Rickster 5th Gear June 1, 2020 Share June 1, 2020 (edited) 9 minutes ago, Voodooman said: When I was younger, it was very tough to save money. I don't have $5-6 Starbucks, holidays were in MY (self drive) and it is usually hawker food for me and family with the occasional restaurant meal during special occasion, yet balance in the bank grew very slowly. These days, most of the youngsters I see live a very different lifestyle. Even making $4-5k a month also not enough lah. So i am not surprised. You can only save more money when your wages are above subsistence level for this group of people. Perhaps above $5-6k? I believe youngsters will change as they age/mature. Priorities will shift eventually for most as I see in myself and most of my peers. When i was in my 20s and get my bonus, I'd be looking at ways to spend it and see which item of my "to achieve things" list i'm going to blow it on, how I can upgrade my car or even change car etc... Now, when i get my commission or bonuses, I'd be looking at a different list of "stock to buy" and choose what to invest in! Perhaps the bad habit I'm still wasting money on is.... cars 🤣 Edited June 1, 2020 by Rickster ↡ Advertisement 1 Link to post Share on other sites More sharing options...
SuPerBoRed Twincharged June 1, 2020 Share June 1, 2020 Asset rich and liquid cash is different... .. if your savings are in rolexes for eg... good luck Link to post Share on other sites More sharing options...
Enye Hypersonic June 1, 2020 Share June 1, 2020 25 minutes ago, Voodooman said: When I was younger, it was very tough to save money. I don't have $5-6 Starbucks, holidays were in MY (self drive) and it is usually hawker food for me and family with the occasional restaurant meal during special occasion, yet balance in the bank grew very slowly. These days, most of the youngsters I see live a very different lifestyle. Even making $4-5k a month also not enough lah. So i am not surprised. You can only save more money when your wages are above subsistence level for this group of people. Perhaps above $5-6k? wah boss....now your bank account must be growing exponentially 😱💪 1 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 25 minutes ago, Icedbs said: Now we know that MCF pays very well........ Any vacancy? I only take BMT's pay only leh. hahah. You want meh? Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 13 minutes ago, SuPerBoRed said: Asset rich and liquid cash is different... .. if your savings are in rolexes for eg... good luck My current asset is only my youth. Which is depleting too. 😂 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 37 minutes ago, 13177 said: Then you should have save a lot of $$$ liao? NO..... To start off with, I have no money to save at the beginning. 🤣 But one thing I have quit is drinking lah. Hahha. Which really save me quite a bit. 😅 2 1 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 33 minutes ago, boonhat_91 said: All spend on car and car mods I aspire to his lifestyle 😋 Yes yes. hahaha. All go to my car. hahhaa. But I cheapskate one. Car - COE car Mods - ebay, carousell, yahoo auction, aliexpress. I rarely or seldom buy brand new. And usually I will bookmark what I wanna buy, then I will do research, then I will sleep for a few days If I still think about the mods means I really like it. Then I will go and hunt for it. 2 Link to post Share on other sites More sharing options...
Enye Hypersonic June 1, 2020 Share June 1, 2020 1 hour ago, kobayashiGT said: I am in my 30s now. But still have the 20s lifestyle. 🤣 wah....30 i already 1kid liao u sibei song hor 😬 1 1 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 2 minutes ago, Enye said: wah....30 i already 1kid liao u sibei song hor 😬 You see me good I see you good lah. I also wanna have kids. But no one wants me leh. 🤣 2 Link to post Share on other sites More sharing options...
Sdf4786k Twincharged June 1, 2020 Share June 1, 2020 I suppose many are confident of the singapore economy and what it brings or the myth of what you get for what you study / work for. 1. As long got 2 hands 2 legs 2 eyes and a ressonble amount of smart on your head with a degree, sure to have a job of 3.8k to 4.5k *** While that is true, the amount of money and time spend need to be recoup that the young adult never take into consideration. Also a huge cpf is taken so the idea of savings is taken care of. So what to worry other than having a job? So never plan for being jobless. 2. The constant bombardment of the miracle of the red dot and the countless time the country goes begging for jobs to be filled reinforce the idea that even if you loose a job, theres one more to be filled so why worry? *** The changing landscape is that organisation are impatiene for profit, and every opertunity of cost cutting means a less stress on the leaders to work harder . So unless the incumbermt makes a ton of value add to the organisation, shifting the cost to a lower cost remote country makes sense. So those thoughts of being jobless for 6 months seems a worry that is hardly worth bothering. 3. So if no savings of 6 months so what? *** The general consensus is if there is a huge job loss, tge MIW will come to the rescue. If they are pumping half a billion dollars to the migrate workers, what more if its singaporean? The newer generation that has not or never had the fear factor of living in a financial crisis would always deem everythingbis rosy and as long as there us good enough governance, they will continue to have a good time. I feel time is rapidly running short and about time to rethink what are finacial discipline that one needs to adopt in this new age. 2 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 3 minutes ago, Sdf4786k said: I suppose many are confident of the singapore economy and what it brings or the myth of what you get for what you study / work for. 1. As long got 2 hands 2 legs 2 eyes and a ressonble amount of smart on your head with a degree, sure to have a job of 3.8k to 4.5k *** While that is true, the amount of money and time spend need to be recoup that the young adult never take into consideration. Also a huge cpf is taken so the idea of savings is taken care of. So what to worry other than having a job? So never plan for being jobless. 2. The constant bombardment of the miracle of the red dot and the countless time the country goes begging for jobs to be filled reinforce the idea that even if you loose a job, theres one more to be filled so why worry? *** The changing landscape is that organisation are impatiene for profit, and every opertunity of cost cutting means a less stress on the leaders to work harder . So unless the incumbermt makes a ton of value add to the organisation, shifting the cost to a lower cost remote country makes sense. So those thoughts of being jobless for 6 months seems a worry that is hardly worth bothering. 3. So if no savings of 6 months so what? *** The general consensus is if there is a huge job loss, tge MIW will come to the rescue. If they are pumping half a billion dollars to the migrate workers, what more if its singaporean? The newer generation that has not or never had the fear factor of living in a financial crisis would always deem everythingbis rosy and as long as there us good enough governance, they will continue to have a good time. I feel time is rapidly running short and about time to rethink what are finacial discipline that one needs to adopt in this new age. Opening my SRS account now!!!! Link to post Share on other sites More sharing options...
RadX Moderator June 1, 2020 Author Share June 1, 2020 37 minutes ago, Enye said: wah....30 i already 1kid liao u sibei song hor 😬 who ask you itchy 3 Link to post Share on other sites More sharing options...
Sdf4786k Twincharged June 1, 2020 Share June 1, 2020 5 minutes ago, RadX said: who ask you itchy Maybe brave leh.. go commando...lol Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator June 1, 2020 Share June 1, 2020 39 minutes ago, Enye said: wah....30 i already 1kid liao u sibei song hor 😬 Who ask you itchy yaya. 😂 @RadX teach me one. 😆 1 Link to post Share on other sites More sharing options...
Voodooman Supersonic June 1, 2020 Share June 1, 2020 36 minutes ago, Enye said: wah boss....now your bank account must be growing exponentially 😱💪 Not really, just a salaryman, confirm don't have $700k under the pillow like Sifu. But at my age, if no savings and investment, wait for CPF payout? 😅😂🤣 Link to post Share on other sites More sharing options...
Voodooman Supersonic June 1, 2020 Share June 1, 2020 (edited) 1 hour ago, Rickster said: I believe youngsters will change as they age/mature. Priorities will shift eventually for most as I see in myself and most of my peers. When i was in my 20s and get my bonus, I'd be looking at ways to spend it and see which item of my "to achieve things" list i'm going to blow it on, how I can upgrade my car or even change car etc... Now, when i get my commission or bonuses, I'd be looking at a different list of "stock to buy" and choose what to invest in! Perhaps the bad habit I'm still wasting money on is.... cars 🤣 Agree. Before Lehman (GFC), we have recession once every 3-5 years for 10-20 years and each time, there were casualties. That forced a rethink, the last 10 years a lot of young people had it good, free money to spend. 😂 Edited June 1, 2020 by Voodooman Link to post Share on other sites More sharing options...
CarNutz 4th Gear June 1, 2020 Share June 1, 2020 Just a random thought,should CPF be used to take into consideration for retirement planning? I believe under most circumstances, CPF savings accumulate faster than bank cash savings. Why? It is so called forced savings. If we can use the same approach to cash savings in bank ie squirrel away another 37% of our monthly gross income,then it should look better in time to come. Dun say 6 months emergency cash,12-24 months also sup sup water. Link to post Share on other sites More sharing options...
Beanoyip Turbocharged June 1, 2020 Share June 1, 2020 I'm the 2 also ↡ Advertisement Link to post Share on other sites More sharing options...
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