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In this day and age, earning 1 million a year as a husband and wife is not that rare. I have seen people on the BE form (tax declaration forms) who earn more than 7 figures, and these are not business owners. They are employed, high up on the corporate ladder, and have incentives and bonuses. When you earn more than half a million a year, or even as a husband and wife, 1 million a year household, people think there is no problem. But the fact is, that is the exact reason why I'm doing what I'm doing. High income earners - T15 or T20 are so afraid of being judged when they seek advice or a second opinion for their personal finances. They cannot tell anybody about it. The higher you are in the corporate ladder, the more money you earn, the more lonely you are, because there are not many people within your social circle who can relate to the kind of problems you have. Money issues never disappear when you are a high net worth or high income individual. They are just another level of different problems, and these are actually better problems to have than the typical "not enough money" or debt problems faced by most people. People around high income earners cannot relate to their problems, but we can, because we advise clients in similar situations. We can solve their problems without judging them.
It is amazing to make 1 million a year household income in your 40s, but then your money runs out by age 80.
The issue is not what they spend their money on. We are talking about their aspirations, dreams, and goals. If their goals or aspirations are to provide the best for their children, not only sending their children overseas for university education, but also starting their children off with international school, which can cost more than 10,000 a month. At the same time, these high income earners want to enjoy their lives and ensure they do not risk running out of money before they die. If they are able to achieve all that in this lifetime with the right balance, this is the definition of a good life. A good life does not happen by chance. People who seek financial advice or coaching believe that decisions are far more within their control. If you actively make decisions to better your circumstances, the circumstances that are beyond your control stop mattering. A good life is defined by actively making informed decisions at every stage of your life, so that you ensure you do not overlook anything important, and do not underestimate any risk that could disrupt your life goals, aspirations, or dreams.
When high income earners have multiple goals to achieve, and all these goals require money, the common response from the majority of people around them is that it's not going to end well. [same overtop edit as above, use judge 2 jpg]
People come to us because these are life choices or life circumstances that happen that way. Unless you are exactly in such a situation, you cannot really relate to why they want to seek advice regarding their personal finances. What high income earners in this situation want is actionable advice, guidance, and empathy from an advisor, rather than being judged about what they want to do or being told that they should not do certain things. We listen to you and provide advice on how to do things even better than what you're doing, what you should not do, and what you should concentrate on, without any judgment. It's based on the collective experiences of advising other clients who are in similar situations.
This kind of conversation or intention to seek advice only takes place when you have achieved a certain level of financial security. If you are in financial survival, it's impossible to think about this kind of thing. You need to stabilize yourself first financially, and then think about the next level up, which is financial freedom and financial abundance. When you are at the financial security and above, topics like fulfillment as a human being by achieving certain aspirations, dreams, and goals, or a sense of purpose for yourself and your family, naturally come up.
Some parents spend a lot on their children's education because they can, and because doing so gives them a sense of fulfillment and purpose. Money is just a tool.
Once you have enough money, the goal is not to have enough money, but to have the money to enable you to achieve a higher sense of purpose.
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CF Lieu is one of the most trusted & respected independent wealth advisor financial planner in the financial advisory space in Malaysia.
CF Lieu is also one of the rare financial planners aka financial advisers who is actually engaged by banks and financial institutions to conduct investment seminars & workshops - like Maybank, RHB, PNB (Permodalan Nasional Bhd), FPAM (Financial Planning Association of Malaysia)
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