Me & My Money Series (Sunday Times)

[kazukirai]

Well I think to be fair to him he didn't ask for the problems with his kids, and I think a large part of his expenses (probably >$7k per month) constitute his kids' education, medical needs and other support services. It may seem at face value that he earns a lot yet spends a lot, but if this is for his family I think it's understandable (Kazukirai's comment).

Hi MW,

No doubt, he didn't choose for his kids to have these issues. No sane parent would wish these (congenital heart problem, autism) upon their kids no matter what the cost.

However, there are parts he could control- number of, sum assured and type of insurance policies (12 imo seems excessive. almost an irrational fear of dying/getting maimed/getting some disease); and investing in managed funds (even though we don't know the proportion. Also it could be an index in which case, good for him) etc. You're right, I left out his wife's income. And maybe he played down his earnings to avoid the tax man (remember a certain curry puff seller?).

But, my point is, if we were to go on what he says, he doesn't sound like a good model to follow to grow wealth. Work hard and earn big bucks- yes. Caring and devoted father- yes. But I don't think it's the right recipe for growing wealthy in one lifetime.

Btw, he also did mention buying and subsequently selling a BMW. So we can't be sure if he's frugal or he can't afford a spanking nice car.

Not that it should matter to most folks here- after all, different folks, different strokes. And each person's aim should be to maximise one's happiness in life. No one can tell you how to get there but yourself.