Keep learning. As an entrepreneur, there are always new things to learn, new things to explore, and new experiences to gain.
Chloe Hung is an entrepreneur, consultant, and author of the upcoming book, “Strength In Numbers”, a book designed to help Math enthusiasts and the public discover the world of actuarial science.
During her years as an actuarial student, Chloe Hung had a love-hate relationship with actuarial science because of her tough and challenging journey. As an actuarial student in college, Chloe often wondered whether she has made the right decision in pursuing actuarial science. To make matters worse, Chloe finished college as an unemployed actuarial science and finance degree graduate.
She was forced to work at a low-paying job for a few months after graduation, which took a huge toll on her own personal finances. Unemployment and a low-paying job forced Chloe to begin investing. She spent several years trying to learn how to apply her actuarial skills into solving her financial problem.
Chloe is now an entrepreneur whose passion lies in utilizing her actuarial skills in multiplying her income via stock investments. Chloe also dedicates her time to help Math enthusiasts and actuarial students make the right decision on whether actuarial science is the right pursuit for them. In addition, she is also currently focused on developing educational materials to help high school and college students ace their Math exams.
The actuarial knowledge has helped Chloe breeze through her Math courses, multiply her income, and become an author. Despite starting off on the wrong track in her actuarial journey, Chloe was glad that she has actually made the decision to pursue actuarial science in college.
Chloe also hopes to bring readers on a journey of discovery into the world of actuarial science through her upcoming book, “Strength In Numbers.”
Where did the idea for Strength In Numbers come from?
I wrote ‘Strength In Numbers’ with the intention of helping Math enthusiasts and students get started on the path of the actuarial profession. I started off on the wrong path in the actuarial industry due to lack of guidance and information about this profession. I didn’t want future actuarial students to make the same mistakes that I did when it comes to pursuing actuarial science as a course of study.
What does your typical day look like and how do you make it productive?
My typical day includes developing educational materials for students to use for their Math and actuarial exam preparations, and investing and trading in the stock markets. Listing 6 tasks every night before I go to bed helps me stay organized and productive throughout the day. I rank these 6 tasks by importance every night and I tackle the most important tasks during my mornings because that is when I am the most productive and fresh.
How do you bring ideas to life?
When I have a new idea, I will usually do a quick research to identify 3 main things:
1) Is the idea feasible?
2) Is there a demand for this idea?
3) How will this idea help add value to society?
Once I’ve done my research, I’ll take some time to decide if this idea is something that I am going to pursue on my own or do I need a partner to help me bring this idea to life. Often times, I look for a partner to help bring my ideas to life because having a partner helps keep me disciplined, accountable, and on track.
What’s one trend that excites you?
I am really excited that online education has been growing over the years. Online courses are now in huge demand. Plus, students are now able to attend their college courses online. I really like working in the online education industry because I believe e-courses and online learning helps students save time, money, and effort.
What is one habit of yours that makes you more productive as an entrepreneur?
I focus on getting big, challenging tasks out of the way as soon as possible. I dislike putting these big tasks off because they are usually not fun, took a long time to complete, and I usually end up skipping them completely if I don’t get them done as soon as possible. Procrastinating on these types of tasks also puts me in distress because there is always that nagging feeling inside of me that bugs me when I put these tasks on hold.
What advice would you give your younger self?
Start investing as soon as possible. It’s the best way to make your money work for you and multiply your income.
If you start investing before entering college, you will be able to pay off your college tuition fees and have a steady stream of income after graduation. I used to think that the only stable stream of income I’ll ever get is through my paycheck from my job. A paycheck helps me pay my bills, but investing gives me passive income and financial freedom.
Tell us something that’s true that almost nobody agrees with you on?
You don’t need to work hard to multiply your income. Instead, you need to make your money work hard for you. In my case, investing in the stock market is how I make my money work hard for me. This has given me the opportunity to venture out and explore the various opportunities that life has to offer.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Keep learning. As an entrepreneur, there are always new things to learn, new things to explore, and new experiences to gain. Never stop learning because this is how you will grow as an individual. Your business will only grow to the extent that you grow. If you stop growing; your business will stop growing as well.
What is one strategy that has helped you grow your business?
Using my book as an advertising tool. I learned this strategy from my publisher, Gerry Robert. He taught me how to kick start my business and utilize my book as an advertising tool for my business. Being an author has helped boost my credibility and develop confidence among my customers.
What is one failure you had as an entrepreneur, and how did you overcome it?
I wasted a lot of time and money jumping around trying to find the answer to this question of: “What do I want to do in life as an entrepreneur? I tried too many things and eventually lost focus on where I wanted to go and what I wanted to do. As a result, I started up many businesses that didn’t work out in the end.
After my third failed attempt at starting a business, I decided to just focus on my own strengths and experiences. Instead of asking myself, “What do I want to do in life”, I changed the question to “What can I do with my current experiences and knowledge?” This new question gave me the answer I needed to start my business.
What is one business idea that you’re willing to give away to our readers?
If you are a game developer, consider starting an educational game development company. Students learn best through a ‘gamified’ learning approach. Educational games that can help enhance the students’ understanding of a subject matter would be very beneficial and attractive.
What is the best $100 you recently spent? What and why?
I recently bought a few health products for my family members who were suffering from body aches and pains. I feel really happy and accomplished because I am now able to give back to my family for all the help and support that they’ve given me throughout all these years.
What is one piece of software or a web service that helps you be productive? How do you use it?
I used Podio to communicate with my publishing team during the entire duration of my book project. My publishing team was located all over the world from the Philippines to Canada, and we needed a platform to stay organized. Podio helps us organize our tasks effectively, stay on track, and communicate effectively.
What is the one book that you recommend our community should read and why?
I would recommend my upcoming book “Strength In Numbers” – this will help readers gain a better understanding of what actuarial science is all about and have a better appreciation of the role actuaries play in maintaining the world’s financial security.
What is your favorite quote?
“Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine” – Jack Ma
As entrepreneurs, it’s easy for us to give up when the going gets tough. This quote reminds us that it is important to persevere and push through the difficult times because the hard times will pass and you’ll be rewarded for it at the end.
Key learnings:
• Every night before you go to bed, list down 6 tasks to accomplish the following day to stay productive and organized.
• Do a quick research to determine if your new idea is feasible; determine whether you’ll need a partner to help bring it to life.
• Always get the big, challenging tasks out of the way first to avoid procrastination.
• Start investing early and make your money work hard for you because this is the most effective way towards multiplying your income in the long run.
• Read “Strength In Numbers” to get a better understanding of what actuarial science is all about and gain a better appreciation of the role actuaries play in maintaining the world’s financial security.
Connect:
Chloe_hung on Twitter: @chloe_hung31
Chloe_hung on Facebook:
Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas.