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3 Major Traits Of A Singapore "Money Monk"
We are living in an age where materialism thrives, especially in Singapore. How many times have we been judged by what we wear, where we eat or who our family and friends are? This explains why it is an especially admirable virtue to be unaffected by materialism in today’s world.
But doing it right is not easy. Most often, to be on the opposite side of the camp may mean falling prey to the conception that "money is the root of all evil" and fail to grasp the true value of what money can bring.
In this way, one may end up a "money monk" - seeing money as a seduction instead of using it in a constructive manner.
The basics of being financially-savvy is to be able to differentiate between your needs and wants, then maximise the value of your expenditure on the needs.
Besides, what is the point of walking an hour to work and saving those $2 on your transport? Is the value of that one hour worth just $2?
GET.com shares with you the 3 major traits of being a "money monk":
1. Not Investing Well Enough
"Money monks" tend to have an anti-capitalist mentality. They do not believe in investing in worthwhile things that can bring them more money in the future as they deem wanting more money as greed.
Some of them also fail to save enough money for themselves in times of need. The medical bills of today are getting higher and with mortality rates increasing, it makes perfect sense to invest in a medical insurance or just to put aside more money in an emergency fund.
Even if you can live on a bare-minimum lifestyle, you wouldn't want to burden your children or family when a tragedy strikes.
Inflation is another evil that you can't avoid no matter how minimalist your lifestyle is. Even if you want to be a farmer growing your own food, you still need to buy farming tools or fertilisers, which are subjected to inflation.
By the time you reach your retirement age, you will need more money than your parents do. By investing in at least an endowment plan or a savings plan, it will greatly provide the financial security you need during old age.
2. Not Eating Well Enough
How many people have tried to save money by eating junk or cheap food? We are not going after fresh food just to satisfy our taste buds but because of its higher nutritional value.
Nutrition from fresh food is essential to build up our immune system so we don't get sick easily, thus saving us money on medical costs.
To the "money monks" who have the habit of eating leftovers or choosing the cheapest food, it is crucial to note that bacteria and bugs that cause food poisoning are able to survive the heat when you cook these leftovers the second time round.
Are you really keeping things simple or are you causing harm to yourself unconsciously?
3. Donating All Your Money
We are not discouraging people from donating money to noble causes. In fact, we believe that donating to the needy actually keeps people happy by reminding us to be grateful for what we already have in life.
However, we need to know that the funding for some of the philanthropic causes and government-run care societies comes from the government. And where does this money come from? The taxes you pay each year.
You can of course do more, but not to the extent of bringing discomfort to yourself of feeling guilty about having more money than others.
Money is not all evil – it can provide for our basic human needs, make someone's life better or save a person's life. Try to strike a balance – have enough to save by being frugal but not to the extent of making life unnecessarily unpleasant for yourself.
What do you think? Share your comments with us below!
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