Are you prepared to be rich in Singapore?

A couple of weeks ago, I read an article about the life of a serial entrepreneur. He was lucky enough to sell off his online business more than a decade ago during the dotcom crisis and managed to land a huge windfall from the transaction. Overnight, he became a multi-millionaire and could afford not to work for the rest of his life. But he chose to become a salaried employee and stay on to manage his business for the board of directors. The reason was because he was passionate about his work and loved what he was doing very much.
SG Wealth Builder
SG Wealth Builder

Are you ready to be rich?
Many people thought that being rich can make you happy. But according to the article, being rich can only make you happy up to a certain point. Beyond this point, more money doesn’t make you happier. After a certain time, you become numb from the lavish spending and derive no joy in material well being.

In fact, being suddenly rich can even make you lose sight of your dreams and ambitions. After all, if you have more than enough money not to work a single day for the rest of your life, what is your next goal? This may sound like a fascinating idea but it can also be frightening. This is because life without aims and challenges will not be meaningful; in other words, you will be just wasting away your life and consumed by money itself.

Can you manage the windfall?
We have heard of people who got huge windfalls from lotteries but lose them all in a few years. Typically, these people do not know how to manage wealth sensibly. They do not know how to invest wisely and preserve their wealth. They have no concept of personal finance management at all. So after they became suddenly rich, they went on to buy big house, sport cars, lend money to relatives and spend away the money foolishly.

Eventually, they used up all their monies and ended up back in square one again. It’s a shame whenever I came across such articles because these people could have put the money to better uses and went on to achieve great things in life. The money, for example, could have been used to support worthy charitable causes and help the less fortunate. But when the pot of gold landed on someone who is poor in financial management, it’s always a case of “easy come easy go”.

Therefore the key to wealth management is to have a plan on how you are going to use the money if you are suddenly rich. Yes definitely a portion will be spent, but there is a need to also invest and preserve wealth. Most importantly, we must have a good mental and physical health in order to enjoy the wealth.

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Magically yours,

SG Wealth Builder

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