Former broker now a security guard

[hotbot]

this kind of story is very depressing.:(

http://business.asiaone.com/Business/News/Office/Story/A1Story20100908-236225.html

From millions a year, ex-broker now earns $50 a day.

Sat, Sep 11, 2010
AsiaOne

Once, he earned tens of thousands a month; now, ex-broker Andrew Michael Teo works as a security guard for $50 a day.

The 46-year-old told Shin Min Daily News that he has been a security guard since 2008. He has worked as permanent staff, and also on a part-time basis for months at a time for three different companies.

Michael revealed that he has more than 10 years of experience in the finance industry, and eight of which was in Taiwan.

When he went to Taiwan in 1995, he helped clients trade in bonds, currencies, and equities, earning about NT$3 million ($126,300) a year in commission, or about S$10,000 a month.

During the financial crisis of 1997, he managed to buck the trend, even making a profit of NT$2 million (S$84,200) in July 1997 when the market crashed.

In 2003, his father fell seriously ill and he returned to Singapore. Back home, he tried working as a business consultant for a year.

After leaving that job, he was unable to find suitable employment for two whole years. He told Shin Min that the financial industry here prefers young graduates with fresh ideas, to experienced traders.

"After a while, it didn't feel right not to be working. I recalled that my father once worked as a security guard, so I wanted to experience what he went through," said Michael.


Less than $50 a day

Michael told Shin Min that his pay as a security guard is only $50 a day.

A full-time security guard works 12 hours a day, six days a week, and his pay is only about $1,200 a month.

"Many people may not be aware that the daily salary of $50 also includes your employer's CPF (Central Provident Fund) contribution, meal and mobile phone allowance. After deducting those, your pay is only about $38 a day," he said.

 

[autoroam]

what so depressing....
ex-broker Andrew Michael Teo is a fool

If he was so good or so he claim, why not just be a Day Trader

When he went to Taiwan in 1995, he helped clients trade in bonds, currencies, and equities, earning about NT$3 million ($126,300) a year in commission, or about S$10,000 a month.

During the financial crisis of 1997, he managed to buck the trend, even making a profit of NT$2 million (S$84,200) in July 1997 when the market crashed.

All he need is computers, internet & trading account
:oIo:

 

[downgrader]

broker lah, not trader, only make comm

so give him screen in front of him he won't know what to do

 

[loloba]

this kind of story is very depressing.:(

http://business.asiaone.com/Business/News/Office/Story/A1Story20100908-236225.html

From millions a year, ex-broker now earns $50 a day.

Sat, Sep 11, 2010
AsiaOne

Once, he earned tens of thousands a month; now, ex-broker Andrew Michael Teo works as a security guard for $50 a day.

The 46-year-old told Shin Min Daily News that he has been a security guard since 2008. He has worked as permanent staff, and also on a part-time basis for months at a time for three different companies.

Michael revealed that he has more than 10 years of experience in the finance industry, and eight of which was in Taiwan.

When he went to Taiwan in 1995, he helped clients trade in bonds, currencies, and equities, earning about NT$3 million ($126,300) a year in commission, or about S$10,000 a month.

During the financial crisis of 1997, he managed to buck the trend, even making a profit of NT$2 million (S$84,200) in July 1997 when the market crashed.

In 2003, his father fell seriously ill and he returned to Singapore. Back home, he tried working as a business consultant for a year.

After leaving that job, he was unable to find suitable employment for two whole years. He told Shin Min that the financial industry here prefers young graduates with fresh ideas, to experienced traders.

"After a while, it didn't feel right not to be working. I recalled that my father once worked as a security guard, so I wanted to experience what he went through," said Michael.


Less than $50 a day

Michael told Shin Min that his pay as a security guard is only $50 a day.

A full-time security guard works 12 hours a day, six days a week, and his pay is only about $1,200 a month.

"Many people may not be aware that the daily salary of $50 also includes your employer's CPF (Central Provident Fund) contribution, meal and mobile phone allowance. After deducting those, your pay is only about $38 a day," he said.

He earns millions a year if only he saves 10% of his earnig, he need not work for his entire life. What is he trying to say, we have to work even if you have millions. His good days with the high interest and property blooming, I don't understand why he need to be a security guard? is very demoralising..his net worth (ooops sorry his net happiness????) whereas our CPF is 23% yet majority with less than 30K per year can retire comfortably.

 

[rodent2005]

Next up, an article on an ex-minister working as a security guard.

Used to make millions but now earning S$900 per month.

 

[johnny333]

Next up, an article on an ex-minister working as a security guard.

Used to make millions but now earning S$900 per month.

That will never happen as long as LKY is in power. He's made sure he's covered by a work until you die policy. Also no taxes, continuous salary increases, no death taxes,.....

He knows he's got a good thing & is only sharing it with relatives & close friends.

 

[numero uno]

such people are a dime a dozen. any id!ot can be a banker. if he is so good, banks would hire him. obviously talking cr@p here. greedy moronic and over valued bankers are the cause of the mess we are now having and this guy has the gall to complain!!!! 99.9999% of all bankers are not worth more than security guards in terms of pay in my opinion. even bankers have been known to become taxidrivers. there are quite a few. nowadays MBAs, PhDs are so common that it is worthless essentially. who issues such certs matters.

 

[drifter]

singapore bankers are no better then gigolos ...only target rich tai-tai .

i have a banker friend , he even tell me , his job was to dress up and have coffee with rich tai-tai . he said banker just know how to talk enough , no different from lucky plaza salesman .

 

[Rogue Trader]

Unlike skilled tradesmen, a broker's most important value is the relationship with his clients. If he loses all this by going into a new market, he has to start from zero.

 

[Don Muthuswamy]

Don't be surprised that many people are like him. They may make thousands or even millions each month but they may spend like there's no tomorrow on unnecessary things thinking for some strange reason that their current situtation is more like God given right and when bad times hit, they'll have nothing to fall on. If this guy has invested his earnings wiesly, he may even be relaxing in a sunny resort or playing golf now instead of driving a taxi for a living.

 

[123456787654321]

Cut the guy some slack lar, it's implied that he gave up his career in Taiwan to return to Singapore to care for his sick father. A seriously ill person can easily gobble up within months a fortune carefully accumlated over the years. He may be in reduced circumstances now, but at least he still knows how to take care of his father. Money can always be earned, but a loved one lost can never be replaced.

 

[silliporean]

this kind of story is very depressing.:(

http://business.asiaone.com/Business/News/Office/Story/A1Story20100908-236225.html

From millions a year, ex-broker now earns $50 a day.

Sat, Sep 11, 2010
AsiaOne

Once, he earned tens of thousands a month; now, ex-broker Andrew Michael Teo works as a security guard for $50 a day.

The 46-year-old told Shin Min Daily News that he has been a security guard since 2008. He has worked as permanent staff, and also on a part-time basis for months at a time for three different companies.

Michael revealed that he has more than 10 years of experience in the finance industry, and eight of which was in Taiwan.

When he went to Taiwan in 1995, he helped clients trade in bonds, currencies, and equities, earning about NT$3 million ($126,300) a year in commission, or about S$10,000 a month.

During the financial crisis of 1997, he managed to buck the trend, even making a profit of NT$2 million (S$84,200) in July 1997 when the market crashed.

In 2003, his father fell seriously ill and he returned to Singapore. Back home, he tried working as a business consultant for a year.

After leaving that job, he was unable to find suitable employment for two whole years. He told Shin Min that the financial industry here prefers young graduates with fresh ideas, to experienced traders.

"After a while, it didn't feel right not to be working. I recalled that my father once worked as a security guard, so I wanted to experience what he went through," said Michael.


Less than $50 a day

Michael told Shin Min that his pay as a security guard is only $50 a day.

A full-time security guard works 12 hours a day, six days a week, and his pay is only about $1,200 a month.

"Many people may not be aware that the daily salary of $50 also includes your employer's CPF (Central Provident Fund) contribution, meal and mobile phone allowance. After deducting those, your pay is only about $38 a day," he said.

A broker's working life span is very short, enjoy the success while you can as it will never last.

Singapore Brokers/dealers today are very different from my time, these days they just dont have that kind of big entrainment dollars that these brokers boys had, they could literally turn a quite watering hole into a hot spot within weeks of their patronage...look at boat quay and clarke quay and all the big nite clubs today...ghost town man as compared to the yesteryears.

That is why they prefer the 20+ new bird gong gong kwai kia dont chiong night club and hang out in pub and starbucks type..save money..no budget.

 

[hotbot]

i have few friends doing shipping brokerage. Their salaries at least 10K a month, eat abalones at Chinese restaurants, entertain clients at nite clubs. but long term, i think no good for health.

 

[batman1]

Next up, an article on an ex-minister working as a security guard.

Used to make millions but now earning S$900 per month.

I loved the headlines in the newspapers "Former minister now a security guard." It will make my day and I will go for a nice meal.LOL

 

[silliporean]

i have few friends doing shipping brokerage. Their salaries at least 10K a month, eat abalones at Chinese restaurants, entertain clients at nite clubs. but long term, i think no good for health.

SHip brokering firm charges at least 1% on the ship sale, if the ship cost some USD 100 million than the commisions could easily hit USD 1 million that goes to the house and that is why they can afford to entertain.

Stock brokering and deriavitives industry the brokerages had fallen to a pittance, the risk involve does not justify many to be in the business anymore.
In the good old days, intrest rates instruments such as Euro Dlr Euro Yen etc you can make USD 2.50 per lot and the bigger houses can easily clear close to 30,000 lots per day..(you do the maths) that is why stock brokers and deriavitives brokers of the yesteryears are wild boys when it comes to entertainment over shadowing even ship and oil brokers..

Those days are gone....forever.