Thursday, 18 September 2014

What Does Being Rich Truly Means?



Today, I was shopping for new clothes with my friends for the upcoming school semester after a long holiday.

Yes, I'm a normal human being too! Well, as normal as can be anyway..

So, I was at H&M when I overheard this chinese lady telling her son who was browsing the various apparels on display.

Roughly translated in chinese, she was saying:
*It's okay son, don't need look at the price we are rich just buy whatever you like.*

Now, I fully understand that the mother may mean well, by being a doting mom that gives her son whatever he wants in life.

However, I feel that she's teaching a wrong lesson to her son. I feel that being rich, doesn't necessarily means buying anything that you/he/she wants.

That's a very flawed mentality to live by. No matter how rich you are, if you spend everyday sooner or later your expenditures are going to overtake your income and you'll end up in debt again.

Her son may grow up with a silver spoon in his mouth, but how will he behave as an adult? Spending on anything that his friends/girlfriend/wife wants? It isn't necessarily a bad thing but there must be a certain level of self control.


Will you be a pampered child?

What do you think? Do you agree with the mother? How would you behave? And how will that mentality shape your life?

Signing off,
Teenage Investor

10 comments:

  1. Replies
    1. Haha, Hi Uncle Createwealth888*!
      That's incredibly rich! But later she spend all her husband money how haha

      Delete
  2. Yup. If you are rich enough you can never spend your money as fast as you can earn it.

    If you have 1 billion earning 5% a year you have 50 million to spend a year without touching your capital at all.

    Have you tried spending 50 million a year? Thats almost 140K a day.

    There is nothing wrong with spending if you can afford it. % wise we might be spending even more lavishly and unsustainably than the rich man.

    ReplyDelete
    Replies
    1. Hi Anon!
      That's true... But i'm afraid not all rich people in life earn that much or invest. Some do though.

      It's true that we should spend if we can afford it, but it's not necessary to do so if that thing we can afford is a "Want" not a "Need"

      Delete
  3. Hahaha in my case, it's a whole different story!

    I am the annoying one who will nag at my parents, girlfriend and close friends for spending unnecessarily...

    ReplyDelete
    Replies
    1. Hi Mat!
      That's good! Unnecessary spending isn't good!
      I'd harp on my mother too, but she doesn't listen haha!

      Delete
  4. Overindulgence is the "curse" of the very RICH.
    You better beware if you are one of them(The very RICH)

    It is better for us having the means just enough to indulge in our reasonable desirables, that we may enjoy it again and again-each time we do it.
    Sometimes, i do imagine if i am that RICH, will i get the "curse"? i mean will i overindulge until life has not much meaning anymore?
    i don't think so because i was born poor.

    ReplyDelete
    Replies
    1. Hi temperament!
      I do wonder at times, what the rich do.
      Overindulging is a scary thing if uncontrolled!

      Delete
  5. i like to share my 2c
    we first need to understand the context of the circumstances before drawing meaningful conclusions.
    perhaps, the mother has promised the son a reward for doing something well and that was the conversation you heard ? could it be?
    or she got a raise recently by the boss and wants to show her love and affection to her son as well. possible?

    i don't know but since i am a parent and i do buy things for my kids as well ,sometimes without consulting my logic mind if this is a need or want or budget , etc.

    If we spend some time to understand, to dig deeper and explore , we may be surprised why we do the things we do.

    From a economy standpoint, we need irrational decision makers as well to help the economy - think SG great sale, shopping sites, etc. The financially rich are in a better position and most importantly have a choice to decide to spend on the item or not.
    That makes the world more diversified , more interesting and colorful.

    Thanks for your post!
    Desmond

    ReplyDelete
    Replies
    1. Hi Desmond!
      Thank you for your thoughts! I appreciate them! However, I feel that though irrational decision makers are necessary, we should not be part of that category. Since we're should be more concerned if we can afford that!

      Haha! What do you think?

      Delete