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US seeks 3 years imprisonment for Binance founder Zhao
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US prosecutors want Changpeng Zhao, the founder and former chief executive
of Binance, the world’s largest cryptocurrency exchange, to serve
three years in...
1 hour ago
I think everyone would like to be a millionaire. As your wealth grows, your life options grow and the trade-offs you would otherwise need to make reduce. It would be less of "should I have this and forgo that" to "why not both!?"
ReplyDeleteI cannot recall when our networth first crossed the $1M mark. Think this was because much of it was in our property - case of asset rich, cash poor.
You somehow dont feel rich when you dont have cash in your hands. I still remember with fondness when I collected my rental in cash from my tenant in the early 90s. I felt so happy then even though the rental was only $900 a month. Now that the rental payments are credited into my bank account, I dont feel the joy anymore even though it was above $3,000 a month.
So same thing, if your wealth is mostly invested, you just dont feel rich, and so you tend NOT to splurge. But if you see a big pile of cash in your bank account, the temptation to spend it is high.
Temptation to spend on credit cards is also high for those who can't manage their finance on expenses.
DeleteRich but doesn't feel rich to spend more. Some not that rich but still feel rich to spend more on credits.
Hi all,
ReplyDeleteOne thing pop up in my mind. Does it matter if one becomes a millionaire? My take is that I will be content as long as the generated dividend covers my annual expense. If it is not enough, I cover the shortfalls by taking the part-time gigs. Whether I am a millionaire is secondary to me.
My two cents' worth of views.
WTK
Wah! They rejected you?! Part time now also want relevant experience ah,,....,..Like that want to be semi-retire also danger liao.
DeleteCrossed the 1 million mark in 2017. I don't feel different. Continue on the present lifestyle. Reached the 2nd million still continue the present lifestyle. Before enlightenment chop wood carry water after enlightment chop wood carry water.
ReplyDeleteHi Siew Mun,
DeleteAble to share what you consider factors that led to a CAGR of 26% in these couple of years?
#Respect!
Hit Toto - enbloc in 2017. Thereafter combination of having a savings rate of 50-60% annually, equities, bonds and Cpf
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