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Today’s post comes courtesy of fellow S&S reader, Claire. She’s giving us a peek into the success of Singapore, and will show you how to apply these strategies to your life to make your own millions!

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Managing Your Money With Life Advice From Singapore’s Millionaires

In case you hadn’t heard; Singapore is crazy rich right now. The country has been rising from the ashes since the 60s. Reports emerging this year show this country as having the most millionaires in the world. As it stands, a whopping 183,737 millionaires are making home here. And this number is rising at a steady rate. 2018 alone has seen considerable increases in the wealthy people setting down Singaporean anchor.

Of course, the chances are that you’re not in the market for a move to Singapore. Moving overseas is sure to set you back rather than help your earnings. Besides, try as you might, you aren’t quite in the millionaire category. You may be wondering, then, why we’re piling these facts on you. Frankly, for no better reason than to use Singapore’s example to bolster your finances. Any country which is gaining wealth at such a fast rate is worth financial attention. What’s more, you don’t need to follow that millionaire crowd to make the most of this learning opportunity.

Instead, all you need to do is consider what has led to this recent boom, and how you can apply those same benefits to your own financial life. Lucky for you, we’ve done the groundwork for you, by considering why Singapore is so rich all of a sudden, and how you can follow suit.

Use what you have

The first lesson you can learn here is that wealth is often about using what you have. In the dark days of the 60s, Singapore was more impoverished than Mexico. Now, it’s one of the wealth capitals of the world. How did this happen? In large part, it’s all thanks to an intelligent utilization of the harbors Singapore has available to it. Singapore’s fantastically designed harbors are part of what makes it an appealing trade prospect.

In all fairness, you can’t exactly shelter your metaphorical harbor to make more money. But, you can put the sentiment behind this lesson to good use. When the country had nothing, Singaporeans worked hard to make their harbor the best it could be. That, in turn, has had a knock-on effect. You, too, should use what you have to increase your chances of making money. If you have a natural talent, investing time and money into the cause can ensure that it leads you to substantial earnings later.

Consider your location

Singapore’s location is also in part to thank for this wealth. You have to travel past Singapore to get to most central Asian locations. Over the years, this had led to passing trade through the country. It’s also the reason many are seeing Singapore as a kind of ‘gateway to Asia.’ Hence why many companies and individuals are placing wealth here in the hope that it’ll lead to further Asian success.

This is information you can use, even if you don’t intend to move overseas anytime soon. By being flexible with locale, even in your country of choice, you open yourself up for earning potential. It should go without saying, for example, that you’ll struggle to see any real success if you set up shop in a rural location. By comparison, moving into a city setting with openings in your chosen field could see you flying high in no time.

Moving for work isn’t always a reality we embrace, but it’s often worthwhile. Equally, this works the other way. If you live in the city at the moment, the chances are that all your money goes towards things like rent. By considering a move to a rural area, you could halve your outgoings and thus find a much more comfortable way of life. Whichever side of this fence you fall on, it’s all about location, location, location.

Make wise investments

As a general rule, earnings in Singapore aren’t much more than elsewhere in the world. In fact, this is a country with no minimum wage. As such, many are earning less here than they could elsewhere. Yet, many people here are still managing to become millionaires. How does that work? Well, for the most part, it’s because Singaporeans think about where they’re putting their money. They make wise investments.

This is a country which is known for its trading, after all. Citizens are more liable to put money into stocks and shares than they are to spend it without thought. What’s more, people are here are more liable to be sensible with their significant purchases. A Singaporean may invest in affordable housing like these hdb Woodlands properties rather than splashing out on an expensive apartment. Thus, they’ll have more money left aside for those sensible investments.

Lucky for you, this point is easiest of all to transfer to your own life. For one, look out for more affordable properties, or make compromises on where you choose to buy. Location again comes into play here, with cheaper properties often being in less desirable areas. Still, they could be a fantastic first step to lead you towards wealth. Equally, you’re as able as anyone in Singapore to make money through stocks and shares. All you need to do is a little research to help you get going. Don’t invest in the first option you find. Study the market, and keep your head about you to ensure your efforts here don’t end in disaster.

Get big in business

Lastly, Singapore has its big businesses to thank for its wealth. Many companies are now settling here with their Asian bases. Everyone from Lenovo to HSBC has got buildings here. What’s more, many small business people choose this as the location from which to make a go of things. To encourage just that, Singapore offers a cap of 17% corporate tax, as well as additional business benefits.

So, what does this mean for you? In short; it means that taking a punt on business might not be such a bad idea. By keeping one foot in the business world, after all, a whole country has managed to pick itself back up. Think, then, what getting stuck into business could do for you?

Taking a chance on your ideas and going it alone is never easy. But, this is very much one of those ‘don’t try, don’t know’ situations. If you have an idea here, then, this could be the thing which takes your earnings to the next level. Even if you don’t want to go all out with high-rise buildings, dabbling in side hustles could be your entrepreneurial goldmine. Why not give it a go and see where those earnings take you?

In fairness, these pointers aren’t unique to Singapore. Often, these are the secrets of financial success for countries and people alike. You could also make the same comparisons for anywhere which takes your fancy. Singapore seems apt because of the speed of its financial growth. But, try making a list like this for any country which appeals to you.

Or, perhaps you want to look at the individual people. It’s the rich people who live in these countries, after all, who bring the majority of the wealth. Ask yourself why Singapore’s Robert & Philip Ng are top of the billionaire list, for example. Consider how you can apply their principles to your life. Taking examples from those who have gone before, after all, could be all it takes to find success yourself. Keep returning to lists like these. Your bank balance could soon start rising faster than Singapore’s economy.