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Independent Singapore
16 hours ago
- Business
- Independent Singapore
‘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
Independent Singapore
3 days ago
- Business
- Independent Singapore
The millionaire mindset: 3 powerful ways wealthy people think differently
What distinguishes those who create long-term wealth from those who live paycheck to paycheck and struggle financially? According to a recent article from New Trader U, it's not just earnings, inherited wealth, education, or pure chance. The difference lies in mindset, how people approach life, and what they think about money, opportunity, and how they spend the most valuable resource on earth—time. Research indicates that self-made billionaires have espoused mental agendas that unswervingly direct their decisions and choices toward continuing success. These aren't innate qualities or strictly protected secrets; these are hands-on, easy-to-learn methods of thinking that anyone can acquire and develop. Here are three fundamental patterns of thinking that distinguish wealthy individuals: Long-term advanced thinking People of permanent wealth are reinforced by a mindset that favors 'long-term' over 'short-term.' Instead of pursuing instantaneous rewards or freaking out about short-term expenditures, they ask—How will this decision affect my finances 10 or 20 years from now? See also The Cheapest & Most Expensive Areas to Live in Singapore This future-focused mentality changes their behavior and, ultimately, their actions. Rather than indulging in fleeting pleasures, they invest in growing assets, such as businesses, stocks, and real estate. They also understand that time is the ultimate leverage factor. In their professions, they are more into learning, gaining experience, and networking. They understand that acquiring experience may not immediately yield compensation, but that it lays the groundwork for future success. The capacity to postpone self-gratification is a trademark of sustainable wealth-building. 'It can't be done' vs. 'This is possible' Where others see impediments, the wealthy see launchpads and building blocks. This approach is particularly evident in times of economic recessions, failed attempts, and personal disappointments. While most would react with distress or defeat and then withdraw completely from life, financially successful individuals view these episodes as remarkable opportunities to innovate or transpose for advancement. They meet challenges head-on and with curiosity, not panic, asking, 'How can I benefit from this?', 'What can I learn from this situation?' rather than 'Why is this happening to me?' Wealth machines vs. paychecks The wealthy don't just work for money; they build systems that make money for them. While many people focus on increasing their pay, wealthy individuals concentrate on accumulating assets that generate passive income. This mentality frees them from the trap of swapping time for money that can lead to financial independence. All financial decisions are sifted through a simple lens—Will this multiply in value or create income? If not, they move on. Mindset: The first investment These three thought patterns are not kept back for a select few. They're psychological habits anyone can espouse and implement. The good news is that you don't need so much wealth to begin thinking like a well-heeled individual. Start with one change—ask better questions, meet a challenge head-on, or use your time on something that will pay off in the future. When you're consistent, your mindset can become your most treasured asset on your ride to financial independence. See also What Are Singapore Treasury Bills and Are They a Good Investment?
Yahoo
25-05-2025
- Business
- Yahoo
Why Mark Cuban Keeps a Strict Budget Everyday
It may be a bit surprising, but it's a fact that more billionaires are self-made than legacy heirs. Less recognized is the fact that many of the world's richest people stick to ordinary financial routines, possibly remembering how difficult it was to achieve the phenomenal level of success they enjoy now. For You: Read Next: With a net worth of $5.7 billion, entrepreneur and investor, Mark Cuban, knows the importance of having a solid, financial plan. He has made a lot of smart investments during his lifetime, including a minority share of the National Basketball Association's Dallas Mavericks he bought for $285 million. He's even landed a role as one of the sharks on ABC's 'Shark Tank.' And according to him, it's budgeting that keeps the wealthy like him, wealthy. When asked by GQ about the turning point from being successful millionaire and an ultra-successful billionaire, Cuban conceded there is a huge difference when you jump wealth levels. But in the day-to-day, Cuban still does a lot of things he was doing when he was a novice small business owner with a paltry bank balance. 'Oh, yeah, trust me, there's a huge difference between being a millionaire and a billionaire, or even having $10 million or $25 million,' said Cuban. 'After I sold my first company, and I had, like, two and a half million dollars in the bank, I still kept a budget. I still have that budget, actually. And I kept a strict budget every day. 'Then I went back to Dallas, but I was trading stocks,' he continued. 'And I was starting to make a lot of money trading stocks. But even then, I didn't feel like, 'Okay, whatever I want, I can be extravagant.' Same house, same everything, same car.' Learn More: The truly wealthy don't waste their wealth; they grow it. That's why the sixth richest person in the world, Warren Buffett, eats breakfast at McDonald's every day and lives in the same Omaha home he bought for $31,500 in 1958. It's not self-punishment. It's pragmatic living and part of what makes billionaires a rare breed. This includes the frugal spender, Cuban, who is currently worth billions, meaning he's accumulated enough wealth to rank on Forbes' Real-Time Billionaires list. By spending conservatively and saving where you can, you can make a better return than competing with the risk-takers. 'I look at my annual budgets for everything and anything, and I look to see where I can save the most money on those items,' Cuban told Forbes years ago. 'Saving 30% to 50% buying in bulk — replenishable items from toothpaste to soup, or whatever I use a lot of — is the best guaranteed return on investment you can get anywhere.' The bottom line is that just because you can afford to spend a lot of money doesn't mean you should. Living beneath your means is one of the steadiest ways to not only grow your wealth but also improve both your saving and spending habits. No matter how much you accumulate, never ball like a billionaire. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Why Mark Cuban Keeps a Strict Budget Everyday Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
