{"id":9121,"date":"2020-08-05T09:53:53","date_gmt":"2020-08-05T01:53:53","guid":{"rendered":"https:\/\/eucapital.com.sg\/?p=9121&#038;preview=true&#038;preview_id=9121"},"modified":"2024-07-17T13:17:32","modified_gmt":"2024-07-17T05:17:32","slug":"the-importance-of-self-awareness-for-financial-freedom","status":"publish","type":"post","link":"https:\/\/eucapital.com.sg\/zh_tw\/perspectives\/the-importance-of-self-awareness-for-financial-freedom\/","title":{"rendered":"The Importance of Self-awareness for Financial Freedom"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-9126\" src=\"http:\/\/eucapital.com.sg\/wp-content\/uploads\/2020\/08\/article_image_selfawareness.png\" alt=\"The Importance of Self-awareness for Financial Freedom\" width=\"842\" height=\"439\" srcset=\"https:\/\/eucapital.com.sg\/wp-content\/uploads\/2020\/08\/article_image_selfawareness.png 842w, https:\/\/eucapital.com.sg\/wp-content\/uploads\/2020\/08\/article_image_selfawareness-300x156.png 300w, https:\/\/eucapital.com.sg\/wp-content\/uploads\/2020\/08\/article_image_selfawareness-768x400.png 768w\" sizes=\"(max-width: 842px) 100vw, 842px\" \/><\/figure>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 30px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Self-awareness, understanding your own limitations, motivations and goals, is a trait that is essential to achieving independent financial freedom. <br \/><br \/>Self-awareness of one\u2019s true financial position in the context of the macro environment takes time to build, but is essential for your long-term financial health and well-being. <br \/><br \/>According to <a href=\"https:\/\/www.fastcompany.com\/90372281\/5-lies-youve-been-told-about-generational-wealth\" target=\"_blank\" rel=\"noopener noreferrer\">Fast Company<\/a>, roughly 70% of wealthy families lose their wealth by the second generation, and 90% do by the following generation. There is also a Chinese saying that goes \u5bcc\u4e0d\u8fc7\u4e09\u4ee3; Wealth does not pass three generations. It goes to show that it is much easier to build wealth than to it is to keep it. <br \/><br \/>For some, it is easy to misestimate their own level of wealth and the exposure of that wealth to change. <br \/><br \/>Generational wealth is often inherited rather than earned, and includes properties and businesses that are highly illiquid. <br \/><br \/>Retaining this generational wealth is an even bigger challenge when the \u201casset\u201d is a business in decline, or if the inheriting generation lacks the skill to manage it, and the self-awareness that could prevent failure. <br \/><br \/>Another group that may struggle with self-awareness are high income corporate earners. When you become accustomed to a certain standard of living, you expect this lifestyle to continue indefinitely and spend accordingly. <br \/><br \/>For high net worth individuals, it is important not to lose sight of the macro environment around us; when it changes, our lives change too. <br \/><br \/>What happens when a recession hits? In today\u2019s economic climate, job security is at an all-time low, with companies folding and retrenchment taking place in various industries around the world. That \u201ccertain standard of living\u201d is now at risk. <br \/><br \/>When inflation in Singapore turned the country into one of the most expensive cities to live in, many without appreciating assets found it difficult to catch up, and real wages remained stagnant. <br \/><br \/>But those who were able to conduct the right financial planning and invested smartly were able to reap the benefits. <br \/><br \/>Mark Twain once said, \u2018It\u2019s not the size of the dog in the fight that matters. It\u2019s the size of the fight in the dog.\u2019 How formidable you are does not lie in how much wealth you accumulate, but in the mental and psychological strength to overcome the macroeconomic changes that threaten it. <br \/><br \/>As we navigate these uncharted waters over the next few months, let\u2019s remain self-aware and honest in who we are, what we now have and where we want to go. Life, after all, is a marathon.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 30px;\" aria-hidden=\"true\">\u00a0<\/div>","protected":false},"excerpt":{"rendered":"<p>Self-awareness of one\u2019s true financial position in the context of the macro environment takes time to build, but is essential for your long-term financial health and well-being. <\/p>","protected":false},"author":23,"featured_media":9133,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-9121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-perspectives"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Importance of Self-awareness for Financial Freedom - 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