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The Rich Gets Richer: What You Can Learn From Them

2018-04-26T12:03:28+00:00April 27th, 2018|General Tips, Personal Finance|

The famous Major League baseball player Yogi Berra once said that “A Nickle ain’t worth a dime anymore”. Modern times have seen ordinary people rise in stature and power, accumulating wealth along the way. Some seeking a decent money lender in Singapore can testify to the phrase “Money comes and goes due to their lavish spending”. The island-city has however seen a rise in industrialists who have been wiser on their investment choices. So how exactly do they spend their fortune? Off the top of your head, fine dining, luxurious cars and mansions just about summarizes their lifestyle. However, a recent survey conducted could shock you.

Experiences are priceless but material possessions have an Expiration date

Most millionaires prefer having their diaries filled with experiences rather than having earthly possessions. The higher income does sprout a greater expenditure but most of it usually goes to recreational activities like touring the world and having fun. This may come as a contrast to what the ordinary man perceives of the rich person as having more worldly possessions than what other people don’t have.

The study revealed that the wealthiest of families living in Singapore are willing to spend more in regard to travelling the world, seeing new places. This comes in as about 13.5% of their total monthly budget while ordinary families show a contrast with just 6.5% of their budget. Their shopping expenditure remains unchanged for the most part. The only thing that describes their rich culture is the quality over quantity. Its customary for rich people to want to keep up with latest trends with designer clothing and luxurious accessories.

Fine Dining over Cooking at home

As registered above, eating at fancy places comes in as a great experience as opposed to buying groceries at the farmer’s market to prepare a decent meal. The wealthy travel the world in search for better cuisine, trying out different top rated chefs in the continent and beyond. This may be as a result of trying to keep up socially or just following the slogan You Only Live Once.

Median households stick to their budgets with their grocery and household shopping accumulating up to 4% of their monthly income. It is only when they want to spice things up that they opt to fine dining or recreational activities like sky diving or vacationing on a remote island. This is usually after a tremendous amount of saving. Moreover, middle class newlyweds may choose a decent money lender in Singapore to help them out start a living.

Better Education Opportunities

Everyone loves quality education. Ordinary median students may struggle to apply for educational loans and bursaries to try and compete internationally for their tertiary university education. The wealthy on the other hand, know this and with the means at their disposal, they too give their best to their children. Universities like Harvard and Oxford are probably one of the best universities in the world with students from all sorts of backgrounds. The rich usually try to keep up with their economic status by engaging in these experiences.

They spend over 5 times more than what the ordinary families from Singapore use on fees and allowances. This forms about 20% of their gross income. To the wealthy, it’s not just about quality education, but also sending their sons or daughters off to college to experience new customs, traditions and new social atmospheres. Wealthy people have synchronized coherence to let their children go to strange new places as a form of prestige and also to better their chances of doubling their earnings. After all, education is all about proper management and future investment.

Rich People are less Philanthropic

One of Malcolm Forbes famous quotes statethat hemade his money the old-fashioned way, by being very nice to a wealthy relative right before he died. However, being rich doesn’t always mean more charity donations. In fact, the survey conducted on residents of Singapore indicate that the less fortunate are more charitable than the wealthy. Only 20% of the wealthiest’ income goes to social events and charity events in contrast to about 26% for the average earning family. So why is this so?

The Uber-rich don’t give out more because they plan to give later. A number of wealthy individuals don’t like to be bothered during their time on earth and usually tend to give out most of their possessions after their deaths. Moreover, with several donation organizations in the world, the rich may be overwhelmed by choices that align to their values and core principles. To reiterate this, many of the charitable organizations aren’t always subtle in asking for donations and appeal directly to their human nature for one time donations. With the fear of going broke, the rich don’t like donating as such in an effort to maintain their lifestyle.

Wealth, the ability to fully experience life

Money may be a terrible master but will always remain a great servant. Not donating more just means frugality includes all other virtues. A common misconception that the fortunate may not always contented with life is a misleading fact. Try having the power to buy anything that can bring you joy and happiness in life. Money can not only make your dreams come true, but also the dreams of a loved one. One of the greatest gifts, is to put a smile on someone’s face. This doesn’t have to be in form of material gifts, but may be in form of funding like health wise. A rich person may purchase a kidney from a donor while an average earner’s life may depend on the charitable heart of a willing friend.

Money can buy happiness as most people get the thrills from their spending patterns. While it’s a negative norm to the society, the demarcation between the wealthy and poor is clearly visible in terms of the spending patterns. The buying experiences of a fortunate family exhibit cheer and a healthier lifestyle. On the other hand, a different household may be drowning in debt, limiting their chances for better investment opportunities while the wealthy can enjoy the benefits that come with already good investment decisions. Therefore, it is important to strive to attain at least an above average income status while aiming for the wealthy lifestyle to better ourselves and develop as a country.

About the Author:

As a trusted licensed moneylender in Singapore. Credit Hub Capital offers fast and reliable loan solutions to all individuals and businesses.