kids of rich parents - lucky or unlucky?

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kids of rich parents - lucky or unlucky?

Postby Joule » Wed Mar 07, 2012 2:25 pm

see this post from Adam Khoo's blog...

http://www.adam-khoo.com/67/are-they-lu ... o-unlucky/

During the last couple of days, I visited the house of one my very wealthy clients. He bought a waterfront bungalow at Sentosa Cove and invited me and my family over for a house warming/ Chinese New Year get-to together. I must say that the bungalows there are really beautiful and amazing but I think its crazy to pay $1,300 per square foot for a 99-year leasehold property. My friend purchased a 12,000 square foot house (with a berth and yaucht attached) for a cool $14 million +. This friend of mine makes his millions as the head of investment for a financial MNC powerhouse. He makes hundreds of millions of dollars for his company, so I guess paying him a $5m annual bonus is no big deal to them.

What I found even more amazing was that there were four luxurious cars in the driveway. He drove a black Lamborghini and bought his five a BMW 7-series. When I asked what the other two cars were for, he said that he bought his 21-year old son (studying engineering in NUS) a Mercedes Benz S-Class and his 19-year old daughter (studying in a local poly) a BMW 5-series. After chatting with him for a while, I found out that his two kids carried thousand dollar handphones and would not be caught dead eating at hawker centres. At first, I thought that his kids were damn lucky to be born in such a rich family and to have such a generous father.

However, after chatting with my wife on the way back and thinking about it for a while, it dawned on me that the two kids were in fact damn sway (colloquial term for ‘unlucky’) as their dad had just set them up for a life of debt and misery. First of all, it costs about $3,500+ a month to maintain those cars (petrol + insurance + roadtax + install) and each time you send it in for repairs, the bill will easily come to $3000-$4000. Because of the lifestyle they are used to, they will only feel comfortable spending $30+ on a meal at a restaurant.

Now, the dad does not own his own business. He just happens to work for an MNC, so he certainly cannot pass his job and his huge income to his two kids. And he certainly is not going to give them an allowance after they graduate, find a job and get married. At the rate the father is spending his money, his dough won’t last very long past his retirement.

So, his kids will have to graduate and find a job like anyone else. When they get a first job, how much can they get paid? Even if he has an honors degree from NUS, the most he can hope to get is $2,500/month. With a diploma, his sis can probably only get a job for $1,800. Once they drive that BM or that S-Class, do you think they will ever drive a Toyota? Unlikely. So they will probably use up their entire salary just to pay to maintain their cars (which is a liability by the way) and run up their credit cards to the max just to finance their restaurant meals, handphone meals and Prada/ Hugo Boss fashion wear. Before they reach 25, my prediction is that they will probably be heavily in debt and untterly misrable. So on second thoughts, I think they are really unlucky… What do you think?


hmmmm....

Joule
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Re: kids of rich parents - lucky or unlucky?

Postby KSP » Wed Mar 07, 2012 2:35 pm

well, i will still choose to have a rich father... at least i ever live rich before...

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Re: kids of rich parents - lucky or unlucky?

Postby dorisp » Wed Mar 07, 2012 2:38 pm

:idea:

Thanks for sharing. I feel very lucky now....... :wink:

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Re: kids of rich parents - lucky or unlucky?

Postby concern2 » Wed Mar 07, 2012 2:40 pm

Joule wrote:see this post from Adam Khoo's blog...

http://www.adam-khoo.com/67/are-they-lu ... o-unlucky/
...
hmmmm....


Interesting read, Joule! Pity he didn't get to hear from the kids' side of the story. Would have been interesting. Perhaps if they're lucky or have good karma, nothing major will happen to them. If not, well, I'd rather not speculate.

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Re: kids of rich parents - lucky or unlucky?

Postby concern2 » Wed Mar 07, 2012 2:42 pm

KSP wrote:well, i will still choose to have a rich father... at least i ever live rich before...


Kekekeke, and maybe learn first hand on how to get rich hor?

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Re: kids of rich parents - lucky or unlucky?

Postby MrsSeah » Wed Mar 07, 2012 2:49 pm

They can marry a rich wife / husband lor. :p

I want to born rich. At least if my family are rich. Even if I can't get good result to go NTU or NUS. My dad can still afford to send me oversea. My dad saving maybe more than enough to let me live comfortably.

To me is still fortunate. :p

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Re: kids of rich parents - lucky or unlucky?

Postby Pen88n » Wed Mar 07, 2012 2:59 pm

I still want a rich dad.......no need to buy me luxury cars or thousand dollars handphone.......just have the following:
1. give me more pocket money so that I can save and keep for rainy days
2. set up an endowment fund for me, so that I can withdraw at end of X years with more money to spend
3. buy me a property that is rented out so I can collect rental income
4. set up a stock portfolio for me so that I can get dividends.

See, with all these, it is still lucky to have a rich dad.........as long as he guides the kid to be financially savvy instead of spoiling them rotten.

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Re: kids of rich parents - lucky or unlucky?

Postby KSP » Wed Mar 07, 2012 3:01 pm

I think this report is a bit shallow. They didn't share how much the dad has in his bank. Maybe is enough for the 2 kids to live comfortably for their whole life. Their mthly 2.5k is just only for the petrol lah. This is not something new. I saw ppl driving flashy cars in poly, uni and workplace too. There are a few in my current office too. Young, fresh grads drive BMW. Sometimes i ask myself why i was not born in rich family.

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Re: kids of rich parents - lucky or unlucky?

Postby buds » Wed Mar 07, 2012 3:05 pm

Pen88n wrote:I still want a rich dad.......no need to buy me luxury cars or thousand dollars handphone.......just have the following:
1. give me more pocket money so that I can save and keep for rainy days
2. set up an endowment fund for me, so that I can withdraw at end of X years with more money to spend
3. buy me a property that is rented out so I can collect rental income
4. set up a stock portfolio for me so that I can get dividends.

See, with all these, it is still lucky to have a rich dad.........as long as he guides the kid to be financially savvy instead of spoiling them rotten.


:goodpost:

buds
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Re: kids of rich parents - lucky or unlucky?

Postby Emelyn » Wed Mar 07, 2012 3:12 pm

I also want to born rich. At least get to live rich.
But I hope my parents will still teach me about prudence.

BTW...I have a friend, family very rich. Live in a bungalow in Stevens Road area. But they still live frugally. When we were in Uni, we always joke that this guy lives poorer than us. And no one can tell that he lives in a bungalow in Stevens Road. No flashy car and no flashy clothes.

But they have a choice. To either spend or not spend.

Better than how what I went through. Got no choice....basically cannot spend. Actually hor... now also like that..... no choice...cannot spend... must watch the numbers very carefully. If above budget, must activate corrective action and then think of preventive actions. :sweat:

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