Tuesday, 20 September 2011

Money, Time, Freedom, Health

Money, Time, Freedom, Health

The items above are interrelated.

When you are young, you have health, limited or lots of freedom (depends on parents), no money (sometimes parents give you lots of money to replace their time with you, thus depends on parents too).

When you just started work, you wish to have more money so that you can have the freedom to do what you want, generally you have good health. Thus you work very hard for money and have to sacrifice health and time.

When you start to grows older and older, you will have more and more money, but your health starts to deteriorate. In addition, in general, the higher the earned income you got as an employee, the greater the responsbility you have and the less time you have.

By the time, you earned a lot and retired, you may not have good health to enjoy the lots of money in your bank. One day, just leave with regrets in life - why didn't you spend more time with families as well as do more things you like, instead spend too much time to pursue money?

Life is ironic, isn't it?

The moral of the story is: Strike a balance so that you will not regret when you die in future.


Ao said...

I was thinking about this issue before. In the end I concluded that I should start amassing wealth for my children and teach them how to maintain the wealth. So that in future my children will not be in the same situation as me, with health and no money. And also to teach them to do the same for their children.

I felt that the best thing that you can do for your children is to ensure that you have fully paid a house for them. So that they do not need to worry about housing loan in future. And can spend their money on doing things they enjoy.

For me, I calculated that I can live in my parent house till the age of 94 year old that is when HDB 99 year lease expire. This gives me an option of buying a house and renting it out to use the rental to pay for the loan. While I continue staying with my parents. Hence, I do not need to fork out much of my monthly salary to servicing the loan as I am using other people money. Thus, I will have more money to spend on other things.

After the house that I bought have been fully paid for 30 years later, I will pass them to my children. Hence, my ask my children to do the same thing for their future generation. Thus, this would help to solve the issue that you mentioned.

In addition, you can amass pillow stocks for your children so that they will not be in the same situation as well.

Disclaimer: I am only 21 years and the situation above is based on my own theoretical scenario that I hope to achieve for my future generation :)

la papillion said...

Hi AO,

I totally disagree. By treating your children as such, they will not be able to take the hardships necessary to rise to a higher level and will always be under the shadows of the parents. No, I believe the right way is to let them earn their own keep, telling them that they should not expect anything from their parents. Parents, on the other hand, can be the backup for their kids when all other measures fail, but never should they be the first to ask if the children lacks money. Children must be taught that they should not expect parents to be paying for anything for them. I have high regards for my kids - I expect them to be capable of taking care of their own family needs without the help of others.

Parents, however, will be doing a great service to their kids if they do not pass on their debts and financial woes (including all future health costs) to their children. I think that is the best parents can do for their offspring.

Createwealth8888 said...


We should not be liabilities to our next generations. This is the minimum standard for all parents to achieve. :-)

OT83 said...

Hi AO, LP and CW,

Yup I am more agreeable to teach how to manage wealth to children as compared to helping them to save up and give them wealth. They need to know how to grow own wealth.

Yes! I am a victim of liabilities to our next generation. My parents basically don't have any houses (they rent house for all their life), they only have some savings. Now they live with me because siblings don't want them and I couldn't throw them on streets. I more worry on the future health costs aspects as I think they never plan much insurance. Hopefully I can survive.

As a lesson learnt, I will plan my protection and retirement plan carefully such that I will not leave them debts and other liabilities. That's the most basic parents can do.

Singapore Man Of Leisure said...

I feel so happy!

There's another blogger who shares about life's experiences! That's a topic I am more in tune with :)

Way to go OT! It's more real when people reveal themselves to provide the context and perspective of their views.

You reminded me of some of my primary classmates who came from those 1.5 room HDB rental flats (Mei Ling Street); and have made good in their adult life. And the journey has not been easy for them... starting with minus zero... At least I started with ground zero.

I tried to "run away" by working overseas, but the emotional chains are still there. Only now did I realise that by returning to fulfill my "duty" as a son, only then can I be "free"...

Never mind if I confuse you. I sometimes talk to myself. LOL!

Createwealth8888 said...

People care and spend time and effort on their investment to get best yield for their money. But, how many people are investing time and effort on their body to get the best yield out of their own body.

Some common illness can be prevented by investing lots of time and effort in yielding our body. e.g minimum 150 hr??? of long exercise per week.

Once we lose my health due to our own fault (not due to genetic element), no amount of money in our bank account can bring us back again. We can't be happy on long-term medication. Right?

Wear running shoes and start this weekend!

OT83 said...


Thanks! I love to see your life stories too. You are more experience, I hope I can learn from you too.

Hi Uncle,

You are right! Health is most important. Usually I just run one time per week during the weekend, weekday simply no motivation. By the time I reach home, it will be 7plus, eat diner 8 plus. After food, it is hard to run. Luckily, I got chance to walk to work from MRT.

Uncle, you exercise 150hrs per week? how did you do that?

Calvin said...


I totally agree with your post above. As I reach my time to start a family, I start to rethink my priorities in life. I realized that without sufficient Passive Income, I would always be working hard and have no time for my family. As such I now dedicate my time to building Passive Income and reducing my liabilities where possible.


OT83 said...

Hi Calvin,

Thanks for your comment. I want more time and health with family.

I heard that you have quite a number of properties and with good income stream. I guess your passive income are great now. All the best to grow it even further!

Glayz said...

Walking in lab wearing heavy safety shoes counted or not.... As exercise la.
Sleeping is the only form of regular exercise I had. It regulate the heartbeat and burn calories...

I will not buy a flat for my children. For me, I will provide them with food, shelter, basic university education and when they turn 25, they are expected to fight on their own. Of course, I try to teach them money values and personal finances.

At least ur parents have savings. My mil used to have a flat. Out of greed or desperation, they sold the flat and get another unit which is also sold. With some money in the pocket, from sales she either spend all or gamble all away. So now she has no flat, no savings. Now 60+ still no money management skills. Nag at my hb to get a basic shield plan for her as I told hb his miserable medisave is nit enough if anything happen to his mum.

Ao said...

Here an story of what i am trying to explain:

A farmer couple spend years of their live toiling away in the fields(hardship). After managing to save a lump of money, they went to buy two cows. They stopped farming and sold the cow milk for money to get by. (eg: dividends, rental income..).

Thus, isn't it better for the farmer couple to pass the cow to their children and teach their children how to rear more cows to earn money. Isn't this better than asking their children to spend their lives toiling away in the field to earn meager money to learn hardship? Maybe the children will appreciate and learn more about life rather than doing repetitive activity of farming (working).

What is the point of asking children to walk down the same path which we did?


la papillion said...

Hi Ao,

How do you teach someone to fish by giving them fish? How do you teach someone how to play the piano by playing it for them? How do you teach the children to rear more cows by giving them cows? How do you teach the value of money by giving them money?

No, it cannot be done.(**) First they must deserve then they will get. By giving the children the cows when they do not deserve it will only ruin them and the grandchildren. Financial freedom is not so much about the material possessions that others can give you (be it flat or money) but about the mindset. It is about learning the means to give to yourself and your family. Unfortunately, this cannot be given to children. If they wish to get it, I'm afraid they would have to learn it the hard way.

** (on more thoughts, it can be done actually. It doesn't matter whether the parents are rich or poor, it's how the money habits are passed down that's important. But I'm afraid you'll have a very hard time teaching the children how to be independent when things are given to them. And financial independence is about independence, isn't it?)

Ao said...


I agree with what you mentioned. I do not intend to tell my children how much I have or give things to them.

What I intend to do is to try to shape the course of the my kids life to my intended outcome. It is abit like "Inception" where you try to plant an idea into a child mind and hope that the idea will manifest itself. It is rather hard to explain this in writing but I will try.

1.) By giving my children a vague explanation of the dividend investing, they may feel curious to find out more about it on their own.

2.) By not giving money to my kids when they are old enough, it will force them to work. Hence, they will experience the hardship of working and value money even more. Thus, making more wise decision is things they do.

Basically, it is teaching my kids the importance of money but not telling them that I will eventually give them a lump sum of money. This will help them in the process of understanding financial independence. And hopefully, they will know how to manage that money when they receive them :)

jimmylee said...

i am old now. my heart is weak. i have little money. no children. i work. so i have little time either. you can save for old age, but wealth can disappear easily. you can exercise and eat right, but you can not be young forever, and there are things out of your control. you must live so no matter your health, no matter your finance, you will have no regrets. All that really matters is that the people you love know it. not just because you say it, though you should say it, but because you show it. And that you have seen the beauty of the universe, by watching a sunset, a sunrise, by staring at the stars, and hearing the waters of a rumbling creek or the sounds of the ocean, by planting a seed and watching it grow. But most of all, making sure the people you love know it. Then when you are old and weak, poor and tired, you will still have lived with no regrets.

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