This article was written by Jonathan Soh
Jonathan is currently a digital marketer at VIC. He joined VIC about a year ago and started to learn how to invest in March. He recently bought his first stock a few months ago.
Some of you may or may not have caught the movie that was recently released and took the world by storm with an incredible all-Asian cast, Crazy Rich Asians. Not only did the film received positive reviews from critics, with praise for its performances, screenplay, and the production and costume design, it also provided the rare opportunity for Singapore to be featured a major Hollywood production!
Well, to those who have seen it, aren’t we all jealous of the Young family? Well-known and not to mention incredibly wealthy, becoming a rich person is probably what most people out there, including you, have on your list of life-time wants!
But let’s get something straight: being crazy rich in Singapore is no easy task. With one of the highest cost of living in the world, you’ll be surprised to know that people are in fact struggling to save up while balancing their expenses. Even if you can save 5,000 SGD every single, it will still take you close to two decades of hard savings to amass a million dollars!
So, here are 5 ways on how to become a crazy rich Asian:
Needless to say, unless you’re born into an immensely wealthy family like the Youngs, it would be difficult to classify yourself as a crazy rich Asian.
You would need to be incredibly lucky in order to do so, especially if you do strike a huge sum. Of course, this is discouraged as you’re more likely to be making a loss on the amount you’ve spent on gambling and buying lottery tickets.
Again, this is quite self-explanatory. In order for you to be rich, you would need to or have already been working in a high paying job. Unless you’re in a C-suite management position, it’s safe to say that most of us do not fall into this category.
Much like the Young family in Crazy Rich Asians, they owe their wealth to their successful family business. This is definitely one way for people scale up their income. So a business in its rawest form is a profit generating system that you can grow and multiply, increase your cash inflow every month to riches.
If you do not fall into any of the categories above, well then…don’t fret, because all is not lost! There is still an opportunity for you to achieve financial freedom and become a crazy rich Asian by means of passive income. Welcome to the world of investing!
Now many of you may think that investing is risky because you’re more likely to lose money than make returns. That is not the case if you know what you’re doing! Before deciding on whether or not to buy a particular stock, what you need to know and do is to perform a proper valuation and assessment to determine if it’s good to buy (undervalued).
If you’re unsure about the proper techniques or even tools to help you do the required analysis, we’re here to help you do just that, through our FREE value investing masterclass! You’ll be happy to know that even if you do not have any financial/investing background, or even perhaps you’re bad at looking at numbers, you’ll be surprised at how easy it is because most of it is automated!
Sooner or later, you’ll come to realise that investing is extremely powerful because it grows your money based on multiples. These multiples are compounded to produce massive results. In comparison with a job that gives you fixed income, investing is able to multiply the money that you saved, thus allowing you to become the crazy rich Asian you’re aspiring to be in who knows…perhaps 10 years time or less!
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