Charting your own destiny

JEFFREY Archer, the prolific author who wrote many best-selling works of fiction, passed away at 86 recently. He is one of my favourite authors growing up. My mum, who inculcated the reading habit in me in my teenage years, was the one who recommended his books to me.

She probably would not have known how this book left a major imprint on my formative years and shaped a large part of my life today.

Many people grew up not knowing what their life goal is, where their passion lies or what they are interested in. Archer’s Kane and Abel is the book that was life-changing for me. The reason being after reading the book, I sort of had an idea of what I wanted to achieve in life.

That is why I always joke with my friends that I am fortunate to know what I wanted to become at the age of 15. While others were confused and uncertain, I was sure that I would like to build a business when I came of age. Nothing has changed since then.

Silver spoon versus poverty

For context, and without giving away too much of a spoiler for those who have yet to read the book, Kane and Abel tells the life journey of two very different individuals from the time of their birth right up until the time of their passing. Abel Rosnovski was born poor in Poland, suffered the invasion of the Russian army and then fled to the United States as a refugee before eventually building his business from scratch as a chain hotel tycoon under the name Baron Group.

William Lowell Kane, on the other hand, was born with a silver spoon into a prominent banking dynasty family in Boston.

Raised in privilege with access to the best education and a strict upbringing as an elite, he had to inherit and run the family bank, Kane and Cabot.

Both men, born on the same day with differing backgrounds, became rivals in their lifetime through the circumstances of life, both achieving success in their own capabilities and in their own ways.

Why I enjoyed the book so much was because it opened my eyes to wealth disparity as a kid and the reality of different circumstances in life among people.

It stirred my interest in the world of business and ambition to strive in life. It made me explore the concept of social mobility, more so through entrepreneurship and business.

Later on, when I studied at LSE as an undergraduate, a course mate who happened to be a grandchild of a Malaysian tycoon (who rarely attended lectures) requested to copy my homework by virtue of her surname and offered to get me a job in Malaysia’s top law firm through her father’s connections if I ever needed help. All I needed to do was to help her through her course without failing.

After all, her grandmother had already given her a huge angpow for gaining entrance into LSE.

That was my first taste and close-up experience of this reality in life. Further to that, there was a very clear distinction in the social circles between the scholars (those who were studying at the university through scholarships) versus those who came from generational wealth.

The starting line does not determine winners

The irony is that children don’t recognise wealth. They do not know who has more or less, and they play with everyone they get along with. They enjoy the moment together and remain happy throughout. What changes them is society and the artificial construct of it.

It makes a naïve and happy kid turn into a realistic, superficial youth with a narrow mindset.

Forming cliques and mixing only with those of privilege or similar societal standing becomes the eventual norm. They believe that through this, they can climb the pathway to success. Contrary to popular belief, it often does not work that way.

Indeed, it is true that everyone has a different starting line in life. Yet, life is not a sprint. It is a full marathon, and having a headstart does not guarantee that you end up crossing the finishing line first.

The journey is what makes it all the sweeter. If you have never worked a day in your life, how would you appreciate the value of a holiday? If you have never failed, how would you know the joy of success? If you have never earned a dime through your own efforts, how would you appreciate the worth of money?

Backgrounds shape character

In my line of work, I am fortunate to have the unique opportunity to meet amazing entrepreneurs and tycoons. Every one of their life stories or journeys to success is unique in its own way.

The rags-to-riches stories are definitely impressive.

Overcoming insurmountable odds to get to the top of the pyramid is very different from simply inheriting wealth.

My recent meeting with Datuk Seri Cheah Cheng Hye, the billionaire value investor and founder of Value Partners, is testament to that. He left Penang out of poverty and started his own fund management company with only two people, growing it into what it is today in a foreign country without speaking Mandarin.

At the same time, maintaining a “clean pair of hands” philosophy throughout his lifetime amidst the temptations of the capital markets’ fast-money allure and shortcuts is a reminder that building a business and accumulating wealth should be done right.

I have noticed that background shapes character and dealing with setbacks early on in life helps build resilience.

Jensen Huang has said publicly that greatness comes from character and only through “pain and suffering” can one build character and resilience.

I have also realised that those who have personally been through pain and suffering are often also more generous when it comes to helping others or lending a hand to pull others a rung up the ladder. This probably explains why I have always been more successful at raising funds from first-generation tycoons than from second and third-generation leaders.

The Chinese belief is that “wealth does not last beyond three generations”. Sure, there are many different products offering wealth and legacy protection, such as family trusts, family offices, foundations and many others today.

Yet, in my conversation with another renewable energy tycoon, he believes that the only thing that can be passed on to the next generation is value. The value system is the one that will mould the person, and that will determine whether the wealth of the family can be preserved.

Life experience will determine who you become

The wealthy are often playing an entirely different game from the rest of us. I was once told, “Do not compare yourself with wealthy children, as you are in a game with their fathers, not them.” But I beg to differ. One cannot choose one’s family, but one can definitely write one’s own destiny.

Just because you are not born wealthy does not make you less of a person compared to the elites. Social media may tell you otherwise, but clearly, the content on social media is often merely a façade. In fact, there is no shame in building up your life through your own efforts. Life experience will shape you, and it is what you make of it that ultimately determines who you become.

So, in case you are wondering whether I helped the entitled grandchild of the tycoon with her homework throughout my undergraduate course, well, quoting Jane Austen’s classic novel, Mansfield Park, “I find little joy playing second fiddle to rich kids.”