Please do keep up with these podcasts/youtubething/spotifything! You guys bring a very localised flavour to thoughtful and important topics and I enjoy listening to them!
I really like your content and podcasts. Have been a follower for a few years. I hope you both will continue to make podcasts as they are educational and current. Also love hearing your sometimes v different but interesting perspective on the same topics. Keep doing what you’re doing! Thank you
Hi I truly enjoy this podcast for its content. Furthermore you relate with real-life experiences and true social attitudes on the ground of fellow Singaporeans. A good wake up call for someone who succumb to social pressures and eventually becoming financially disabled. I do hope that the flow of conversation could go slightly faster? I meant there were a lot of long pauses in between pointers. Lol. Otherwise, this is wholesome.
I fall into the "Trap" of the Minimum Payment for Credit Card too! In my initial years, I'm so worried that I will be charged with the interest again. I remembered that I immediately transfer the amount from my bank to credit card after I swipe the card. Anyway, it's really great to learn that you guys put in the perspective into all the numbers. Look forward to more video from you guys!
And normal people like us are tied to company policies where side income is considered as moonlighting. So even if you want to be "hardworking" to earn more, you can't.
Saving isn’t enough, especially when interest rates are low and value gets eroded by inflation over the 17 years, gotta invest. An simple index fund would have yielded quite decent-high returns over the 17 years. Also, why would you be totally unemployed for 2.5 years? Can always lower your expectations in the meantime or work a part time job while at the same time looking for a better one.
@@Zendefone Taking a break from work. I resigned on purpose. Also it's my firm belief that I don't like to waste employer's and my own time. If I don't like a job or I regard it as part time, then I will not put my heart into it. Which hurts both parties.
@@KevanMajere33 I have never been happier. I hate work, always have. There is some anxiety over diminishing savings and I know I need to find a job soon. But if anyone asked me what are my happiest phases in life, my reply would be 1) Shutdown due to covid when most people stayed at home, 2) being unemployed 3)Retirement.
@@munster1404I was once unemployed on purpose for 6 months because I wanted to upskill with a 3 month crash course and take another 3 months break while sending out resume in the most chilled way possible. Wondering what you filled your time unemployed doing.. Coz I'm planning for a gap year sometime..
Many "investors" have no idea what they are doing, they do not differentiate investing from speculation. They listen to friends of friends, TH-cam "experts" or market rumors & become "investors". The younger generation grew up with social media in their formative years; for older folks like us social media came along when our minds & attitudes are fully formed. YOLO mindset sounds very cool but in an age when you live longer than the earlier generations it's a dangerous concept.
for some, they took bank rate for hdb. For all private, they took bank rate which today is near 4.2% (be it fixed rate or floating) for those who are not in past contracts (in the 1-2% in early 2022). Those suffering from high interest monthly payment, are too proud to say tell others.
It's surprising. The stats might be only from a small demographic. For myself a Singaporean Chinese married with 2 kids. We are a household earning just a little above sg median income, so we fall in the middle. Not rich, not poor. We always save about 6 to 7k cash from our salaries and the remainder are for our expenditures. We have a maid as well. Our funds are of course in different platforms, not earning a high interest/profit like those pro traders but in average about 3 percent plus. So for a middle income family, I am surprise that so many don't have funds? Probably overspend on their wants instead of needs like cars, alcohol, holidays, cigarettes, entertainment etc.. Got to balance it out. Save first and enjoy the remainder. That's how to keep afloat.
Gdp does not fully reflect the livelihood of the common man on the ground. Even if one earns 100k yearly salary, if they own a luxury car, a condo in prime district, 100k is peanuts...
Emergency fund is just a name okay? Going for holiday using Emergency fund doesnt mean we dont care ...what happens if you never have a holiday with your old parents before and they are still walkable.. cannot wait till something happens to them and they cannot travel right ?
There is 2 ways to measure success of a country: 1. Compare with the worst eg. If hdb price got unbearable, people try to console themselves by comparing with the worst or one of the worst eg. HK. What is wrong with this logic that most intuitively use in such situations? It is wrong in that its escaping the problem by finding an excuse. Actually, we should compare with out past , ourself sg. Thats the only apple to apple comparison. If we compare with yhe worst, we allow ourselves to decay towards that direction. Its like if your kid steal things , do you compare him with bank robber? 2. Sg should compare with herself , her past to measure is there Progress. This could be very hard for many to swallow as their psychology is trapped in a sg is near perfection and cannot say bad about it. Intolerance of criticisms
Always interesting to see you guys the take on stuff. I think these kind of reaction/opinion ones are decent. Maybe can sometimes do something not money related to spice it up?
Whats your views on using cpf meant for retirement for housing where the house you need till you die and retirement money you need as expense but locked up in house. I feel that its the best policy in the world
If A spends 1000 per mth vs B spends 2000 vs C spend 5000 per month, how to define 6 months saving. Mortgage payment got 40% had difficulty to pay. Big doubt 🤔
The increase rate to 4% from all time low of 1% would definitely adversely affect monthly payment. I've read of how a $4k monthly mortgage ballooned to $10k due to rise in interest rates. They end up paying more on interests than principal itself.
Im pretty sure this is fake news. As a malaysian , all the singaporeans i know has a good rich life, are millionaires. Despite not having a family, nor 2-3 cars nor a bungalow, everyday they wake up in the morning for their 8-6 job, look out of the window, and sign in happiness, "ahh, what a good and happy life as my GDP per capita is 6x the average Malaysian"
U can see from the cars and homes. Way over stretched. Depre at 20k per year means must earn at least 20k per month. How many earning proportionately with their repayment? Way over stretched. 1.8mil pty needs to earn at least 20k per month. 15% of household or 1mil people earning this amount only.
Some of the questions abit too vague. Face difficulty paying mortgage.. whats the definition of difficulty? Way too subjective. An objective question like Mortgage taking up what % of income would perhaps make more sense.
Not really - those are clearly investments, which experience the ups and downs of the stock market. Savings would be a bunch of cash that you can summon, knowing that their value is relatively consistent (or some might say stagnate) We suggest around having 6 months of expenses in cash before you start investing. All the best! - RM
Malaysia is a hell hole plagued by racial politics... Think again... FYI.... 70% of mayalsians saved less than RM500 per montj or none at all... Dun let your hatred of Singapore cloud your better judgement
2 yrs worth of annual current expense + financial independence meaning your assets' annual income > your annual current expenses. wow, 2 yrs is a lot. u reached FIRE :D Can use some/most of it to buy more assets. currently i only have like 3 mths current expense for a family of 3. fortunately assets' annual income = annual current expenses + a Japan trip for 3. Need to make it higher so can have savings without employed income while maintaining an oversea trip.
If that stats is true (you know like how we often over and under declare certain surveys), then maybe most of people had their cash withdrawn to pay for their condos launches 😂
Baby to child to teenager to youth to young-adult to adult to old to feeble ... jobs, career, mid-career, ..., cruise, retire, ... If discount women and marriage, the lifestyle choices can be out of rat race, 2 orders below salary, right from the start. 6 months without any outstanding loans is not much. 6 months of car and apartment, apartmetnt without car, car without apartment, ... Invest before mid-career, financially stable, knowledgeable.??? Women diss nerds and geeks in school and go for jerks. Nerds and geeks throw women when women want to find successful as marriage partners. Period of value.
Then you need for put aside your money into money growing entities like bonds, stocks, mutual funds, ETFs and FDs. Then there would be little money in your savings account.
Young couples cannot afford living in Singapore. Better to immigrate to other countries where one can afford big car and house. Furthermore, the house and land is yours and no such thing as leasehold which is ridiculous.
No, just no. You have to ask about how the sample was chosen, what are the benchmarks, how these were established, any possible bias, etc etc. Then again, you named this channel "woke" so that's accurate. That would describe how "woke" people behave.
I have no car, condo, children, country club, credit card debt. Best choices I've ever made.
Same here... I have savings that can last me 12 years if I were out of job.. And dun have too many friends cos most are useless anyway
@@kimchiba4570 FIRE 🔥
Not alone but Wolf
@@kimchiba4570 That's actually sad and not that smart anyway.
Always looking forward to your podcast. Please do more regularly!
Yes senpai
I love how rui ming is so chill. Sometimes when I’m tired during lunch, I can’t handle so much energy from other pods.
Please do keep up with these podcasts/youtubething/spotifything! You guys bring a very localised flavour to thoughtful and important topics and I enjoy listening to them!
I really like your content and podcasts. Have been a follower for a few years. I hope you both will continue to make podcasts as they are educational and current. Also love hearing your sometimes v different but interesting perspective on the same topics.
Keep doing what you’re doing!
Thank you
according to DBS I have enough savings for 3 years. Feeling proud of myself now :')
Hi I truly enjoy this podcast for its content. Furthermore you relate with real-life experiences and true social attitudes on the ground of fellow Singaporeans. A good wake up call for someone who succumb to social pressures and eventually becoming financially disabled.
I do hope that the flow of conversation could go slightly faster? I meant there were a lot of long pauses in between pointers. Lol. Otherwise, this is wholesome.
It not how much you earn , is how much you spend.
Depends.. if a low income person who earns 1k a month...its a diff story
How about… it’s about both 😂
I fall into the "Trap" of the Minimum Payment for Credit Card too!
In my initial years, I'm so worried that I will be charged with the interest again.
I remembered that I immediately transfer the amount from my bank to credit card after I swipe the card.
Anyway, it's really great to learn that you guys put in the perspective into all the numbers.
Look forward to more video from you guys!
Even macpherson mp tin also has to work for grab with her mp pay of 16k mthly and perks. Salary is not matching with cost of living.
And normal people like us are tied to company policies where side income is considered as moonlighting. So even if you want to be "hardworking" to earn more, you can't.
I saved diligently for 17 years. Unemployed for last 2.5 years and my 17 years savings are running out.
Saving isn’t enough, especially when interest rates are low and value gets eroded by inflation over the 17 years, gotta invest. An simple index fund would have yielded quite decent-high returns over the 17 years.
Also, why would you be totally unemployed for 2.5 years? Can always lower your expectations in the meantime or work a part time job while at the same time looking for a better one.
@@Zendefone Taking a break from work. I resigned on purpose.
Also it's my firm belief that I don't like to waste employer's and my own time. If I don't like a job or I regard it as part time, then I will not put my heart into it. Which hurts both parties.
@@munster1404 you describe your situation, but you did not say whether it is good or bad. Is your current situation good or bad?
@@KevanMajere33 I have never been happier. I hate work, always have. There is some anxiety over diminishing savings and I know I need to find a job soon. But if anyone asked me what are my happiest phases in life, my reply would be 1) Shutdown due to covid when most people stayed at home, 2) being unemployed 3)Retirement.
@@munster1404I was once unemployed on purpose for 6 months because I wanted to upskill with a 3 month crash course and take another 3 months break while sending out resume in the most chilled way possible. Wondering what you filled your time unemployed doing.. Coz I'm planning for a gap year sometime..
Many "investors" have no idea what they are doing, they do not differentiate investing from speculation. They listen to friends of friends, TH-cam "experts" or market rumors & become "investors". The younger generation grew up with social media in their formative years; for older folks like us social media came along when our minds & attitudes are fully formed. YOLO mindset sounds very cool but in an age when you live longer than the earlier generations it's a dangerous concept.
for some, they took bank rate for hdb. For all private, they took bank rate which today is near 4.2% (be it fixed rate or floating) for those who are not in past contracts (in the 1-2% in early 2022).
Those suffering from high interest monthly payment, are too proud to say tell others.
It's surprising. The stats might be only from a small demographic.
For myself a Singaporean Chinese married with 2 kids. We are a household earning just a little above sg median income, so we fall in the middle. Not rich, not poor.
We always save about 6 to 7k cash from our salaries and the remainder are for our expenditures. We have a maid as well. Our funds are of course in different platforms, not earning a high interest/profit like those pro traders but in average about 3 percent plus.
So for a middle income family, I am surprise that so many don't have funds? Probably overspend on their wants instead of needs like cars, alcohol, holidays, cigarettes, entertainment etc..
Got to balance it out. Save first and enjoy the remainder. That's how to keep afloat.
Man proposes God disposes. Always remember that.
@@GrumpX What talking you? Your comment makes no sense to my comment. Save your religious talk, mr Mohamad.
@@jamesmadison3108 With such an angmoh name you don't understand what an idiom is..
Singapore is noted for being a rich country but why so many say they cannot retire
With certainty everywhere, most people now live for the moment not for the future
Any plans for a video on budget 2023?
Poverty is a choice, not a fate
Live within one's means.
It means too many things are bought with debt.
It is not just people who got hit by higher interest but many banks are going to be in hot waters.
Singapore GDP is 72,794.00 USD (2021). Capita PPP is $109,330.
They are super-rich people on earth.
Gdp does not fully reflect the livelihood of the common man on the ground. Even if one earns 100k yearly salary, if they own a luxury car, a condo in prime district, 100k is peanuts...
Emergency fund is just a name okay? Going for holiday using Emergency fund doesnt mean we dont care ...what happens if you never have a holiday with your old parents before and they are still walkable.. cannot wait till something happens to them and they cannot travel right ?
There is 2 ways to measure success of a country:
1. Compare with the worst eg. If hdb price got unbearable, people try to console themselves by comparing with the worst or one of the worst eg. HK. What is wrong with this logic that most intuitively use in such situations? It is wrong in that its escaping the problem by finding an excuse. Actually, we should compare with out past , ourself sg. Thats the only apple to apple comparison. If we compare with yhe worst, we allow ourselves to decay towards that direction. Its like if your kid steal things , do you compare him with bank robber?
2. Sg should compare with herself , her past to measure is there Progress.
This could be very hard for many to swallow as their psychology is trapped in a sg is near perfection and cannot say bad about it. Intolerance of criticisms
Well said
That is why we must start investing at young age on sound instruments and not quick fix type money making funds
Always interesting to see you guys the take on stuff. I think these kind of reaction/opinion ones are decent. Maybe can sometimes do something not money related to spice it up?
As compared to 80% of Filipinos who live pay check to pay check. Consider yourself lucky. Some countries don't even have money in their bank accounts.
I learned new monkey facts. 10/10 would recommend.
Whats your views on using cpf meant for retirement for housing where the house you need till you die and retirement money you need as expense but locked up in house. I feel that its the best policy in the world
Don't have enough but can still leverage to buy house and car?
Ikr… 富二代咯…… entitled attitude.
Simple is the hardest because most people want to have immediate gratification
how is it possible when 80-90% already got their got hdb? if they no money how can apply? they need you to be able to pay what?
Is this video filmed last year? U were referring 2021?
But there is this saying Singaporeans are strong savers. How come now there is a report that Singaporeans don't have savings to last 6 months?
Here is the mentioned article with the chimp mauling: www.cbsnews.com/news/chimp-mauling-under-investigation/
I will forward Rui Ming now.
Wait, some people have savings?
If A spends 1000 per mth vs B spends 2000 vs C spend 5000 per month, how to define 6 months saving.
Mortgage payment got 40% had difficulty to pay. Big doubt 🤔
The increase rate to 4% from all time low of 1% would definitely adversely affect monthly payment. I've read of how a $4k monthly mortgage ballooned to $10k due to rise in interest rates. They end up paying more on interests than principal itself.
@@endi4654 Wow 😳😦
Lol maths fail, just x six months of spending
Im pretty sure this is fake news. As a malaysian , all the singaporeans i know has a good rich life, are millionaires. Despite not having a family, nor 2-3 cars nor a bungalow, everyday they wake up in the morning for their 8-6 job, look out of the window, and sign in happiness, "ahh, what a good and happy life as my GDP per capita is 6x the average Malaysian"
A backdrop / dropsheet would be nice?
Great content! but Singaporeans in general are not really interested in common sense. they prefer the "Secret" and easy way to financial success.
U can see from the cars and homes. Way over stretched. Depre at 20k per year means must earn at least 20k per month. How many earning proportionately with their repayment? Way over stretched. 1.8mil pty needs to earn at least 20k per month. 15% of household or 1mil people earning this amount only.
Some of the questions abit too vague. Face difficulty paying mortgage.. whats the definition of difficulty? Way too subjective. An objective question like Mortgage taking up what % of income would perhaps make more sense.
Would you consider DCA into ETFs the same as savings? Currently, I don’t have much cash in the bank.
Not really - those are clearly investments, which experience the ups and downs of the stock market.
Savings would be a bunch of cash that you can summon, knowing that their value is relatively consistent (or some might say stagnate)
We suggest around having 6 months of expenses in cash before you start investing.
All the best! - RM
@@thewokesalaryman guess I better start saving on cash. appreciate the response. cheers man! always listen to the podcasts as well :)
Shocking
The moment one speculates it is in the domain of guessing games. Profit very fast Loss very fast
For single person living is hard, for family person living is harder but happier 😁
and malaysian thinks that living in SG is better. think twice
Malaysia is a hell hole plagued by racial politics... Think again... FYI.... 70% of mayalsians saved less than RM500 per montj or none at all... Dun let your hatred of Singapore cloud your better judgement
Another good reason for regime change.
Monthly savings is compulsory
Is it really true most sgreans have no 6 months savings? I tot most of them aged 30 and more have 150k and more
Good video.
2 yrs worth of annual current expense + financial independence meaning your assets' annual income > your annual current expenses.
wow, 2 yrs is a lot. u reached FIRE :D Can use some/most of it to buy more assets.
currently i only have like 3 mths current expense for a family of 3.
fortunately assets' annual income = annual current expenses + a Japan trip for 3.
Need to make it higher so can have savings without employed income while maintaining an oversea trip.
If you achieve that... means can retire already when one can soundly live on passive income
There is no absolute. If this program trying to side one side, then it has already failed. Reality is both ways, 2 sides.
Is a leisure la gambling.
If that stats is true (you know like how we often over and under declare certain surveys), then maybe most of people had their cash withdrawn to pay for their condos launches 😂
Baby to child to teenager to youth to young-adult to adult to old to feeble
... jobs, career, mid-career, ..., cruise, retire, ...
If discount women and marriage, the lifestyle choices can be out of rat race, 2 orders below salary, right from the start. 6 months without any outstanding loans is not much. 6 months of car and apartment, apartmetnt without car, car without apartment, ...
Invest before mid-career, financially stable, knowledgeable.???
Women diss nerds and geeks in school and go for jerks. Nerds and geeks throw women when women want to find successful as marriage partners. Period of value.
We pay credit card bill when we get our bonus lor
Better than around 65percent Americans live paycheck to paycheck
Try to do recording and edit. Don’t seem ready to do live yet. Honest opinion.
Love the orang utan analogy
Every time I have cash in my bank I have a very big urge to want to spend them though, its so hard to save
Then you need for put aside your money into money growing entities like bonds, stocks, mutual funds, ETFs and FDs. Then there would be little money in your savings account.
lol
i dont even have money to last 1 week
having money to last more than 1 month is great to be honest compare to me
Think this subject you 2 really wont know the reason as you both not in our so many kinds of shoes
Young couples cannot afford living in Singapore. Better to immigrate to other countries where one can afford big car and house. Furthermore, the house and land is yours and no such thing as leasehold which is ridiculous.
Eerily.. In other countries, cost of living is an issue too. In Malaysia, one who earns RM10K also can't feed a family of 4.
Not surprising considering how expensive it is to live in SG
I am shocked sgrean dare to speak up
No, just no. You have to ask about how the sample was chosen, what are the benchmarks, how these were established, any possible bias, etc etc. Then again, you named this channel "woke" so that's accurate. That would describe how "woke" people behave.
first
second
@@thewokesalaryman third