First, the title doesn't even fit this article. Mr. Kang is
concerned about other Singaporeans; he himself paid much less than
the current market price.
Second, unless you are born with a silver spoon (or gold),
financial planning should be started as soon as possible. Why only
worry after buying the property? Or who in the right mind would buy
something they can't afford? Serves those right who over exert
their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to
a smaller flat and pocket the difference for their retirement. The
maths doesn't really work out in favour at all for Mr Kang's
argument. Suppose property prices continue rising, the downgrade
would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when
young. There are so many ways to get additional income sources. Cry
and complain that no one helps you when you do not even attempt to
start building a retirement nest early enough? What for? You want
anything, you work for it, not stretch your hand and demand it.
i would like to agree with you on this but you must take into
account the employment factor and salary factor here.
it is true to the above mentioned but like what the TS also
mentioned, what happens when theres an economic downturn and
suddenly you are cut off from your job? worst still with the PR
competition getting more intense, can one gurantee that he/she
will be earning the same amount like their last pay if they
are reemployed?? truth is, it is yes to a very small
number of people, some might earn maybe 2k or 3k to keep their
house alive suddenly find that they are forced to take a job with
half the amount, you cannot blame this on the lack of forsight
since no one can really fully accurately predict what will happen
to them in 3-10 years time since the time aand situation is
constantly changing,same applies to the stockmarket, since it is
also changing everyday,either going up or down.
theres a old quote that said" knowing the truth is not
difficult but reacting to it is."
as for baby hunter, he's view is a sceneario where it is 1
sided based on the assumption that it all goes well, what happens
if something happens inbetween that changes all of that after that
event? this was not factored in and this is also what i am trying
to point out as this would lead us back to the same sceneario where
the TS has his worries about.
