Ever looked at those fancy, luxurious cars and wondered how did that *** get so rich? Well, I am sure most who are not in that league would have. Then, may I ask, did you get any answers?
Pose these questions to your parents when you were a kid and they would have probably told you that you will have to study hard, get good grades and then get a good job that pays well enough to afford those rich toys. And innocently, some smart kid would ask the second most important question back, then why daddy, mummy, didn't you do it? Awkward silence and fast forward till the kid is the parents age, no amount of good grades secured his/her future to that rich lifestyle. So as with most things, parents do not always have the answers.
Ok, we are not here to debate about good parenting. In my opinion, there are only a few ways of going rich in Singapore.
Number One and most easy method - Birth! Those whose forefathers had it good and will be in the future inheriting all that fortune are going to be rich and staying rich. It is actually quite hard to squander all that wealth away that quickly except through gambling. Some may even be inheriting businesses that will carry on to be profitable without them even being part of the management. Some have parents who are in high places and can easily "recommend" and exert their influence to have their children on the fast track to the top. For the rest of the majority who those not have this destiny, there is nothing you can do to change this.
Number Two and most simple method - Luck! Simple does not mean it is easy and happens to everyone. Striking the lottery TOTO, en-bloc, balloted for the HDB balance of sale flats, winning the jackpot at MBS or RWS, or any other form of fortune that falls from the heavens. But well, let's face it, it probably only happens to the 0.00001% of the population in Singapore. Dreaming is good, but reality is what's going to happen.
Number Three and most dangerous method - Crime! Definitely not the most appropriate method but we have often heard the stories of people getting rich through suspicious means. I am just trying to be comprehensive here, I believe most will have to agree that fraud, bribery and corruption definitely pays well enough. Just open the newspapers and you see high profile employees and charities handling millions of dollars.
Sadly, I have come to the final one, number four - Work! If it is none of the above, it will have to be this last one - you have to work for it. Through working to build a business or working as an employee. Working, saving and investing, the most practical of all methods. Ok, this is boring, tell me something I don't know, must be what you are thinking.
Well, here comes the hard fact, all those get rich quick schemes are exactly that. There is no such method number five. It is in fact method number three above for the schemer. Of course, work itself is a whole topic of its own, if it is through property, equity, forex, or any other form of investment, you still need to be actively working for the initial capital and monitoring the investment - back to the fundamental square one, working, saving and investing.
I would love to hear if there is any method. Cheers!
Category: Financial Planning, Investment | 1 Comments