How to Tell If You’re Rich

[orang]

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.

It takes a wise person to recognise a wise saying

[Janjansen]

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.

Bravo! This post captures the essence of it all

I believe the objective of everyone in this world is to be happy. Many mistakenly equate money with happiness. Money alone is never a sufficient condition for happiness.

[felixleong]

Ya lor the above post really says it all
How rich is rich depends on your own definition

For me I set out to have a million dollar portfolio by age of 40
If I can achieve my goals, that's good enough, no need to care what others think haha

[yeokiwi]

For me I set out to have a million dollar portfolio by age of 40
If I can achieve my goals, that's good enough, no need to care what others think haha

So, what if 9 out of 10 singaporeans have 1 million dollar portfolio?

[CityFarmer]

For me I set out to have a million dollar portfolio by age of 40
If I can achieve my goals, that's good enough, no need to care what others think haha

So, what if 9 out of 10 singaporeans have 1 million dollar portfolio?

It is still OK if ONLY 9 out of 10 Singaporeans are millionaire investors.

Population of at most 7 million, out of 3.9 billion population in Asia. There are still many other markets to put our money in.

[Musicwhiz]

So, what if 9 out of 10 singaporeans have 1 million dollar portfolio?

Huh? I thought Singaporeans usually have a million-dollar investment property rather than a million-$ equities portfolio?

[corydorus]

So, what if 9 out of 10 singaporeans have 1 million dollar portfolio?

Huh? I thought Singaporeans usually have a million-dollar investment property rather than a million-$ equities portfolio?

Whichever the case, to me that's call INFLATION.

[yeokiwi]

So, what if 9 out of 10 singaporeans have 1 million dollar portfolio?

Huh? I thought Singaporeans usually have a million-dollar investment property rather than a million-$ equities portfolio?

Whichever the case, to me that's call INFLATION.

My point is...
even a one million portfolio is also a relative benchmark. A benchmark an investor believes that will allow him/her to be comfortable.(above the rest of the rat racers ..)

So, if an investor hits the target and starts to look around and find everyone is at the same benchmark, will he feel comfortable?

We can't escape from comparing. Especially retirement, do less works or having more personal time. In order for a person to do that, he/she has to be ahead of the herds.

So, a society cannot be valuing early retirement as virtue because the society simply cannot afford to have the majority of the people in retirement.

Unfortunately, our society seems to drive our people into working harder to get out of rat race and I think it is wrong. A society should seek to give every member of society a job that they can perform and a lifestyle that they can maintain with little stress.
And.. we should celebrate the achievements of those who contribute to the society and make a difference to the life of the underprivileged and not about how much $$$ can a person hoard before 40.

So, really, i think the weekly article "Me & My Money Series (Sunday Times) " sucks.

[RBM]

My contribution to this discussion .............

https://www.youtube.com/watch?v=aDb3VVp7...ata_player

Not vested

[specuvestor]

Inflation and cost of living are related yet separate. IMHO we have a very unique comparison partner ie Malaysia or more preciseLy JB.

30 years ago SGD and MYR were pegged. Now SGD is 2.5X more valuable than MYR, yet on an absolute terms, the absolute price of daily goods across the causeway is about same as Singapore. So SGD purchasing power has indeed increased dramatically to combat inflation, which is about the same as JB. Problem is our asset inflation is killing us in terms of cost of living.

Just food for thought on inflation adjusted investing, in addition to standard finance 101. And also the root of Singapore policy problems.