The Singapore Dream Can’t Be This Expensive!

[@yipkf18]

Don't compare with others. Not everyone has the same ability. Live well and progress at your own pace.

[@thomaslee6784]

Continue having this type of mindset and you cannot progress. This world gets more unequal as you go up the ladder. Most people are stuck in a level that’s like economy class in airline.. the better ones get to sit in business or even first. The elite fly chartered. The super elite have their own plane.

[@pagreal]

Thank you Mr. Loo. My tuition fees in NUS was $5,000 per year between 1997-2001 for Mechanical Engineering. I think the amount is double now. I totally agree with your advice of front loading your savings and investing when young. Thanks again Mr. Loo

[@shurakishi4707]

Live frugally when young and enjoy when old is a old adage which is largely true. However, I would like to make a small correction. It would be a better sense to live within means at all phases of life. This does not mean you are not able to enjoy luxuries. The truth is if you live frugally now, you may very well not get to enjoy your luxury or nest egg you have built due to sudden illness, trauma or accident (even though you have made an obsession to minimise such risks by eating healthily, exercise, going for regular health screening etc) People should take a diary of their every single expense month to month and be aware of what they have to set aside for emergencies, necessities etc. if there is a decent amount left after even for accounting investment and savings - it is safe to actually enjoy that money in luxuries and holidays.

[@margaretchong1450]

This kind of talk triggers anxiety in people. It can lead to senseless violence when people feel a sense of helplessness and hopelessness. Looking back at my 60-70 years of life, I have never counted how much $ it took me to get this far. Live life one day at a time, move one step at a time. Plan ahead. Don't worry too much or too far into the future.

[@shurakishi4707]

you also can't live in the moment without planning as there is alot of uncertainty ahead. Costs are escalating too fast that salaries can match. There is also escalating inflation. In Singapore, most are not living or enjoying any aspect of the Singapore Dream.

[@shutengloke5907]

My dream (regardless which country I'm in) are 1. A car each for both spouse 2. A landed property (about 2,000 sq ft) 3. Yearly vacation (can be within the country depending on which country I'm in) 4. Can afford to eat out regularly (like half my meals)

[@thomaslee6784]

Ideally need at least 50 million USD to live lavishly without worries.. A one night stay at Park Hyatt Kyoto already cost over $1500 .. A Michelin star meal in Kyoto already cost upwards of $500..

[@lpfong2538]

Mr. Loo, Here is the Malaysia Dream- only 20% achieve it here. l know many friends who are earning around SGD3000 in Malaysia in terms of Malaysian Currency MYR. Here is what they can do...schooling two children, supporting their wife, having one double storey landed property and two Toyota car, (one new one old car). If their salary is SGD5000 in Malaysia, they will be able to get two landed double storey properties in Malaysia. 🎉 At the end of the month, they even can save or invest SGD500 to SGD1000, as food at home is like free or SGD150 per-month. 😂😂

[@leejpeter3456]

Paying Mortgages for a month: A double-storey landed property with four rooms in suburban areas outside KL or Selangor costs around RM2,300 to RM2,800 per month (less than SGD1,000). ☺

[@jackhong8713]

Better to marry a Malay wife if you Want to live in malaysia.. non-bumis are always discriminated in Malaysia… even if you do your own business

[@lpfong2538]

​@jackhong8713 Not true, ask yourself, why do Chinese people control the economy in Malaysia ? Go to shopping Malls in kL, u see all chinese like Singapore. 80% Private sector dominated by Chinese people , including ceos, executives, etc in Malaysia. This year is 2024. 🎉

[@lpfong2538]

​​@@jackhong8713not true. Malaysia's economy is dominated by the Chinese, go to all the shopping malls in KL. Most private businesses, true owners are Chinese.

[@PranicEnergy]

I employ a number of professional staff from KL Malaysia within Singapore quota limits. 2 reasons why they are here away from family and friends. 1. They are paid in RM instead of SGD for same numerical amount in salary. 2. Cost of food and other material things are not really that cheap. So they have little savings. Yes, they have a cheap Semi D. But little else.

[@snooppy88]

BEST advice from Loo. In summary, if your friends tell you to YOLO, dont believe them.

[@leguezennecx]

I think these statements are very depressing: I am a scientist, I love what I do, I will never makes this sum in my carreer, and i work hard every day and studied hard to do what I do. Does it mean my life will be miserable. We have to stop this non sense and learn to be satisfied with what we have beyond this materialistic non sense.

[@Jake82822]

Society values you for the amount of money you have. You knew it when you chose this career.. this is the same reason why top MBBS students who work as clinical scientists get paid less than those average MBBS students who chose to be aesthetic doctors!

[@shurakishi4707]

Hence it has been going around and it is true also that if you do not have kids - one can move on to achieve some of these personal aspirations.

[@ocswoodlands]

16:28 a little contradiction. You just mentioned that staying in HDB is fine but if a person downgrades, its "suffering"?

[@Jake82822]

Perspectives. It’s ok For someone living whole life in HDB. But it’s painful if you downgrade to hdb after staying longtime in condo.

[@Callsign-Blade_RunnerSG]

These condo people are spending money they don’t have, on things they don’t need, to impress the people they don’t like. It’s called the “Singapore Dream” because you have to be ASLEEP to believe it. 😂

[@lidna82]

Assuming one averages 100k a year in income between 25 to 55 yrs old, that is 3M or 6M as a couple - so 4.4M is not crazy money. Just take care of your wealth and health, "Singapore Dream" is not unattainable.

[@jonnowee983]

$4.4m isn't a static number. It is just a photo of a time period. It's a moving number! S'pore "unofficial" inflation rate is much higher. Just check out the HDB shop house rents - these are the start of household inflation for the masses. Rents comprises the bulk of price increases in S'pore. Compare the rate of salary increases vs. asset price increases. You will find asset price increases are at a higher rate than average salary increases. Don't fool yourself.

[@juniorjr5328]

No taxes. Food etc?

[@lidna82]

@juniorjr5328 I didn't think 4.4M excludes any of the necessities but the message is living with a little bit of luxury isn't a prophecy

[@danysl2008]

With such dream life style, easily achievable for working couple earning 10k each. Total 10k x 2 x 20 years give you $4millions before employers CPFs…. Easy maths.

[@Glx10288]

Saving 10k each per month you mean?

[@KayDav-q3z]

I would say, enjoy your life when u r young , don’t b too frugal ,hv a balance economic plan,one never knows what lies ahead with being too frugal saving all u earned n then life throws u a curve ball with some dreadful illness. Retirement life can b simple.

[@sl7864]

During my childhood, family holidays was once a year to malacca or a 'luxurious' one in KL or Langkawi Fast forward today, my friends are bringing their pri school/ kindergarten kids to Japan to play Mario kart.. and when I comment about the expenses he'll say the kids will compare in school about what they do during school holiday and going to malaysia for their December family holiday is for "losers"

[@lpfong2538]

@@sl7864 Those children when they become adults, they will be in huge debts. Free world. Malaysia right now is inexpensive. 10 to 20 years from now, perhaps these children(when have their families) might not be able to come to Malaysia because it's 3 to 5 times more expensive than Indonesia and Vietnam. Let them learn their lessons in the hard way.

[@lpfong2538]

@@sl7864 When these children grow up their will be in huge debts.. Malaysia's population is small, easy to make it a developed country. When these children have families. They will take their children to Vietnam or Indonesia. Malaysia will be 3 to 5 times more expensive. These children are not matured.

[@leejpeter3456]

@@lpfong2538 😃😃😃

[@sl7864]

@lpfong2538 I'm more shocked by the standards kids these days have even before earning a single cent. And holidays become a matter of comparing and competing who has the "cooler" and more Instagrammable trip rather than truly enjoying oneself to recharge

[@lpfong2538]

@sl7864 don't know when they grow up, what they will be ? parents are accountable to discipline. Religion is still the best way.. 👌

[@collinengwoontan371]

There are some missing expense such as you need to eat and drink and entertainment and so on before you retire, these costs are not included in the calculation!

[@jwcas318]

Once reality sets in, you'll want Financial Independence Retire Early (FIRE). This means that to stay in SG, you give up the car, the condo, the kids & the expensive holidays. Go simple & live happy! 😊😊😊

[@tritonyeah]

i retired at 40 with 1.2 mio ...simple life now

[@Anthony.Ong.2023]

@@tritonyeah hi , can share how you earn 1.2M , I going to 60 . 12K saving also don't have. I am a failure .

[@tritonyeah]

@@Anthony.Ong.2023 Develop a niche skill and go for jobs that no one want to do that is tough

[@vincenttravelsg]

Cars are way too expensive in Singapore. Most Singaporeans consider car to be an optional expenses. Live near MRT and it's convenient to get around. Can save $25k a year based on your estimation.

[@ongweelim6030]

MRT so crowded

[@choonsengteo9694]

Many were feeling rich and great, only few Singaporeans feel slightly poor.

[@ho2786]

need 10 million lah. 4.4 million stay JB lah.

[@KS-zd4ew]

live like a vvip if can buy 4.4 mil bungalow

[@ocswoodlands]

2:26 its probably cheaper to do a destination wedding eg say a beach wedding in Danang... with 50 guests (paid return tix)

[@kennySg101]

Frankly, I'm surprised that u r surprised. Get a decent size condo at better location may be 2.5m 2500psf. Kid education 300k each minimum. 2 kids 600k.

[@88_JJW_88]

how do you know the recent condo launch were bought by sgrean?

[@wenshan9101]

Contentment is key to a good life.

[@cybergod77]

Somehow, S'poreans like to buy new high density condos that come with smaller living spaces and high prices. Imo, old is gold with large living spaces at v affordable prices

[@1m65]

Good point!

[@siang076]

To live the dream, even $4.4m may not be enough

[@tamloke5031]

Pls don’t follow what others are chasing for dreams or I would say day dream. Why can’t we just live within our means. What is good life? All about materialistic dreams. Don’t be surprise and or prepare when everything comes crashing down.

[@JGoh1188]

Buying new condos majority likely newly minted rich SIngaporeans and PRs.

[@ongweelim6030]

Mr loo u are a lucky man this life. Successful business and 3 bright kids. You have a car and a landed in JB.

[@jackhong8713]

Landed in JB is nothing.. it’s dirt cheap when converted to sgd

[@8181nuky]

I stopped going to wedding aside for my close friend. It comes to the point it felt like, attending someone's wedding is for the purpose of funding their grand wedding instead of a celebrating their union.

[@KokhuiYeo]

That’s the ‘ kiasu ‘ attitude. If u want to stretch your SD, just literally walk or drive 3/4 miles away, head to the moneychanger n immediately u r in dream land n become a King. With 2 million SD , just imagine what type of bungalow n car u can possess across the Causeway. Enjoy your Singapore dream.

[@MsCorydorus]

Is called Singapore Dream because it is something achievable if one is talented and work hard. Is not for everyone.

[@BorntobeFree-ke4rl]

The real Singapore dream is at least 10 million if you factor in a 4 room condo 2500 sq ft, 2 cars and money for travel, medical and living expense.

[@Longtermalwayswins]

10m is about right. But would say can get landed rcr area

[@wongchoongyean6016]

Dream of LKY family!

[@R6ex]

SG: Don't even dare to dream! 🤣

[@燕青-p8y]

Only nightmares. 😂

[@vchong8]

Only 33 Bitcoins, very reasonable sir, 😂😂

[@DenHeart]

time to move to Malaysia or upward.

[@shutengloke5907]

What?? Need tuition for JC? In some country (very near to where Mr Loo stay), kids are studying A Level on their own at home for ZERO cost.

[@Godfather1921_melo]

Expensive ? Next year Jan new launch condo TPY orie price will be $2800 averagely , will be more and more expensive , grab one when you can , same as COE, many ppl wait for COE drop, in the end what they have got

[@ongweelim6030]

JB is good. Food is good and house is big plus car no coe

[@CatherineCarol]

I guess it all boils down to what kind of lifestyle you want. If one kid , planning on university education later on, stay in condo till retirement and have a car to move around , I do think you need $4mil in liquid assets .

[@stockkid8515]

most prob is 10m.. if wanna dream must dream bigger.. dream no need money one leh... 😅😅😅

[@thomaslee6784]

Go and interview Singapore medical students in London.. ask them about their family net worth most are over 10 million

[@TS-pg1ns]

Now HDB dweller is calling Condominiums unit pigeon holes?😅 What will those staying in landed feeding their turtles and tortoises in their aquarium say to them😊

[@MrRazorteeth]

$4.4m shared between husband and wife? it is possible with $5k monthly salary and work for 40 years (25 to 65).

[@sghk7433]

Don't need to eat?

[@MrRazorteeth]

​@sghk7433 haven't include pay increment, bonus, bto/property/investment capital gain and etc

[@maureenkam9212]

What if one has to strive all one's life to achieve that Singapore Dream and never get to enjoy it? One's life can cut off suddenly.

[@lecherhao86]

One can never have happiness if you keep on comparing with others. There will always be someone smarter than you, more hardworking than you, more talented than you, wealthier bla bla bla. You get what i mean. I have a family of 4.. got a 3 room bto recently.. the bto is only less than 300k in non-mature estate. Those who say they need at least 600-700k to get a bto really are just BS. Why don't consider a small flat in non-mature estate? And i can be reassured that I have adequate money in my cpf plus some investment here and there for my retirement. Most people wouldnt get 4 millions in their lifetime. Let's just be certain of this fact. Rather than stressing yourself out to get 4 millions, why not turn your attention to your family and loved ones, and make sure you have quality time with them while they are still alive.

[@okp11111]

End story always the same...any failure, lost money, cannot make it.. blame government. In the meantime, just spent.😅😅😅

[@Jamestong-r8h]

To be honest, $4.4 million is not a lot of money. Dun think you can really retire comfortably with an amount like this. I have amass a fortune of more than $70 million with my wife. And I dare say that we can retire comfortably if we choose to do so.

[@choonsengteo9694]

No la, 6 millions just nice.

[@damyeuful]

Agree with you Mr Loo. My wife and I have been working for 30+ years and have savings but still would baulk at paying $2 million for a

[@focus168168]

because there are many high income earners and rich people .

[@kahfong3204]

It remains a dream!

[@chyelinchong9269]

Mr Loo good afternoon 👋🥰

[@edwinwee267]

Live the Singapore dream for the rich & famous?? Everything also want!!

[@juniorjr5328]

Uncle.. your time was easy. Drive taxi or sigh on encik also can buy condo for those old uncle

[@edwardlumsianming3430]

Is it for the top 10% of the population 😢😢😢😢😢😢😢😢😢😢😢😢😢😢

[@jonlim555]

Definitely looking outwards for retirement

[@MIS0DIGITAL]

Economy crisis coming maybe you only need a fraction of 4.4million

[@bkoh1771]

How is living in HDB a suffering? Given that what you say about staying in a condo and later retire at HDB, it is ridiculous because you don't want to suffer at old age. I find it so contradicting with your first point of currently staying in a HDB. Are you suffering right now?

[@1m65]

You miss my point…. There are many property agents promoting staying in high end condos then in retirement “downgrade” to a HDB. So everything is relative. I would prefer to stay humble in early years and enjoy luxury when old

[@bkoh1771]

@1m65 Yeah then is how you say or present your point. It hears like an absolute contradiction and that you are suffering now literally.

[@KoyokCabe]

That is true 4.4 m SGD 😢😅😂

[@Longtermalwayswins]

4.4m is ok only. Would say at the very minimum 3m liquid. Else is ok to adjust expectations. 3-4m can be done if dca early

[@bobafett5757]

*Siow ah ler need 4.4 Million to retire SG style ? Aiyo to have 40k to retire already so jialat for many people ok look around see so many elderly still working day night everywhere so pls explain how to retire in SG those age above 70yrs still working so maybe only less than 1 percent can retire with 4.4 million possibly this for billionaires here so dont daydream ok*

[@MARIEAna-sr2pt]

think too much will.go dream land fast

[@tamloke5031]

I don’t set any more dreams in Singapore. Even outsiders are starting to void coming over here which is boring. And all talking about money only. Meaningless

[@lohti6399]

Free money from US stock market to buy condo

[@tancalvin]

Then I can no longer dream liao, go eat my bread better

[@SunshineShine-t9t]

That's why Spore having less and less babies.

[@ongweelim6030]

Buy a house and car in JB drive over to SG in the day and go back JB in the night to sleep

[@lisamayching3552]

5-Cs, The Spore Dream & whatever.... more important is what is your , U the individual dream aka purpose goal. What is the point of running the rat race without thinking through whether that is indeed what you want.

[@MIS0DIGITAL]

Loo guess how much you need dream in malaysia

[@leejpeter3456]

Here is the Malaysia Dream- only 20% achieve it here. l know many friends who are earning around SGD3000 in Malaysia in terms of Malaysian Currency MYR. Here is what they can do...schooling two children, supporting their wife, having one double storey landed property and two Toyota car, (one new one old car). If their salary is SGD5000 in Malaysia, they will be able to get two landed double storey properties in Malaysia. 🎉 At the end of the month, they even can save or invest SGD500 to SGD1000, as food at home is like free or SGD150 per-month. 😂😂

[@HengOngsoonhaut]

Hahaha, 4.4m wat kind of lifestyle u want .When u get older stay in malaysia wat a waste and coming up expensive better stay in Batam. Open a shop, relax and enjoy life there .. much cheaper than malaysia

[@superconnie5003]

My son go for UK degree top tier Uni...300k for Russell Group uni

[@edwardlumsianming3430]

This world is already CRAZY

[@Luvmafammie]

In SG don’t have 10m really hard to survive

[@bobafett5757]

Why so many people have only 10k can survive ? So whats your logic ?

[@Longtermalwayswins]

I think hard. Need about 1billion just to survive. In sgd

[@espacetraveller]

nonsense talk

[@raoplns]

Similar confidence in china is seen few years back... Singapore may go the same way....neber say never.. never say we are special...use common sense