Becoming a millionaire may seem far-fetched and lofty for the average person. But, if you set your mind to it as a step in the right direction of obtaining financial freedom where you could have money to generate more money and live within your means, you will be better off than status quo whether or not you become a millionaire.
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| Photo by Mufid Majnun on Unsplash |
To digress, besides other legit means like running a business, shrewd financial investments or career progression, there are potentially at least two new millionaires in Singapore every week through Singapore Pools' TOTO tickets which retail for SGD 1 each (for ordinary ticket) with draws for winners made twice a week. That could translate to potentially 104 millionaires over 52 weeks annually (in some draws there are no Group 1 winners and the prize is snowballed to the next draw).
For special occasions like New Year, National Day and Chinese New Year, the jackpots would be much higher than SGD 1 million. In the recent draw Reunion draw on 24 January 2025, two Group 1 prize winners walked/sauntered/ran (can only imagine) to their banks with a cool SGD 6,651,088 each as per the following results:-
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| Source & Image credits: singaporepools.com.sg |
That said, the chances of winning TOTO Group 1 prize is next to zero, literally and figuratively. Also, a precautionary note is that gambling is addictive and if you gamble beyond your disposal income, you could end up in debts and that would pull you downhill from attaining financial freedom.
The big picture of becoming a millionaire is to spend within your means even if you have a healthy stream of income, save money and invest the money to generate more of the same; grow your money tree.
Here are some practical strategies obtained from ChatGPT in reply to "What are the top ten strategies to become a millionaire in Singapore with certainties or high probabilities?" for your refreshing:-
"Becoming a millionaire in Singapore involves a combination of strategic financial planning, discipline, smart investments, and leveraging the country's unique opportunities. While there's no guaranteed path, here are ten strategies with high probabilities of success based on common trends and principles that have worked for many people:
1. Start Early and Save Aggressively
Compounding works best over time. The earlier you start saving and investing, the more you benefit from compounding returns. Aim to save at least 20-30% of your income, and increase that figure as your salary rises. Leverage CPF (Central Provident Fund) savings as well, as it offers relatively high returns, particularly for retirement planning.
2. Invest in Real Estate
Singapore's real estate market has historically been a reliable wealth generator. Buying property early, especially in prime locations or emerging areas, can lead to significant capital appreciation. Rental income also provides a steady cash flow. However, be mindful of the market cycles and government policies like cooling measures that impact real estate.
3. Maximize Your Career Potential
Focus on growing your career in high-demand fields such as finance, technology, healthcare, and engineering. Building expertise and continuously upgrading your skills can lead to promotions, salary increases, and access to high-paying roles. Networking and positioning yourself as a leader in your industry will increase your opportunities for wealth generation.
4. Invest in the Stock Market
Consistently investing in the stock market, especially in index funds, ETFs (Exchange Traded Funds), and blue-chip stocks, can provide long-term wealth. By using a strategy like dollar-cost averaging (DCA), you can mitigate the risks associated with market volatility. Singapore has a stable stock market with good returns over the long term.
5. Leverage Business Ownership
Starting or owning a business is one of the fastest ways to build significant wealth, especially in Singapore's thriving entrepreneurial ecosystem. With low corporate taxes, grants, and strong infrastructure, the country is conducive to business growth. Successful businesses can create significant wealth through capital appreciation and cash flow.
6. Develop Passive Income Streams
Building multiple passive income streams can accelerate wealth creation. This could include investments in real estate, dividend-paying stocks, peer-to-peer lending, or creating online businesses. Passive income allows you to earn money with minimal ongoing effort, freeing you up for other opportunities.
7. Master Personal Finance Management
To become a millionaire, you need to spend less than you earn. Creating and following a disciplined budget, tracking expenses, and avoiding unnecessary debt are fundamental. By maintaining financial discipline and avoiding consumerist pitfalls, you'll have more capital to invest.
8. Maximize Tax Efficiency
Singapore offers relatively favorable tax rates for both individuals and corporations. Understanding the tax advantages available to you—such as tax reliefs, deductions, and exemptions—can help you keep more of your income for investment purposes. You could also consider setting up a business to take advantage of corporate tax structures and incentives.
9. Diversify Investments
Avoid putting all your money in one basket. Diversification across asset classes—such as real estate, stocks, bonds, and even alternative assets like commodities or cryptocurrency—can help reduce risks while increasing the potential for long-term growth. This will protect your wealth against market fluctuations.
10. Build Relationships with Wealthy Mentors
Surrounding yourself with like-minded, successful individuals can significantly boost your chances of becoming a millionaire. Mentors can offer valuable advice, share their experiences, and provide networking opportunities that could open doors to profitable ventures and investments.
By combining several of these strategies and remaining disciplined, there's a strong probability that you can reach millionaire status in Singapore. While there’s no certainty in any one path, a diversified approach and a long-term mindset generally offer the highest chance of success."
That's all good if our lives consist only of everything under the sun. But, if you look heavenward beyond our present reality, you would need the currency of faith in God and actions that prove that your faith is legal tender in the court of heaven.
Hear then the words of Jesus Christ, "For what profit is it to a man if he gains the whole world, and loses his own soul? Or what will a man give in exchange for his soul? (Matthew 16:26; NKJV)"
With faith, you can invest in the kingdom of God and lay up for yourself treasures in heaven. “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also. (Matthew 6:19-21; NKJV)"
Click here to explore the Kingdom of God.
Click on the following to join Alpha events in Singapore (SG), United Kingdom (UK) or United States of America (US) and learn more about God through other people in person:
The following two books are well worth reading with loads of beneficial insights and perspectives.
Click here for "Money - Master the Game" by Tony Robbins.
Click here for "Money, Possessions, and Eternity" by Randy Alcorn.
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| Excerpt from "Money, Possessions, and Eternity" by Randy Alcorn Image credit: google.com.sg/books |
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