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How To Get Rich In Singapore?

>> Saturday, July 14, 2012

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 this 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 are any method. Cheers!

14 comments:

Createwealth8888 July 15, 2012 at 11:21 AM  

The next Bear-Bull cycle from20XX to 20XY, I may have the final answer for Number Four on How To Get Rich In Singapore?

Lau July 15, 2012 at 11:49 AM  

Hi cw8888. Not sure what final answer you are referring to, but I believe it involves WORKing on something during the cycle to achieve it. And I suppose you already have the answer, it is just that you want to prove it is right. :)

equitywatch July 16, 2012 at 4:51 PM  

Like in Margin Call. 'Be First, Be Smarter, or Cheat'

lau July 16, 2012 at 11:36 PM  

What margin call? Is it a book?

bamboo investments July 18, 2012 at 12:53 AM  

Great post. Any method but hard work is unlikely. You may get greatly lucky, but don't count on it. This is true everywhere, not just Singapore!

Lau July 18, 2012 at 8:52 PM  

Hi bamboo, thanks for the "Like". Cheers!

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Greatsage August 6, 2012 at 10:35 PM  

I have similar topic in my blog. SG Web Reviews (www.sgwebreviews.blogspot.com.

Do check it out. Thanks.

Redspect September 6, 2012 at 8:03 PM  

"If you haven't any charity in your heart you have the worst kind of heart trouble" to cure it help people, let's unite for one good cause, be a volunteer"save lives"!mawaddainternationalaid

Anonymous July 14, 2015 at 4:10 PM  

Hi Lau, thanks for sharing the ugly truths of becoming rich in Singapore and I really enjoyed reading it =p I think most of us are in the fourth category hahaha. Investing is a smarter/ better way to earn more besides earning from our full time job. I love what this article (http://www.imoney.sg/articles/controlling-your-emotions-when-trading/) says here, it is true that we've to control our emotions when we're trading. =)

Phoebe C July 14, 2015 at 4:14 PM  
This comment has been removed by the author.
Phoebe C July 14, 2015 at 4:16 PM  
This comment has been removed by the author.
loan money May 4, 2016 at 12:54 PM  

Good idea for make reach person in Singapore .. It is a very smart country for every one who live there.

Blogger May 23, 2017 at 9:14 AM  

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