24 Jun '11, 1pm

IM$avvy $avvy Blog Corner: Are you a good accumulator of wealth? #planning #finance

I'm currently reading a book titled "The millionaire next door". From the few chapters that I gathered, the book is about the characteristics of wealthy people. As I read it, I am keenly aware that while wealthy people have certain characteristics that make them wealthy, it's not true that by following such characteristics, I'll be wealthy too. This logical flaw is similar to this: It is found that all cancer patients drink water, so drinking water will cause cancer. Basically, it's a mistake on causation and correlation. Correlation does not imply causation. I think it's important to have this principle in mind so that when I'm reading this book, I won't be unduly swayed by these characteristics and start to follow them, thinking that it'll lead me to wealth. There is, however, one thing that I found quite interesting as I was reading the book. It's a heading about how to...

Full article: http://www.cpf.gov.sg/imsavvy/blog_post.asp?postid=503935...

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