first 1-3 years of wealth management?
They rush at investing, thinking they know it all before they learn how to ‘walk and then run’. It is quite normal to make mistakes in any job or profession: this is how we learn, you choose to do it differently next time around or make the same mistake(s) again. Some investors may not get the right power team around them or try and take short cuts (eg not working with expert lawyers or accountants) and then pay the price later on. Remember advice, jot them down and read them over and over again until they are stuck in your head.
If you could give one tip to someone thinking about managing their finances what would it be?
Understanding financial basics like Profit and Loss and learning how to read and interpret a Balance Sheet that tells you about Assets and Liabilities.
Do you have any advice for juggling business and personal wealth?
– Keep separate bank accounts and credit cards for each
– Always have an up-to-date Will in place
– Work with experts who can help you manage your finances, not just for now but for later on and in relation to your legacy.
Is there a life lesson, or something you wish you had learnt previously, that you know now?
John: Believe in yourself and trust your gut. If something doesn’t feel right, it isn’t right. Short term this may lead to problems but in the longer term you have to be true to yourself.
Vincent: Traditional forms of Education are not right for everyone. Particularly today, any formal Education should be seen as much as a life experience as a way to get a ‘job’. The world order has changed and we need to catch up.
What is Wealth Dragons, and what type of person would benefit the most from your help?
Wealth Dragons is a very experienced and credible international promoter of events, trainings, mentorships and products that will change people’s lives and future. Anyone with a desire for a different life but doesn’t know where to start will directly benefit from Wealth Dragons training. We all have a different perception of ‘success’ and together we can help you define a future path that leads to ‘healthy wealth’ and ‘wealthy health’.