Recently, I met up an army friend whom I have not seen for 15 years. He graduated from NTU and has an engineering degree. Now he is working in Maybank as an insurance sales executive. I thought he was doing well till he messaged me a few days later, asking to borrow $500. Even though I really wanted to help him, I say no for his own good. I worried for him and his family as he is married with kids and ask to borrow money from a friend whom he has not kept in touch for 15 years. I can only wonder am I his first option or his last option. I suspect i must be the last as he must have exhausted his contacts before asking from me.
Another friend is a senior sales agent with Prudential Assurance. She earned over $100,000 per year from selling life insurance. When I met her, I asked when she is retiring. To my surprise, her reply is that she can’t afford to retire as she is paying her home mortgage. I was shocked that even a high income earner like her is unable to achieve financial freedom. If people like a high income earner and a NTU graduate are unable to afford to retire, what hope does the GCE O’ level and ITE graduates have to retire?
Based on statistics on a group of graduates who met each other after 20 years, one third of them are dead, another one third of them are dead broke or bankrupt, and one third of them are just getting by. Only 10% of them have achieved financial freedom. This is a harsh, grim and gloomy reality.
Therefore, one must follow the principles inculcated by the rich to achieve financial freedom. One good option is to start reading books like “ think and grow rich”.
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