Sunday, July 1, 2012

How to be rich in Singapore

 How to be rich? How to be rich quick in Singapore?

A few months ago, I wrote an article on how to become rich in Singapore. The articles has since garnered more than 2500 page views and remained one of my most popular postings. The article has also received several feedbacks from my readers. I suppose at the back of most Singaporeans' mind, most of us wish to know what is the shortest route to being rich in Singapore. I shall attempt to discuss more about this topic.

I always pondered aloud, what is the defintion of being rich in Singapore? Does it mean setting a monetary target of $10 million in the bank or does it refers to the state of the mind? Just yesterday, I read an article from a local Chinese newspaper about the plight of a senior engineer who was addicted to gambling. The article stated that the engineer earned more than $10,000 every month but owed gambling debts of more than half a million. Unable to withstand the constant harassment from loan sharks, the engineer committed suicide. For most Singaporeans, a monthly salary of more than $10,000 would probably make us among the top earners in Singapore. Yet apparently for this engineer, his monthly salary was not even enough for him to satisfy his gambling addictions. So I suppose the moral of the story is that it is not how much you owned or earned that make you feel rich. Rather, being rich is a state of the mind. You can have a super-scale salary of $10,000 but still struggle financially if you don't manage your personal finance wisely. You can have $10 million in the bank but ultimately this money would evaporate if you were addicted to gambling.

So what is the secret to being rich in Singapore? I did a mini survey in my workplace and came to realise one thing. Many Singaporean in their fifties became wealthy through property investments. Many of them still hold on to their jobs and are humbled with their financial successes. They live simple and do not engage in gambling activities. I know there are people who made big money through stock, gold or forex investments. But apparently, the circle of my friends did not make their wealth from these financial instruments. So definitely there are many ways to become rich in Singapore, but I think the key is to get rich slowly. It is only through hard work and slow accumulation of wealth that you can truly appreciate the value of money.

Investing in property is one of the safest bet. Of course, things doesn't always go in exponential curve. In financial markets, there are always cycle of ups and downs. This is applicable to property too. So always make sure you do your homework before committing your monies on property investment.

Magically yours

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2 comments:

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