Quote:
Originally Posted by Unregistered
So many people with hundred of thousands of saving plus millions dollars assets wanting to retire comfortably. It is very sad to see the level of insecurity people have in Singapore. I am not advocating that we should not plan or save but most of the people here are over the top. Seriously, who can tell me with 101% confidence that they will be alive tomorrow? We do not know what will happen tomorrow, let alone in 10 years time. We should grab what we have today in our financial disposal to live and give to people around us. Money don't bring happiness, it bring misery in most cases, hoarding don't bring happiness to our neighbours, only by giving can we make our life worth living. Stop trying to live for the future and start living now.
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I would not feel sad for people who are wealthy. But before we proceed to discuss further, I think it is important to define "rich" in a quantitative way otherwise "rich" is subjective and can lead to our misunderstanding of why certain "rich" people are insecure.
Someone has defined rich before and I think it is a good way to start:
Networth below $10M --> general masses
$10M to below $50M --> Rich or Wealthy
$50M to below $100M --> Very Rich or Very Wealthy
$100M to below $500M --> Super Rich or Super Wealthy
$500M to below $1Bn --> Uber Rich or Uber Wealthy
$1Bn and above --> Billionaire club
With the above definition, it is now clear that many posters here are just among the general masses. They are NOT Rich. They would explain their insecurity. Now you may argue that a person with $6M networth is rich, he may be richer than you but certainly not rich in the bigger scheme of things.
To get up (or promoted) to the Rich category is just a narrow band of $10M. A person in his mid 50s with a networth of $5M and if he struck the toto group1 prize of $6M, he would get elevated to the Rich category.
On the other hand, it is not so easy for a Rich person (networth more than $10M) to get into the next level of wealth, ie the Very Rich level. It is a $50M band! It gets harder and harder to move up the levels at the higher wealth level.
So people who are among the general masses, and aware of how "little" they have, compared to the Rich, will undoubtedly feel insecure. If a country has more and more people in the Rich category and you are among the general masses, you know the consequences are that things will get more and more expensive. Thus explains their insecurity.