Why Most Singaporeans Are in Debt

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Re: Why Most Singaporeans Are in Debt

Postby WeiHan » Tue Jun 26, 2012 6:12 pm

Is the above scenario typical of Singaporeans?

I think it is quite unfair to paint a picture that most young singaporeans splurge on expensive luxurious items.

I think the most appropriate answer is that properties are too expensive and most new couples who bought a new home will be in debt for most part of their life.

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Re: Why Most Singaporeans Are in Debt

Postby CookiesMonster » Tue Jun 26, 2012 7:05 pm

Unfair-Maybe

But, true to say that it is hard to escape from keeping up with the Jones.

Can this be prevented? Maybe. If a child is brought up exposing to it without being educated to distinguish between needs n wants. Once they have the purchasing power, do you think it would be easy to curb succumbing to it especially if their peers are decked out in branded stuff? Never mind if they had to leverage on future income cos there is always Daddy-Mommy's bank to fall back on provided they are well-off. What about those living from month to month salary. Sometimes, I wonder if those bankruptcy notice taken out against youngsters fall under this category?

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Re: Why Most Singaporeans Are in Debt

Postby tankee » Tue Jun 26, 2012 7:16 pm

IMO, it is ok to be in some debt so as to maximize returns, just make sure to stay in "positive equity".

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Re: Why Most Singaporeans Are in Debt

Postby Imp75 » Tue Jun 26, 2012 7:38 pm

That's where it is important to impart the right values from young. Having said that, with the next generation getting more and more precious and lesser and lesser in quantity, it is indeed a paradigm between indulging in them and imparting the right values.
I was once young and earning that kind of salary that was described but I don't find myself getting into unnecessary spending debts for Larry's or Rolex or Cartier so boils down to values

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Re: Why Most Singaporeans Are in Debt

Postby LOLMum » Tue Jun 26, 2012 10:56 pm

while i agree that we must spend within our means, it doesnt mean that one has no value or not the right value if one like to or only buy expensive stuff.

what is expensive to one might be just peanut to another.

it is a matter of are you born with a copper, bronze, silver, gold or diamond spoon in your mouth.

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Re: Why Most Singaporeans Are in Debt

Postby Imami » Tue Jun 26, 2012 11:07 pm

Imp75 wrote:I was once young and earning that kind of salary that was described but I don't find myself getting into unnecessary spending debts for Larry's or Rolex or Cartier so boils down to values


Indeed. Not everyone goes the same way. Even till now, I am only wearing a $288 solvil et titus watch and I have been wearing it for 7 years. Is a Larry, Tiffany or whatever rock really that nice? I don't know... I am still wearing the $488 (for a pair) wedding band my hubby had bought with the savings from his ns pay.

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Re: Why Most Singaporeans Are in Debt

Postby Guest » Tue Jun 26, 2012 11:19 pm

Imami wrote:
Imp75 wrote:I was once young and earning that kind of salary that was described but I don't find myself getting into unnecessary spending debts for Larry's or Rolex or Cartier so boils down to values


Indeed. Not everyone goes the same way. Even till now, I am only wearing a $288 solvil et titus watch and I have been wearing it for 7 years. Is a Larry, Tiffany or whatever rock really that nice? I don't know... I am still wearing the $488 (for a pair) wedding band my hubby had bought with the savings from his ns pay.


Wedding band does not change unless one party loses it, then gotta get a replacement. Problem with rocks is it is not forever as touted, after a while, can be quite sian too, like clothes and bags and then it would be stashed away. A lot of material things are good to have.
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Re: Why Most Singaporeans Are in Debt

Postby Imami » Tue Jun 26, 2012 11:41 pm

ksi wrote:
Imami wrote:
Imp75 wrote:I was once young and earning that kind of salary that was described but I don't find myself getting into unnecessary spending debts for Larry's or Rolex or Cartier so boils down to values


Indeed. Not everyone goes the same way. Even till now, I am only wearing a $288 solvil et titus watch and I have been wearing it for 7 years. Is a Larry, Tiffany or whatever rock really that nice? I don't know... I am still wearing the $488 (for a pair) wedding band my hubby had bought with the savings from his ns pay.


Wedding band does not change unless one party loses it, then gotta get a replacement.


I thought so too, until I realized among the people around me, I am the only one with one ring. Perhaps theirs are not considered wedding bands but goodness me, some colleagues have 3 pairs of couple rings! With each one having a bigger rock than the previous one! But alas... What's the use? Those rings couldn't fit them anymore anymore after child birth.

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Re: Why Most Singaporeans Are in Debt

Postby verykiasu2010 » Wed Jun 27, 2012 12:57 am

CookiesMonster wrote:Unfair-Maybe

But, true to say that it is hard to escape from keeping up with the Jones.

Can this be prevented? Maybe. If a child is brought up exposing to it without being educated to distinguish between needs n wants. Once they have the purchasing power, do you think it would be easy to curb succumbing to it especially if their peers are decked out in branded stuff? Never mind if they had to leverage on future income cos there is always Daddy-Mommy's bank to fall back on provided they are well-off. What about those living from month to month salary. Sometimes, I wonder if those bankruptcy notice taken out against youngsters fall under this category?


why must keep up with the Joneses ?

may be the Joneses are trying to keep up with me !
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Re: Why Most Singaporeans Are in Debt

Postby LOLMum » Wed Jun 27, 2012 1:05 am

verykiasu2010 wrote:
CookiesMonster wrote:Unfair-Maybe

But, true to say that it is hard to escape from keeping up with the Jones.

Can this be prevented? Maybe. If a child is brought up exposing to it without being educated to distinguish between needs n wants. Once they have the purchasing power, do you think it would be easy to curb succumbing to it especially if their peers are decked out in branded stuff? Never mind if they had to leverage on future income cos there is always Daddy-Mommy's bank to fall back on provided they are well-off. What about those living from month to month salary. Sometimes, I wonder if those bankruptcy notice taken out against youngsters fall under this category?


why must keep up with the Joneses ?

may be the Joneses are trying to keep up with me !




This I believe. Nope, seriously....I believe!!!

LOLMum
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