I have money. I am rich.

As one in my 20s, we millennials, are often regarded as the luckiest generations because we experienced tremendous economic growth, we have baby-boomers parents whose economic foundation is rather stable, and we have technologies that enhance our quality of life. To say it in a rather realistic way, we have money, we party with bottles of Moët & Chandon in the clubs, we high-tea at TWG Tea, we eat at the finest restaurant in town, we have a cuppa at the latest cafe in the city, we travel abroad at least 2 times each year. Don't talk about saving money to buy that Coach, Longchamp, or Furla handbag, I ain't need time to save, I don't even use those. I only use Gucci, Louis Vuitton, or Chanel. Fendi is great too. Oh Alessandro Michele is such a talent, look at his embroidered bag!

You want to talk about lifestyles? We know best, you know work-life balance is extremely important, I aspire to be an entrepreneur, I want to have an impact, I want to be financially independent by...35. You want to talk about house? Neh, I have one that is still under-construction and who says it's difficult to be a landlord? You want to talk about car? Well, I've changed twice since I got my driving license, and seriously... who else is using Japanese machines... German's best!

Before you think I am being sarcastic, please don't-- if you are living it with your own hard-earned money, without any subsidize from your parents. Otherwise, you're an economic outpatient care (EOC) recipient. The term EOC is coined by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D., authors of the 'The Millionaire Next Door', describing a situation when an affluent parent provides money to an adult child.While I was reading this best-selling book, I couldn't help but to keep reflecting on myself. According to their findings, the EOC recipient would often lead to a single result-- never become a millionaire. If you are currently living high with partly or wholly being subsidized by your parents, or you are a parent giving your children a high living standards, perhaps you'd be interested in what the authors found through their research.

Generally, an EOC recipient is differ from non-EOC recipient in terms of:

1. Savings

Ironically, the non-EOC recipient has more savings than EOC recipient, because the EOC recipient often has a habit of consuming more than they have. As the non-EOC recipient knows they won't be receiving any 'help' or cash gifts from their parents, they budget and plan for tomorrow, thus more likely to live below their means and have more money for the future.

2. Cannot be independent

The EOC recipients often feel that their parents' wealth is their income to be spent. Thus they're not emotionally and economically independent of their parents. They tend not to work hard. They are more vulnerable at challenges, they know much less how to make a lemonade when life throws lemon at them.

3. Credit-oriented

The EOC recipients are more inclined to using credit to fund their lifestyles because they anticipate a sizable inheritance will be coming to rescue them eventually. It's obvious, when you're already getting used to the Chanel bag your parents paid for you, it's hard for you to even look at that Zara bag anymore. The EOC recipients are already used to the opulence lifestyles they are living, so they'd find ways to continue living like that even if their income cannot afford it.

4. Investment

The EOC recipients invest much less than the non-EOC recipients. Leaving them vulnerable to terrible life after retirement. As they are already used to an 'easy' life, they don't learn the importance of planning for retirement, and thus not having the knowledge of investing, and they don't have the patience. Even if they do, they tend to invest in get-rich-quick schemes... because of the instant gratification they're already getting used to. They talk a different investment language than others, they talk more about future returns than how to be defensive (control risk). More often than not, their investment depends on sole luck instead of knowledge and experience.

There're more people than ever who keep telling us a successful life is when we become a millionaire, but this (and future) generation is becoming more impossible to do so. But how can you prevent your children from not becoming a millionaire? According to the authors, parents should do the following:

1. Never tell children you are wealthy, don't even look like you are.

2. Teach your children discipline and frugality regardless of your status.

3. Don't let your children know you're wealthy until they have proven they're mature and disciplined. More importantly, after they have established their own lifestyle and profession.

4. Minimize the discussion of the items that each child/grandchild will inherit.

5. Never give cash or other significant gift to your adult children as part of a negotiation strategy.

6. Stay out of your adult children's family matters, let them run their own lives.

7. Never start a conversation with "When I was your age, I already had...".

8. Always remember your children are individuals that differ from each other in motivation and achievement.

9. Emphasize your children's achievements no matter how small, not their or your symbols of success.

10. Tell your children that there're a lot of things more valuable than money.

The key point here is that-- Be a role model, develop your children properly, let them fail, let them struggle, let them stand on their own feet.

Because... that's how you are able to make a living and even a fortune on your own, aren't you?

What if you're currently an EOC recipient? The first step is of course-- AWARENESS. Aware that your current possessions and lifestyles would never let you retire comfortably. Go and tell your parents now:

I don't need your credit cards and cash gifts anymore.

Don't subsidize me, don't worry about me.

I will be back stronger and wealthier.

Now that's how we live a life. Start saving more, cutting down unnecessary expenses, picking up that investment book, earning more legally and wisely. More importantly, start living a life that you are truly happy from the inside (the feeling of satisfaction, fulfillment, never worry about tomorrow), without caring about how others will look at you (and your possessions) from the outside. To put it in our Millennials' term:

STOP GIVING A FUCK.

p/s: I credit most of the contents in this article to the authors of The Millionaire Next Door, Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. I suggest you go and pick up this book, because you want to be a millionaire, or you want your children to be a millionaire. The authors will tell you how to actually live like one.

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