Why Most Singaporeans Are in Debt

[KSP]

Why Most Singaporeans Are in Debt?


coz most don’t want to lose out to their peers… also a kind of kiasuism…

[iggy]

LOLMum:

verykiasu2010:

[quote=\"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?

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!!![/quote]Therefore, it is a viscous cycle.

[Funz]

WeiHan:

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.

Thing is we do see more young working adults getting into debts even before they buy their 1st property.

[Dino_Mummy]

verykiasu2010:

the person with debts problems should ask themselves this :


1. do I really need a car ?
2. must I really go on expensive holidays ?
3. must I really get those branded clothes / bags / watches / phones etc ?
4. do I really need those solitaire ?
5. must I really hang out so often and spend so much in pub, ktv, parties etc etc

need a car because of girl friend ? then this kind of gf better not to have if cannot live within their means / don't prioritise in savings

young people should learn how to save before spending as if they have a gold mountain :goodpost:

Peer pressure, i guess plays a part too.

I have this colleague - LY, who is younger than colleauge J. LY is single and earns a decent salary, buys Rolex and branded bags. She complains at one stage she is depleted of her savings but happy with her buys.

J is simple and doesn't not carry branded goods before; started to hang out with LY. J started to enquire about Rolex watches (in Rolex boutique), how much, which model and then went on to own Prada bag. Next, is aiming for Rolex.

Then there is W, who is quite 'Ah-Lian' in dressing and don't even know Kate Spade brand. NEVER own a branded bag. Now, she carries a Bottega - she seats next to this girl that is into high end branded stuff as well.

Peer pressure if you are not emotionally firm / secured, i guess. Then slowly, into debts.

[WeiHan]

Funz:

WeiHan:

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.

Thing is we do see more young working adults getting into debts even before they buy their 1st property.

The topic is \"most Singaporeans\". The phenomena mentioned are applicable to some young working adults only....There are still many who spend and plan wisely but just barely pulling by.....I don't know why...none of my colleagues splurge their money the above way...but they do like cars....maybe working environment is different.

[CookiesMonster]

Last time I worked in MNC, my HR Dept staff mostly in early 20’s. We had the misfortune to be on same floor n sharing same section. Everyday, from our Finance Dept can hear them boasting to each other abt their boyfrens, cars, diamond rings, bags etc. N how they pester their SO to pay for big ticket items, plastic enhancements. But, come to charity drive organised by Coy n hosted by their Dept. They can chut pattern n avoid contributing.

[osim]

LOLMum:

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.

Just BE, don't be a WANNABE

[Picolo]

osim:

LOLMum:

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.

Just BE, don't be a WANNABE

Yes

不要
打肿脸皮充胖子

自然胖就好
LOL

[fightingmom]

Picolo:

osim:

[quote=\"LOLMum\"]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.

Just BE, don't be a WANNABE

Yes

不要
打肿脸皮充胖子

自然胖就好
LOL[/quote]Then , 那些怎麼吃也不會胖的，那該怎麼辦好？

Ok, ok... Just rhyming with you. :siam: :siam:

[LOLMum]

我天生就是瘦。。。结了婚，生了孩子还是瘦子。。。