QUOTE(Garysydney @ Oct 21 2019, 06:16 PM)
All my Malaysian retiree friends (living in Aust) are very careful with their spending esp the richer ones. All of them have children and i can understand they would like to leave some kind of legacy for their offsprings. This is just typical of our Chinese heritage. Eventhough my income is quite considerable, my wife and i are still quite frugal - we have grown up with that kind of mindset!! We only spoil ourselves with the occasional restaurant meal (a bit more often nowadays as i get closer to retirement). In Sydney, i still drive an older model Honda CRV (belonged to my sister since new and she gave it to me when she retired 8 years ago). My wife and i are so used to being thrifty and we quite enjoy a simpler lifestyle. My wife is now planning our future overseas holidays (when i retire) and even then, we are quite careful that we do not overspend unnecessarily.
It is now nearly bedtime for me (9.15pm Sydney time) so it is time for me to say good night.
i wish these mindsets can be learned by our next generation.
Having 3 toddlers myself, I always spent on necessities, spending on "need" than "want".
Even when my company is already well established, that I can afford a 4 BR house, i do not even think about buying one because it means showing wealth to friends, and my kids could be questioned by their friends where we live and soon they may start to mingle with the richer kids.
Money comes in a hard way, time and effort. Kids today may think differently, this is why we do not even buy branded stuff and luxrious car.
Sometimes when they mixing with our Korean and Hong Kong families' children, it hurts me a lot when they started asking why we didn't have that and these(they were saying really expensive toys and electronic gadgets).
Of course, we take this chance to teach them about buying necessities, not luxurious brands.
When I retire, I will probably be heading back to Malaysia though.