If you're a parent living in Singapore, you would know exactly how expensive it is to raise a child here these days. Although there are priceless things in life that one can never buy with money, we can't deny the pivotal role of money in our lives. After all, Singapore is a magnet for the rich and is also the world's most expensive city.

Here, we at GET.com share with you 5 reasons why your kids will be better off if you are well off. Sure, and the reasons go beyond just satisfying the material wants and needs of your little ones.

5 Reasons Why Your Kids Are Better Off When You're Rich

1. Your Kid Is More Likely To Do Well Academically

Here's the deal that those who are poorer might find hard to stomach: the main finding of a research that examined class stratification in schools indicated that children from rich families are more likely to enter schools that offer the Gifted Education Programme and Integrated Programme and that children who attend such schools have stronger will and higher confidence in securing a degree later on in life.

You do know that it pays to have a degree in Singapore, right? As cruel as it may sound, a degree essentially equals a lifetime of better opportunities and paychecks.

2. Your Kid Has Access To Better & More Resources

When you're rich, money is no object whether you're looking at sending your child to the most expensive preschools in Singapore, paying for school fees, sending your kid to endless tuition classes, enrolling your child in fun enrichment classes, buying them gadgets and taking them to fancy restaurants and so on.

Although there are fun kids' activities that cost next to nothing, we concede that being rich opens up a whole new world in terms of practically everything from hiring famous top tutors with proven track records to providing your child with the best healthcare.

3. Your Kid Is Sheltered From Hardship

I believe with conviction that most, if not all parents, love their kids wholeheartedly and would never choose to see their child suffer in any aspect of life.

And that's precisely the reason why I am against the idea of having a kid in my early 20's when I'm not even that financially stable yet.

Being rich essentially gives you the assurance that your child will be free from hardship - bills will never be a problem, being carefree is a given, traveling the world and exploring exotic wondrous places are part and parcel of your kid's life.

Who can forget about luxe kid-friendly staycation venues in Singapore as well as the best kid-friendly hotels and resorts in Asia, right?

Well, that can be a double-edged sword if your child doesn't learn to be independent, nevertheless these things point to a kind of freedom that some people in society just do not have access to.

4. Your Kid Can Follow His Or Her Passion Freely

The majority of pragmatic Singaporeans work because of the need to survive in our cut-throat society.

Being a wealthy parent means you have more than enough financial resources to support your child's dreams and passion without having to sell an arm or a leg, literally.

Regardless of whether your child is keen on becoming a dancer, a musician, an artist, a novelist, or is just yearning to save the world, you know you'll be able to support him or her just because there's no pressure when it comes to money. That in itself is a mighty privilege that many can only dream of.

5. You Can Show Your Kid How He Can Give Back To Society

Being financially capable and resourceful, you can show your child how money can work hard for him or her through investing and how he or she can use money to help the needy.

I don't know about you but I feel that having a genuine heart for helping the less fortunate is a wonderful trait anyone would benefit from in life. In any case, having a good character is vital in helping us become richer as a human being as well as fattening up our bank balances.