"Affluenza"
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Are there any fellow Affluenza sufferers out there? In various levels of debt? Do you have a "dig-yourself-out-of-debt" strategy? Please share.
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Me.
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Apart from my home mortgage (which should be paid off within the next couple of years), I don't have any debt.
Why spend more than you earn? It doesn't make sense. -
My backside belongs to the bank for another 10 yrs before I'm FREEEE!!!!!!!!!!
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We still have our mortgage and renovation loanOriginally posted by jetta:Are there any fellow Affluenze sufferers out there? In various levels of debt? Do you have a "dig-yourself-out-of-debt" strategy? Please share.
Reno loan should be paid up by next year.
Err no strategy except pay the monthly installments and not add on to the debt -
Quite simple really: spend less, save more.
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I think the unofficial bank motto is
All Your Backsides Are Belong To Us
Mortgage cannot avoid, but credit card debt is a no-no. That's usually the killer. Especially when you end up with multiple cards and end up using one card to pay for the other etc -
Originally posted by av98m:I think the unofficial bank motto is
All Your Backsides Are Belong To Us
Mortgage cannot avoid, but credit card debt is a no-no. That's usually the killer. Especially when you end up with multiple cards and end up using one card to pay for the other etc
Ppl actually do that? I find it incredible. 
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Can read about it all the time in the papers what.Originally posted by Wanda: Ppl actually do that? I find it incredible.
And I know jokers who do that lor, apply one credit card from nearly every bank and somehow overspend. -
We don't like debt, so try to avoid spending unnecessarily as much as possible. Over the past year I think I can count the no. of times I've used my credit card, off my fingers The only debt that we couldn't avoid is our housing loan, which hopefully would be paid off in a couple of years!
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you mean the legalised loansharks?Originally posted by av98m:I think the unofficial bank motto is
All Your Backsides Are Belong To Us
Mortgage cannot avoid, but credit card debt is a no-no. That's usually the killer. Especially when you end up with multiple cards and end up using one card to pay for the other etc -
It's really so common it's not funnyOriginally posted by Wanda: Ppl actually do that? I find it incredible. -
ever notice? that folks in other countries, buying their own freehold property home seem to control their expenses then local singaporeans?
is it because of HDBs & government rules, that we lose the ability to count for ourselves what our future should be? -
No, I don't think so.Originally posted by viciouskitty74:ever notice? that folks in other countries, buying their own freehold property home seem to control their expenses then local singaporeans?
is it because of HDBs & government rules, that we lose the ability to count for ourselves what our future should be?
I know people in other countries who have the same problems, its hardly unique to us. -
i used to do that to take advantage of the lower balance transfer interest rates, if you can't pay up your cc bill in time that's the best alternative else the cc interest rates will rape u baaaad.
now i just watch my spending though.Originally posted by elindra:It's really so common it's not funny -
Everyone here seems so sensible. MG, you're lucky to be rid of your mortgage payments in 2 years. You too SL. How I wish I could say the same. I have a 30 year mortgage hanging over my head here and another 10 years to go on my Sg flat.
I didn't have debt before but after buying this place here, I'm up to my eyeballs.
I'm hoping to pay off this home improvement debt as quickly as possible. -
you know ... I read this article in the NYT a few weeks back about how young couples in NYC were getting "fearless" about debts ....
they were taking the plunge on million dollar mortgages on NYC properties after careful research, betting that even in the worse case basis, the rent that could be collected on their properties would cover their mortgages .....
once upon a time personal financial advisers were telling you to stay debt free ... it seems that right now some are telling you to get mortgaged to the hilt, and free up as much liquidity as possible for more lucrative investments ....
food for thought eh ....
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I cant agree leh.Originally posted by av98m:No, I don't think so.
I know people in other countries who have the same problems, its hardly unique to us.
Most youngsters, because of HDB loans & the grants, tend to rush into financial commitments w/o thinking.
Wheres most youngsters overseas, w/o cold hard cash knows they cant buy properties & stuffs. -
But do you have the balls to do so?Originally posted by Fatum:you know ... I read this article in the NYT a few weeks back about how young couples in NYC were getting "fearless" about debts ....
they were taking the plunge on million dollar mortgages on NYC properties after careful research, betting that even in the worse case basis, the rent that could be collected on their properties would cover their mortgages .....
once upon a time personal financial advisers were telling you to stay debt free ... it seems that right now some are telling you to get mortgaged to the hilt, and free up as much liquidity as possible for more lucrative investments ....
food for thought eh ....
I don't
Too much risk and uncertainty
It's like playing Russian Roulette -
reminds me of the article in today that was saying that clearing your debts might not be the best thign to do as you can get better returns by investing the money instead.Originally posted by Fatum:you know ... I read this article in the NYT a few weeks back about how young couples in NYC were getting "fearless" about debts ....
they were taking the plunge on million dollar mortgages on NYC properties after careful research, betting that even in the worse case basis, the rent that could be collected on their properties would cover their mortgages .....
once upon a time personal financial advisers were telling you to stay debt free ... it seems that right now some are telling you to get mortgaged to the hilt, and free up as much liquidity as possible for more lucrative investments ....
food for thought eh ....
true in a sense but its akin to borrowing to invest i guess
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Yes, it's - "work my ass off"Originally posted by jetta:Do you have a "dig-yourself-out-of-debt" strategy?
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It isOriginally posted by hisoka:reminds me of the article in today that was saying that clearing your debts might not be the best thign to do as you can get better returns by investing the money instead.
true in a sense but its akin to borrowing to invest i guess
If you are lucky or make the right choice in investment
You earn more money that can clear your debts faster
BUT
If you make the wrong choice, you fall further into debt
It's like the news article some weeks back about people booking condo units to sell off but get into trouble when they can't find a buyer and they can't afford the downpayment. -
well i guess if they ahd made a pile the story would be of a different slant. i guess its just tipical investment where the bigger hte risk the bigger the gains. afterall making 100k is relatively a bigger gain for one who cannot afford the down payment compared to one who canOriginally posted by elindra:It is
If you are lucky or make the right choice in investment
You earn more money that can clear your debts faster
BUT
If you make the wrong choice, you fall further into debt
It's like the news article some weeks back about people booking condo units to sell off but get into trouble when they can't find a buyer and they can't afford the downpayment. -
Oh they told 2 sides of the storyOriginally posted by hisoka:well i guess if they ahd made a pile the story would be of a different slant. i guess its just tipical investment where the bigger hte risk the bigger the gains. afterall making 100k is relatively a bigger gain for one who cannot afford the down payment compared to one who can
At the end of the day, it comes down to," Are you willing to take the risk?" -
not me, i'm a cowardOriginally posted by elindra:Oh they told 2 sides of the story
At the end of the day, it comes down to," Are you willing to take the risk?"