What are the three ways to become rich in Singapore?
Many of us will agree that the cost of living is very high in Singapore. This is especially so during the last few years when the rate of inflation increased rapidly. In spite of the global economic downturn, unemployment rate remains low in Singapore.
But most Singaporeans struggle with the rising costs, as their salaries remain stagnant. Henceforth, most of us are concerned whether we would make enough money to retire comfortably in our twilight years.
Recently, me and my good friend were lamenting the rising cost of living in Singapore and pointed out that the same bowl of $2.00 noodle sold in the hawker stall now costs $2.50 or more. That would represent a 20% increase in prices and we were left wondering how an average salaried Singaporean can cope with this sort of inflation.
We came to the conclusion that to beat the inflation and get out of the rat race, we need to be rich. And there are mainly three ways to get rich in Singapore:
Risk is high as an entrepreneur and there are no monthly fixed pay checks, CPF and bonuses. On top of that, there is no guaranteed success, and any setbacks can be financially fatal. But as the saying goes, high risk, high return, no pain no gain!
To me, being a real estate agent, stockbroker and insurance agent can also be considered as a form of business as you are essentially “minding your own business” – commissions is based solely on your hard work. Other good business opportunities include setting up online shops and mobile applications.
Investing in property
Surely the best way to make money in Singapore due to the scarcity of land in Singapore. You can make passive income from your investment property through rental or you may opt to sell the property for capital appreciation.
But the cons of property investing are that it usually requires a large amount of capital and the liquidity of cash-flow is poor. Unlike stocks and gold bullion, you usually need 6 months to 1 year to liquidate your investments. In addition, government measures and policies may also affect property outlook and affect prices and demand.
Every business needs sales, period. Sales executive and managers who delivers can earn good money, especially those in the financial sector. However, the art of selling is a skill which not many people possessed.
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SG Wealth Builder