The Millionaire Underdog Club (“MUC”)
(Singapore) had the pleasure of hosting lawyer and savvy property investor Rayney Wong.
Besides really sharp international property investing insights, it was also highly informative and thought-provoking from a business point of view.
I learned so many things and here are the 3 top business principles that stood out for me and they centre around survival:
1. The importance of not accepting failure as the final state of things. Resilience and tenacity are difficult lessons to learn but are extremely important.
When Rayney first started his own legal practice he did not have much experience and it was extremely challenging. What ultimately enabled him to succeed was his refusal to accept failure.
2. Any business is tough and competitive – succeeding just depends on what you are prepared to do to ensure the business succeeds.
Deciding that he was not going to fail, he built his business from the ground up by visiting the hospitals to get personal injury clients and also found a way to add value for these clients. His business grew from there.
3. Evolve, find your niche and dominate.
Rayney mentioned they recently had to change the way they did business because of how competitive the legal industry is. Now they only take specific type of cases at his law firm because it provides better profit margin.
As a young lawyer, I never thought about the business side of running a profitable law firm because I was more concerned about how to be a good lawyer. All I needed to do was my boss’ bidding.
But it’s necessary for every lawyer to learn about business eventually – whether it is to add value to their clients and/or run a successful legal practice.
It was really interesting for me to have a glimpse of what it is like for a senior partner in a law firm. Besides being an
accomplished excellent lawyer so that you can attract the right clients and command and justify your higher per hourly rate (usually at least $800/hour and up), you’d also need to be competent in business to make the practice profitable.
I wonder – where do these lawyers get their business education from and is it enough?
That aside, I thoroughly enjoyed myself during this lunch just listening to Rayney talk. His network is really incredible and in my opinion, something to aspire to – I mean, how many people can say they felt a little embarrassed telling some people in their network that they made $200,000 on 1 property deal, because these people just made millions on their own property deal? And how many people have access to a network of people who are able to invest $50 million in a deal and call it a “small sum”?
Well, I’m one step closer to that now because Rayney’s now part of my network too.