What does it mean to be wealthy?
The last two years have reshaped the notion of wealth for many. Dollars and cents? Try dollars with sense instead.
The pandemic has led many to realise that financial security doesn’t just mean acquiring wealth for the sake of it but having the peace of mind to secure the future of your loved ones – so you can enjoy your time with them. Photo: Citi
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Building wealth matters for many reasons, such as being able to retire at the age of your choosing and giving loved ones more comfortable lives.
But what does being wealthy truly mean for an individual?
For Dr Chloe Ting, health is wealth.
“Health is the only thing you can’t buy,” she said, recounting how in her mid-twenties, she found herself breathless after climbing a flight of stairs. “I realised that saving all this money and spending it on poor health because of terrible lifestyle choices was not going to cut it.”
As a doctor who works at an Accident and Emergency department, Dr Ting was also taken aback to see young patients struggling with chronic conditions usually seen in older people. These two revelations inspired her to open her own boutique fitness gym, where she runs indoor cycling classes that get participants’ blood pumping.
Making exercise enjoyable is key to creating motivation, she believes. “Any person can walk in on what could be the worst day they’ve had, but for 45 to 50 minutes on the bike, no one’s going to disturb them. They leave the class smiling, believing they can conquer anything for the rest of the day.”
Being free from worries about your health also leaves you available to explore the various avenues to work on your financial health holistically, strengthen your retirement strategy and create a legacy plan.
Dr Ting isn’t alone in her convictions – many in Singapore have come to appreciate the notion that wealth is more multi-faceted than we may think. Here, five other individuals share what wealth means to them.
CONSERVING THE EARTH’S RICH RESOURCES
Ms Jasmine Tuan runs the Open Wardrobe, a communal walk-in wardrobe that allows visitors to swap unwanted clothing. She leads a zero-waste lifestyle, making her own toothpaste and body scrub out of household ingredients and composting food waste.
Living a more considered existence allows Ms Tuan to focus on the things that make her happy: “Wealth to me is gratitude – being thankful for what we already have and just trying to enjoy and use them.”
Just as Ms Tuan has embraced the zero-waste philosophy, corporations are similarly looking to go greener with an eye to the future. Citi is guided by a commitment to drive positive social and environmental impact through its products, services and work with clients. For instance, Citi announced its commitment of US$1 trillion to sustainable finance by 2030 and has also set a target to achieve net zero gas emissions by 2050. After all, true wealth is about conserving the world’s resources and ensuring a hospitable environment for generations to come.
ONE KIND LEGACY
One Kind House founder Calvin Soh lives in the same house that his grandparents bought in 1969, which he fondly describes as a “kampung-filled wonderland” from his childhood days.
“I wanted my kids to grow up with this value set of kindness, and also to celebrate being one of a kind,” he said of the house’s unique name. “To be different is okay, especially in our culture where sometimes it’s frowned upon.”
Mr Soh believes that wealth means having the time to develop the values of creativity, resilience and curiosity in his children. The house and what it represents are part of the legacy Mr Soh is working to hand down to teenagers Ava and Dylan, who have their own research and design lab where they can work on ideas such as Ava’s handmade jewellery range and Dylan’s plug-and-play hydroponics system, named One Kind Block.
Passing down core family values from generation to generation is a worthy endeavour. Preserving your financial legacy is also crucial, and will go a long way in helping to secure the future of your loved ones.
WHERE OLD IS GOLD
Heritage collector David Wee builds life-sized dioramas of 1950s and 1960s Singapore in his private museum gallery, which houses his collection of antiques that he has amassed for close to 25 years.
Mr Wee recounted how a man once brought his dementia-stricken mother to the gallery. Normally silent at home, the woman was so moved by the displays of the past that she began to talk about her own memories. “To be able to bring back these memories to her, that was priceless. I believe that by preserving our heritage, I am creating wealth for future generations.”
These memories of everyday life accumulate over time without fuss or fanfare – yet to Mr Wee, they are precious enough to be saved and shared with others. In the same vein, wealth can be accumulated over time with smart saving and investment strategies, in order to fund your passion and bring joy to self and others.
FREE DIVING, WITHOUT LIMITS
Ms Lim Anqi only started free-diving in her 30s, but she has since set two national records last year and was ranked 14th in the world in 2019.
“When I’m free-diving, I’m not thinking about anything else, only focusing on every moment,” she said.
Ms Lim left the corporate rat race to plunge fully into the world of free-diving and has not looked back since. “Freedom is very important to me, to be out there doing something I love. Being in the ocean away from everything else, being submerged in that space, I just feel like I don’t have any worries anymore.”
To be able to focus wholeheartedly on what you love to do, it’s important to know that your finances are in safe hands. A wealth advisor leveraging advisory tools can help to optimise your portfolio to meet your wealth goals – leaving you free to delve into what you drives you.
FINDING CONTENTMENT IN CARING
A chance encounter with two migrant workers caught in a rainstorm led Ms Dipa Swaminathan to start ItsRainingRaincoats, an initiative that builds bridges between its over 1,500 volunteers and migrant workers in Singapore.
A general counsel at one of the region’s largest companies, Ms Dipa also makes time to cook comfort food and deliver it to the workers.
“True wealth is a sense of contentment within,” she reflected. “If you’re wealthy, you are liberated from having to focus on the small things and you can look forward and beyond. To me, my pot of gold is contentment.”
Building up wealth in order to pay it forward can give you a profound sense of joy and fulfilment, as Ms Dipa has discovered.
To grow your wealth in a fuss-free manner so that you are free to invest your time and effort in doing good, choose a dedicated relationship manager who can tailor financial solutions that meet your unique needs.
A LIFE LIVED MORE MEANINGFULLY, THANKS TO SOUND PLANNING
It’s clear that wealth these days has come to mean many things to many people, far beyond the dollars and cents in one’s bank account.
But redefining wealth on your own terms, being able to pursue your passions and living a more meaningful life require sound wealth planning as well. Armed with a network of skilled specialists, an extensive suite of wealth solutions and advisory tools as well as a holistic approach to managing your wealth, Citigold can help you to live your best life – however you define it.
Find out how others are redefining wealth with Citigold.
