“I had no in-depth knowledge about e-commerce, nor was I capable of any intricate software programming…but I applied nonetheless – no harm in trying, after all”
There are two ways to make money. The first way is what society wants us to do – study hard, go to university, and get a good degree. Then, hopefully, that degree can land us a good job. What does it mean to have a job or to own a business? It means that we are swapping time for money. And, once we get the money, what do we do with it? We spend it on our bills, food, transport, and then we hope that there is money left over to sustain our lifestyle.
But what’s the problem with that situation? The money eventually runs out, so we have to work some more, sacrifice our lifestyles, and swap more time for money; then, as the money runs out again, we have to sacrifice lifestyle… So, again and again, you enter this voracious cycle without even realising it, because you just don’t have the time to stop and think! And this is what we call, ladies and gentlemen – the financial trap – where we have to keep on working to support our lifestyle.
Now, whether you are currently in that situation, where you have a job or own your own business, you might find that you work very hard, but you still don’t have enough money to pay for your dream holidays, to buy that car you’ve always wanted, or to afford the downpayment for the house you want to have in the future. You are instead always stressed at the end of each month, just trying hard to make ends meet and pay your bills. Maybe you make a lot of money, but you don’t have much time. And, when you do get time, you don’t really have enough to enjoy it anyway. Now, whether you have a job or own your own business, to have true financial security, true financial freedom, you have to have a second stream of income. This is where YOUR money is WORKING FOR YOU. Because who knows what might happen? You might lose your job, or your business might go through bad times. But if you have this second stream of income, it doesn’t really matter so much what happens to the other parts of your life.
Now, let me tell you the story of why I started the Financial Independence society. A very good friend of mine, like me, comes from a conservative asian family background. Growing up, our parents wanted us to become the typical engineer or lawyer. However, my friend felt that those careers simply did not fulfil him. Growing up with an abusive family background, he was determined to change his future by studying very hard as a kid, and he successfully got into Imperial College London. He thought that his life would be settled after, but boy was he wrong.
After graduating, he found himself trapped in an 8-8 job, working 2 jobs just to survive in the expensive city of London, having to sacrifice time and relationships with his loved ones. Then, his life changed when, one day, his life hit rock bottom when one of his close family members died of breast cancer and he was not able to say goodbye to her.
With normal jobs in the UK, how many weeks of holiday do we have a year ? Four. Yes, the rest is given away to someone else.
He thought, there’s no way he was going to give the best parts of his life to someone else. So, what did he do? He started getting into trading and investing. And now, today, Raven Connelly is one of the youngest millionaires in the UK.
His story inspired me to start the KCL Financial Independence Society. But this is not just Raven’s story – this is the same story of how most successful people achieve financial freedom, whether we’re talking about Warren Buffet or Elon Musk. They did not depend on just one stream of income from their job. Statistically speaking, most people who achieve financial freedom have multiple streams of income. And this is what our society focuses on. We interview, invite, and gather successful people, true masterminds, so that we can model each others’ success and principles, in order to help each other get one step further on the path to financial independence.
KCL Financial Independence is a new society founded in 2020. It started with 5 students who are really passionate about Financial Independence and would like to build an engaged community with people of similar mindset at King’s. They aim to equip students with financial skills that are not taught at school, but are essential in life.
So far, the UK government has spent a staggering £280bn on measures to respond to the economic shock from COVID-19, with £73bn allocated specifically for job protection measures which include the furlough scheme.
No single scientist symbolises breakthrough scientific advances and a King’s College education more than theoretical physicist Peter Higgs.