Does it hurt your ego if you struggle to pay a 1m condo while your friend is hunting a 4m landed

Victoria2017

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That is exactly what is happening to me. What will you feel if you encounter similar situation? Will you be frustrated and sad or even angry with yourself, because friends are doing so well in their jobs and are much better off financially?
 

derrickgoh

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If the hat doesn’t fit, don’t wear it.

I would never even buy a $1m condo to begin with cos i know I can’t afford it.

You SHOULD be angry with yourself but NOT because u earn less than your friends BUT because u bit off more than u can chew.

Everyone wants to live in private housing. Atas mah. If u can afford it without a loan, great! Or if u need a small loan which u know u can pay off in a few years, still ok lah.

If u have to beg, borrow & steal and despite that still need to take a huge bank loan that takes over 20 years to pay off, then quite obviously condo is not for u, so why bother? For face? To show off?

I live in a 3 rm hdb flat. Some consider it homely. Others may laugh at it being a low class pigeon hole. But it took me just 3 years to pay off my loan. Sure its not a mansion but at least i have a roof, registered in my name, over my head & i am now debt free.

I would much rather live debt free in my “low class pigeon hole” then be in debt for the next xx years just cos i want to show ppl i live in an atas condo.
 

Mergui219067

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Many have a few millions, drive bright sport cars noisily here & act rich.
If they look around, many ultrarich have simple life.
Top Singapore tycoons are really 小弟弟 in the
whole world of the rich.

You should’ve Bitcoined them & beat them. :o
 

derrickgoh

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Many have a few millions, drive bright sport cars noisily here & act rich.
If they look around, many ultrarich have simple life.
Top Singapore tycoons are really 小弟弟 in the
whole world of the rich.

You should’ve Bitcoined them & beat them. :o
My friend’s parents are ultra rich. 3 storey bungalow with huge grounds & swimming pool at Bt Timah area. Basket even have elevator in the house!

They have country club membership but is more for the father to entertain clients. The family when dining seldom go. Their fav haunt believe it or not is newton circus & that small crappy hawker near farrer road.
 

fotoudavid

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My theory is always buy what you can afford. If monthly payment is within your means is fine.
 

Victoria2017

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If you are content with a 3rm hdb flat and pay off your loan so fast, then you are not under pressure and you may not have the motivation to earn more money. Is that a desirable consequence? That means you probably won’t bother to work harder and may not strive for excellence and unleash your full potential?

I think a reasonable debt is acceptable as it can motivate people to work harder and keep improving themselves professionally which will benefit them in the end


If the hat doesn’t fit, don’t wear it.

I would never even buy a $1m condo to begin with cos i know I can’t afford it.

You SHOULD be angry with yourself but NOT because u earn less than your friends BUT because u bit off more than u can chew.

Everyone wants to live in private housing. Atas mah. If u can afford it without a loan, great! Or if u need a small loan which u know u can pay off in a few years, still ok lah.

If u have to beg, borrow & steal and despite that still need to take a huge bank loan that takes over 20 years to pay off, then quite obviously condo is not for u, so why bother? For face? To show off?

I live in a 3 rm hdb flat. Some consider it homely. Others may laugh at it being a low class pigeon hole. But it took me just 3 years to pay off my loan. Sure its not a mansion but at least i have a roof, registered in my name, over my head & i am now debt free.

I would much rather live debt free in my “low class pigeon hole” then be in debt for the next xx years just cos i want to show ppl i live in an atas condo.
 

slashGNR

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I'm feeling sad, frustrated and angry as compared to you (1m condo) as I'm living in a HDB 3 rm flat.
 

LeSaux

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If you are content with a 3rm hdb flat and pay off your loan so fast, then you are not under pressure and you may not have the motivation to earn more money. Is that a desirable consequence? That means you probably won’t bother to work harder and may not strive for excellence and unleash your full potential?

I think a reasonable debt is acceptable as it can motivate people to work harder and keep improving themselves professionally which will benefit them in the end

For what money can bring to next life?
 

slogd3ad

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If the hat doesn’t fit, don’t wear it.

I would never even buy a $1m condo to begin with cos i know I can’t afford it.

You SHOULD be angry with yourself but NOT because u earn less than your friends BUT because u bit off more than u can chew.

Everyone wants to live in private housing. Atas mah. If u can afford it without a loan, great! Or if u need a small loan which u know u can pay off in a few years, still ok lah.

If u have to beg, borrow & steal and despite that still need to take a huge bank loan that takes over 20 years to pay off, then quite obviously condo is not for u, so why bother? For face? To show off?

I live in a 3 rm hdb flat. Some consider it homely. Others may laugh at it being a low class pigeon hole. But it took me just 3 years to pay off my loan. Sure its not a mansion but at least i have a roof, registered in my name, over my head & i am now debt free.

I would much rather live debt free in my “low class pigeon hole” then be in debt for the next xx years just cos i want to show ppl i live in an atas condo.

+1
I agree with this mindset.
Debt-free & little to non interest is the way to go.
 

theblueark

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I feel very shiok relaxingly paying off the loan for my big 5rm HDB while people I know struggle to pay off their 2rm condo.

I also got no worries if interest rates go up a few %.
 

derrickgoh

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If you are content with a 3rm hdb flat and pay off your loan so fast, then you are not under pressure and you may not have the motivation to earn more money. Is that a desirable consequence? That means you probably won’t bother to work harder and may not strive for excellence and unleash your full potential?

I think a reasonable debt is acceptable as it can motivate people to work harder and keep improving themselves professionally which will benefit them in the end
Reasonable debt? If you are in your own words, STRUGGLING to pay off your debts, I would hardly call it reasonable debt. People do not STRUGGLE to pay off reasonable debts. Its only when they have bitten off more than they can chew, that they STRUGGLE to pay off their debts.

Anyway, so what if I don't have the motivation to earn more money? You think money can buy happiness? Perfect example is yourself. Can't even pay off your own debts then want to be jealous of friends who are richer than you. You can lie to yourself and call it motivation, but fact is, its jealousy that you feel and you have clearly overstretched yourself financially.

The truth hurts and if you were expecting people to come in and say only nice things to you, then you are better off comforting yourself in front of the mirror.
 

derrickgoh

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This is such a stupid mentality. I also bought a BTO in a mature area and will be able to finish paying for it in 4 years. We can easily get a loan to buy a landed property (not the small 2m kind hor) but chose not too cause we can't be sure that both of us will continue to be gainfully employed in 10 years time. So we took a loan of less than 300k.

Seriously. show off so much for what.
Well to some people "face" is worth dying for. Now got job already struggling to repay loan. Imagine if one day jobless then what? Borrow from black to repay white? Then after that? Borrow from friends and family to repay black? :s8:

Ego is seriously overrated. Anyway, seriously speaking a 1 room condo is nothing to be bragging about. The penthouse on the 70th floor of Sail @ Marina Bay is another story.
 

derrickgoh

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I feel very shiok relaxingly paying off the loan for my big 5rm HDB while people I know struggle to pay off their 2rm condo.

I also got no worries if interest rates go up a few %.
When, not if, SIBOR goes up then can song song gao Julong :s13:
 

Clazav

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Everyone is egoistic, just different degree. Some people think and feel jealous/envious a while, and life just goes on for them. Some people will talk about it, either to family, friends etc. Some people choose to say it online, just like TS. Well, we are all open to discussion. The suggestions given by other members here are probably what they use to convince themselves.
 
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Pokémon

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The suggestions given by other members here are probably what they use to convince themselves.

I do find what the others said reasonable however.

Anyway, from looking at how TS started with a condo, the primary intention was definitely for the ego and bragging rights, not what was claimed later about motivation etc.

If it is really about motivation, then take it as a challenge to get a 5m landed to beat that friend.

There is always someone doing much better than you, bigger pay check yet doing lesser work than you, has a richer dad than you, and even bigger bank account when born than what you have now.

It is no point comparing yourself with others. What matters is being happy with what you have achieved in life.
 
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