Sunday, June 20, 2010

How to be a MULTI- millionaire in Singapore?

The other day, I have shared with readers on the property purchase made by a Singapore permanent resident, who is a China chinese for a Sentosa Cove bungalow at a whopping price tag of $36 million ! And ordinary Singaporeans like me were shocked at the astronomical amount paid for a property in Singapore. Already, Singaporeans are thinking twice for a resales flat property purchase now that the resales market has been on the ascending trend, hence it is really shocking to read of this news for Singaporeans like me earning ordinary wages.


In today's Sunday Times, there was again a feature on the pricey bungalows here in Singapore. I was appalled to read that a foreign High Net Worth Individual (HWNI) has asked the property agent whether she has made a mistake in the price tag of $15 million for a bungalow. The reason is that the buyer could not believe the price as it was too cheap (as compared to bungalows of such in the rest of the world)!

Indeed, with the rise of China and India as the main engines of the global economy, many many people are getting very very rich! In Singapore, the number of millionaires, with a liquidity of US $1 million amount to 61,000 and more!  The other time, people in Singapore are searching for the answer to the question: "How to be a millionaire?" but with the number of millionaires growing so rapidly in Singapore, the question now is "How to be a MULTI- millionaire in Singapore?" (i.e the benchmark of wealth rachets up a few notches)

In Singapore, a multi-millionaire is someone with a net worth of at least US $10 million to hundreds of millions in net liquidity, excluding housing. The routes to becoming such multi-millionaires would be to be an astute
investor, or open up a successful business, be involved in property businesses (since land in Singapore is so scare) or to do well in Sales.

Talking about Sales, let us focus back on property agents. Today's Sunday Times features an ordinary young (29 years old) property agent, except for the fact that she specialises in selling the Sentosa Cove properties! Wow! As she has said in the article, many property agents in Singapore aspire to be in her leagues. Why is that so? Let us just see the following few cases:

Tom, a property agent sold a 4-room resales flat for $400K, his comission at 1% amounts to $4,000.

Next, let us turn to the property agent who sold the Sentosa Cove property at $36 million, assuming his comission to be minimum 1%, he or she earns a comission of $360,000! for just one transaction!

However, like the lady property agent we talked about earlier, these propery agents do not just sell one bungalow, being a specialist of such high-worth bungalows, they do keep selling and imagine, they can easily earn $1,000,000 from just selling 4 to 10 houses, assuming each is sold at minimum $10 million!

Hence, if you want to to be a multi-millionaire in Singapore, but do not want to open a business to achieve your dreams, consider servicing these mega-millionaires by being private bankers, property agents, insurance agents to them and get their referrals to introduce their other HNWI friends to you, and in no time, you will be earning millions at a very young age.

If you do not like sales or to open up a business, the other way is to do well in school and cocurricular activities, get a scholarship for a fast tracked career.

The basic principle of being rich is to do something you like, and do it well and monies will in turn come to you. for example, very famous movie stars, lawyers and soccer players do earn millions by pursuing their hobbies.

On this note, I sum off my article. Everyone wants to be a millionaire and the only way to do so is finding out your niche and taking actions towards your goals. Along the way, determination and perservance will help you stay the course.

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