Why Most Singaporeans Are in Debt
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tankee:
IMO, it is ok to be in some debt so as to maximize returns, just make sure to stay in \"positive equity\".
Dear tankee,
i agree with you.
some debts are 'good' debts
whereas some debts are 'bad' debts
'GOOD' debts: money that you borrow to generate more money than the cost of borrowing it
just sharing -
Imami:
Dear Imami,
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.
how sweet!! -
Some of us are too generous with our kids. If we furbish them with the likes of iPhone, expensive haircuts and xx pocket money, they start off life at base 3. Not earning but already accustomed to a higher level of creature comfort.
One of my ex-colleagues was unable to settle into married life cos she had to downgrade. From nice house to flat, from free usage of family cars to one small Jap car, to having to spend on basic amenities when she was used to spending only on her wants etc. To tide her over, her mom sends the family helpers over a few times a week to help out, and to stock up her fridge.
The poor hubby tried really hard. Both were doing well in their respective careers but since they were starting out, she had major financial adjustment issues. Parents also assured them that if babies came, they would handle all expenses. -
Han Seo:
Dear Han Seo,Unlike most men, my hubby has never been interested in cars. At 47, he does not have a license and does not intend to get one in his life time. It's good in a way as it minimizes the temptation to spend $ on a depreciating asset. He is a teacher and he has been teaching for the past 2 decades. Most of the students whom he has taught are driving expensive cars now.
I wonder if my hubby is an unusual one in the male species?
don't need to compare your dh with other men.
As reported in recent news, our MP said that owning a car in Singapore will be limited only to the rich.
I don't own a car, but i acquired my Class 3 license when i was in Poly.
Later in my corporate working life, i got my Class 4,5 license as a 'back-up plan' with my colleague. the reason being: one day we maybe out of job due to the influx of FT, we still can drive container trucks. ( you must have guessed what line we are in, ha ha)
i see that getting a driving license is like learning to ride a bicycle. It is a skill. nothing more.
Luckily, both my colleague's and my Class 4,5 license is not of much use as i have retired since NDP 2010 and my colleague has climbed higher in the corporate world.
Just sharing
shawn -
Mawar:
wah dunno if this is really fortunate or unfortunate for your ex-colleague.Some of us are too generous with our kids. If we furbish them with the likes of iPhone, expensive haircuts and xx pocket money, they start off life at base 3. Not earning but already accustomed to a higher level of creature comfort.
One of my ex-colleagues was unable to settle into married life cos she had to downgrade. From nice house to flat, from free usage of family cars to one small Jap car, to having to spend on basic amenities when she was used to spending only on her wants etc. To tide her over, her mom sends the family helpers over a few times a week to help out, and to stock up her fridge.
The poor hubby tried really hard. Both were doing well in their respective careers but since they were starting out, she had major financial adjustment issues. Parents also assured them that if babies came, they would handle all expenses.
hope it won't be a case of:
爱你变成害你！ -
slmkhoo:
... We've continued to live simply and I hope my kids will do the same when they grow up and have their own homes.
dear slmkhoo,
can share what/how you teach your kids on money matters?
TIA
shawn -
My answer: Credit cards
Know its a necessity for one who always need to fly oversea for work purpose.
If not, do avoid it.
I don't have any credit card since birth. Even there are invitation to apply one, I just throw those letters away. My DH wanted to give me a sub and I told him I don't need one. Prefer cash payment so I won't overspend.
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Interesting, mychildren. I am the exact opposite.
I use my credit card to pay whenever possible and chalk up on points to exchange for vouchers, eg Best Denki so I can replace some household items for free. But I never let my credit roll over and I foot my bills on time so using credit card in itself may not be a bad thing. You can always call the bank to lower the limit on your credit if you are afraid of overspending. -
keroppi:
Yes it's true and sometimes certain card have promotion and hence you get more discount when you used those cards. I use my credit card all the time. Key thing is not to let the bill roll over. Always ensure you settle it every month.Interesting, mychildren. I am the exact opposite.
I use my credit card to pay whenever possible and chalk up on points to exchange for vouchers, eg Best Denki so I can replace some household items for free. But I never let my credit roll over and I foot my bills on time so using credit card in itself may not be a bad thing. You can always call the bank to lower the limit on your credit if you are afraid of overspending. -
MMM:
Yes, me too. Plenty of credit cards to make the most out of banks' promotion. For instance, some banks give cash rebate eg. Maybank 5% rebate at NTUC & Popular, Standard Chartered give 2% rebate on their debit cards (for those who are worried about credit cards)
Yes it's true and sometimes certain card have promotion and hence you get more discount when you used those cards. I use my credit card all the time. Key thing is not to let the bill roll over. Always ensure you settle it every month.keroppi:
Interesting, mychildren. I am the exact opposite.
I use my credit card to pay whenever possible and chalk up on points to exchange for vouchers, eg Best Denki so I can replace some household items for free. But I never let my credit roll over and I foot my bills on time so using credit card in itself may not be a bad thing. You can always call the bank to lower the limit on your credit if you are afraid of overspending.
I've never and won't overspend la, just treat credit cards like 'cash', got to settle bill eventually anyway. Key is to settle bill in full each month
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