28 year old Singapore teacher burdened by hefty loan

[sunflower]

WeiHan:

sunflower:

In my humble opinion, I think studying hard and getting good grades is not about achieving material gains as the ultimate goal. To me, the process of acquiring and gaining knowledge itself is pure joy, and whether it ultimately leads to high paying job and desired lifestyle is immaterial. But I think my thoughts won't go down too well with many people in materialistic Singapore.

But isn't our entire education system based mainly on materialistic view?

So this is not point here whether youngsters should be realistic or they should be content in life, the problem is that certain amount of hard work that once promised a certain standard of living is no longer true. And we want to know the reason why.

WeiHan:

But today, there are 4 universities and if you still can't get in, you can go to some obscure foreign u and get a degree. So if degree holders are everywhere to be found, how can one expects themselves to be as treasured as when it was rare?

WeiHan:

BTW, my environment is full of Ph.D holders, they think if they don't have a Ph.D, they cannot survive well. So the grumbling here about degree is abit out of date. Nowaday, Ph.Ds are getting very common also. But the truth is that Ph.D don't goes very far too if they don't think out of the box. That is what I see.

Actually, the view that getting a good education (degree) will promise yourself a bright future is not typical of Singapore. It's prevalent in most Asian countries such as China, Taiwan, Japan, Korea etc, and it had its roots in ancient China when selection of government officials were based on examinations, where if you were selected, you would prosper and become wealthy. So, it's not entirely the fault of our education system, but a common asian mentality. However, look at the large number of graduates in China and Taiwan who are unemployed, it shows that this viewpoint may not be fool-proof anymore.

I think it's quite sad if someone goes to take a PhD because of money. In my opinion, a PhD requires the acquisition of in-depth knowledge which ultimately leads to new discoveries that can contribute to society. It should be subject-driven and not money-driven, and interest in the subject area is paramount.

If getting a high paying job is the main motivation of one's education, than a degree (not necessary a PhD) in the right discipline is important. So one has to work very hard to get into the faculty that will typically land you a traditionally high-paying job such as in the financial sector etc. Bear in mind not all degree holders command high pay, and social workers or those working in VWOs do not earn very much.

Apart from getting degrees, other character traits such as being prudent, thrifty, having high EQs etc are needed to succeed (typically financially) in life. It's not as simple as getting a degree and expect everything to fall into place. I feel the mindsets of youngsters nowadays should change, but guess it's hard as everything and everywhere points in that same materialistic direction.

[WeiHan]

sunflower:

WeiHan:

The rules is always the same, 50 years ago or now, if your specilaisation or talent or skill is common and every tom, dick and harry can acquire the same skill or knowledge, then you will not enjoy high pay or return. 50 years ago, graduates were rare, only 1 in 100 people will get a university degree.

It's true that 50 years ago, degree holders were rare. But during those times, you didn't really need a degree to be financially successful. Look at the many rich people or millionaires now of the older generations, many might have started from a humble beginning.

My family wasn't rich but can be considered slightly well off than most during those times. My dad became an orphan slightly after WWII in his early teens. He needed to fend for himself during those turbulent times, find a job and lodging to survive. Without a high education, he started from nothing and worked as an apprentice, but by sheer determination, willingness to learn, hard work and being extremely street-smart, he not only survived, but ultimately got a job in a MNC company and rose up in the corporate ladder.

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

[daisyt]

WeiHan:

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

I think can leh ...
Last time, people don't go to movie often.
Last time, people don't eat out often, not to mention eat in restaurants.
Last time, no handphone bills to pay, no internet bills to pay, maybe even no home phone bills to pay.
Last time, what is the % of family had car?
Last time, not all family even had TV or radio, don't mention, cable tv, Blue Ray, DVD ...
Last time, people only listen to radio for songs, how many can afford a record player or even the record disc.
Last time, people only bought new clothings, shoes and bags during CNY.
Last time, no air con, no washing machine, so the utilities bills also not as high.
Last time ...... so far, thats all I can think of :idea:

[sunflower]

WeiHan:

And then why should our government measures their own success based on a GDP figure and their own performance based on KPI?

Regarding this point, I really do not quite agree with the government's effort to follow the private sector and use KPIs to measure performance. Unlike the private sector where they measure by dollars and cents/bottom line, a service to people, in my opinion, is really hard to accurately quantify.

So far, I feel that it leads to self-glorification, doing things that makes one looks good on paper so that one can rise up the rank, but may not necessarily be beneficial to citizens.

A typical example: Look at how the teachers are being bogged down with all the unnecessary work, and how principals work to \"glorify\" their schools, some, I feel, deviate from the true purpose of education, all because of the need to achieve KPIs.

[on_plus_kiasu]

WeiHan:

You may have bought your 4-room flat a few years back when price was much cheaper but the couple in the article just bought it at 500K. The real killer here is the property price.

Yup, I was really lucky I bought it just a few months before the boom. But at that time, it was already expensive. We made a calculated decision and i think that is the most important thing.

A friend of mine bought a 3rm flat (repossessed) at $150K during the property boom because she made a calculated decision. She didn't care about where it was located and the amenities around it. All she wanted was a house to stay during that tight period where she had to quit her job taking care of 1 baby and another one on the way. Plus she knew that by the time she finished paying the loan in 5 years, she would have accumulated enough money to buy a condo, which she is looking for right now. Btw, she also has a car and is a SAHM and her husband brings back less tha $5k and is a DIploma holder.

The moral of the story is that before you make any major investments, you should have calculated your expenses. If you couldn't afford it, why buy it? And these investments are long-term ranging from 10 - 35 years, it requires a long-term financial commitment. The thing is I think that the teacher wanted to lead a high life with the car and the house or rather she did not calculate the cost of all these material things beforehand. You can forgo one of the above mah....

Btw, don't blast me hor.... Just stating my opinion because I had to really shoe-string my budget to get the things I have now. I don't symphathise with people who had made financial boo boos and then air them online as though they were victimised. Nobody forced you to buy a $500K house what...

Apologies if I offend anyone. :oops:

[kiddo]

daisyt:

WeiHan:

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

I think can leh ...
Last time, people don't go to movie often.
Last time, people don't eat out often, not to mention eat in restaurants.
Last time, no handphone bills to pay, no internet bills to pay, maybe even no home phone bills to pay.
Last time, what is the % of family had car?
Last time, not all family even had TV or radio, don't mention, cable tv, Blue Ray, DVD ...
Last time, people only listen to radio for songs, how many can afford a record player or even the record disc.
Last time, people only bought new clothings, shoes and bags during CNY.
Last time, no air con, no washing machine, so the utilities bills also not as high.
Last time ...... so far, thats all I can think of :idea:

Daisyt, :peekaboo:
Last time school uniform, schoolbook all clothes are hand me down until if lucky one start work
Last time first watch is from sibling cos got work
Last time one apple share by 4/6 ...Mango is a luxury,
Last time pencil box hand sew ...no need money ...

the list goes on but Disciplined Expectations is the key irregardless of the Era...

[sunflower]

WeiHan:

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

Actually hor, last time money very big leh. 10 cents can buy you a big bowl of noodles. So during that time, comparatively, 300 - 400K is actually a big sum to save to get the property at \"cheap\" price.

[MMM]

WeiHan:

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

I still think it's a income relative thing. Maybe the thrifty teacher was relocated from some kampung and he managed to plant some trees or has a well and is compensated well by the government???? Joo Chiat probably wasn't such a expensive place and does not have D15 image previously???? We think 300k is cheap but in their era, 300k is alot given that my parents paid for their 3 room HDB flat in Marine Parade for no more than $15k. Not alot of people can afford $300k then.

[sunflower]

kiddo:

the list goes on but Disciplined Expectations is the key irregardless of the Era...

Ha, ha...I like that..Disciplined Expectations!

[WeiHan]

daisyt:

WeiHan:

Well...20 years back you can be a thrifty teacher that saved alot and a bought a terrace house at Joo Chiat that only cost 300-400K and is worth more than 2 millions today. People 30-40 years ago can simply buy a property at a cheap price and sit on great wealth today. BUT TIME is different.

I think can leh ...
Last time, people don't go to movie often.
Last time, people don't eat out often, not to mention eat in restaurants.
Last time, no handphone bills to pay, no internet bills to pay, maybe even no home phone bills to pay.
Last time, what is the % of family had car?
Last time, not all family even had TV or radio, don't mention, cable tv, Blue Ray, DVD ...
Last time, people only listen to radio for songs, how many can afford a record player or even the record disc.
Last time, people only bought new clothings, shoes and bags during CNY.
Last time, no air con, no washing machine, so the utilities bills also not as high.
Last time ...... so far, thats all I can think of :idea:

Hey people....I not joking leh....I went to my colleague's mother's terrace house in Joo Chiat. His mother bought it in the 80s for something like 300k and she was a teacher...a MOE school teacher. And his father died quite early...so is a single parent family.