Being no stranger to the headlines, Singapore continues to be one of the wealthiest countries in the world with the highest GDP per capita and has retained its position as the Asian city with the highest quality of living.
That sounds like a narrative that they would put in every non-fiction book that entails the life of Singaporeans. But, the matter of fact is that wealth inequality has risen to a 30-year high, and poverty remains an increasing concern among some Singaporeans.
One of the factors which contributed to the inequality is consumer capitalism.
The ideal which the rich remain greedy – spending their time to make more money, while the masses gave in to their cravings and purchased more than they ever need.
Consumer capitalism is a theoretical economic and social-political condition in which consumer demand is manipulated, in a deliberate and coordinated way, on a very large scale, through mass-marketing techniques, to the advantage of sellers.
In short, it is how businesses market their products so that you think you need them, but in reality, it is just something that you want.
Who should we blame?
As we strive to achieve our ideal quality of life, we are often hindered by wealth disparities and make all seem like a pipe dream. Before we get dismayed, our dreams are attainable if we can get the right mindset in place.
Eventually, it is about being in control and how you can pave your path to an ideal lifestyle with good management of expenditures, spending habits and, understand the balance between luxuries and necessities.
What can be done?
Investment is one of the crucial reasons that is responsible for nurturing our wealth. You can either invest in financial products such as ETFs, stocks and bonds or, invest in yourself through education. Either way, it’ll help you generate more income or provide you with the capability to earn more.
While some may think that investing is complicated and expensive, it is quite straight-forward, and there are plenty of resources available for you to learn. One of the popular investing websites is https://www.investopedia.com, which provides you with educational content and helps you understand the terms used.
Alternatively, if you would like a fuss-free solution, you can always invest through endowment plan or robo-advisors like us. This allows you to diversify your income sources and generate returns even when you are resting or spending time with your loved ones.
With a user-friendly platform and a minimum investment amount of S$50, we want to help you kick-start your investing journey. $50 may seem like a small amount but, it makes a big difference if you consider the effect of compound interest
Using the Rule of 72, your S$50 would probably turn into S$100 within 7 – 10 years. Imagine how much you would have earned if you have invested with a more significant amount for a longer duration.
If you have not invested before, you can always head over to https://www.smartly.sg/. Get started with just S$50 and see if robo-advisor is something that meets your needs.