The picture of financial success in Singapore in this day and age has more to do with possessing fancy ‘toys’ and living a flashy lifestyle rather than what is really in the bank. The assumption usually is that if you can spend however you want you must have a lot more where that came from. Unfortunately, the need to impress has us doing things backwards; spending all of what we earn to appear as though we have more than we actually do.

For all you more sensible people, living within your means and all that, you may feel rather small in the presence of all those around you that seem to always have money to spend. Well, you may actually be better off in the grand scheme of things that you think. How?

How much do you have in investments?

Someone said something to the effect that the path that leads to hell has good intentions all over. Perhaps we could say that the road to financial failure is paved with investment books and seminars. There are many people that have all best intentions to invest but they have one excuse after another. If you already have invested then you are way ahead of the apparent ‘ballers’.

Do you have any credit card debt?

Upon employment our credit ceiling is higher and that increases the temptation to get into more and more (often unnecessary) debt. If you have managed to get through your twenties and early thirties and you are on top of your credit card debt or even better, if you have cleared it, then you are among the winners. This shows that you have better control over your finances and that is a mark of success.

How much are you making on the side?

Everyone needs a side gig regardless of how much you are making at you day job. You would be surprised at how much difference the extra income can make for the quality of your life. And it doesn’t have to be much, you could be making anything from $200 to $500 monthly and that would put you way ahead of your peers.

How far are you with your emergency fund?

Everyone needs an emergency fund and that should be at least 6 months of your income sitting in an account somewhere. You need it before you make any major financial decisions e.g. when you want to invest a substantial amount of money in a given venture just in case things don’t go as you expected. It gives you the flexibility to make major financial moves. So if you have this saved in some account somewhere, congratulations, you are on the right path-.

So there you have it-don’t let those playing for the gallery look down on you if you done the above. Chances are that you are better than them.


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