Steam Pork Patty with Salted Fish

Ingredients - minced pork

                       marinate with pinch of bi carbonate

                       soda, salt, sugar, chinese cooking 

                       wine, pepper  few drops sesame oil,

                       a bit of water, lastly add some

                       corn flour

                      ( mix all in one direction )

  

                       sprinkle few shreds of ginger and

                       some salted fish

                       steam about 20 mins.

                       decorate with some spring onions

Soya Bean Paste Potato Chestnut Chicken

ingredients - chicken thigh cut into small pieces

                       (marinate salt, pepper, a dash of 

                        bi carbonate soda - optional, ginger

                        paste, chinese cooking wine, bit oil)

                      - potato skinned and cut into bite 

                         size : shallow fry till a bit golden

 

                      - chestnut (boiled in water n drained)

sauce 1 : soya bean paste

                ginger - small piece sliced

                garlic mince

                sugar

                chilli padi (optional)

sauce 2 : a bit dark soya sauce

                 a bit corn starch solution (optional)

method : in a wok with some oil, fry sauce 1

                 till fragrant, add in chicken and fry 

                 for a while.

                 add in potato and chestnut 

                 add in enough water to cover chicken

                cover and cook till chicken is cooked

                add in sauce 2.

The Early Retirement Masterclass - 1 and 2 December 2018

Day One Highlights (1 December 2018)

Chapter 1 : Foundation

Part 1: Interpretation of News
Always learn how to link the major world news into your financial situation, applying First Order
and Second Order Thinking

By Using PEST - Political
                             Economic
                             Social
                             Test

More about PEST analysis here
: https://www.businessnewsdaily.com/5512-pest-analysis-definition-examples-templates.html
                     
Learn to Conduct PEST analysis on your own personal situation

Part 2 : Understand What Financial Independence is/ How much you will need to reach it

A) The Asset Based Approach
      Project the number of years left in your life x expenses
     
      Pro - do not need to project investment returns using this approach
      Con - do not know exact date when you will die

B) The Cash-Flow Approach
     Figure out how much dividends can you reasonably get from an income portfolio
     eg. If you need $30,000 a year, and can invest comfortably for 6% yields, you will need
           $30,000 / 0.06 =  $500,000

      Pro - portfolio can be much smaller than the asset based approach
      Con -you have to monitor your portfolio to ensure that you can get 6% of every year

Financial Independence to Early Retirement
Generally speaking, it is safe to choose to retire early if your expenses is kept around 4% of
your portfolio size every year.

eg. If you spend $24,000 a year, you will need $600,000 for a safe retirement.

Part 3 : Learn some Basic Key Concepts of Personal Finance
Foundational Ideas
1. Compound Interest
2. Risk and Return
3. Diversification
4. Rebalancing
5. Business and Accounting Basics
   
Understand 3 Key Equations
Assets              =  Liabilities + Equity ->   Balance Sheet
Profits              =  Revenue - Expenses -> Income Statement

Net Cash Flow
=  Cash fm Operations + Cash Flow fm Investment + Cash fm Financing -> Cash Flow Statement

Psychological Ideas
6. Growth Vs Fixed Mindset
7. Goal Setting and Visualization

Part 4 : Obtain the Psychological Resource to Start Your Journey towards Early Retirement
Read the Book :  Mindset -The new Psychology of Success by Carol S.Dweck

Part 5 : Set a Clear Goal towards Reaching Financial Independence
Write it out and Take Action

Chapter 2: Earning More Money
Part 1 : Financial Capital Vs Human Capital

Manage your Financial and Human Capital - 1) Grow it
                                                                         2) Diversify it
                                                                         3) Insure it
                                                                         4) Leverage it

Part 2 : Life-Energy Exchange
How to Calculate = 
Weekly salary Earned divide by Weekly time (taken for actual work, includes outside networking) 

Eg. A legal associate in her 20s doing litigation work 
       Items                                    Adjustment
       Salary                                   $875
       Time                                     74 hours

       Life-Energy Exchange rate :  $11.82/hr

ie. One hr of her time is worth $11.82/hour to her but her company billed eg $300/hr to their 
customer.

Use this rate to make Important Career Decisions to Job Hop to another company.

Part 3 : World of AI Disruption
Categorize your Day Job and Figure out whether it is likely to face technological disruption in the future

Three Types of Work:
1) Mechanical Work
2) Services Work
3) Symbolic Analytical Work

Strategy
Shift from mechanical work to services work
Shift from services work to symbolic analytical work with communication skills
Avoid work that may be disrupted by AI.

Part 4 : Streams of Income
Optimize your earnings by liberally mixing your Primary Sources of Income with Secondary Sources of Income from the Gig Economy and your passive income from investments.

Part 5 : Advise on Earning More
1) Know your Ikigai
2) Know your Career Strengths
3) Job Hop Strategicallly
4) Join the Gig Economy
5) Negotiation Skills
6) Government Incentives
7) Improve Communication Skills

Chapter 3 : Saving Money
Part 1 : Foundational Concepts

Psychological Foundations of Savings -
The more conscientious a person is, the more he will save

Things Vs Experiences -
Always try to go for spending money on Experiences

Mindset Change -
Change "Money should be spent to generate happiness" to "Spend Money to eliminate suffering".

Saving Money -
You can only Save what is left after " Earning - Expenses" 
To Save More, either Earn More or Spend Less

Part 2 : How Much to Save ?
Target Stretch goal of 30% of your median income

Savings Milestone
Step 1 :  Save 6 months of living expenses  (eg Approx $1,430 x 6 =$ 8,580 )
Step 2 :  Aim to have at least $20,000 in savings account to maximize happiness
Step 3 : Aim to save Passive Income that covers basic expenses
             (eg $1,430 x 12)/ 7% + $20,000 = $ 265,142
Step 4 :  Aim for Early Retirement
             (eg $1,430 x 12) / 4% + $20,000 = $449,000

(4% is the safe rate of withdrawal when you retire)

Where to Save ?
Go for Multiplier accounts that offer higher interest rate

What about existing Debt?
If you have debt, it is better to just keep 3 months of living expenses

Expenses Tracking Tools
Track your expenses into Daily, Weekly and Monthly

Part 3 : Resisting Marketing's Lure
Understand how Ad man thinks and you will be able to resist the power of well-placed
advertisement

Advertisements exploit your need for
1) Security
2) Enjoyment
3) Adventure
4) Power

Part 4 : How to Cut Cost ?
1) Major Life Decisions
2) Recurring Expenses
3) Daily Expenses

Chapter 4 : Investing Your Money
Part 1 : Foundational Concepts - Capital Gains, Dividends

Part 2 : Trading Accounts and Brokerages

Part 3 : Basic Asset Classes - Equities, Bonds, Cash  Commodities, Crypto-Currency

Part 4 : Diversification and Rebalancing

Part 5 : ETFs, Stocks and Unit Trusts

Part 6 : The Permanent Portfolio

Part 7 : Downturns and Timing the market


                                   *****  The End *****

Steam Fish Paste with Tofu and Egg

IngredientsFish paste
Egg tofu or box silken tofu
eggs
chopped parsley
fish sauce
corn flour
sugar
salt
chopped carrots
garnishing - chopped fried shallots (optional)
sesame oil

Method
mash everything and steam on high heat for 20 mins

Hainanese Pork Chops

Ingredients
Pork Chops - tenderize and marinate with salt and pepper , little 5 spice powder
bread crumbs or cream crackers - crushed
Eggs
Flour

Sauce
Tomato ketchup
Oyster sauce
Hp sauce
Worcester sauce
sugar
water

Method
1. Coat pork chops in flour
2. Coat the pork chops in beaten eggs, added a bit of water
3. Coat it in bread crumbs or cracker crumbs
4. Deep fry in batches, drain
5. Seperately, fry chopped onions, add in peas and sauce ingredients - to be served separately

Bake Cheese Clams

Ingredients
Clams - from song fishery
（wash and take away un-edible parts）
scald shell with hot water to disinfect
Mozzarella Cheese - shredded
Japanese mayo
salt
black pepper
coriander
butter

Method
bake clams without topping for 5 min
and drain the juice - juice can be kept for other things

Place butter in microwave for a while, use spoon to stir into a paste
add in mayo, salt and pepper

Place clams on parchment or aluminum foil.
Divide the mayo mixture evenly among the clams.
Top with shredded cheese and coriander for deco
Bake until cheese melted and browned on the sides (about 8 mins)

White Pepper Alaska Crab

Ingredients
Alaska Crab (from song fishery - get them to cut into chucks)
- defrost and marinate with fish sauce, pepper, a bit of shao xing wine
- dust a bit with corn flour

butter
garlic
pepper
salt
sugar
chicken powder
Chopped coriander

Method
Deep fry very quickly the crab - drain well
In a wok, add a bit of oil, add in butter
Fry garlic till fragrant , add chicken powder, sugar
pepper . adjust to taste
Pour back the crab to fry