The Downsides of Money
According to a study done by Milieu Insight following the 2022 National Day Rally in Singapore, Singaporeans’ top concerns are unsurprisingly related to the economy and the cost of living, after all we are regularly ranked as the most expensive city in the world.
Most Singaporeans commit large parts of their time and lives into working hard for a better life for themselves and their families. What most people really want from money is to have enough so that they can stop thinking about it, and focus on other stuff.
This weird relationship can be summarised like this:
We become obsessed with making money with the hope that someday we can ignore it altogether.
Currently in Singapore, we have 298,650 millionaires, and this number is expected to hit 700,000 by 2030. Measuring wealth is easy, you can just tally it up. Measuring the burdens that come with wealth is not so easy, it is not as clear. People might not even believe they exist. A downside to wealth? How could that possibly be?
Think of it this way: Would you rather make $10,000/month with a loving wife, children who look up to you, close friends, good health, and a clear conscience, or make $100,000/month and have none of those things? The answer is obvious.
Jim Carrey had the following to say about money:
I hope everybody could get rich and famous and will have everything they ever dreamed of, so they will know that its not the answer.
In his biography, Will Smith wrote that when he was poor and depressed, he could dream of a future where he had money and that money will make his problems go away.
Once he was rich, that optimism was gone.
To be clear, we are certainly not anti-wealth, we routinely manage large amounts of wealth for our clients, protecting it, growing it, and stewarding it for future generations. The greatest value that our clients get from us, beyond managing their wealth, is the peace of mind knowing that their money is secure now and into the future. This allows them to stop thinking about money and focus on the important things in life. Family, kids, hobbies and other pursuits that make life meaningful.
Whether it is designing a lifetime income for yourself and your family or ensuring a smooth transition of assets to the next generation, we are a trusted adviser through every step.
Most of us would trust an accomplished physician to manage our health, after all, physicians have specialised training, real-world experience and access to tools outside the reach of the general public. Most importantly, they took an oath to prioritize the patient’s health over their own interests.
In the way same, GYC adapts insights from financial science to each client’s individual situation. We look at clients’ financial health holistically and work with them to create a plan that aims to accomplish their unique goals. We are a trusted partner who can help when times are tough.
If you would like to know how you can invest with a peace of mind and increase your probability of success, click here to schedule an exploratory chat with us. (Complimentary 30-minute session).