14 Jan 2007 | Comments |
Wealth Management |
Comments feed
Money won’t make you rich
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
We might have seen some people suddenly acquire a substantial amount of wealth in a short time. They might suddenly inherited great wealth from their passed away ancestors, or hit a lottery, or get a great contribution from Uncle Lim (Genting Casino). But they became poor again in a few years time. Some of them even became poorer than before they got rich! How can this be?! It is because having a lot of money is not necessary rich. It is what we do with the money that determine how rich we are.
When Ken hit the lottery of RM1 million in year 2005, he bought a BMW 7-series car with 20% down payment. He also bought a house with market value of RM1 million with 20% down payment. He quited his day job, and upgraded his lifestyle. He dine at luxurious hotel. He change his girlfriend every two weeks. Forgetting that the million he got is just a plain of luck, he finally went broke again early this year. He was unable to pay the installment for the bungalow mortgage and the BMW car loan. You might have heard such story many times.
Giving you a lot of money will not make you rich. If Ken have the proper money management skill, it will be a different story.
Save on California Homeowners Insurance - Free Quotes« Sell + Fish = Selfish | Making you rich is not a financial planner’s responsibility »
Add New Comment
Thanks. Your comment is awaiting approval by a moderator.
Do you already have an account? Log in and claim this comment.
Add New Comment
Trackbacks