‘Yes, you can still become a millionaire even if you're working 9 to 5' — 30 y/o Singaporean shares how he got rich, yet doesn't own a car, and still takes public transport
SINGAPORE: In a city where hawker food costs about S$5, but homes can go up to S$5 million or even more, one young Singaporean has cracked the wealth code—without flashy brands, overnight crypto wins, or what he calls 'lifestyle inflation'.
At 30, this self-made millionaire runs a sales agency that pulls in 'low seven figures on an annual basis'. He owns a multi-million-dollar property, but no, he doesn't roll around in a supercar or flash his net worth on Instagram. 'Most people think that millionaires will drive fancy cars, but I don't drive. I take public transport sometimes as well,' he said. This Singaporean isn't just rich in dollars—he's rich in insight.
In a street interview with Asian Boss, he broke down exactly how he built his wealth, why materialism almost derailed him, and why anyone—even someone working a regular 9-to-5—can do the same. From a teenager's vow to financial freedom
'I came from a pretty okay family, but in the year 2008, my family really struggled with money, so I witnessed how money disrupted the harmony of family,' he says. That experience lit a fire in him.
'At 16, I made a promise to myself that when I grew older, I wanted to be financially free and not to let my future family worry about money,' he added, expressing that his financial awakening came early.
Unlike many who make similar vows but lose momentum, he kept that fire alive. At 19, he entered the sales field, not with grand ambitions, but with a modest goal.
'When I first started doing sales at the age of 19, I only wanted to make a graduate's pay. I never thought that it would snowball into what I'm achieving today, and I'm really grateful for that,' he expressed his gratitude.
Gratitude aside, his financial life is carefully structured. He's diversified his portfolio across real estate and stocks and holds fast to a core rule: 'I set aside at least 12 months of emergency funds for personal use and for my business.' The reality of owning a home in Singapore
When it comes to real estate in Singapore, the numbers speak for themselves—and they shout!
'I paid S$2.5 million for my place, and you need to put a down payment of 25%, and because I'm an entrepreneur, I don't have CPF (Central Provident Fund), so I need to pay using cash. In Singapore, there's this thing called stamp duty—it's up to 5%—so for a S$2.5 million property, you need to set aside close to S$800,000,' the young Singaporean millionaire explained. See also Couple owning 2 houses say "something not right" with life
So before he even held the keys to his new place, he had already paid nearly a million in cold, hard cash. Escape from lifestyle inflation: Goodbye convertible, hello peace
He wasn't always this financially Zen. At 23, he got caught up in what he calls the over-glorification of materialism.
'In a sales environment, I think it's very common that they over-glorify the need to buy material stuff,' he recalls. 'When I was really young—when I was 23, I bought a Mercedes convertible,' but the thrill didn't last.
'The more I earn, the more my expenses increase, so I'd say one of the biggest shifts I had is to avoid this thing called lifestyle inflation, where you do not need to increase your expenses despite making more,' he advised. So what does he value in life now?
According to him, 'I believe that the best thing that money can buy is freedom. The best thing money can buy is this thing called peace of mind, and I don't want to be a slave to material possessions.' The 9-to-5 path to wealth is still open, but with a twist…
Here's where things get more interesting. While many assume entrepreneurship is the only ticket to seven-figure success, he disagrees.
'Yes, you do not need to be an entrepreneur to be financially wealthy today if you have the right money management principles,' he clarified. 'There's this term called being an intrapreneur. Being an intrapreneur means having an entrepreneur mindset without taking the risk of an entrepreneur.'
In other words: be entrepreneurial in spirit—even inside someone else's company.
'If you're working a 9 to 5, you could find ways to add value to your boss so instead of getting a fixed pay, you can be remunerated by a variable income,' he shared an idea to think in terms of earning commissions, performance bonuses, revenue-sharing—whatever motivates both sides to win.
He then gave an example: 'I believe that a good employee will know how to negotiate with their boss to give more. If I have a team member who can help me make an extra S$100K a month, I'll gladly increase the person's remuneration.' Mindset over market conditions
He doesn't blame the economy for people staying broke. In fact, he sees the Singapore economy as a land of opportunity.
'I believe that as long as you have the right mindset, as long as you have the right heart and the right dreams, you can succeed anywhere… unless you are from really developing countries like Africa, where you lack basic infrastructure like water and food.'
If you have a phone and internet, he says, 'I believe that anyone can really make it.' So what's stopping people?
'I think a lot of young people have an avoidance when it comes to the topic of money. They are not willing to face reality, and they overestimate their financial situation,' he opined. The self-sabotaging cycle: Victimhood and ego
For this young millionaire, the real enemy isn't inflation, bad bosses, or high rent. It's the mindset—and ego.
'I think most people are broke because they have a victim mentality. Whenever something bad happens to them, they like to complain, they like to wallow in self-pity, but the moment you do that, you lose the power to change.'
So instead of blaming the world, he encourages young people to take responsibility, even if it's uncomfortable. Why millionaires are getting younger
In his view, it's not just possible to become a millionaire in your 30s—it's becoming common.
'In fact, I believe it is becoming more and more possible for young adults in Singapore to become self-made millionaires. When I was 20 years old, 10 years ago, becoming a millionaire by 30 was the dream,' he assured, adding that 'Today, I have seen people who became a millionaire before they even turned 25.'
He also credits technology, social media, and the internet for making wealth more accessible, but warns that many are too stubborn to take advantage. 'So many people have a lot of self-sabotaging beliefs and negative mindsets that are stopping them from realizing all these opportunities.' Sales: The unlikely skill that changes everything
If you were expecting some kind of magic formula involving real estate flips, viral content, or passive income hacks from him, nope, there's none, so what's his secret?
'I would say that sales has really helped me create my wealth. Everything in life revolves around sales. When you go for a job, you're selling yourself. When you are finding a partner, you are selling yourself,' he revealed his philosophy of success.
In short, it's not just about closing deals. It's about learning to communicate, persuade, and position yourself well in work, life, and relationships. And no, he's not doing something shady!
Because success often breeds scepticism, he's heard the whispers.
'They think that I'm doing something shady. They think that I got my wealth by doing things that are not legal, and that's far from the truth as well. Because if you're living in Singapore, you definitely need to abide by the law,' he exclaimed. But why does he want to pay it forward?
Despite his growing net worth, this youthful millionaire says it's not just about the money anymore.
'I wish that people could also understand that, although we are good at money, not everything we do is in a pursuit of profits. My dream is to share my experience and my knowledge with the younger crowd so that they can also achieve more financial stability,' he shared his vision and was also quick to credit his mentors and the people who helped shape him.
'I have many people in my life who taught me many important lessons, and without this influence, I'll not be where I am today,' he credited them. So what's the real key to success?
'Surround yourself with people who empower you. Surround yourself with people who can point out your blind spots,' he advised, expressing that he himself didn't start perfect—and he wants you to know that it's okay to be so.
'When I was really young, I had many weaknesses. I had many flaws, and to get to where I am today, I had to put down my ego and accept that I'm not as good as I thought,' he reminded us further. Millionaire wisdom: Public transport edition
So what does this 30-year-old millionaire want us to know?
Make mistakes. Learn fast. Stay humble. Don't chase material validation. Save more than you spend. Learn sales. Think like an entrepreneur—even if you're not one.
And above all else: stop making excuses.
Because real growth doesn't come from being right, it comes from being humble enough to be wrong—and learning from it.
So the next time someone tells you, 'You can't get rich working 9 to 5', show them this story and then hop on a bus or MRT, millionaire-style.
Because if a guy who paid over a million dollars in cash for a home still rides public transport, maybe wealth isn't just what you think it is.
And maybe, just maybe, the richest life is the one that gives you freedom, not followers.
And 'Yes, an average Joe like me can also become a millionaire' — Singaporean, 35, shares his blueprint on how he got rich to own a Lamborghini
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
So much for the US dollar's safe-haven rally; de-dollarisation still has some teeth: analysts
[SINGAPORE] The US dollar's recent bout of strength – a short-lived one – amid rising Israel-Iran tension signals that the greenback's safe-haven status is intact. But its swift slide on news of a ceasefire on Tuesday (Jun 24) also suggests that the de-dollarisation narrative is still in play, said analysts. Deutsche Bank's global head of emerging markets and Asia-Pacific research, Sameer Goel, told The Business Times: 'The price action last week, including in Asian currencies, in response to geopolitical risk in the Middle East supports the more traditional safe-haven appeal of the dollar. 'But I don't think that reverses the de-risking trend in global markets to re-calibrate their unhedged exposure to the dollar,' he said. Goel said that two concurrent dynamics are underway in markets: One is a more cyclical de-risking from the unhedged concentrated exposure to the US dollar; the second is a slower, but more structural de-dollarisation trend, in line with shifts in global trade and payment systems. The de-risking relates more to the reduced appeal of growth/rates/fiscal exceptionalism that has underpinned the greenback's outperformance in the last few years. It is also about finding the appropriate price – the value of the US dollar and/or yields – to continue funding the US' large twin deficits, he said. The economist added that de-dollarisation is more about growing alternative non-dollar pools of liquidity to fund global trade and capital market transactions. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up MUFG Bank's senior currency analyst, Michael Wan, agreed that the shift to rebalance away from the US dollar was intact despite 'some speed bumps or detours, and beyond week-to-week market gyrations'. 'The gravitational pull is still there,' he concluded, noting that key drivers for Asian economies include significant existing overweights in US assets, greater supply-chain fragmentations, and longer-term fiscal concerns in the world's largest economy. A refuge, no less That said, Julius Baer economist David Meier maintained that US dollar weakness since the beginning of the year is not necessarily at odds with its safe-haven characteristics. 'A country's reserve currency status is built on a combination of preconditions, including a large, stable economy, institutional strength/warranting of property rights, deep financial markets and is protected by military strength – all of which remain intact in the US,' he said. 'Although erratic policymaking is casting doubts on its institutional strength, as long as property rights remain warranted, the safe-haven character of the US dollar should hold.' Moody's Analytics director and head of Asia-Pacific Economics, Katrina Ell, agreed that the greenback was still an attractive haven asset. She noted that recent heightened uncertainty due to the US' 'chaotic protectionist stance' had driven its assets to be less attractive as it was the source of the instability; then escalated Middle East tensions once again sent investors back to the greenback. Currency moves The US dollar index over the weekend crept up towards the key 100 threshold – a level last hit in late May – after US President Donald Trump's posted on Truth Social on Sunday (Jun 22, Asian time) about the 'very successful air strikes' on three Iranian nuclear sites. The American currency reversed its trajectory late Monday evening, weakening after the US Federal Reserve governor teased an interest rate cut at the next policy meeting in July. It sank further Tuesday morning to around the 98 level as Trump announced a 'complete and total' ceasefire between Israel and Iran. In response, major East Asian and South-east Asian currencies – which have mostly logged year-to-date gains against the US dollar – first weakened over the weekend, and then reversed their losses at the start of the week. The won, ringgit and the Philippine peso recorded some of the largest movements against the greenback. Julius Baer's Meier said that the earlier underperformance can be attributed to their 'higher cyclicality and greater sensitivity to risk aversion', which he noted as greater than the Asian safe-haven Singapore dollar or the Chinese yuan renminbi offshore's policy-driven stability. Litmus tests On the psychological levels of the US dollar index he is watching in the near- to medium-term, which could signal a continuation of the safe-haven rally versus a reassertion of the de-dollarisation narrative, Meier flagged 97 as the most recent support level, and 99 as the resistance level. But he cautioned that defining levels is more in the realm of technical analysis than fundamental analysis. MUFG Bank's Wan noted: 'In the very near term, I'm looking for the 99.415 level at the 50-day moving average for the US dollar index to hold for the next downtrend.' If the greenback's safe-haven rally still has legs, the analyst expects its strength to be accompanied by a rally in US treasuries and/or equities. 'Conversely, if the de-dollarisation narrative is re-asserting itself, I would expect dollar weakness to be combined with bond markets outside the US doing better than the US, US equities lagging the rest of the world, and/or alternative safe havens (whether perceived or otherwise) such as gold, bitcoin, yen, franc and perhaps even the Singapore dollar, to do well.' Policy pivot or pause? On the Fed's and regional central banks' next moves, analysts are divided. Moody's Analytics' Ell cautioned that the threat of widespread tariffs remains a dark cloud, which means a sustained energy price increase would be a body blow. 'If this conflict keeps upward pressure on energy prices, the expectation that global inflation will stay contained should be abandoned,' she said. Julius Baer's Meier acknowledged that higher oil prices may exacerbate upside inflation risks, but maintained that the house anticipates only a temporary spike in oil prices. 'We do not expect the conflict to escalate to the point of closing the Strait of Hormuz, leading to a significant oil crisis, (hence) the impact on inflation is likely to remain within limits,' he said. 'Consequently, we do not expect this conflict to be a factor that would delay further monetary policy easing by the Fed or other global central banks,' added Meier. Deutsche Bank's Goel noted that the increasing signs of difference in opinion within the Federal Open Market Committee on whether the central bank should stay on the sidelines in the face of elevated uncertainty, or act more imminently to ease rates. He said: 'A weaker dollar, meanwhile, together with reduction in geopolitical tail risk as it relates to a supply-side shock to oil prices, should give more comfort and space for Asian central banks to ease monetary policy.'
CNA
2 hours ago
- CNA
Japan's industry ministry, Siemens Gamesa agree to cooperate on wind power
TOKYO :Japan announced a cooperation framework with Siemens Gamesa Renewable Energy for the offshore wind sector, the industry ministry said on Tuesday, the latest public-private deal to build a resilient domestic renewable energy supply chain. With no wind turbine manufacturers in Japan, the aim is to work with global players to develop a domestic supply chain, an official overseeing wind power at the Ministry of Economy, Trade and Industry (METI) told Reuters earlier. Offshore wind is a pillar of Japan's renewable energy strategy, but the country remains heavily reliant on imported wind turbines and components, posing a challenge to domestic production. As part of the initiatives, Siemens Gamesa, the wind turbine division of Siemens Energy, also signed a memorandum of understanding with Japanese electronic parts maker TDK, under which TDK will supply magnets to Siemens Gamesa's wind turbines, the ministry said. "We are bringing the newest technology to new markets, hence we are in Japan," Marc Becker, CEO of Siemens Gamesa's offshore business, said at the signing ceremony. "We are also continuously expanding our supply chain, and hence we're coming to Japan to work together with TDK on producing magnets in Japan, which will allow us further growth," he said. METI launched a similar framework earlier this month with GE Vernova, a major U.S. energy equipment company, to promote public-private cooperation in wind power, hydrogen and ammonia among other areas. Japan aims to achieve 45 gigawatts of offshore wind capacity by 2040, which is crucial for reducing its reliance on imported coal and gas for power generation. But its plans have stalled following three major rounds of auctions due to soaring costs and delays.
Business Times
2 hours ago
- Business Times
Indonesian coal miners on shaky ground as global demand falters, rules tighten
[JAKARTA] Indonesian coal miners are hurting from falling prices and softening demand from giant consumers India and China. This is even as a global supply glut and stricter regulations at home are further denting margins, adding salt to the wound. Profits go south The steep decline in coal prices has thrown a spanner in the works for Bukit Asam, a major state-owned mining company. Its first-quarter profit plunged 50 per cent year on year to 391.4 billion rupiah (S$30.7 million), highlighting the tough market headwinds that it is battling. Similarly, listed coal producer Alamtri Resources Indonesia saw its profit shrink dramatically to 1.3 trillion rupiah, down nearly 80 per cent compared with the same period last year. China accounts for 30 per cent of each company's export market share. Indonesia's total coal exports dropped sharply in the first four months of this year. Export value fell 19.7 per cent to US$8.2 billion, while export volume decreased 5.8 per cent to 122.8 million tonnes, compared to last year's figures. Nafan Aji Gusta, market analyst at Mirae Asset Sekuritas, said medium to large-sized coal companies with strong cash reserves are better equipped to weather the current challenges. They have laid out short and medium-term strategies focused on cost efficiency, operational improvements, and long-term business sustainability. 'These measures aim to maintain performance and boost optimism among coal industry players, despite the sector still being overshadowed by the falling global coal prices and ongoing international geopolitical uncertainties,' he noted. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Amid such a challenging environment, analysts expect the country's coal producers to look to other Asian markets to diversify beyond its traditional markets and capture growth in emerging demand centres. 'We continue to see an increase in supply of Indonesian coal to countries such as Vietnam, Bangladesh and the Philippines, with all three expected to see continued demand growth over the next two to three years,' Minh Hoang, an analyst at S&P Global Ratings told The Business Times. With coal demand from China and India losing steam, analysts say Indonesia may need to fast-track its diversification strategy. Fitch Ratings' Asia-Pacific Corporates team even noted that 'some Indonesian coal companies are already branching out into gold or metallurgical coal to prepare for a lower-carbon future'. Still, as the decarbonisation race gains momentum, Indonesian miners may find themselves on increasingly shaky ground, caught between rising regulatory pressures at home and shrinking markets abroad. Shaky ground Analysts say demand for thermal coal in China – Indonesia's largest export market – is likely to continue its downward trajectory in the medium to long term. The decline is being driven by the East Asian giant's accelerated shift towards cleaner energy sources, alongside broader macroeconomic headwinds that are weighing on industrial activity and energy consumption. Annie Ao, analyst at S&P Global Ratings, noted that 'this year's weak coal demand is mainly due to the challenging macro conditions, with power-consumption growth slowing to 3.1 per cent in the first four months of 2025, from the 6 to 7 per cent seen in the past two years'. China's coal imports from Indonesia took a nosedive, plunging 26 per cent year on year to 12.5 million tonnes as at May 2025, showed customs data. The drop is part of a wider slowdown in the country's coal purchases, as overall demand cools. Imports from Russia also lost steam, slipping 9 per cent in May compared with the same period last year to 8.3 million tonnes. Hoang from S&P said that while thermal coal prices have historically shown high volatility, the current oversupply in the market is likely to hit Indonesian miners hard. 'With the current market glut, we expect Indonesian miners to feel the impact, as China's emission controls and falling prices are likely to reduce demand for Indonesian coal, which is mostly of low-to-mid quality.' In May, S&P Global Ratings took an axe to its thermal coal price forecasts, trimming them by 10 to 20 per cent amid waning global appetite. Meanwhile benchmark Newcastle coal prices are expected to hover around US$105 per tonne through the rest of 2025, before easing to US$100 in 2026 and settling into a steady groove at US$90 from 2027 onwards. Fitch Ratings echoed the concern, warning that export demand for Indonesian coal will continue to shrink, while domestic demand growth will not be sufficient to fill the gap. 'Margins for Indonesian miners will be squeezed this year, increasing pressure on their credit profiles,' said Fitch analysts, adding that miners may try to cut costs by adjusting their strip ratios or renegotiating contracts with mining service providers. Stricter rules Along with facing strong global headwinds in the coal market, Indonesian miners are also grappling with local hurdles as tightening domestic regulations add more pressure. While subdued prices challenge margins, new rules at home are making it even harder for miners to stay in the black. In March, the Indonesian government introduced a regulation requiring coal exporters to use the official benchmark price, known as the Harga Batubara Acuan. The move is aimed at strengthening state control over coal pricing and curbing reliance on independent pricing agencies, which had been quoting significantly lower rates than the government's reference. Analysts warn that this measure could erode profit margins, as companies are now bound to follow government-set prices. Adding to the pressure, the government has also raised royalties for coal miners. Crimping their flexibility further, exporters are now required to retain their foreign-exchange earnings in domestic banks for at least one year.
