The 5 C's of Success

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beerbod1.5 K2 years agoHive.Blog6 min read

Today we will have a look at the 5 C's of success or as some might refer to it, and popularized in the 1990's; the 5 C's of Singapore. and I'll share with you my personal take on each of these and how I measure up in terms of success.

As noted on Wikipedia The 5 C's here are an observational joke on material aspirations from local citizens of in order to achieve social relevance. Speaking of I've written a post previously about my first time in SG and it is actually here where I've first encountered this coinage on success. You can read about it here: https://hive.blog/hive-163772/@beerbod/sentosa-sights-and-sounds

Cash

Cash refers to spending power rather than physical currency. Financial security and affluence is a status symbol worldwide and for much of contemporary human history was the measure of personal worth and success.

No surprise if this is the first one. Cash is king. And for many this serves as status symbol. It gives measure to someone's personal worth as well as relevance in the society. With cash comes power, influence and success. On a personal basis, I measure my success in terms of cash by having stable income from multiple sources, accompanied by a savings account which is enough to cover 6 months worth of expenses during emergency cases. So in my case I do have cash, still I would consider this partially met. What I aim for is for me to free myself from the standard employment while earning more than enough cash to sustain my cost of living. Admittedly I have had some acquired taste and my cost of living allowance is relatively high.

Credit Cards

Credit cards are a visible symbol of success. Singapore's financial regulator, the Monetary Authority of Singapore,[5] has stipulated a maximum personal credit limit[6] of two months' income given personal income less than S$30,000, or four months' income for all others. Banks typically issue different types of cards depending on the available credit limit, associating greater cachet with cards that offer a higher limit.

Having a credit card means that you are trusted by banks to be able to meet your payments. They provide a limit which is typically more than what you earn in a year. Personally, I have a credit card that has a limit which is way more than I could ask for. This is a technique from my banks to tempt me to spend more and more. My card has definitely increased my purchasing power and it allows me to enjoy the finer things in life without a need for me to spend my cash. It is a very useful tool if used wisely, at times I use my credit as leverage. At the time of this writing, I have huge credit card debts arising from splurging on my wedding hehehe. I plan to pay this off as soon as possible to stop incurring financial charges. Normally I don't really carry a balance on my card, I just make sure my monthly card spending is under 2000USD so I could pay it off in one go. My personal target when it comes to credit is to have quick and easy access to loans where my bank will not have much questions asked. I would say I am partially at this point already, but not quite for the amount of money I would want to ask. I think I need to have more earnings.

Car

Approximately 1 in 10 residents of Singapore own a car.[3] Given high taxation on the import and ownership of motor vehicles (191% on new vehicles, an annual road tax based on engine size, and high pump prices) and a quota system requiring owners to acquire a costly Certificate of Entitlement.[4] Hence, car ownership is a symbol of wealth and power especially in Singapore.

I just have one car at the moment and glad to say it is already paid off. Owning a car here in the Philippines is relatively cheaper when compared to other nations. While nice cars attract me from time to time, I see them as a liability. I do plan to get another car soon, a bigger one just for more comfort. Whether or not I am to keep 2 cars or just 1 is still undecided. Owning your own car in the Ph is a great achievement because public transportation here is just unbearable.

Condo

In Singapore, privately developed apartments reflect a higher wealth status as compared to public housing also known as HDBs which are public flats built, sold and subsidized by the government. Up to 80% of Singaporeans live in public housing in the country, as land in Singapore is at a premium, meaning that freestanding houses are rare and signify even greater affluence, especially old money.

Property ownership is the gateway to wealth. While I am not some sort of property tycoon, I already have a property across my name. It has been a great investment as it has already more than doubled its value. And while it is still under mortgage, it is already self sustaining as it is on Airbnb which earns more than enough to cover the monthly amortization and operational expense. I don't take a lot of net profit but doing it this way builds up my equity.

Country Club

In Singapore, there is a small amount of country clubs which leads to limited expensive membership. Access to membership to country clubs is viewed as exclusivity and an indicator of power and wealth.[7]

I don't really care much about this one. I am a member of one exclusive club locally but nothing fancy or elitist. It just gives me means to meet new people and expand my network. But if there's one club I want to be part of it is the Manila Yacht club. It is quite a longshot as I think I have to own my own boat. And I've looked into the costs (not just cost to acquire but also maintenance costs) and right now it is a really high barrier for entry. But hopefully one day I'll buy my way into the exclusivity.

I have 5 out of the 5 Cs (some of which can be considered partially achieved. How about you? Do you agree with these measures of success? I know it is on the material side of things. Let me know your thoughts in the comment section below.