Rich

According to one of the industry player, comparing the amount you have tucked away with that of individuals of your same age simply to gauge how “successful” your savings strategies are is not a good benchmark.

From the saying above, we can say that there is no need for you to compare yourself with others. Everyone has different income levels, different financial goals and different lifestyles. For example, if monthly salary of Person A is RM 2000 and monthly salary of Person B is only RM3500, the amount of savings for both persons might be the same. But in most cases, the saving amount of both persons will be different. Besides that, if one person likes to socialized around while another person prefers to stay indoor, their monthly expenses will be different and this would differ the saving amount for them. The status of life is also another contribution to saving amount. The living expenses for those staying in cities are different from those staying in villages. You can see it clearly when you compare the price of the food such as chicken rice, nasi goreng, noodles and others in both places. Of course if you compare the Gardenia bread in both places, you won't spot any difference. Generally, Malaysia enjoys one of the highest savings rates in the world at 34%. But do you know how much savings rates in US? According to the reference, during the economic boom that took place between 2005 and 2008, a credit-fueled consumer spending craze effectively brought the US savings rate to zero. So does this means we are richer than those in US? Then who is Bill Gates and Warren Buffet?

This concept applies to richness as well. Many people are pursuing richness in their life. But do we know how are we classifying as rich? If I have 1 million, is it means I'm rich? To Bill Gates, 1 million is nothing to him. But to those poor people, 1 million means a lot for them. There are a lot of people working very hard to earn money in order to become rich. But to most of them, they do not set a target amount for them to reach or even overpass. They just want to be richer than the person next door, the person they dislike and others. They end up working and working, working for their whole life in order to become rich.

Comparing your richness with others might be a good motivation for you to work hard. However, is it necessary??


Reference:
http://biz.thestar.com.my/news/story.asp?file=/2009/7/25/business/4381424&sec=business