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Thread: Borrowing money to show off and support an unsustainable life style

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    Default Borrowing money to show off and support an unsustainable life style

    Some SG folks look rich but owe the bank a lot. Singapore debt levels 'among highest in Asia'

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    Senior Member Sion's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by ricohflex View Post
    Some SG folks look rich but owe the bank a lot. Singapore debt levels 'among highest in Asia'
    From the day we're born we're being instilled with:

    "Greed is good.
    Debt is devine."

    Last edited by Sion; 3rd July 2013 at 11:26 PM.

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    Default Re: Borrowing money to show off and support an unsustainable life style

    you don't say.

    those people make money their master, instead of mastering money.


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    Senior Member raydio's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Being indebted is another form of slavery.

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    Senior Member Sion's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by ricohflex View Post
    Some SG folks look rich but owe the bank a lot. Singapore debt levels 'among highest in Asia'
    "It is important to look rich first before you are rich." - Adolf Merckle (World's rich man who committed suicide)

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    Default Re: Borrowing money to show off and support an unsustainable life style

    we are already in debt as soon as we graduated from school. Have to repay poly loan and uni loan, it quite impossible to be debt free in this time and age. Even want to have a HDB house also have to repay debt till 50 years old.

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Just look at the take up rate of new properties and new cars on the road. Money don't grow on trees. So have to come from loans. Are there other big ticket items on a personal level that might require loans?

    "Households had borrowings worth 151 per cent of their annual income last year,"

    I am sceptical of this comment. Look at the recent JGateway launch. Most units are $1.2 mil and above. Does it mean that those who purchased from there have combined household income of $800k per annum?
    Last edited by ManWearPants; 4th July 2013 at 09:06 AM.

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by sup3rm2n View Post
    we are already in debt as soon as we graduated from school. Have to repay poly loan and uni loan, it quite impossible to be debt free in this time and age. Even want to have a HDB house also have to repay debt till 50 years old.
    these are 'good' debts. Those that are suffering are those with heavy credit card debts and car loans to show off their flashy lifestyles.

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    Moderator diver-hloc's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by sup3rm2n View Post
    we are already in debt as soon as we graduated from school. Have to repay poly loan and uni loan, it quite impossible to be debt free in this time and age. Even want to have a HDB house also have to repay debt till 50 years old.

    While its 'impossible' for most of us to be totally debt free... it really depends on what debt you are talking about...

    For me... I'm debt free to all 3 of my Credit Cards... I pay on time every month... don't owe them what I can't repay.

    As for HDB... its a necessary debt... you could of course rent instead of buying to be debt free... but that would put you at risk and uncertainty to market rates and at the mercy of your landlord. As for repaying till you are in your 50s... My point of view is at least you'll own the property when you are in your 50s... you could rent your house till you are in your 90s and yet NEVER OWN YOUR OWN HOME....

    Btw... I took a 30yr loan from HDB... did a one time top up recently and cut my remaining loan time from 16yrs 2mth to 4yrs 4mths... but I should be able to finish it in 2yrs time... so, took me less than 20yrs to settle my loan... I'll be in my very early 40s...

    Scuba & Father... For Life

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post

    As for HDB... its a necessary debt...
    With current income vs HDB price ratio, I guess so.
    My FIL, now retired, but last time worked as gardener, can fully paid his 4-room HDB. Me? I doubt so.
    A true photograph need not be explained, nor can it be contained in words.
    ~Ansel Adams

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    Moderator diver-hloc's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by Foxshade View Post
    With current income vs HDB price ratio, I guess so.
    My FIL, now retired, but last time worked as gardener, can fully paid his 4-room HDB. Me? I doubt so.

    You'll be surprise... I also never thought it was possible for me to repay my loan (hopefully) in less than 20yrs... but it did happened... I don't earn alot as a Public Transportation Sector worker... but I don't spent what little I already have on things like Car or Motorcycle... don't even have license for it... the amount saved is incredible...

    Scuba & Father... For Life

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post
    You'll be surprise... I also never thought it was possible for me to repay my loan (hopefully) in less than 20yrs... but it did happened... I don't earn alot as a Public Transportation Sector worker... but I don't spent what little I already have on things like Car or Motorcycle... don't even have license for it... the amount saved is incredible...
    i have a bike. still ok though.

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post
    Btw... I took a 30yr loan from HDB... did a one time top up recently and cut my remaining loan time from 16yrs 2mth to 4yrs 4mths... but I should be able to finish it in 2yrs time... so, took me less than 20yrs to settle my loan... I'll be in my very early 40s...
    Struck lottery?

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    Default Re: Borrowing money to show off and support an unsustainable life style

    the worse thing about pple like this is it encourages more pple to act like this and those who dont feel inferior when you see everyone wearing nice stuff

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    Moderator diver-hloc's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by ManWearPants View Post
    Struck lottery?

    I wish...

    Just plain old work work work... after more than 10yrs... my CPF built up around 40K+... dump in extra $40K to cut $59K+ to around $19K (as of Feb 2013)...

    Scuba & Father... For Life

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    Moderator diver-hloc's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Word of advise... the interest rate for my 30yrs loan is really punishing... I may be paying very low monthly installments (low $400+) a month... but I only found out that they are charging me almost $2000 ($1970) a year...

    I loan only about $90K++... but at $2K a year for 30 years... that's almost $60K !! 2/3 of my loan is returned as interest !!

    Scuba & Father... For Life

  17. #17

    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post
    Word of advise... the interest rate for my 30yrs loan is really punishing... I may be paying very low monthly installments (low $400+) a month... but I only found out that they are charging me almost $2000 ($1970) a year...

    I loan only about $90K++... but at $2K a year for 30 years... that's almost $60K !! 2/3 of my loan is returned as interest !!
    same as mine... i would say pay as much as possible if have cash....
    Eat breath LIVERPOOL!!!

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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post
    Word of advise... the interest rate for my 30yrs loan is really punishing... I may be paying very low monthly installments (low $400+) a month... but I only found out that they are charging me almost $2000 ($1970) a year...

    I loan only about $90K++... but at $2K a year for 30 years... that's almost $60K !! 2/3 of my loan is returned as interest !!
    Else why you think anyone will give you a loan?

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    Senior Member edutilos-'s Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by diver-hloc View Post

    I loan only about $90K++... but at $2K a year for 30 years... that's almost $60K !! 2/3 of my loan is returned as interest !!
    40% la.

    Loan $90K you have to return principle, add interest of $60K is $150K. $60K/$150K = 40%.

    Interest is scary of course.

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    Member betta01's Avatar
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    Default Re: Borrowing money to show off and support an unsustainable life style

    Quote Originally Posted by Sion View Post
    From the day we're born we're being instilled with:

    "Greed is good.
    Debt is devine."

    Y U say that?? Have evidence/proof to show that that we are instilled with such values.
    Mine full name-Betta Macrostoma
    Can call me Betta.

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