So you want to become rich in Singapore?

In my previous blog, I mentioned about how to become rich in Singapore. One of my readers, Eric, replied that most Singaporeans faced the “need” to be “rich” now rather than in their fifties. While I agreed that most youth nowadays want instant gratification and quick results, I cannot agree that being rich is a “need”. Rather, the desire to be rich is a “want”, rather than a “need”. It is important that readers differentiate the difference between needs and wants. I shall proceed to elaborate.

In life, we can have many “wants”. We can desire for new and bigger cars. We can for desire designer-style apartments. We can desire to have a European honeymoon. Nothing wrong with these desires. But it is important to note that these are not essentials to our life. They are merely “wants” rather than “needs”.

For example, in Singapore, if you need a car for certain valid reasons, you can buy a pre-owned car rather than paying through the nose for a brand new car. If you don’t have the sufficient fund to go for a European honeymoon after your wedding, then probably the best option is to plan for a short trip instead.  Therefore, before we purchase big-ticket items, spend some time to think through whether they are actually “wants” or “needs”. You may be surprised that many times, they are actually “wants” that you may not actually need.

Coming back to the topic on the “need” to be “rich”. My opinion is that we need not be materially “rich” in order to live a fulfilling life. Even in Singapore, where the cost of living is so high, we can be happy even without being rich.

Eric mentioned in his reply that he is in his late twenties and preparing to get married, so he “need” to be “rich”. I would like to share with him my experience. Just like him, I got married in my early thirties. I had my first kid only recently. It is indeed true that getting married and having babies are costly affairs in Singapore. But I wish to correct the flawed thinking that there is a need to be “rich” in order for a guy to establish himself in Singapore.

I am a living example. I got married last year and had a kid, but I am not rich! I had paid for most of the expenses like proposal rings, wedding banquets, bridal photography, honeymoon, dowry, etc. I shouldered most of the expenses because I considered it as a guy’s responsibility to pay for his own wedding. Although it was a bit tough for me back then, I am glad I went through it and now have a happy family. Of course I had exhausted my life savings and is now back to square one.

My advice for Eric is to plan and budget carefully for your wedding. If the overall cost of the wedding is too much for you to handle, try to stagger the payments. Alternatively, you may want to hold back your investment plans for a while and use your investment monies for your wedding instead. In addition, communication with your partner is also key to solving money issues. Many times, you would realise that expectations can be moderated after discussion with your partner, hence, lowering the costs for your wedding. But one thing for sure is that you definitely need not be “rich” in order to get married in Singapore.

I hope that my readers will not take the above comments too personal. My objective is to reach out to the younger folks and share with them my life experiences. It is not my intention to criticize and put down other’s comments. I hope you will find this article beneficial and useful.

Magically yours,

SG Wealth Builder