Young Adults In Singapore NEED LESS MONEY THAN WHAT YOU THINK

[@joshconsultancy]

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[@jytan740]

you ask the gen z to eat everytime cai fan, they say wait long long

[@joshconsultancy]

oops

[@limcheehean]

The $590 that Josh budgeted is $9.83 per meal, quite generous already. Assuming 2 meals per day (breakfast eat bread at home).

[@princevaliant]

Definitely doable but to SGreans or any gens, it's suah sway. That mindset must change first.

[@xminervaxszf]

With this life, probably stay single forever

[@WildSheepz]

You rather stay poor forever? Just be smart, no one say you need to live like this forever.

[@DonYang73]

If you cant do this, you will stay single forever.

[@ocswoodlands]

The problem with that expenditure table is obvious. When you put discretionary savings at the last row, that will end up at $80 after you have placed everything else ahead of savings... simply that 😅

[@joshconsultancy]

well said =)

[@chilly2171]

Yes, it's possible to SURVIVE, but isit really LIVING? Even at 8k+, attached but not married, I find it hard to save a substantial amount.

[@joshconsultancy]

Expectations may be too high? Lets be sensitive to lower income families

[@chilly2171]

@@joshconsultancy I emphasize with them, for they must be suffering a bigger pain than me.

[@DonYang73]

1. Cut netflix youtube etc 2. Insurance unnecessary as medishield and co. Insurance covered 3. Transport $200 max. 4. Phonebills $50max 5. Entertainment $100 a week max When starting work, learn to take hardships and budget well. I was lucky that i didnt need to give parents but i save 40-50% of my salary as a young worker 25 yrs ago

[@joshconsultancy]

Insurance is necessary. Medishield and co insurance has limitations. And not all have co ins k

[@DonYang73]

@@joshconsultancy yes, didnt say it wasnt, but depends on what kind of insurance.

[@Fireworks-ns8lq]

My sg room rental already 1k, supporting parent and their home mortgage another 1.5k

[@joshconsultancy]

Understand. Different situation. You chose to stay along out?

[@Fireworks-ns8lq]

@@joshconsultancy parents stay in malaysia and I bought them a house to stay as they are staying in rental previously. My monthly expenses (includes insurance, travel and taxes) before saving already hit ~4.5k as single, not sure how to reduce further

[@limcheehean]

Concession pass is only $128 per month.

[@joshconsultancy]

Exactly!

[@RevoOnRev1337]

@@joshconsultancy the student pass went down to 81, bought it to force myself to walk outside more and network new people 🤣

[@frf3ed439]

We need a cars depends on our job scope.if we live in Paris ris and we work in tuas. Taking public transport will take you more than 3hrs including eatinf breakfast and showering

[@joshconsultancy]

Understandable. But i guess thats why many who work in airport/airline stay in tampines or pasir ris

[@DonYang73]

If car is a need for your job , then maybe thats not the right job at that salary. Singapore is small, wake up earlier to go to work. Its about the ability to take some hardship. Train yourself when young. I am certainly qualified to dispense this advice now that i am 50 and a multimillionaire with 8 digit networth.

[@yingminlim2534]

Thanks for video, useful for fresh graduates. You mentioned someone with a higher pay and still holding on to debts. Owning a house in SG, is inevitable to have a mortgage debt

[@joshconsultancy]

Hi Yingmin, Yes mortgage debt is inevitable and one of the better loans to have. Id advocate to ensure on affordability. The ocbc wellness survey mentioned on loans and other credit card debt even on some in high income. That part is worrying. Hope it clarifies

[@juniorjr5328]

With rich parents. Don’t work also can

[@obvrealistictroll]

how to even take the "viral" clip seriously when phone bills is at $100, lul. not hard to encounter kids living in delusion 🤷‍♂

[@leguezennecx]

This equation never assume the true cost of independance and freedom. Leaving at your parents place is not a sustainable solution from my european mindset. Equation need to work with a room rent cost. Think of all malaysians who live here, work hard for your nation, they do not have cpf and need to squeeze a room rent and no choice. Life for low income earners is seriously unbalanced . How to be social how to meet a partner, all these steps have a cost. Yes can cook to save but making your young years a misery to maximise s&p500 allocation, i am starting to see that this strategy is getting too unbalanced. Singapore is just too expensive right now land too little is done on the ground to limit the impact.

[@joshconsultancy]

pov noted

[@thomashay79]

alot of youngsters nowadays is enjoyment comes first.....

[@joshconsultancy]

Yes, I see many of them outspend me at restaurants. Hence I thought of reinforcing for the younger generation some basics in prudency

[@ming.k1656]

Is 100k by 30 saving goal that everyone talks about before big life events like house / Reno / wedding / kids? 😢

[@joshconsultancy]

It can help w big life event costs. But don’t worry too much about it. Do ur best and do the necessary right steps to save

[@shawnang280]

For my case as a 42 years old man with 2 kids, when we reach our milestone of marriage/new house, saving will be reset…

[@jironghuang4895]

It's after

[@greyzonee8242]

how about guys hitting 50 ... emergency funds? it is like the runway is so limited.

[@joshconsultancy]

Guys at 50 need to prep urgently for retirement. And winding down of liabilities. Different lifestage

[@Phonedumb]

Hitting 50..... this will be the time to save & invest well and watch the compounding effects year after year. I was reading somewhere, the last 5 years before retiring are the years with the highest savings.

[@exploringapis4495]

no money for paktor? guys in sg expected to pay for meals at least the first meal

[@joshconsultancy]

Lady in the how I saved $100k story is in paktor phase. Depends on how you save =)

[@exploringapis4495]

@@joshconsultancy lady paktor is free! guys paktor is pay!! $$

[@thespacejedi]

@@joshconsultancy The original comment is for guys though and many still expect guys to pay for stuff

[@whis5448]

Even with retail salary of $1.5k, there is also ways to save. That time before marrying, I drove a cheap small car, live with parents and still able to save with that 1.5k salary, of course you have to give up on a lot of things, like no travel, no expensive toys, no expensive restaurants etc, it's all in the mindset.

[@joshconsultancy]

Absolutely. Can even be without car if job nature or family needs dont really require. Beautiful part is when we marry the person when we have no money, the person will also stick when we have =)

[@steffilee8415]

Parents still young , still can work ... if this person is in her early 20s ... their parents most likely born in late 1960s or early 1970s .... they are still consider young , still can work ... also they should have enough savings to fend their retirement . No need to give $800 ... The most as their child , just give $200 for their allowance... this is to show appreciation of their upbringing..As parents, they should feels good of this appreciation.

[@joshconsultancy]

Fully agree