“Yong Cheng, do you think I have enough money to spend for the rest of my life?”
This question came from a client of mine—a 70-year-old semi-retired doctor who has properties worth more than $10 million and built a successful medical practice over decades of hard work. On paper, she has more than enough, yet she worries daily about whether she can afford to spend
My colleague Yong Cheng join the company and became a client adviser two years before I joined. For the past 8 years, he spent enough time listening to the wishes of the people that came through our door.
In the last few years, Chin Yu and him will take care of the more financially endowed and complex family situations.
Between all of us, we grew to deepen our understanding that spending is more than the numbers.
In this article, Yong Cheng collate and share why some of his clients struggled to spend the wealth that they earned.
Why Is It So Hard to Spend the Wealth You Have Earned? 3 Ways to Help You Start with Confidence
I received feedback whether it is logical for someone to retire with $1,000 monthly in my last article. Well, this one is on the opposite spectrum. Almost all of them are planning to retire with more.
Why do they find it so difficult to spend?
Got more money or don’t have more money, you can find the same people raising what Yong Cheng has heard of over the years:
- “If I sell these investment properties now and spend the money on myself and my family, they could be worth so much more in the future,” a seasoned property investor client once told me.
- “Even though you have been showing me that my investment portfolio is growing, I always feel poor when I look at my bank balance.”
- “What if we need to help our children or face huge medical expenses?“
- “Because I was prudent with my money, that’s how I can be wealthy today.”
I think it is pretty apt Yong Cheng provide 3 suggestions to help you spend with more confidence. Not instructions because we recognize that beyond the technical numbers, spending money is an emotional thing to almost everyone.
And you might need more time to work through it.
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Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.
Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.
Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Insurance Start-up Havend. All opinions on Investment Moats are his own and does not represent the views of Providend.
You can view Kyith’s current portfolio here, which uses his Free Google Stock Portfolio Tracker.
His investment broker of choice is Interactive Brokers, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.
You can read more about Kyith here.
