To be a millionaire
百萬富翁去年增2千人
is definitely a very eye-catching punch line. Being a millionaire has been difficult when we were young where the purchasing power of money is low. Now its different. According to this survey, there are 276,000 millionaires in Hong Kong and the average age is 48 with average capital HK$560m.
It is not too surprising actually. I did a quick calculation on how long I need in order to be a millionaire. The calculation is simple. If I save up HK$17K per month then in 5 years time WITHOUT doing any investment and even you do not need to put them in bank for gaining interest, I could be a millionaire. HK$17K is not a overwhelmingly big portion of many people's salary nowadays esp. those who have been working for 5 or above years. Think: if I graduate from university at 22 and I save up diligently since I started working I should be able to be a millionaire when I am 32. Of course, if you buy a flat during this period, you might need to save up, say 5 years more, in case you use all these to purchase your flat (but HK$1m can't buy a real decent flat). Probably you'd use HK$1m and your partner contribute another HK$1m for the flat, (it makes more sense) you'd be able to save up HK$1m even more easily by saving up HK$8.5K per month from each of your partner and yourself and then you both would share HK$1m.
However, if you do not know the right way of getting the right salary or you simply do not have this aim in mind and you want to spend as you earn, you couldn't have the 'handsome' saving.
I also mean that the gap between the wealthy and the poor is widening. Many people could even have difficulties in earning about HK$17K per month...
is definitely a very eye-catching punch line. Being a millionaire has been difficult when we were young where the purchasing power of money is low. Now its different. According to this survey, there are 276,000 millionaires in Hong Kong and the average age is 48 with average capital HK$560m.
It is not too surprising actually. I did a quick calculation on how long I need in order to be a millionaire. The calculation is simple. If I save up HK$17K per month then in 5 years time WITHOUT doing any investment and even you do not need to put them in bank for gaining interest, I could be a millionaire. HK$17K is not a overwhelmingly big portion of many people's salary nowadays esp. those who have been working for 5 or above years. Think: if I graduate from university at 22 and I save up diligently since I started working I should be able to be a millionaire when I am 32. Of course, if you buy a flat during this period, you might need to save up, say 5 years more, in case you use all these to purchase your flat (but HK$1m can't buy a real decent flat). Probably you'd use HK$1m and your partner contribute another HK$1m for the flat, (it makes more sense) you'd be able to save up HK$1m even more easily by saving up HK$8.5K per month from each of your partner and yourself and then you both would share HK$1m.
However, if you do not know the right way of getting the right salary or you simply do not have this aim in mind and you want to spend as you earn, you couldn't have the 'handsome' saving.
I also mean that the gap between the wealthy and the poor is widening. Many people could even have difficulties in earning about HK$17K per month...
posted by legomate at 12:20 am
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