14 Jan 2007 | 8 comments | Wealth Management | Comments feed
Money won’t make you rich
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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.
« Sell + Fish = Selfish | Making you rich is not a financial planner’s responsibility »
It’s a sad fact that ppl like to keep up with the Jones. Schools don’t teach u how to accumulate wealth. Is it any wonder why only a portion of the population are rich. That’s how it is…lol
LifeOfAbundance - 13 Jul 07 at 11:27 am
Hi, I have heard a lot about the Jones. If not mistaken, Jones refer to those spendthrift. May I know what is the history that made the Jones as reference?
kclau - 13 Jul 07 at 12:54 pm
It’s a figure of speech. I think is what u guys refer as ‘kiasu’
What he has, u want too, better and more expensive, more ’sek chui’
LifeOfAbundance - 13 Jul 07 at 1:27 pm
I see.. if it means ‘kiasu’, why “Jones” is known as that kind of person? Any famous Jones that started the story?
Thanks for your input.
kclau - 13 Jul 07 at 2:58 pm
Ken sounds really silly to me.
I think poor people tend to catch more money,
while rich people catch more assets.
Maybe Steve Jobs is damn smart to get shares and assets and throw away his income willingly.
Relax - 14 Aug 07 at 3:15 am
@ Relax, you are right! When people don’t know how to manage their money, it will make them poor even if he gets a lot of money.
kclau - 14 Aug 07 at 9:37 am
In California, a study showed that over 90% lottery winners are WORSE off after 5 years than before!!!!!
Adventures In Money Making - 17 Sep 07 at 12:54 am