University courses
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Although we all know how to calculate simple/compound interest, when it comes to car loan, I find that men have warped logic (of cos men will say mine is girl’s math!)
When I buy a car, I will pay in full because I don’t want to pay interest on the car loan. But DH’s good friend will change car every 3-5yr, the moment he finishes paying his car loan, it’s time to change a new car (and take on a new car loan)! Isn’t it forever in debt?
Recently my bro changed car because his logic is that after 5th year, continental car with no warranty is not worth to drag on. I am amazed that he doesn’t take into consideration the fact that COE went up by a lot in the past 5 yrs!?! -
lee_yl\" post_id=\"2134891\" time=\"1717829996\" user_id=\"17023:
Maybe the equivalent idea is renting a second hand branded bag to show off every few months…
Although we all know how to calculate simple/compound interest, when it comes to car loan, I find that men have warped logic (of cos men will say mine is girl’s math!)
When I buy a car, I will pay in full because I don’t want to pay interest on the car loan. But DH’s good friend will change car every 3-5yr, the moment he finishes paying his car loan, it’s time to change a new car (and take on a new car loan)! Isn’t it forever in debt?
Recently my bro changed car because his logic is that after 5th year, continental car with no warranty is not worth to drag on. I am amazed that he doesn’t take into consideration the fact that COE went up by a lot in the past 5 yrs!?! -
lee_yl\" post_id=\"2134891\" time=\"1717829996\" user_id=\"17023:
It's called boy's maths.
Although we all know how to calculate simple/compound interest, when it comes to car loan, I find that men have warped logic (of cos men will say mine is girl’s math!)
When I buy a car, I will pay in full because I don’t want to pay interest on the car loan. But DH’s good friend will change car every 3-5yr, the moment he finishes paying his car loan, it’s time to change a new car (and take on a new car loan)! Isn’t it forever in debt?
Recently my bro changed car because his logic is that after 5th year, continental car with no warranty is not worth to drag on. I am amazed that he doesn’t take into consideration the fact that COE went up by a lot in the past 5 yrs!?! -
For me, I will fully utilize the car’s 10yr lifespan.
Car dealer could have told this friend that since his monthly loan repayment quantum remains the similar, why not go for a new car and a new model! Conveniently leaving out the fact that if he doesn’t change car, he would be debt free for the next few yrs. Car dealer’s marketing techniques works!
As for my brother, the new car’s COE went up by like $70k (compared to the old one). I think repair and change car parts also no need so exp bah. Car dealer may have told him COE is pro-rated, the balance will go back to him once he decides to sell his car.
Don’t understand, lol, must be boys’ maths! -
mum2b\" post_id=\"2134882\" time=\"1717817400\" user_id=\"3552:
Hi hi, nice to meet you. We can share more after our kids’ A levels this yr end.
Hi Leeyl,
Mine is jc2 too! This yr mug for A lvl then it’s decision time next yr. Wow your dd is very driven & connected with seniors, she’ll do well in the future.
Thank you for your compliment. But once our kids step into the workforce, 70% is hard work, 30% is luck already. There are so many people out there 怀才不遇, very hard working and smart just no luck in their career, so kana stuck. Thus I dare not think too far as to whether my DD1 can make it or not.
My DD1 told me in the event she can’t cope with the high stress environment in the financial sector, she will take a step back and do analysis job (read data/trend). I was kind of happy when I heard that because as long as my kids have a back-up plan in mind, they won’t suffer too badly cos they know it’s not the end of the world… -
bbbay\" post_id=\"2134866\" time=\"1717809661\" user_id=\"175278:
Read \"Rich Dad Poor Dad\" too. And got kids to read it too. Passive income too - rental income through investment property. Got kids to read as well.
On picking up accounting/personal finance knowledge, I think can read up on our own. I benefited alot from the book “Rich Dad poor dad”. Maybe my needs are not sophisticated. This book break down financial management into few fundamental concepts. Cash flow. What is asset and what is liability. Aim to put your cash into asset and avoid putting them into liability. Asset are things that generate more cash over time; liability is the opposite. And also there is “good debt” and “bad debt”- the former is ok but not the latter.
Was recommended to finfluencer, Vivian Tu, some time back. Seems she is popular with the millenials. -
Coolkidsrock2\" post_id=\"2134912\" time=\"1717905529\" user_id=\"48901:
I have no idea who is Vivian Tu so went to Google.
Read \"Rich Dad Poor Dad\" too. And got kids to read it too. Passive income too - rental income through investment property. Got kids to read as well.
Was recommended to finfluencer, Vivian Tu, some time back. Seems she is popular with the millenials.
Her last drawn annual salary as a Trader with JP Morgan was US$600K. So I was wondering if it is worthwhile for her to quit her job to be an influencer. It’s shocking to know that her latest annual income as a successful influencer is US$3.2M. Anyway, I doubt I will support my kids if they want to quit their jobs to become influencers lol -
lee_yl\" post_id=\"2134913\" time=\"1717907334\" user_id=\"17023:
Have been deliberating and discussing with friends for a while on what and where my pragmatic compromise will be if kids choose to lie flat till they find their purpose in life or if they drop off / slow down.
I have no idea who is Vivian Tu so went to Google.
Her last drawn annual salary as a Trader with JP Morgan was US$600K. So I was wondering if it is worthwhile for her to quit her job to be an influencer. It’s shocking to know that her latest annual income as a successful influencer is US$3.2M. Anyway, I doubt I will support my kids if they want to quit their jobs to become influencers lol
Some have advised to let them decide as it is their life, so that there will not be any blame down the road. While we may think what we want is good for them, another view may be how is it good if it is not what they want. In such case, how much and long should they compromise their life.
In general, all of us agreed that what we want stems from concerns around the realities of life and prefer they choose a tested route. -
Coolkidsrock2\" post_id=\"2134937\" time=\"1718002938\" user_id=\"48901:
As long as there is hope, Singaporeans won’t 躺平。China 躺平 because a lot of ppl already lost hope in the future.
Have been deliberating and discussing with friends for a while on what and where my pragmatic compromise will be if kids choose to lie flat till they find their purpose in life or if they drop off / slow down.
Some have advised to let them decide as it is their life, so that there will not be any blame down the road. While we may think what we want is good for them, another view may be how is it good if it is not what they want. In such case, how much and long should they compromise their life.
In general, all of us agreed that what we want stems from concerns around the realities of life and prefer they choose a tested route.
Last week a friend shared that his relative worked in hedge funds. He claims that the commission was like 1% of every multi-million project. Unfortunately work could be too stressful for him, the relative passed on from heart attack at 35yo.. then I think kids ask to come home 躺平 better than die of work stress.
Oh, last night I browsed through Vivian Tu’s YouTube channel for 5mins. She said young millennials love avocado toast with latte for breakfast and every Friday must go out with friends to chill. That’s fine because no need to sacrifice one’s enjoyment, instead, should ask boss for 10%-15% annual salary increment!!
Very refreshing idea but can it work in SG or does it only work in US? DD1 agreed with Vivian Tu as she thinks we should find ways to increase our income as we want to improve our life, isn’t it? However, I disagreed, because I practise 开源节流 with focus on 节流. -
Coolkidsrock2\" post_id=\"2134937\" time=\"1718002938\" user_id=\"48901:
As parents, we have to realise that we cannot determine our children's lives all the way, and it has to be gradual lessening of control as they grow and mature. We can't control tightly all the way, but it would be irresponsible to see them do something we think is a bad idea and not say anything. What we have tried to do with our kids is to give them more freedom over the years, but also tell them our opinions if we think they are not making a wise decision. In the end, unless it's a disastrous decision which puts them at risk of serious harm, we don't insist on our own way.
Have been deliberating and discussing with friends for a while on what and where my pragmatic compromise will be if kids choose to lie flat till they find their purpose in life or if they drop off / slow down.
Some have advised to let them decide as it is their life, so that there will not be any blame down the road. While we may think what we want is good for them, another view may be how is it good if it is not what they want. In such case, how much and long should they compromise their life.
In general, all of us agreed that what we want stems from concerns around the realities of life and prefer they choose a tested route.
Speaking as one who chose a way that was not what my parents wanted for me, and what most people thought I should want, I have a lot of sympathy for the younger generation. It was not easy to choose to do things my way when all I heard was that I was making a bad mistake. All said and done, I am happy with my life even if I can't live at the same level as my friends from university, and my kids are still happy and contented even though we haven't been able to give them as much as other parents.
What I tell my kids is that as long as they are able to live within their means, I do not expect them to \"maximise their opportunities\" to earn the most money, climb faster and higher, etc. If they are happy to live in HDB all their lives, take public transport, fly budget airlines, eat at hawker centres, drink water instead of bubble tea, buy clothes from Refash, tutor their kids themselves etc, and not envy those who have more, they don't need to earn much. As long as they think carefully, it's their choice.
[Reading through the post, I must issue a caveat that this is from a \"higher\" level of society - both my kids have university degrees, and I'm expecting them to earn at least around the median income in Singapore. I might be more concerned if they were within the lowest 20% of earners, and would probably encourage them more strongly to upskill, etc. if it's within their capability. But again, once they are adults, it's ultimately their own choice.]
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