From young, my parents taught me that we work hard for food – like the farmers, like the fishermen. To be successful in life, we work hard. If I had my own child, I would probably have redefined what success means. I would have preached that hard work only earns you (in most cases) a decent living. To be successful, the first thing to do is to forget about working hard. Only then you have time to think and to act out of the norm. I wish I have studied economy instead.
I may not know much about economy. But I have experienced diminishing marginal returns today. Lunch. One colleague of mine wanted to take a train to Bugis Junction for a change. Another one wanted a burger meal. We headed to Bugis and I felt for my “burger-loving” colleague. So after I had a full chicken rice set, I turned to him and asked …
“Burger?”
His eyes lit up. The group of four headed to McDonald’s. My “burger-loving” colleague and I each ordered a chicken burger. We finished. I asked …
“Burger?”
His eyes lit up. And both of us headed to the counter and ordered another S$2 burger. We finished. I kept quiet. Another colleague of ours said …
“Let’s have one round of burger for the four of us!”
By the time I had my 3rd burger, I have experienced diminishing marginal returns.
After lunch, I could not focus. My blood has gone to somewhere but my brain. Our intern stepped in and announced that our bank has offered him a job starting next August.
“Congratulations!” I screamed in excitement.
Then I learned that the starting pay for a fresh local graduate for the graduate program is close to …
S$4k a month
FOUR THOUSANDS DOLLARS?! Then another colleague of mine told me that according to the newspaper, one fresh graduate joins an investment bank for S$12k. Couples of years back, some graduates couldn’t even find a job. It’s all about timing.
Ignorance is bliss. Too bad you are reading this blog entry.
I know our Singapore’s Straits Time Index (STI) is hitting 4000 soon. But seriously, where does all the money come from? One friend of mine with a working capital of S$300-400k has generated S$100k profit from the stock market in 1 year. As a hobby. And he has a full time job.
Not everyone benefits from the stock market nor the very company we join that has the double-digit growth has something to do with our pay increment. My next topic? The landlords.
My favorite news-stand at Far East Square was used to give me a discount of 50 cents for magazines less than S$10 and 1 dollar otherwise. Always. These days I seldom see the two staff who used to sit outside, whom I mingled often. This evening, the boss was outside. I was sure that he wouldn’t give me a discount.
And he didn’t.
But we had a great chat. His landlord is increasing the rent from S$6k to S$9k by April next year. That is a 50% increase in rental. Can he pass that to the consumers? Probably not. No one is going to pay a CLEO magazine for S$6.60 instead of S$4.40. He has already got rid of one of his staff (S$1k salary) and gave his another staff a S$200 rise to cover the extra work. But he is going to close down his shop because of high rental. Sad. As I do love his magazine collection. He is not seeking other places because the rental is as bad. The shop next door of his has already changed hand four times. For a S$9k rental. The previous owners each lost 6 months of deposit.
Economy going strong but yet, shops like my favorite news-stand has to retrench staff and close down. Huh?
Hard work does not pay off but I do respect those who work hard. Like one cashier at Cold Storage. I asked if she has her dinner and she told me that she lives in JB (Malaysia). By the time she reaches home, it is 11 at night. 2 hours it takes for her to travel to home. Then she will eat and start another day, early.
I still don’t know where money comes from. But I am certain that you can’t get rich by merely working hard.
14 replies on “Snippet Of My Life Episode 6 – Where Does Money Come From?”
Why must I read this post? That S$4k/mth for a fresh grad!?!?!?! I totally agree with you on TIMING, and working hard is not the key. That’s why I’m not rich.
Hmmm…I think the industry you are in matters as well. Compare bank vs engineering – the former perceived as oh-so-glorifying and oh-so-$$$-attractive, oh-so-prestigious while for the latter, consistently “over-worked, underpaid”. While the authorities kept encouraging people to take up engineering / manufacturing jobs -indicating there is a lack of pple in such areas, there are really no pull factors for people to join this industry if it is not attractive. I remember the local newspapers in Sg only trying to sway ignorant pple into entering engineering by featuring some top CEOs and execs in Sg who had engineering degrees. Hahahah….come on, who are they bluffing? That is just 0.1% of the total who succeeded, maybe? I may be a lil’ negative here(pardon me)…but what you said really touched the real side of life in a competitive society like S’pore. And I think the inequalities and divide may get worse – across sectors. 🙁
Wilfrid! Sigh… Reality bites!!! You know what? During my time in 2000, fresh grads in Marketing, Banking, Hotel industry etc. were only paid a starting salary of $1.8 – 2k a mth! Now $4k!!! OMG. I am envious and jealous at the same time. I really wonder how the companies are going to balance between external competitiveness and internal parity. Anyhow, really, I agree with you. Hard work will NOT certainly bring you success and wealth. Out with the old saying, “Hard work brings you success and get you rich.”
Tigerfish – Ya, I kept thinking of the widening of income gap the entire day. These days in the CBD area, there are a visible number of super sport car (each about S$1 million) on the road. I once seen one parked at Thomson Plaza, which is a rare scene.
JT – While we are on the topic of “during my time” … back in 2000 when the economy was still good, the consulting firm I was with offers fresh grads S$50k a year with sign on bonus. Yep. All about timing that unfortunately we often do not have control over (as in when we graduate and join the work force).
I remember seeing that ST article… my first reaction was… wtf! this entry is so depressing…. haha, for me at least.
THREE burgers…. you men have really huge appetite.
Yes, timing is always important and it can help to drive things far from the original ‘designed’ path. However, to focus back to the basic, I still believe that personal competency is the key fundamental block for us to soar when the chance comes. To build up our skills and professionalism, there is always a lot of hard work. Working hard may not bring you big money, but certainly you need to be VERY lucky in order to be very rich without hard work.
May be our parents’ teaching on working hard has been too deeply routed in me since small. You know, one good thing and one bad thing about me is to have an exceptionally brilliant brother! (haha) Still remember my mum’s word when I was studying in primary school…
“Don’t try to be lazy (as your bro… hehe…) as you are not as swift as your bro. Since you are not that smart, you need to work double hard or triple hard to achieve the good result. So, the key to your success is not only work hard but WORK HARDER than the other people~!” 😛
So, now you can see where I come from. 🙂 Though the message may sound quite pathetic in a certain sense, the positive message that I hold for my life is… Not everyone can be hard-cored to be intelligent since birth, but they can still succeed with their own effort! 😉
For me, I don’t need the wealth of the whole world, I just wish to have happiness and peace at heart! =)
“And do not set your heart on what you will eat or drink; do not worry about it. For the pagan world runs after all such things, and your Father knows that you need them. But seek his kingdom, and these things will be given to you as well. ~ Luke 12:29-31)
Lani – Ha ha ha … sorry to make you feel depressed. Oh well, at least we are aware of certain things in life rather than not knowing I guess.
I have no idea how we ate 3 burgers after a full meal. Crazy things men do at times … sigh.
Lora – Nice reply. Thanks. Oh by the way, mum so didn’t say that, did she?! Oh dear. I think you are brilliant too. Got so many certifications. I don’t think I have the heart to go that extra mile, certainly not within my brain power.
Very nice quote you have in the ending paragraph.
Money is controversy – there will never be “enough money”. Poor and rich people all wish for more money, but at the same time show off that they have more than their neighbours. All i know is that money can’t buy happiness.
Let’s try to be content with what we have, and stop talking about people’s salary ! 😉
4K!!!!!! OH MAN WHAT AM I DOING HERE?! to gain an experience when other people are gaining a fatter bank balance?! this is sooooo depressing! i am going to bed to cry!
Cynthia – You are right. That’s a reason why salary is usually kept secret. I guess what I am trying to explore is what does good economy mean to different people – those who freshly come out of school, those who invest in a stock market, and those who are in the traditional retail business.
G – Erm … it is graduate program, whatever it means. I share the same shock as you do but I think I got over it upon pondering over the timing factor that we seldom have control nor influence over 🙂
Wilfrid, you’re right. Nobody gets rich by merely working hard. Really.
The rich don’t work that hard. At least not the manual way.
It’s difficult to dimiss the element for hard work but in this age and time, it truly takes more than that to get wealthy.
And my my, 3 burgers is going to guarantee a surge in blood glusoce and a dip in energy levels. Snooze time friend. Geesh. 3??!! What a cute gang to hang out with though. =)
I know! That 3 burgers after a full meal was a bad, bad idea … ha ha ha. We stay out of burger for a week at least. Oh well, we all do crazy things from time to time 🙂