Why Most Singaporeans Are in Debt
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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. -
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? -
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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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 -
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. -
Imp75:
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.
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 -
Imami:
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.
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.Imp75:
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 -
ksi:
Wedding band does not change unless one party loses it, then gotta get a replacement.[/quote]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.
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.Imami:
[quote=\"Imp75\"]
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 -
CookiesMonster:
why must keep up with the Joneses ?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?
may be the Joneses are trying to keep up with me ! -
verykiasu2010:
why must keep up with the Joneses ?CookiesMonster:
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?
may be the Joneses are trying to keep up with me !
This I believe. Nope, seriously....I believe!!!
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