Feb 23, 2020
Rayson Choo is a Transformation Catalyst. What he does for a living is pick the brains of the best entrepreneurs in this world such as Gary Vaynerchuk, Grant Cardone, and others to find out simple and effective steps that millennials can take to experience success in the swiftest and most effective way possible.
He does this through podcasting, where he helps millennials to experience personal transformation from the tips that they need to move forward.
“Just being friends with multi-millionaires won’t make you successful. What makes you successful is applying the knowledge that they have imparted to you.”
Rayson met a gentleman about three years ago, and they quickly became friends. Rayson found the friendship quite beneficial as they got along pretty well. They would attend all these seminars and conferences together. Often, they would discuss business and future projects and help each other out with the brainstorming.
The gentleman happened to be a financial service provider, and so one day he sat Rayson down and they discussed his financial plans. They also talked about the kind of insurance coverage that he had. It so happened that Rayson didn’t have any insurance.
His friend told him that it was best he considered investing in insurance. He recommended an Investment-linked Insurance Policy (ILP). He explained to him that if he invests X amount, he will get a certain amount of money back. He promised that the monthly payment would increase in a couple of years, and the investment returns would come in as well.
Because Rayson didn’t have any insurance at the moment, he thought, this could be a good thing. Having been good friends for a couple of years, Rayson put his trust in his friend and signed up right away without giving it much thought. His friend knew him well so definitely he was recommending something good for him. Rayson even went on to recommend him to his other friends, some who also signed up for the insurance policy.
Rayson was excited about his new investment and he would talk about it with his friends and podcast listeners. After a while, another friend, who is also a financial consultant, told him that the kind of insurance he’d signed up for wasn’t making financial sense. Rayson, confident in the friend who sold him the policy, rubbed this off as a case of one consultant being jealous of the other.
One day he met up with a listener, and as they were talking about the podcast they happened to also talk about affordable insurance. Rayson told the listener about his, and the doubts his friend has been having about it. The listener drew the insurance plan down for him and it all made sense now. It became clear that his friend had duped him into signing up for a policy that would see himself benefit more than Rayson would.
It made the most sense to cancel the insurance policy right away even though the friendship was, obviously, not salvaged. At this point, Rayson had already made thousands of dollars in payments, and all he could get back was 1,000 Singapore dollars. To add salt into injury, he had to use that money to pay the remaining term of the insurance policy.
Don’t use your emotions to buy anything as it affects your buying power. Investing in anything to blindly support a friend is a no-no. Treat this investment with caution just as you would any other. Ask yourself, why do you need that product? Is it only to support the person selling it? Or is it because that product is really useful to you?
Before you go and sign up for anything, do your research and learn as much as you can about the product you’re about to invest in.
Don’t be so quick to invest in any product. Take your time to learn about the product and gain a deeper knowledge of it.
A few things that you should expect from any financial services provider:
Don’t let anyone pressure you into making a quick investment decision. You have a right to take your time to study the product, sleep on it, weigh your pros and cons until you’re ready to say yes or no to the product.
Tell people about the product you’re thinking about investing in to get their thoughts about it. Someone may save you from making your worst investment ever. However, don't let anyone drive you down a path where they're pushing you to make a decision. Remember, this should be part of learning about the product.
When signing up for any investment, find out the terms of canceling the investment midway. With some investments, you might still have to pay the full amount even after canceling.
Rayson’s number one goal for the next 12 months is to complete a book he is writing based on the idea from Tim Ferriss’s Tribe of Mentors. So similar concept, but different in terms of content and other parts of the concepts as well.
He’s also working on an online course to teach people how to be more fluent in terms of branding and how to strategically connect with people like Vaynerchuk, Grant Cardone, and other celebrities, multi-millionaires, and entrepreneurs without any manipulation but by being authentic.
“You're going to live your life as you alone. You only have one life to live as you, so live it to the fullest. Your life is dictated by you, not by others. They can share with you certain ground rules, what you can do, what you can't. But, ultimately, you are the one who chooses.”