Glad to read this post cos you are an influential person and your blog is read by many, so I hope that people (esp those guilty of this lifestyle) read this post and learn from it.

A majority of the younger generation now is quite terrible in terms of their spending. (I’m in my early 20s, and I admit I am an impulsive & emotional shopper, but I do not go for branded stuff unless they go for dirt-cheap) They dine like no tomorrow; they buy branded goods all the time too. I cannot understand it when I see my friends carrying authentic Longchamp bags. A medium sized bag costs almost $200 now. Two of them even have multiple LC bags..that’s more than a thousand blown on bags that aren’t even special in design or quality. I can get a similar item for less than $20. >.< if they are earning ginormic bucks and living within their means, I think that is fine. However this is not the case.

Let me share with you a story..about myself and my bro, and my two cousins (they are brothers). My bro and myself do not receive that much in angbao $$, because it is my mum and not others who give a lot in angbaos. We do not keep our angbaos and will pass everything to my mum. Idk if she invests/saves it for us, or she uses it to off-set part of what she gives away, but this has taught me not to spend beyond my means…because whenever she lends me $ she’ll demand compound interest on it. She’s joking of course, because I will always insist on only paying her back the original sum…but I think this kind of drives home the point to me that I need to focus on getting rid of liabilities first – my mistake in the Millionaire game that I played in the WA May batch.

My bro and I receive the same upbringing..but our values are kind of different. He tends to covet branded stuff, while I don’t, ‘because his friends have it’. I am an impulsive buyer (also a bad thing), something I’m trying to change cos retail therapy does not make a person happy for long! So a person’s character and the friends he has is also important, not just the parents’ efforts.

My two cousins again, are v different. They both receive big amounts of angbao $$ and get to keep every single cent. However, one is a big spender, the other has lots of savings.

I think they are damm lucky person! “If” they know how to save their money & start invest. Basically their initial capital are much bigger than normal people say $5000 initial investment for normal person.

Great lessons imparted. Adam thinks like a rich man. He will be in Forbes magazine very soon. Hey you all, I invite you to come to my company website at http://expresslearner.com/. Lots of great stuff on offer. See you there!

Cheers

They splurged their money on exotic cars and nice home..in the end they have to let the government’s needle penetrate through their arms and let blood flow to the government..pay loads of taxes and so on..u should teach them what are assets and liabilities in order not to be in the rat race..it should be MONEY IN not MONEY out..

I’m giving tis friend of yours the benefit of doubts !!

If he is only earning a single-income from this MNC, then he is NOT super rich as claimed. And if he is NOT super-rich, but spending like one, then that makes him the biggest IDIOT in whole of Spore.

So, my assumption is, this guy makes hell of a lot from other sources of income. The salary is probably just 10% of total income. He probably has some ‘passive’ income that can be inherited to his kids. Thus, he ain’t worried his kids cannot support current lifestyle.

Cheers.

I certainly agree that if a parent really want to groom their kids to survive in this society, they need to give them less and create a hunger in them so they’d have a fighting spirit in them! Thats what they call tough love!

Regards.