Quote:
Originally Posted by Unregistered
Actually, please post your story because we haven't had stories from many who were born with a silver spoon. Successful people seem to be smart folks who worked their way into super jobs or ah beng businessmen who by some miracle, hard work and luck became very rich. It's ok to get suanz because humans are by nature jealous of success and as long as you recognize that, you won't react to the typical "********" and "troll" accusations from the boh liaos.
I'm sure many of the HNIs who have become super wealthy would also like to meet you or at least hear your story because they worry of what might become of their children whom they will leave the silver spoon. What have you done to be happy, healthy and not fritter away the fruits of your parent's labours? Are you are nice responsible person or has having too much inherited money spoilt you into a lazy bum. It's a fact that wealth seldom lasts for more than 1 generation of descendants.
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You make a fair point, I'll share some of my story see how it goes
So I am 34 married guy with 2 kids working in a support role (banking), decent salary not exceeding 5 digits but put in about 10 - 12 hour days.
Liquid Cash: 1M (70% from inheritance pay-out)
3 Properties valued about
: 4.3M (1st & 2nd property partly funded by parent-30% each property, 3rd was inherited from grandparents)
Investment account (cash and shares): 1M (55% from funds overdrawn on the grown valuation of the property)
Debt: 1.4M (for the properties)
Inheritance from my portion of certain family interest: 22 - 25M (unlikely to be liquidated for the near future)
Total Net worth about 25M (or 3M if just counting what I got)
Most of the wealth was from my grandparent’s time; my parents luckily also work hard at making a living also create their own wealth pool.
My grandparents were very frugal, for example they would save every bit of rainwater in pots and pans to water the plants in the garden. Since they were also quite stingy most of the family found their own means to earn money. Since young I was helping out with my parents business supplying marine parts, I only became aware of the full picture about 10 years ago.
Fast forward today I do spend more than I should, definitely not frugal living (dining and holidays wise but nothing really super extravagant). I drive a 2nd hand audi to work and like any other person put in the long hours as required for the job. Though my parents are ok to fund properties (I know how much I need to repay them but personal expenditure are paid by myself hence 2nd hand car)
To answer your question I believe ultimately what makes a difference in my life is really upbringing when young(parents attitude to cash and hard work) and the people I have around me, I have friends from the average Joes to the wealthy friends and there are things to learn from both sides on how to live your life and also their experiences which saves you having to learn things the hard way.
I suppose the irony of things is that majority of my funds are locked up, so I do what I can to increase my net assets via whatever means I have (Salary, Existing funds, leverage, parents etc) as I cannot depend on that as a meal ticket. I am also waiting for a dip in the property prices before jumping back in. I’ve been vested in property since 2006 and for me this is a viable way to invest since I’m quite comfortable in this area.