How to tell if You're Rich?
My simple definition:
#1. Never need to keep track of money/dollar in your bank account
#2. Never need to count the cash in you wallet
Money is to be use and not to worries...
make sense?
hmm. for me my company bank accounts are just above ten k. need to keepvtrack in asevtgey fall below 8k and there where thevservice charge is slapped onto me. this accountbis managed by my managers. so they wun know how much i have. my secret own account i dun keep track cos the cash flows into there...
(27-01-2013, 07:14 AM)chialc Wrote: [ -> ]How to tell if You're Rich?
My simple definition:
#1. Never need to keep track of money/dollar in your bank account
#2. Never need to count the cash in you wallet
Money is to be use and not to worries...
make sense?
Maybe you won't be rich if you do both. LOL
(27-01-2013, 08:05 AM)corydorus Wrote: [ -> ] (27-01-2013, 07:14 AM)chialc Wrote: [ -> ]How to tell if You're Rich?
My simple definition:
#1. Never need to keep track of money/dollar in your bank account
#2. Never need to count the cash in you wallet
Money is to be use and not to worries...
make sense?
Maybe you won't be rich if you do both. LOL
A surer way is you know no matter how much you spend, you are spending on your interest on your interest...... Maybe you can only say very few in this world can do that. The rest of us is only rich if we don't spend more than we have before we leave for good. Include "normal millionaires to ordinary persons on the streets.
once at a night club I saw this old man I recognized him as the owner of a famous food stall at a hawker center. I think there was some birthday celebration he had a table next to ours along with 3 other old guys and all were pretty high and dancing by thelmselves. Ever seen drunken old men dancing by themselves?
their small table was full to the brim with nearly 20 bottles whiskies and brandies and lots of club pretty GRO girls were hovering around that table. If you consider to open 1 bottle of liquor at a night club will cost $140-$200 and upwards depending what you buy that's around $5k for drinks on that table and what about the seperate cost of tips in the form of buying lady drinks for the GRO? each girl could ask for $100 to $200 worth of drinks.
This guy was just a famous hawker, definately rich and loaded no doubt but I don't think he has a million dollars a famous food hawker how hard he works only have 24 hours a day at most can earn only 1-2k a day but he can afford to throw money like that without even blinking.
It's all about confidence, not about the stocks you have or how big your bank account, the challenge will be if you had to throw all the money you have today can you easily earn it back in a short period of time or not? And that is how to tell if you are rich.
Ok, maybe i am a little idealistic here but here's an alternate view:
'How to tell you are rich' is all RELATIVE - Each person has their own benchmark to measure up to. In other words, the key to been rich is really about contentment. If you have 100k and you will ever just need 50k to live the life you want to, you are richer than the millionaire who has millions more but is still desiring for more.
As a wise saying once goes 'the most elusive possession in life, is contentment in life itself.' - So it is either we pursue our wealth level to hit our contentment level, or lower our contentment level to reach our wealth level'. Been rich is about our contentment level below our wealth level with a margin of safety and staying in equilibrium.
(27-01-2013, 02:39 PM)weijian Wrote: [ -> ]Ok, maybe i am a little idealistic here but here's an alternate view:
'How to tell you are rich' is all RELATIVE - Each person has their own benchmark to measure up to. In other words, the key to been rich is really about contentment. If you have 100k and you will ever just need 50k to live the life you want to, you are richer than the millionaire who has millions more but is still desiring for more.
As a wise saying once goes 'the most elusive possession in life, is contentment in life itself.' - So it is either we pursue our wealth level to hit our contentment level, or lower our contentment level to reach our wealth level'. Been rich is about our contentment level below our wealth level with a margin of safety and staying in equilibrium.
Ha! Ha!
You put it so beautifully.
i just say we are rich only if we spend less than we have until we leave this world for good. Another words too, do not financially burden the people around you (as far as possible) when you leave for good. If possible leave something "valuable" behind for them.
Quote:Each person has their own benchmark to measure up to.
The benchmark is highly influenced by external factors.
Eg.
Would you accept a 3 rm flat for your family?
Would you accept that you will not ever own a car?
Would you accept that you have to content with your peers boasting about their fortune?
No exotic holidays to Europe, US but a short trip to malaysia?
And reading depressing forum posts about young millionaires asking for advices on what to do next in their life.haha..
Singapore is a tiny rock and it is hard to escape from materialistic comparison. We celebrate material successes more than anything else.
(27-01-2013, 04:56 PM)yeokiwi Wrote: [ -> ]Quote:Each person has their own benchmark to measure up to.
The benchmark is highly influenced by external factors.
Eg.
Would you accept a 3 rm flat for your family?
Would you accept that you will not ever own a car?
Would you accept that you have to content with your peers boasting about their fortune?
No exotic holidays to Europe, US but a short trip to malaysia?
And reading depressing forum posts about young millionaires asking for advices on what to do next in their life.
Singapore is a tiny rock and it is hard to escape from materialistic comparison. We celebrate material successes more than anything else.
Ha! Ha!
In a sense, of course you earn as much as you can or capable. And you spend as much as you can or happily. Yet you still have something left behind. That is you still feel rich when you leave for good.
As for comparing......hmmm! It's a dangerous game to play. imo.
(27-01-2013, 04:56 PM)yeokiwi Wrote: [ -> ]Quote:Each person has their own benchmark to measure up to.
The benchmark is highly influenced by external factors.
Good call.
Isn't investing exactly the same? (Our mood and risk taking behavior is often consciously/unconsciously affected by the swings of the market pendulum). And of course, all of us know that successful investing means resisting the herd mentality. Therefore drawing parallelism from investing, finding your own benchmark and maintaining that equilibrium is really about ignoring the noise as well. Of course, just like how most people want to be a contrarian in investing (and fails), it is similarly not easy to find that equilibrium in contentment level. The "star managers" in this field are the SAHMs with 5kids, people who volunteer and fight for the rights of the less-fortunate or any of the billionaires in the giving pledge.
And yes, it is INDEED depressing to hear of young millionaires asking for advices on what to do next in life.
I am reminded of the first passage in Nassim Taleb's "Fooled by Randomness" of Solon's warning - "The observation of the numerous misfortunates that attend all conditions forbids us to grow insolent upon our present enjoyments, or to admire a man's happiness that may yet, in course of time, suffer change. For the uncertain future has yet to come, with all variety of future; and him only to who the divinity has [guaranteed] continued happiness until the end we may call happy"