The ratio of millionaires in Singapore is 1 out of 50?!

I’ve always wondered how it would be like to be a millionaire. Watching Leonardo DiCaprio fanning his money away in The Wolf of Wall Street always seemed to be a tantalizing thought. If I did really have that kind of money though, I’m pretty sure that I wouldn’t wanna do that and would continue to keep it in my bank account to accumulate more interest :p

Is being a millionaire all that great? Maybe. It would probably be the first milestone for my journey to financial freedom. But could I retire with a million dollars at Age 40? Nah, I must be dreaming. It would only signify the beginning of my journey, and maybe indicate to me as a form of assurance that I have been on the right track.

There is this article from The Business Times that stated that the percentage of millionaires in Singapore is close to 2%. So by definition, if you have 500 friends in Facebook, you already know 10 millionaires! You could even be one of the 10, I wouldn’t be surprised. I would probably have way more to learn from you than whatever information you can get out of this blog.

Would I want to be one of your 10 friends one day? You bet.

But like the wise words from The Hollies, it’s going to be a long, long road~~~

May not quite be the perfect song to describe the situation, but I’m feeling nostalgic today. :p

Thanks for reading!

Miss Niao xoxo

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Author: missniao

Hello! I blog about financial matters and things that average people can do to have a better retirement. I want to inspire people to take control of their money and have a better understanding about it. If you are interested to know more, follow me @ missniao.wordpress.com! :)

6 thoughts on “The ratio of millionaires in Singapore is 1 out of 50?!”

  1. When one saves up to a certain amount, one would naturally invest. Most probably it would be in property NOT shares unless one is a speculator. Sometimes it is even both. I dabbled in shares when I started working. I accumulated enough from saving and share-investing, I graduated to property investing. No worries, in your work/home environment, there will be ‘experts’ in all kind of areas. So long as one does not indulge in spending more than one earns, esp. in this society, there are many forms of gratifications to channel your money. You must have heard these refrains, ‘you work so hard, you must enjoy’, ‘you can’t bring money to heaven when you die’ ‘it is so cheap, use credit card to pay first’ ‘I won’t want to miss it, please lend me first…’

    There are also many who have a bad habits of shameless borrowings. Lending leads to loss of a friend. If you love a friend, don’t lend.

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  2. Hi Fred, I am interested to know. What makes a property investor no more speculative than a stock investor? Sure, there are speculative aspects of stocks but could one also be not speculative when it comes to buying stocks?
    I agree very much with your last statement. As the Chinese saying goes, 谈钱伤感情. I’ve had my fair share of money borrowers in my life too. Sometimes, rejection is for the best of them.

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  3. Buying anything without research is speculation. Spend time to research a counter or property, after you have done so, put them on Watchlist and wait. Select stocks that are true blue, i.e even in any crises these stocks will not collapse.

    When the timing and price are right, move in without joining the crowd in fear. Warren Buffet says: invest when there is blood on the street.

    You are young and time is on your side. Everyone of us has about 5-7 times in our working life to capitalise the opportunities. These opportunities are economic or financial crises that avail themselves. When the opportunities avail themselves, most of us have little or worse,no war-chest or reserves to exploit those situations. Remember those who advocate only 10% war chest? How much can 10% impact your financial position? I suggest the perennial military strategy of one-third reserve. Just get two out of 5-7 times right, you too will be millionaire.

    Meantime, work hard and save up. Don’t bother about people telling you that monies in bank deposit are eaten by inflation. Your monies are there as war chest to exploit when these opportunities appear. Once, you move in on the cheap, stay there for the long term. Warren Buffet is doing it now. Currently he has about $90b in war chest, ready for the impending next crises. Once he moves in, he stays put. That way, he snubs all when his returns are above ten percent. An example, Warren Buffet bought Coca-Cola on the cheap in 1988 crises at USD 2.30. Today, Coca Cola is paying $1.45 in dividends, a 65% returns annually!

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    1. Your comment holds much experience within in. Thank you for the valuable advice. I will consider increasing my allocation to war chest.
      Many other things to learn from you and Warren Buffett! Please continue commenting on my blog. 🙂

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