How much do you earn a month...

[xb84]

More people aged below 30 finding themselves in huge debt

By Teo Cheng Wee

THEY are under 30, employed and deep in debt.

This is the fastest-growing age group of debtors, say credit counsellors.

 

On average, they owe $55,000 to about seven creditors, according to new data from Credit Counselling Singapore (CCS), a non-profit group which advises debtors.

 

Under-30s made up 9 per cent of all cases handled by them in 2006 and 13 per cent last year.

 

In the first three months of this year, it was up to 15 per cent.

 

CCS told The Sunday Times that most of these young adults are done in by materialism and a desire for the high life. They splash out on cars, branded goods, overseas holidays, clubbing and gadgets.

 

Several also gamble away their money.

 

Young adults are not just facing credit woes - they are also forming a bigger percentage of those who become bankrupt, according to the latest figures from credit analysis firm Amequity.

 

Last year, people aged 30 and below made up 7 per cent of all bankrupts. In the first four months of this year, that has increased to 12 per cent.

[Throttle]

I think for such people who spend on luxuries, enjoyment and gambling..., they deserve to be bankrupt. no sympathies

[Metal Gear]

How is it a "life of luxury" when you're in debt? Some people really do stupid things. No sympathies here too.

[RidingLow]

if you really need a car then you get a car. If not don't waste the money. Cars are luxury items Here..

I last posted here 1 yr plus ago seeking advice from throttle. Now i still did not make the decision to get a car. unless i really need it. SG public transport is pretty good. i rather pay for a taxi then caught in a jam and looking for parking lot now adays.

 

Listen to throttle advice. Wont go wrong 1.

[Throttle]

thank you for your trust, bro.

[ahmeng_81]

a lot of them below age 30 get a car because they desire it but not because they need it...even those who have the earning power will buy and say so what as long as i got work and got income to pay the expense...imagine what if 1 day u need a lump sum of $$ to pay for let say operation etc...the $$ can actually be saved if they didnt buy the car in the 1st place..in sg transport is already there...got taxi and mrt...whats there of a need to get a car and kanna suck blood by pay and pay...a bike will be a better choice...hehe....

[NoLicense2]

In Singapore, public transport are really good enough for u from point A to point B, to what i see is Singaporean WANTs a car but Malaysian NEEDs a car as their public transport there is really not as good as SG.

[speedevil]

There is no right or wrong when having a personal transport. As long the person can afford it without any headache, then he/she can enjoy it.

Having a transport is consider a luxury. Juz tat how much r u willing to pay for it.

Do u think there is a need for a Lambo or a class 2 superbike to be on the road? They r juz paying for the Extra power, comfor, status & dream... etc

 

For public transport like taxi n Mrt, when u can afford, of course u wnt freedom too. Have u try waiting for a cab for a bloody long time yet there is nope? & our so called world class MRT tat closed at 12am? Haha.

 

In short,

ENJOY within ur means.

[Starsaaa]

This is always a need versus a want..

So an individual must always weight wat he wants in life and whether at that point and instance whether he needs/wants the 4 wheeler.

If the indivdual needs a car for his job and the company provides for him, I say for sure go and get it if the allowance is attractive enuff..

For some there is a need to ferry customers around for business dealings and one couldnt fetch a customer worth a few thousand dollars on a 2 wheeler!!

 

Or else in the family perspective, wat beats having a ride to ferry the whole family to destinations which u always wanted.. To malaysia or even further..

 

And from statistics, a 2 wheeler always pose more dangers than the 4 wheeler.

Imagine u are a parent, do u tell ur son or daughter to go out and buy a 2 wheeler??

I have so many friends who forbate their children from riding and instead bought them a 4 wheeler instead..

 

But of course for me I went thr choices and choices made me went thr the cycle of having a 2 wheeler then 2 plus 4 wheeler, then to 4 wheeler and then back to 4 wheeler plus 2 wheeler..

 

Cause it is the individual who faces choices available and environmental factors at tat very instance which influences the individual.. Future factors also play a part

 

So there is no rite or wrong, make choices ur own and just don regret it later..

CAuse everybody here is an adult:cheers:

[Throttle]

, make choices ur own and just don regret it later..

CAuse everybody here is an adult:cheers:

 

 

 

 

agree...........

[cantopop]

Property should take loan. Car should pay cash. savings should be 70% of your take home.

[Throttle]

Wow cantopop, that is almost exactly like my formula now.....

[Shawn--]

Sorry off topic....

 

 

Can a bike coolant (waterwetter) use for a car?

[hachi]

Have a 2k life style only when you earn 4k...

Have a 1k life style when you earn 2k...

Having a 4k life style when you earn 2k is asking for trouble.......I believe those who bankrupt belong to this group

[hachi]

In fact i welcomes more ERP...Let's looked back...Where a 1.6l car cost more than 100k in the late 90's....

Whereby anyone who earns less than 5k can only dream of it...But now everyone can buy a car...but driving it cost lots more...

I will buy OPC when I have a family and have night shopping and tours to MY...

Daily transport to work by bike...

 

There are still jams around...When it be a day whereby ERP cost $10 and cars cost even cheaper...But ERP for bikes costs 50 cents...hee hee

[ahmeng_81]

erp for some areas already hit $1 or more already...imagine 1 entry is more than coupon parking...

[Rain1407]

Hello everyone. I’ve been reading this topic from the 1st till now & I can say that it’s very educational & really does allow me to reconsider my thoughts of owning one. I really take my hats off for Mr Throttle who is the main player in this thread. Thank u bro for you insights!

 

Its going to be very long but please bear with me coz I really need your opinion (*looks at Throttle).

 

I have been riding eversince I got my license & I can honestly & proudly state that it’s the next best thing to public transport. Never when I’m younger I did thought of buying a Class 2 bikes or worse a car. Until I got married…

 

U can say that I’m a paranoid guy but I believe in being debt free. My wife & myself saved for our marriage, paid full cash for the renovations & I saved for a year to buy my last motorcycle in cash. Even if you look at my ride list; I never owned a big bike before as I believe a 400cc bike is the more practical approach at combating those traffic jams and getting from A to B. Perks of owning a bike, u guys knew it, I shouldn’t elaborate.

 

My wife and myself are very comfortable with the bikes we rode together but we noticed a slight changed in our lifestyle when our first born came. We cant have those late night makan sessions as its now 3 of us no longer 2 so the bike is no longer feasible for us. We managed to lived with the fact that we don’t have a car & been surviving on taxi whenever the 3 of us needs to move around. My wife total cab fares per month is close to $200 as she is working shifts. She didn’t say anything about having a car but as a hubby my “spider hubby sense” tells me that she does want it.

 

Now we are expecting our 2nd baby sometime in October. I was still resentful towards owning a car but something tells me that I should at least make my wife feel happy. So I sold off my bike to trigger the feeling & currently I’m in the midst of car hunting which I hope to be the Mitsubishi Lancer GLX as I consider it to be the best for a first timer like me. Now after I read the posts in this thread I am in doubt again.

 

Our total home package is around 4k. And other than the CPF payments for our 4 room flat plus those normal utilities we have no other debts to pay. We only have the savings bonds of $310 for our kids & saved closed to $1k to $1.5k per month in our joint account. For transportation I’m currently sub riding my uncle’s Bajaj Pulsar to work.

 

Throttle or some of u, can u please advise me?

 

 

Car Dillemma Daddy

[ahmeng_81]

hi Rain1407,

 

allow me to say something regarding your post...ur wife is a gd wife..congrats on finding a wife who is willing to go thorugh thick and thin during this kind of era where seldom women can endure a little hardship...i would say since during courtship days and ur 1st child born, ur wife had been 'suffering' with you since the night makan session plus transport difficulty comes into the picture...if i am you, i would get a car maybe a small 1.3litre cc car...maybe a 2nd hand will do, with the current inflation and maintence plus bills, its not easy supporting a family let say a new burden which is the additional car...buying a car for a family is definitely the best reason to in sg and i believe your wife will understand your pblms and love u more...lastly think twice on buying what kind of car and do your homewrk 1st before signing......

[hachi]

Saved close to 1-1.5k per month...After you a car all this will go to car..

To have a no frill car monthly is about $900-1.2k...

And you are expecting a second child.....

If I may,i would suggest dont buy it....Taxi will do....

[wait4me]

Hello everyone. I’ve been reading this topic from the 1st till now & I can say that it’s very educational & really does allow me to reconsider my thoughts of owning one. I really take my hats off for Mr Throttle who is the main player in this thread. Thank u bro for you insights!

 

Its going to be very long but please bear with me coz I really need your opinion (*looks at Throttle).

 

I have been riding eversince I got my license & I can honestly & proudly state that it’s the next best thing to public transport. Never when I’m younger I did thought of buying a Class 2 bikes or worse a car. Until I got married…

 

U can say that I’m a paranoid guy but I believe in being debt free. My wife & myself saved for our marriage, paid full cash for the renovations & I saved for a year to buy my last motorcycle in cash. Even if you look at my ride list; I never owned a big bike before as I believe a 400cc bike is the more practical approach at combating those traffic jams and getting from A to B. Perks of owning a bike, u guys knew it, I shouldn’t elaborate.

 

My wife and myself are very comfortable with the bikes we rode together but we noticed a slight changed in our lifestyle when our first born came. We cant have those late night makan sessions as its now 3 of us no longer 2 so the bike is no longer feasible for us. We managed to lived with the fact that we don’t have a car & been surviving on taxi whenever the 3 of us needs to move around. My wife total cab fares per month is close to $200 as she is working shifts. She didn’t say anything about having a car but as a hubby my “spider hubby sense” tells me that she does want it.

 

Now we are expecting our 2nd baby sometime in October. I was still resentful towards owning a car but something tells me that I should at least make my wife feel happy. So I sold off my bike to trigger the feeling & currently I’m in the midst of car hunting which I hope to be the Mitsubishi Lancer GLX as I consider it to be the best for a first timer like me. Now after I read the posts in this thread I am in doubt again.

 

Our total home package is around 4k. And other than the CPF payments for our 4 room flat plus those normal utilities we have no other debts to pay. We only have the savings bonds of $310 for our kids & saved closed to $1k to $1.5k per month in our joint account. For transportation I’m currently sub riding my uncle’s Bajaj Pulsar to work.

 

Throttle or some of u, can u please advise me?

 

 

Car Dillemma Daddy

 

 

how abt an opc car??

[Throttle]

Hello everyone. I’ve been reading this topic from the 1st till now & I can say that it’s very educational & really does allow me to reconsider my thoughts of owning one. I really take my hats off for Mr Throttle who is the main player in this thread. Thank u bro for you insights!

 

Its going to be very long but please bear with me coz I really need your opinion (*looks at Throttle).

 

I have been riding eversince I got my license & I can honestly & proudly state that it’s the next best thing to public transport. Never when I’m younger I did thought of buying a Class 2 bikes or worse a car. Until I got married…

 

U can say that I’m a paranoid guy but I believe in being debt free. My wife & myself saved for our marriage, paid full cash for the renovations & I saved for a year to buy my last motorcycle in cash. Even if you look at my ride list; I never owned a big bike before as I believe a 400cc bike is the more practical approach at combating those traffic jams and getting from A to B. Perks of owning a bike, u guys knew it, I shouldn’t elaborate.

 

My wife and myself are very comfortable with the bikes we rode together but we noticed a slight changed in our lifestyle when our first born came. We cant have those late night makan sessions as its now 3 of us no longer 2 so the bike is no longer feasible for us. We managed to lived with the fact that we don’t have a car & been surviving on taxi whenever the 3 of us needs to move around. My wife total cab fares per month is close to $200 as she is working shifts. She didn’t say anything about having a car but as a hubby my “spider hubby sense” tells me that she does want it.

 

Now we are expecting our 2nd baby sometime in October. I was still resentful towards owning a car but something tells me that I should at least make my wife feel happy. So I sold off my bike to trigger the feeling & currently I’m in the midst of car hunting which I hope to be the Mitsubishi Lancer GLX as I consider it to be the best for a first timer like me. Now after I read the posts in this thread I am in doubt again.

 

Our total home package is around 4k. And other than the CPF payments for our 4 room flat plus those normal utilities we have no other debts to pay. We only have the savings bonds of $310 for our kids & saved closed to $1k to $1.5k per month in our joint account. For transportation I’m currently sub riding my uncle’s Bajaj Pulsar to work.

 

Throttle or some of u, can u please advise me?

 

 

Car Dillemma Daddy

 

 

Hello Rain,

 

first congratulations, you have the things that money cannot buy.

a wonderful family and children, they are gift from God. Well done.

 

To help you in considering your next move, consider the following:-

 

Life is about a balance. If you get a car, you will enjoy the freedom that you and your family may get in terms of moving around. But let me alert you first, you will also be burdened by the heavy expenses that comes with using the car. At $4k per month with 2 kids, a car would be the last thing on my mind. never forget that a car is an EXPENSE and you choose if you want to take on this expense. buying is easy, getting rid is painful. be really ready

 

 

Notes to take

===========

1. Your savings of $1k to $1.5k per month WILL likely be wiped out

2. Unless you down a big sum, you will likely be "forced" to keep the car even if 3 days later you regret buying it. by then , you will really regret buying.

3. You will have to give up many things as a car requires time, money and attention.

 

 

In my own personal opinion and base on your post, i definitely will not encourage you to buy a car.

 

Best wishes.

 

p.s. plse dont add a Mr. in front of my nick. like ah pek leh... Cheers

[Rain1407]

ur wife is a gd wife..congrats on finding a wife who is willing to go thorugh thick and thin during this kind of era where seldom women can endure a little hardship...i would say since during courtship days and ur 1st child born, ur wife had been 'suffering' with you since the night makan session plus transport difficulty comes into the picture...if i am you, i would get a car maybe a small 1.3litre cc car...maybe a 2nd hand will do, with the current inflation and maintence plus bills, its not easy supporting a family let say a new burden which is the additional car...buying a car for a family is definitely the best reason to in sg and i believe your wife will understand your pblms and love u more...lastly think twice on buying what kind of car and do your homewrk 1st before signing......

 

Thanks bro, yes I am glad that my wife is the resilient type. She's not fussy about anything at all. She did tell me that if we are getting a car she advise me to get the best deal. If we are not a getting it, a bike will do. And yeah she's resentful towards a Class 2 bike says its not worth getting that.

 

For me I am considering the comfortable lifestyle I'm in before getting a car. Versus the financial burden forecasted to pop when the car comes to picture I feel maybe I am not ready to get it u know. Showed my wife this post and she just smiled at me. She said whatever I think is the best for our family.

 

If I may,i would suggest dont buy it....Taxi will do....

 

Yeah I think just back to square one for us lah... Pay the cab driver, get to our destination and thats it.

 

how abt an opc car??

 

We did consider it u know either that or a 2nd hand car. At this stage I'm still in doubt. So again we are not sure.

 

Notes to take

===========

1. Your savings of $1k to $1.5k per month WILL likely be wiped out

2. Unless you down a big sum, you will likely be "forced" to keep the car even if 3 days later you regret buying it. by then , you will really regret buying.

3. You will have to give up many things as a car requires time, money and attention.

 

 

p.s. plse dont add a Mr. in front of my nick. like ah pek leh... Cheers

 

1. I'm very concern about this Throttle. We have a humble amount slightly above 30k in our account u see. I wouldnt want to see it shrink due to car.

 

2. Downpayment is usually at 10K right? This I'm not sure but most of my friends told me that usually they forked out 5k for their cars. 5k is a lot to me leh. What more 10k. My hard earned money will be gone. I'm not sure if I can get it back though.

 

3. I think I understood this. My kids are the upmost priority now. I wouldnt want them neglected.

 

PS. Ok bro, will stop with the Mr. I really thought u are like 40 something leh... Sorry sorry..

 

Thanks again fellas for ur insights. I will discuss this thoroughly with my wife see what she has got to say about it thought I can foresee that she will just leave the big decisions to me. If it's really not within our budget maybe I just get another 400cc bike lah. Might be looking at the GSR400 with all those sideboxes and all.

[helL-rider]

congrats rain for having a 2nd child , but getting a car is like having another baby . ask yourself do u really nid a car , the mthly expense is a minimum of 1k - 1.5k . why not save it to buy ur babies milky;)

[speedevil]

Get a Off peak car, look for the cheapest....

http://www.sgcarmart.com/main/info-2EEXZYdo-1096.html

There sure to be lot of cheap n affordable cars ard.

Since u ride, then this suit u well.

I understand sometimes need to buy grocery, sent baby for checkup...etc

Then a car will come realli handy.

Maintenance wise, car is much cheaper when compare to class 2a n class 2 bikes.

You can also go up north to stock up ur milk power too

Confirm 1/2 price to sing!

LOL

[Rain1407]

Thanks Hell Rider & Speedevil (Both of you related or something?)! Will take note of the feedbacks & like I said I will definetly do my maths again before jumping into the water. This getting a car thingy is a bit like me when I'm getting my first bike. Lots of people are suggesting why do i need a bike when taxis & buses are so widely available. I was sceptical when I took over that bike from my friend but it was a good choice as it embarks me on a very fruitful means of going to school, to camp during NS & now to work.

 

First time is always scary isn't it?