Issue No. 54

In a world where we are bombarded with several products and services, it seems that abstaining from them is no longer an option. Everyone has the latest phone, the latest shoes, the latest car, even the latest girlfriend or boyfriend. What's alarming is not the consumption itself, because you can consume something and still live a good life. What's problematic is when you're consuming more than you're producing, and this is where most people get stuck.

Imagine a guy named Greg. He's a regular 32-year-old working as a Data Analyst in Tennessee with a salary of $134,000 a year after taxes. Then we have a gal named Sheena, a 29-year-old somewhere in Singapore working as a freelance marketer for an early-stage startup in the software industry. She has a salary of $65,000 a year after taxes, just a wee shy of half of what Greg earns. Your first thought could be Greg must be a rich guy. He earns $11,000/month after all. He must be saving a lot. Sheena makes only half at $5,600 a month, so she must have less money in the bank.

This is not always true.

You see, Greg has a brand new Jeep Wrangler Rubicon X that he's paying for in a loan of $56,745 with a 10% interest rate, which he has to pay $1,000 a month for 72 months. He has the latest iPhone, the maxed-out MacBook Pro, a $3,500-a-month apartment, and $800 for groceries. Greg's monthly expenses include dining out, entertainment, gym memberships, and more. Despite his decent income, he struggles to save more than $1,000 each month, hampering his ability to build a substantial savings cushion.

Sheena, on the other hand, still uses the iPhone X with a broken back mirror because she believes it still works. She has a MacBook Air from 2020 and a simple 2016 Honda Civic that she received as a gift from her grandma. She lives in a small apartment that costs her $1,100. She goes to Pilates, enjoys cooking at home, and from time to time meets with friends for takeout at the nearby Hawker center where she first met her high school boyfriend. Sheena saves $2,500/month. That's about 50% of her salary.

Who is richer? The one with a higher salary who can barely save $1,000 a month despite being a top earner in the US or the one with a smaller salary who saves $2,500 a month? You already know the answer. The funny thing about this is the living cost in Singapore is actually 27% more expensive than in the US and yet our humble Sheena saves more than Greg. Imagine if she had the salary of Greg; she would be saving $5,000 a month!

You may argue, “Yeah, Greg saves only $1,000 a month, but his assets are investments. They add to his wealth as an illiquid form." We can argue the technicals, sure. We can even prove that Greg has more wealth than Sheena if all of his assets, both liquid and illiquid, are taken into consideration. The problem with that is illiquid assets such as cars, real estate, and other "things" can't be easily converted into cash without significant time, effort, or potential loss in value. Except for real estate, most of Greg’s assets devalue over time. His money is not moving. He's then always preoccupied with what could go wrong, and because he has a lot of things, he has no time for the more important things in life, such as leisure, true leisure for himself and his family. He's always pursuing, he's always looking for more because his lifestyle currently cannot be supported or barely supported by his current salary. What do you think happens when Greg finds a $180,000-a-year position? Do you think he will have a better life? Not necessarily, and I’d even wager to say exactly no because his lifestyle will just scale proportionally. He will acquire more as he earns more. And that is exactly where he gets stuck.

Nothing is enough.

To Greg, the accumulation of things defines his wealth. This detail is often indirectly or directly taught to us—in school, by the media, by our parents, by our friends. You go watch your favorite K-Drama and you see the latest Samsung phone, you go on TV and see Kim Kardashian with a supertight Lululemon leggings, you go on Instagram and you see your friend who earns $2,000 a month at Taylor Swift’s Eras Tour in Singapore.

The foundation of our industrialist society relies heavily on consumerism as a driving force for economic growth. While this holds true at a macro level, it becomes problematic when individuals are unaware of its consequences. On an individual level, unchecked consumerism can be incredibly destructive.

You don't need the new iPhone, you don't need the latest Tesla model, you don't need 300 plants in your home. Is there more beauty in having more than having less to which you put utmost care? How can you take care of a hundred dresses and shoes? You wear only 20% of them 80% of the time (The Pareto Principle). Go look at your wardrobe. I guarantee you, 80% of the time, you are wearing only 20% of them. Some you probably have forgotten already. And yet your mind is always thinking, “Hmm, I think I need a new jacket." You have 5 more in the closet!

In my case, I only have three pairs of shoes: one for the gym, one pair of dress shoes, and one casual pair. I have one high-quality coat for winter, one thick winter jacket, 4 shirts (gray, white, brown, and black), two sets of formal attire (black for professional networking, beige for casual meetups), 5 pairs of socks for the weekdays, 2 jogging pants, and 4 jackets (for dates, for walking, for meeting with friends, and for other occasions) and 2 pairs of sleepwear. Additionally, I have 3 sweaters and 3 sweater polos in exactly three colors (dark blue, brown, and olive). I own two plates, 2 pairs of utensils, and one cup. I have one pot, one rice cooker, one pan. My devices— my iPhone and MacBook Air—were bought this year in 2024 because my previous phone and MacBook died after 3 years and 6 years of use, respectively. I still remember changing the battery of my MacBook three times just to make it survive the harsh requirements of my digital tasks, but it succumbed to darkness after 6 years. My second-hand iPhone XS also faced similar repairs, but one day, it just did not turn on. I have one plant that doesn’t require a lot of attention, one $100 guitar for my musical hobby, and a set of equipment for my personal branding recordings. My digital subscriptions consist of Netflix and Disney+ that only my family members use, iCloud Drive for my digital files, VEED for video captions on my personal brand reels, YouTube Premium so I can watch podcasts and tutorials without ads, and Framer for building websites for my startups and other businesses.

That’s basically 90% of what I own. Most of my liquid assets are in the bank or reinvested to produce more money in the form of businesses, photography bookings, or personal branding. 80% of what I own has to return something to me to increase my net wealth, either for the short-term or long-term. I consider myself a modern minimalist, modern in the sense that I require technology to elevate my wealth but still at its minimum amount. I always try to make sure I control or decrease the number of my wants because they have no limit when initiated. I know that my needs have limits, so I make sure I am aware of them as well.

If you want to be rich, have a rich mindset. The wealthy, the actual wealthy people, don't acquire things because they want to. They think of the return on investment. They think "does this thing bring something more to my life or take away something from it?” If the latter is the answer, they don't pursue it. The wealthiest people are often the most humble in terms of expenditure. I know because I am surrounded by wealthy people who can't even buy me a drink! Kidding aside, the very reason for this is that wealthy people understand the value of money at its core. Money, to them, is an instrument to purchase the most important resource of all: time. They use money to save time so they can make more money. That’s how rich people think. They use money to hire people and delegate the intricate details of their business so that they have the time to think of the bigger picture and live the life without survival limitations.

The poor who think they are rich are the loudest in terms of their purchases. They have brands on their clothing screaming to the faces of the innocent onlookers in a smelly street. Little do they know these brands are not targeting rich people at all. They are targeting poorly minded individuals who think they are wealthy by having a Gucci bag. It holds the same, if not less, content as my cousin’s Hello Kitty bag.

Stop being a professional consumer. Start becoming a producer. Make money from your skills, from your time. Buy only when you need something, not because you want it. Sure, you can treat yourself from time to time, that’s alright. But moderation has always been the key. Look for the bigger picture. You're working for what? You're working to save money? Do you think anyone has become rich by saving? Even doctors have to start their own clinics and take a huge amount of loan. Because they know working for another hospital is not enough to reach financial freedom. You’re not working just so you can save money. You're working to purchase time for the future. You're working to retire early so you can spend the fruit of your labor. Do the hard work now, invest in your skills, in yourself, in your mindset, enjoy what you have, don't look for more things, look for more good memories and experiences because the only path to contentment is desiring less.

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Until next week,