Owner of multi-million-dollar business lives frugally to save assets for his children

I am in my late 70s now. Having read many stories about living a minimalistic lifestyle to build a good fortune for myself and my descendants, I saw my younger self in those tales.

In 2013, a friend of mine, who is 15 years younger than me and is the CEO of a top-tier foreign company in Vietnam, visited my firm. We had worked together for nearly 15 years. He was very surprised to learn that I had closed my firm’s office in Ho Chi Minh City and rented the space out to a bank, and that the business had not yet gone public. My enterprise was still operating as a limited liability company with annual revenue of around VND200-300 billion (US$8-12 million).

“I cannot believe you are still living like this,” my friend told me. I cheerfully replied that I had retired and handed everything over to my son. However, since my son does not like business, the company’s scale is limited.

Not only he but also two other friends who visited me earlier were equally surprised to see that I still drove an old Mercedes E200. As the owner of a multi-million-dollar company, I could afford a better car, but I found that sufficient since I am retired and no longer drive much. My closet is filled with cheap clothes that are worth at most a few million dong. I usually cook at home and dine out only a few times each month.

Friends often say I am too frugal, but I find it enough and avoid waste to save money for relatives and friends in need. Because of this, I have been able to financially assist my parents and nearly all of my siblings. I am also always considered a benefactor in my community.

It is not that I do not spend money. Whenever I travel or need medical treatment, I buy premium goods and services to get the best care and avoid burdening my children and relatives.

I come from a poor family, with only a university degree and nothing extraordinary, so I knew my place. To change my life, I had to live thriftily to save up capital to start a business.

In my view, you do not need to worry about whether to give your children a fish or a fishing rod; give them both. My children, now in their 40s, are very conscious of their appearance and the family’s image. They are always working diligently to improve their knowledge, ethics, and lifestyle. They study and work both domestically and internationally, earning a good income and enjoying a happy life.

They could achieve success partly thanks to the emotional and financial support from their parents. If you want to achieve success, I think you should carefully consider how you earn and spend money.

What is your viewpoint on this matter?

Reader Nguyen Huong VT

*This opinion was translated into English with the assistance of AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.