Jamaican-born Billionaire Michael Lee-Chin recently detailed his ‘risk-filled’ route to creating generational wealth and shared stories about his humble upbringing been an adopted child. Lee-Chin disclosed that he was a ‘starving student,’ which led him to reach out to the government of Jamaica via a written letter seeking assistance with his college expenses.
The billionaire, who currently resides in Canada, admitted in an interview done by Kalilah Reynolds that after receiving help from the governmental program funded by taxpayer money, he is forever indebted to Jamaica.
“I got a scholarship for the next three years, I needed $2000, I got a scholarship of $5000 per year, I was able to send money back to my family, so because my life was enabled by the largest of Jamaican taxpayer’s am forever Indebted to my country or else I wouldn’t be here otherwise,” Lee-Chin explained.
He continued his story by sharing the difficulty he faced securing a job suited to his qualification. “I graduated from engineering in 1974 been on a scholarship I had to come back to Jamaica, which I did. I had worked for two years for the Ministry of Works. After two years, I came back to Canada, and I could not get a job in engineering, this was 1976, I sent out 100 resumes for engineering jobs, I got 100 rejections,” Lee-Chin disclosed.
Lee-Chin went on to share that his difficulty finding a job to fit his qualification led him to wonder how to make people wealthy who had helped him along his journey and how he discovered the formula for wealth creation.
“I said to myself, Mike, what can you do for these people, these families that are inviting you to listen to you in their home; what can you do as recompense for their graciousness; what’s the highest value add you can give to them the answer kept coming back to me Mike make them wealthy if you can do that you can transformer their life,” he explained.
According to the billionaire, he focused on the common thread among self-made wealthy individuals to create a formula. The steps that stand out to him and what he followed include; owning ‘a few not too many’ high-quality businesses, understanding the enterprise they are involved with, their business is located in an industry that has long-term growth characteristics, using other people’s money to create wealth and holding on to a company as long as it remains successful.
See the full interview below: