The decision cases on this website are all real ones with different names. The aim is to share experiences because one does not live that long to make all the mistakes. It is wise to learn from others’ mistakes. I strongly recommend the Hong Kong SAR government to consider seriously including “Decision Making” subject in the high school curriculum. Money management is another important topic for our high school. Some of the decision cases herein relate to money management. More real decision cases are welcome to be submitted by the browsers. Please don’t give your real names. One of my own wrong decisions had cost me HK$ 20 million (around US$ 25.6 million) asset value loss + 20 years potential progressive increase rental income. It was just because my wife hated to move home. So I did not bother to discuss with her or seek advice from my former colleagues. The Chinese saying, “獨行獨斷” or “Alone thinking and alone action” can be devastating. That is why the bible Proverbs 15:22 says, “Plan fail for lack of counsel, but with many advisers they succeed.” I have read several Christian and non-Christian books related to decision making. I had also attended three seminars, two on Problem Solving and Decision Making and one of Edward de Bono – Six Hats Thinking Decision Skills.
I briefly mention about Six Hats Thinking Skills here.
- Blue hat – decide focus & the sequence of hats to use – facilitator
- White hat – concern with information. What information is needed?
- Red hat – feelings, intuition.
- Black hat – critical thinking, negative side, risk and danger.
- Yellow hat – warm, positive side, benefits
- Green hat – creativity, alternatives, new ideas.
Investment
My father’s wrong decision on investing HK$ 3 million on gold margin (a very high risk investment tool) in 1982 was total lost, and had to sell the last flat of 1,120 square feet (net area) at Glen Haven (嘉麗園), 117 Argyle Street, Kowloon, Hong Kong. In 1982, the cost of the flat was HK$ 1 million or about US$ 129,000 (US$ 1 = HK$ 7.8). So he lost three flats. In 2018, the market price of three flats of 1120 square feet is HK$15,000 per square foot = 3,360 square feet x HK$15,000 = HK$ 50.4 million (US$ 6.46 million) plus 30 years rental income. If he had purchased a shop at good location on ground level in 1982, the shop would cost over HK$ 50 million as in 2018 because good location shop cost increase is more than residential flat. If he had not lost all his cash of HK$ 3 million, he would not need to sell his only property of 1,120 s.f. More than that, a wise investor can mortgage the shop and turn into a few more shops over the 30 years. It was a serious loss and has negative impact on many of his generations.
My dream is to transform the world by education, to introduce 2 innovative subjects, namely, (1) Personal Financial Management and Investment and (2) Innovation, Problem Solving and Personal Decision Making, to the high schools in Hong Kong first, then in China, and around the world. Feasibility studies and business plan have already submitted to certain Foundations and philanthropists on this movement. Hopefully we can arrange related talk to the secondary schools first. This will help change the world to a Better, more Powerful, and more Successful and Harmonious world.
To your success
David Jor – davidjor77@gmail.com