So, becoming a rich person is probably what most people out there, including you, have on your list of life-time wants!

So there’s a saying that goes:
Money is the root of all evil.

First of all, let’s establish some important facts: the want to become rich and wealthy is not an evil one. Having financial abundance can open up many pathways in your life and most importantly, give you a choice on how you wish to spend your time. Many of the wealthiest people are in fact extremely happy people, because they choose to spend their time with their families and loved ones.

getting rich in singapore
However, the way that you choose to earn money means the difference between good and evil! There are legal ways to earn money and most definitely illegal, evil ways… For the purposes of this writing, we are will be talking about the legal ones obviously!

As Singaporeans, living in the world’s most expensive city has turned our lives into a vicious cycle of making and spending money every single day! Although we have the most millionaires per capita, the truth is, most of the millionaires are not cash-millionaires, but by assets, of which their primary living shelter accounts for huge portion of the net worth.

Why is this important information? It is because for most people, despite having high personal net worth, their primary living shelter cannot be monetised unless they are willing to sacrifice your privacy in renting it out, or if they have multiple properties they can move to to after selling their first home.

Getting rich in Singapore is no easy task then.. Even if you can save 5,000 SGD every single month (which most people can’t!), it will still take you close to two decade of hard savings to amass a million dollars. All this without taking into account the effects of inflation…

While the battle for getting rich in Singapore seems an uphill task, why do we still see so many wealthy people around driving around in luxury cars and staying in uptown apartments? Well, on one hand they could be a group of people who merely appear rich but are struggling with bills every month.. but let’s assume they are truly high net worth and wealthy.

A small study was conducted among a group of wealthy people and the following were concluded: there are 5 general ways to getting rich in Singapore.

1. You are born rich

Some of the rich people around are rich simply because, well, they are born into rich families. Ok, this bit of information doesn’t really help you out.

2. You strike lottery

This group of people are almost as ‘bad’ as the first group. They are rich because they are crazy lucky. Also, it is not recommended to spend all your money on gambling and lottery tickets.

3. You have a high income job

This group of people earn disgusting amounts of money every month from high paying jobs! Ok, so not everyone is able to fall into this category as well.

The good news is, the last 2 ways are something that anyone can learn to get started on:

4. You have a scalable, successful business

Successful businessmen and women are wealthy because their business provides a way to scale up their income. 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.

5. You are able to compound and multiply your savings through successful investing

Welcome to the lucrative world of investing that anyone can get access to and easily get started on. 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. Did you know, a small sum of $1000 invested with Value investors such as Warren Buffett would have turned into $30,000,000 by 2009?

So why aren’t there many people investing? The key is this – many people know its importance, but only a small group of people have the skillsets to actually find good investments to multiply their money. Most people don’t know how to and are afraid of its risks.

Over at Value Investing College, our students have phenomenal results by seeking out fundamentally great businesses and acquiring them at undervalued prices to multiply their cash and wealth.

Begin your journey towards financial freedom by learning how to start investing in Singapore to produce powerful returns!

Join us for our legendary workshop by clicking the button below:

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This article was written by Team VIC
Team VIC is formed by experienced and well-trained individuals from Value Investing College (VIC). The team has been consistently studying the latest stocks market trend in order to focus on educating the layman on investment principles and techniques.

2 thoughts on “The Honest Guide to Getting Rich in Singapore”

  1. Fred says:

    ‘Money is the root of all evil’ is misquoted. It is ‘The love of money is the root of all evil’. It is from the bible. Money itself is not evil but the love of it, is.

    By now, many baby boomers who have gone from third world to first world living, would be millionaires or multimillionaires or even some billionaires in Singapore. Surely examples can easily be found and these people featured in your article. With twenty percent of our homes, being private and even landed, I’m sure there are many millionaires in Singapore. Most of these units are worth in the millions! Every unit being enbloc is a few millions at least, what so great or so hard to be one? Boston Consulting Group and Knight Frank Global Wealth report claim Singapore has 150,000 to 188,000 millionaires in Singapore?

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