Came across this picture on Facebook today and loved it. The first of the 19 things your suburban millionaire neighbor won’t tell you: Over the long run, you’re better off if you strive to be anonymously rich rather than deceptively poor.
Think that fancyass dude with the flashy sports cars, the country club memberships, and the expensive clothes must be helluva rich? Maybe… or maybe not. Paradoxically, a dude with a multimillion dollar income could be way poorer than you. Just ask the 60% of all NBA players who go broke 5 years after retirement. The mansions, the cars, the private jets – the owners had them all, yet couldn’t avoid bankruptcy.
Your millionaire neighbor? Probably drives a 9-year old car, lives in a modest house, spends less than what he earns, and pays off his credit cards in full every month. Warren Buffett, the world’s greatest investor, drove a humble 2001 Lincoln Town car with a license plate that read “THRIFTY”. He auctioned it in 2006 on eBay for charity, and subsequently bought the most expensive car he ever owned: a $55,000 Cadillac – probably cheaper than most cars in Singapore.
So screw jealousy. You can’t tell how rich people are just by looking at their flashy possessions. Chances are, you just might be richer than them already. 🙂
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- The specific investments to start with, and where to find them in Singapore