It's possible he could have saved his pocket money bit by bit, or he could be working for his father and saved his salary bit by bit. Just because your father is wealthy doesn't automatically mean you can spend your father's money whenever you want.

There's a slight difference in flizzardo's argument. His argument is not against children of rich parents benefiting from their parent's wealth, but children of rich parents claiming to be entrepreneurs and making false claims or portray false impressions of having built their company from scratch, through "grit" as he mentioned, etc.

I guess the question is, if you have wealthy parents and you can live a lavish lifestyle because of it, does it automatically disqualify you from taking shots at phonies who also have wealthy parents.

TBH, I don't think he is that rich. If you wear a rolex daytona, that's like 55k MYR on your wrist, and many people have daytonas. From the pics, I feel like his parents maybe worth 10-20mil myr, which I would consider upper middle class. Enough money to be able to spend on some luxuries, but not enough to sustain next generation, especially if parents have a few kids. I could be completely wrong though. My wife's relatives have a bunch of petrol stations in outskirts, they're not really wealthy, I have clients who also own petrol stations and they're well off, but not wealthy. It's quite hard to judge a person's wealth based on owning a petrol station, there are quite a lot of factors, like if location is bad, they could be losing money.

But that isn't the point, the point is he isn't attacking rich kids who can live lavishly because of parents. He is attacking rich kids who falsely claim to be entrepreneurs and those who misleading claim to have built their company from scratch.

This post has been edited by silic0sis: Apr 5 2017, 11:18 PM

It is to people who are in that bracket. 10mil myr is only ~2.2mil usd, which is nothing compared to what wealthy people have.

Still same, many things are international, luxury goods cost roughly the same here and overseas, often more expensive here. Cars cost more here.
Part of living a lavish lifestyle is being able to spend on luxury stuff, but if you have 2.2mil USD, you can't really afford to go crazy, whether you're in Malaysia or in US.

If your parents have 10mil myr at 60, when they're 70, that money is worth 5mil, and when 80 its worth 2.5mil (roughly). It's enough to have some luxuries in life, but not enough for next generation.
If you have 4 siblings, you inherit maybe 600k worth, which is a far cry from the initial 10mil.

Kids of parents in this category have some struggle, because parents aren't wealthy enough to sustain them, parents (if conservative) won't part with huge chunks of their cash for their children to try build businesses because they need the money for retirement. The kids have to build themselves up to the same status of their parents to be able to enjoy the same lifestyle, otherwise they have to down grade their lifestyle, and it's quite hard to downgrade your lifestyle, plus you really want to be able to give your kids at least the same level of lifestyle your parents were able to give you.

I think 20mil plus is quite comfortable, because parents probably need 15-20mil for comfortable retirement and anything they can probably give you for business etc.

My point is 10mil isn't some crazy number. It won't suddenly make you some crazy rich person buying lambos and bugattis living in a 40k sqft bungalow, especially if you're in your late 50s or 60s. If you are in your 30s and you have 10mil, you probably aren't living some crazy luxurious lifestyle either, everyone I know in their 30s who are worth 10-20mil heavily reinvest their money. If you have 10mil in your 30s, maybe you have a nice used porsche parked along your BMW and your wife's Merc.

If your parents had 10mil, how different do you think your lifestyle would be compared to your lifestyle now?

This post has been edited by silic0sis: Apr 5 2017, 11:51 PM

That is only assuming you retain your current lifestyle, but if your parents had 10mil, they would be living a more luxurious lifestyle.
Don't be surprised that a 10mil net worth family's monthly expenses are around 20-30k a month, even after excluding house mortgage (likely paid of).

You may find it hard to believe the expenses are that high, but imagine your monthly expenses, people who are earning 1.5k household income find that ridiculously high also.
At 10mil, if your parents retire, they have to be quite conservative with that money, firstly, net worth includes property, and your house is probably at least 2mil if not 3. So you only have 8mil.
8 mil at 3% per annum roughly enough to cover monthly expenses, but you have to factor in inflation, so you need to invest the money to a point where the money still grows at a reasonable rate to hedge inflation while still covering your monthly expenses.

If you and your sister both want to rely on that 10mil as well, and you and your sis have families, and also want to live the same lifestyle, that is 20k a month extra for you and another 20k extra a month for your sis.
So it's not straight forward easy like you assume.

If your parents suddenly win 10mil from lottery today, then that's a different story, but it's not easy to suddenly down grade your lifestyle from a family worth 10mil to the lifestyle of a family worth maybe 1mil.

10mil net worth la bro. If 10mil per annum, that is rich as fuk honestly lol.

I'm talking about 10mil net worth, not earning 10mil per annum. Where are you getting the 10mil per annum from? We're talking about net worth here.
10 mil per annum is really rich.

This post has been edited by silic0sis: Apr 6 2017, 12:08 AM

I don't disagree there are people who are capable of it, some people enjoy the simple life and I agree with your point that different people have different expectations.
I don't think we will never be able to understand each other. It's just seeing from a different perspective. It's not necessarily ego related. Like we are used to having toilets, what if you had to downgrade your lifestyle to the point where you don't have a toilet in your house, and you have to poop by the beach in the open? It's quite hard to do right? Maybe that's not a good example, but I'm just trying to illustrate how it feels to have luxuries you've had your entire life taken away. If you have kids in the future you'll probably also want them to enjoy the same luxuries you had if not better. Maybe a better example would be if your parents only made joint total of 1.5k a month, how would your life change. To people in that bracket, they would say, if I had 100k I would retire.

Anyway, this is totally off topic lol.

Maybe you're right, but he doesn't seem to be that level to me. At that point, you'd probably be taking pics with your aventador and not a merc, what was it? An E class?
But I'll admit I might be completely wrong in my estimation. It's just a rough guesstimate.

Luxury at this point only means better quality stuff. Not extravagance like buying lambos or some 500k watch. But yes you are right about people who are used to luxuries.
It sounds like we might be fairly similar in our current lifestyle situation. If your parents had 10mil now, 5mil your parents keep. 2.5mil to your sibling, and 2.5mil for yourself. Is 2.5mil enough for you to retire?
Your condo already costs around that much.

This post has been edited by silic0sis: Apr 6 2017, 12:38 AM

If you're able to do it and if that's what you enjoy and what you want out of life then that is great.

I don't disagree. I think for many (not all) the lifestyle change is hard, it's obviously not impossible, many people go bankrupt and have to drastically change their lifestyle, life goes on.

Different people have different opinions on this, but if it were me and I could upgrade, I would do it lol as long as it's within sensible means. There are some odds, but generally the odds are your financial situation won't deteriorate so much that you'd have to severely downgrade.

Better to have loved and lost than never have loved at all? Lol.

Usually upgrades are very gradual too like you go from going to your fav restaurant once a month to 2-3x a month, you upgrade from a 3 series to a 5 series, you move from a 1mil house to a 1.5mil house, you set your budget to 4k for a new PC rather than the 3k budget you had few years ago. After 20 years, you're suddenly at the point where you're going to your fav restaurant once a week, you're driving a 7 series, you stay in a 3.5 mil house and your PC cost 6-7k lol.

Another major factor is inflation, very rough rule of thumb is prices double every 10 years, so the value of your money is cut by half every 10 years. If you have a million now, in 10 years, it would be worth 500k. So with the million you have, you still have to be able to put aside enough as investment to somewhat hedge against inflation so that instead of going from 1mil to 500k, you go from 1mil to maybe 800k instead.

This post has been edited by silic0sis: Apr 6 2017, 01:44 AM

Yeah, but 500k is not that big a deal, like you don't need to make 10mil a year to buy an E class.
I don't really see anything that would suggest he is as rich as some guys are estimating.

This post has been edited by silic0sis: Apr 6 2017, 02:29 AM