The biggest scam of "buy now, pay later" is that if you can't afford to pay it "now", there's an 80% chance you can't afford it later either.

@theoph1932

2 ай бұрын

"You'll own nothing and you'll be happy" - Klaus Schwab, WEF

@jeddjoseph237

2 ай бұрын

Whenever possible and I have time to track it, I always "Buy now, pay later" if its 0% interest because of TVOM, but record the whole expense in my budget IMMEDIATELY IN FULL. So i don't blow my budget, that's the only way you properly deal with credit i think, except for larger purchases like houses and all that.

@OwninFools2020

2 ай бұрын

I used this all the time. I buy thing on sale 1600$, retail price 2300$, with interest it comes out to 1750$. i still saved money and i get it now.

@gavinlew8273

Ай бұрын

We should talk about housing mortgages. It's definitely always a case of "buy now, pay later". When you buy a house, it's usually an upfront payment of $200K and with the intention of paying back the rest over a few years..

@JustMe-12345

Ай бұрын

@@gavinlew8273yes, but there its something you are planning to use for a very long time, and deliberately setting money aside for that to pay off. You cant just forget about a mortgage. But forgetting about the 57th beauty item you need to pay 15$ for next month is easy. So you loose track of it. One time 15$ is nothing, but 50times that "small" amount is 750$ so a bad choice Its less about the bnpl thing itself, more the how i guess.

I really hope there are more representation of the different spending habits. As a millenial I do not have the kind of spending habits represented here and I still struggle to save every month because of the rising cost on necessities and groceries.

@ahn0x

Жыл бұрын

bro they've been shitting on us for the past 20yrs to distract from the macro-trends and systemic failures, it's all a scam to make boomers feel superior

@Remomba

Жыл бұрын

You have an income problem, not a spending problem..

@livmorganfan8528

Жыл бұрын

Im 29, am i a baby boomer?

@daviddaviedavidson

Жыл бұрын

Maybe - just a practical tip - meet up with you mom on Sundays - get 5 Tupperwares- and let her help you with meal prepping.

@Yukiniku143

Жыл бұрын

TBH I think the people in the video are likely not millennials but Gen Z

She literally gave us the financial version of “my dog ate my homework” when asked about her savings🤣

@daasocialninja4804

10 ай бұрын

But her dog got sick unless you don’t care about your dog and just let your pets die which says more about your character, vet bills for a millennial who is jux starting out is very expensive. I relate to this as well because my dog is also sickly. u think I want to spend all my savings like this? But unlike you I will not let my dog not get life saving surgery she needs for better quality life.

@worldofmango1409

10 ай бұрын

⁠@@daasocialninja4804relax ok. It’s a joke lol

@daasocialninja4804

10 ай бұрын

@@worldofmango1409 is that what that was? A joke? Just looked like a bad trash opinion to me.

@Rncko

10 ай бұрын

@@daasocialninja4804 Is it really bad? While companionship of an animal cannot be measured in currency, but from that example alone it is clear that the relationship does not come free & if it continues to rise as the pet grows older...... she really need to take it into account and plan accordingly. Otherwise that "bad joke" will be the reality.

@daasocialninja4804

10 ай бұрын

@Rncko what are you trying to say? Every relationship comes with costs. Your parents will grow older and require treatment as well, can you plan for that? Let me ask you, how do you plan for sicknesses? It's just a part of life and if ur lucky you family and furry friend will be healthy for a long time but if your unlucky and they get sick you still need to go about life incurring these costs the best way you can especially if you have not financially established yourself yet, that's when it becomes a problem. No one will point out oh ur just bad at spending money or you dog ate your bills if you are already rich but if u don't have the money all kinds of questions come in such as is it necessary to get them the treatments they need. Do we really need to pay for so and so.

Have a student debt and using a card to pay it off yet still buying luxury make up? Doing gig work but still engaging a personal trainer? These are all bad decisions and poor planning. Terrible just plain terrible.

@peaelle42

2 ай бұрын

but she's able to make 5k a month!

@dt4654

2 ай бұрын

the people who do gig work or freelance know the reality when they are much older, they just might choose to not have kids or a family to be able to do gigs as their job.

@sakshigupta8603

Ай бұрын

just bad choices she'd look much better if she works on her diet and exercise - it's just sheep mentality you see others do something and you gotta do the same no willpower to make better decisions or hold back

What worked for my husband and I (both 29) - We only buy what we can immediately pay back. If we can’t pay it back immediately, we save up for it. It’s no fun but it keeps us from going into credit card debt!

@raff1584

Жыл бұрын

Living debt-free is actually fun especially when we managed to set aside some money to invest and watching them grow!

@Remomba

Жыл бұрын

​@@raff1584 inflation alrd 7% what do you invest in?

@davidbrayshaw3529

Жыл бұрын

@@Remomba Forget inflation!!! You can't control it, you can't do anything about it, it doesn't matter!. Well, yes it does matter, but that's another point. Your investments or interest paid on savings mightn't keep up with inflation. But it's far better for you to have investments or savings that aren't keeping up with inflation than not to have them. And remember, inflation only hurts you when you spend money. Yes, it's unavoidable, spending money, but much of what you spend and how and what you spend it on is your choice. Be in control of as much of your destiny as you can.

@Remomba

Жыл бұрын

@@davidbrayshaw3529 I do have my own investments..

@davidbrayshaw3529

Жыл бұрын

@@Remomba Good to hear. There's not much you can do about inflation but you can at least improve your situation as best you can.

I wish they would show young people who would actually try to save rather than representing us like these people who don't have self-control or overspend on everything when in reality most of us don't spend like that and are struggling with our debts from education and family financial situation not overspending.

@heyilikeable

Жыл бұрын

To you it's not having self-control and overspending. But the girl seems to be spending well within her means and able to afford a big room of her own. The reality is that many young people are moving out of their parents' place to have their own space and privacy. Just because you can't relate doesn't mean it's not happening at all in Singapore

@schadenfreude6274

Жыл бұрын

If you don't spend like that, what is the point of living? Imagine being disciplined saving up alot of money and then die in a car accident the next day and all those money you saved are just wasted. :)

@oldmanjoji1451

Жыл бұрын

@@schadenfreude6274 the rules of money game is either you increase your income or spending less. that's one of many ways to get out from the rat race. i think the problem with millenials theese days is they spend more money for their lifestyle rarther than spend some money to increse their income

@bobobobo1693

Жыл бұрын

@@schadenfreude6274 Or you can buy luxuries without going in debt? Just save up, while doing that contemplate if it have enough value for you for the price.

@1337hacks

Жыл бұрын

It would make for a really boring episode, no anxiety for the viewer and a sense of alienation if the prudent saver earns more than the viewer. Also would create the narrative of no intervention required or challenge to address.

Funny thing is I've noticed the stress of lack of money makes one want to spend on small luxuries more often... In times when I got a large bonus I would save it all and become more goal oriented and hold off on spending. But whenever I was in the red by a little at the end of the month I would go buy some extra snacks to make myself feel better or spend more in total on bulk items assuming I'd save money in the long run when sometimes I cannot even use it all or the product isn't as good as I thought...

@Parabellum-oe3sw

Жыл бұрын

Same, I was 5000€ in red numbers and kept spending like there was no tomorrow. Now I’m relatively loaded and contemplating for days on spending 100€ on something I don’t necessarily need

@eurika297

Жыл бұрын

It's called Retail Therapy. It's a psychological battle. But I just remind myself that buying something to make me feel better now would just transfer my present pain to future pain and it works for me.

@nurisakinasuharto1575

Жыл бұрын

So it's a thing?! I have that same habit too

@jinyboi

Жыл бұрын

It's stress in general that makes people spend more as it provides a sense of relief

@username566-jb8sx

10 ай бұрын

THIS!!!

Its not “Buy now pay later” its “Broke now, broke later”. If you have to put it on a payment plan, maybe you just shouldn’t get it, or wait until you can actually afford it.

@petelee2477

2 ай бұрын

This is an insane argument. If I waited to buy a house until I had $100,000 in cash I would be living with my parents until I'm at least 90 years old.

The solution is actually quite simple - stay away from friends that continuously give you pressure to compare and spend in order to fit in. Instead develop network and habits that encourage you to work hard, save and invest to improve yourself constantly (ie building skills for the future). No one owes us a living. We owe ourselves a chance to do well and enjoy our lives after we have earned it.

@jackcylow

Жыл бұрын

Ah, general life advice that go loud on solution but doesn't address the problem.

@alpacainvestments

Жыл бұрын

@@jackcylow what's the problem in this case?

@tanjongmalim6869

Жыл бұрын

​@@jackcylow once the advise is followed from young, problems will not surface.

@tslee8236

Жыл бұрын

​@@jackcylow Educate the financially clueless. You cannot save someone from themselves.

@tanjongmalim6869

Жыл бұрын

@Broski Snowski I am agreeing to SummerTech post. That is the golden rule for not falling into debt trap. As to which generation is better, I have no data to benchmark.

the problem is : self control

@nightbrawler5283

Жыл бұрын

agreed

@bchpls24

Жыл бұрын

​@@nightbrawler5283and instant gratification

@xyzmediaandentertainment8313

Жыл бұрын

No. It's moron like you hoarding all teh wealth.

@urbanhunter81

Жыл бұрын

Agree

@Magikfred

Жыл бұрын

Eh half and half, I would say only 40% of young people do these things and accrue a lot of debt. Most young people are pretty good and frugal with their money since they are well educated, and still struggle to pay for their livelihoods. They don't have the luxury or safeguard of housing/savings to begin with. Rent is really expensive, alone being 3 times people spend on food. Nearly everything has increased in price with only marginal increases in wages in the past two decades. There are less opportunities and way more people. People who are secure can easily blame it on lack of self control, but it really is just the system. Debt is a form of motivation which countries employ but it ain't a good one.

Thank you for this video. I wanted to share my story on this. Currently in my 30s, when I was 20s, I was living paycheck to paycheck, spending my money away. When wedding and house came, it basically wiped out all of my remaining of what little I had. Little did I know 6 months down the road, my dad landed in the hospital - lost his job and had his leg amputated. I rmb the 1st bill came, after 3 surgeries with no much insurance Coverage on his end, the bill to pay in cash was a whopping 40k. I was so disappointed at myself, angry at myself for not being able to have enough money to pay off his bills, not even half of it. What a bad daughter I am. Why didnt I save more - that point of time, the branded bags, branded skincare didnt mattered to me anymore. Fast track to now since then, I am very careful with my spending and have seen my savings snowballed. This taught me a hard lesson which has forever changed my spending habit.

@hemjoo

Жыл бұрын

Thanks for your honest sharing. Appreciate it.

@cuteyalexia

Жыл бұрын

I’m sorry that that had happened to your father, but he really should’ve had insurance, so not having the money to pay his medical bills does not make you a bad daughter. I’m not being hard on him either because many of us don’t understand how to put things in place to save us from financial ruin.

@Heller_215

Жыл бұрын

I'm 20 and about to turn 21 I have two chronic illnesses and I try to be as careful with my money I used to love brand clothes but now I try to shop second-hand as much as I can and buy clothes when I actually need it not because I think it's pretty I have to save up for most of my medications and am not working hopefully soon I can find a job that will accommodate my chronic illnesses

@gemasboy

Жыл бұрын

Thank you for sharing. May I ask, what was the illness that caused your father’s hospitalisation and leg amputation? Coz I have an elderly family member too.

@endi4654

11 ай бұрын

​@@gemasboyI've heard one of it is diabetes. Be careful of sugar consumption..

Problem 1: Not living within your means Problem 2: Not being financially literate

@ehm-wg8pd

2 ай бұрын

problem 3: cost living in singapore

The problem with BNPL is that it gives users a false sense of security and dulls the "pain" of spending. If someone spends big one month, then they will think about that big purchase and not buy much more for the next few months. However because that big purchase now became a smaller purchase for that month, they feel more comfortable about loading up several more large purchases (all with smaller instalments) until they hit their "pain" point. However instead of the one big hit on the budget for that single purchase, they now have several months' worth of big spending to pay off, often for discretionary purchases instead of necessities. In the 80s we were always taught to divide what we want to buy into "needs" - things we have no choice about and have to buy anyway, and "wants" - things we don't necessary need to have, or at least not immediately. If you can delay the spending on your wants until next month, often times you may find that you don't want it after all. This helps control "impulse buying" which is the reason why people often lose control of their spending.

@constancele3908

Жыл бұрын

Thank you for sharing!

@topsgaming4266

Жыл бұрын

Yes, I want to add on that credit cards have a similar effect. This is why I don't use Atome or own any credit cards I just pay by netts or in cash. The credit system is designed to encourage people to overspend. I am worried for the future the next generation, my kids will have to live in a world where people are all in debt and living on borrowed money. Sad as it is, I don't see a solution to how we can lower prices and make daily living more affordable. Printing money will only cause inflation. The only way is for central bank to raise interest rates to suck money out of the system, but this will cause banks to collapse and people to go bankrupt.

@tlq4957

Жыл бұрын

Am i the only one here that uses BNPL for big ticket items that will disrupt monthly cash allocation?

@cakferi8680

Жыл бұрын

Thanks for sharing, these are useful advice that I also use myself to control expense within necessities not the want

@rahulagrawal2381

Жыл бұрын

To add onto that, it falsely inflates the spending power, which is not good for economy, the bill comes due and debt has to be paid someday, you can inflate today but it will deflate later on for sure. BNPL are also alternatives for people who have poor credit scores, in fact they are their primary target. To give out a high interest loan to someone who conventionally wont get it creates a heavt delinqency problem, I have couple friends who have used these 3% discount cards, BNPL services and are almost always in trouble.

The first girl, she can basically save up so much more if she could have just taken MRT. Also, you don't need to hire a PT if you're motivated enough to stay fit.

@sanglanun21

Жыл бұрын

+ no pet, it will suck more money if u not rich

@engjoo6757

Жыл бұрын

Staying in singapore and not utilizing their efficient public transportation such as MRT is pretty dumb if you ask me. Basically they reap what they sow.

@ksy6177

Жыл бұрын

@Rohit Goswami then need to see if can claim from company I guess. Need to work that into your contract

@kardin25

Жыл бұрын

@Rohit Goswami yea that is fine, but shes freelancing and doesn't even have a fixed income. I have a fixed income and I don't even take cab everywhere 😅

@hansared8668

Жыл бұрын

Depends really on the end result. If you don't know where to start and you have a fixed end goal and you're getting lots of value then yes. Think of it as buying a low end luxury bag only instead you're investing into your health. Think of it as paying for "activation energy"

I'm in the US. It's crazy how young people worldwide are struggling. We need to collectively fix this.

@historiqueafricaine1225

Жыл бұрын

The Dave Ramsey show and his multiples books on finance for the past 20 years has been helping thousands if not millions of people in Northern America. I think those who are willing to learn and change their harmful habit will but others won't

@endi4654

11 ай бұрын

In Singapore inflation do affect livelihood especially the bottom 10%. Problem gets wider for those who 'live like the Jones'.. Technically if you take public transport and eat at cheap hawker, you can live by..

@anubizz3

8 ай бұрын

Who need to fix this? Government? or the people that keep spending spending and spending?

@ren7sp25

8 ай бұрын

Stop buying crap!

@parkermeng

5 ай бұрын

Self discipline is the only way. We cannot keep spending more then we earn and expect some Fairy Mother of Coin some save the day

This is all about instant gratification and not having physical cash in your pocket. When I was a child my parents stressed waiting until I could afford to buy the item. The fact it was virtually to get a loan of any sort was probably a blessing in disguise

I think there can be more parts to this series. Would be great to see a diverse in how young singaporean adults spends their money

@kingsufi6164

Жыл бұрын

Ikr.

@GibusGibbers

Жыл бұрын

What surprises me is how the video is titled. 10 - 15 years ago, if this video was made, it would be titled 'The Dangers of Credit Cards'. I don't understand why the whole narrative is about the current generation. Getting into debt and not being to pay for them has been an issue ever since the dawn of time.

@StochasticityIO

Жыл бұрын

CNBC Has a long series called millenial money but its US centric. Still interesting to see the diverse incomes and spending levels across the US though

Before I my wife lost her job I never understood why people struggle with buy now pay later or credit. But with the money being tight and reöying in my credit card to pay for gas to the car and groceries I finally understood how people could get themselves so severely in debt. Not to mention the urge to eat out and buy yourself a little treat to relive yourself of the immense economic stress...

i learned this somewhere - if you can't afford 2 of the item upfront in cash, you probably shouldn't buy it now. It's quite a good guiding principle when I want to buy any big key items.

I think a major issue for my generation and others now days is people want to act rich without having the financial means and discipline of those who actually can afford those items. Marketing can be sneaky and too effective. Everyone needs a budget and saying "no" due to your financial goals and situation is fine. Buying so much throw-away items and not being able to save for a rainy day should make more people concerned - enough so that they'll actually sit down to figure out what they can actually afford.

@NoelCon100

Жыл бұрын

I think the "looking rich" trend is really hurting a lot of people's spending habits. I'm 20 and when I was around 12-14 I was the same. I would choose to skip meals and save my money for needless things like clothes and shoes. It wasn't even designer pieces it's literally just so I could afford Zara. I was dumb. I really could have saved more if I just quality pieces or second hand or didn't buy at all. I just wanted to seem rich even though I really wasn't and pretty much living off $150/mth allowance back then. I work part-time while in poly so I have a bit more to spend but I generally on spend 20% of what I earn and the rest goes into a separate bank account and I don't touch it. I stopped buying from fast-fashion and almost only buy second-hand or thrift once maybe every 3 - 4 months.

@florianlaur5300

6 ай бұрын

It's all about discipline and that's regardless of the generation. People need to stop caring what others think. Even if we live the way they "want" us to live, who cares?

@Unitaur19

5 ай бұрын

The power of social media

@keselekbakiak

3 ай бұрын

With credit card and internet expose us to wealthy lifestyle, i am not surprised if lots of people fall into these debt. People graduate and expect instant premium careers that can support their lifestyle. But instead they have mediocre low wages, and that's where debt comes to save their dream.

I’m glad these people exist to help support the economy!

@tintintin534

Жыл бұрын

lol

@watermelon5303

Жыл бұрын

Ei yo, now you say

@kingsufi6164

Жыл бұрын

HAHAHAHHAHAHA comment of the YEARRRR hahahhahahaha

@MrIcegiant

Жыл бұрын

underated comment

@aimer3042

Жыл бұрын

technically you are not wrong. For the economy to grow, you need people to spend. If everyone saves and don't spend.. then the economy will downspiral and leads to a recession.

On VRI token , you've done an amazing job. How are you going to make all of these films and write all of the text in such a short amount of time? Exceptional work.

The issue is not overspending. It's inflation. These things deemed as "luxuries" today were commonplace 10+ years ago. The money is broken.

@smeshnoymatvey2054

6 күн бұрын

Buying $1000 gadgets and eating out frequently was not common 20 years back or even 10 years back

@robert8930

Күн бұрын

no regular person should spend 700 dollars on uber, go out every weekend, or have a fitness coach. choose your desires - you can have anything, but cant have everything. these people need some suffering in their lives.

It's just sad that globally most young adults' salary doesn't catch up with inflation. Yes, there can be strategies to save more, but you can't deny that owning a property, being debt free from student loans, etc is any easier today as housing and tuition costs have skyrocketed. I am in the U.S. and I wish there were more financial education when I was in school. I paid off my student loans after years of hustling and am proud of myself, but it sucked to have to make payments monthly to the point where I felt like it was just part of my life. Working towards buying my own place, but I don't see housing costs lowering that much. I hear Gen-z these days working a full time job or multiple part time jobs on top of being full time students....they have it much harder than me when I was in school. Reality is a lot of us would like nice things too...can't just work to the ground just to get by, but it's getting tougher and tougher out there.

@jnikz

Жыл бұрын

It’s up to you to demand a raise every at 3% of your base rate in order to beat inflation. If they refuse, find a new job. Problem with some people are they aren’t even getting annual raises and don’t care. I have 3 co workers nurses who haven’t had a raise for at least 4 years 😂

@dzeronut_boy

Жыл бұрын

Yup, inflation is increasing the costs of everything except wages. It's really sad that this is the state our the world we live in

@Raksasaification

Жыл бұрын

life style inflation as well. As a leader I bring lunch to work. My subordinates go for 20 dollars lunch daily. Starbucks every morning, even though we have a coffee machine.

@edgewrld

Жыл бұрын

they desire to much...

@LucasFernandez-fk8se

Жыл бұрын

@@jnikz inflation was 20% over the past 2 years, housing and cars doubled in price and gas went from 2-4$. Rent went up 40%-50% over the past 2 years as well. Tell me how you getting a 3% raise on 50k a year or 1500$ is going to help you when your 1 bedroom goes from 1000$ a month to 1500$ a month?!

It feels hard for me to empathize with these people since they got in debt because they follow their craving for validation and consumption. I hope to see another type of millennials or Gen Z who got into debt to just survive daily (low income) or due to some medical bills because I know those type of generation exists.

@hypothalapotamus5293

9 ай бұрын

I am a millenial and I agree with you to some extent, but this is how the Asian tiger economies are dying. Young people need to look successful to get by, but this produces high debt and low birthrates. Here's a haiku: CU in June heat. Even the clerk must look like He's from BTS.

Great documentary. I’m from the UK, same problem over here. I’m 41. Unfortunately, until you have a stable reasonable income, you can’t be buying designer clothes, eating out every week at restaurants, going on weekend trips every other month to e.g. Barcelona, shopping in Dior with the attitude of YOLO… social media does not help! It may sound “boring” what I’ve wrote but this is reality!

As a Millennial this hit too close to home. I have learned how to budget responsibly in my 30s but if I was in my early 20s again I don't know where I'd be. Our generation is so screwed 😢

@udontevenwannaknowbruv

Жыл бұрын

How did you budget if I may ask? I’m gen Z but I’m trying to avoid large amounts of debt because I know if I continue spending this way I will be in that situation. For example I can never keep money on my bank account a whole month long I’m usually broke within 5 days after pay day

@thesquad2253

Жыл бұрын

You gotta be thankful for what u already got stop thinkin u need stuff u dont need anything except food gas and pay bills 🤣

@snowyy.5275

10 ай бұрын

@@udontevenwannaknowbruvhow much you can save depends on how much your necessities cost. First map that out. If you know you’re the type that impulse buys, immediately throw the discretionary portion of your pay somewhere you can’t touch, like a 401k, IRA, or CD. Use debit cards not credit

@HermanWillems

10 ай бұрын

Zoomers are fked and make dumb choices. Millenials are fine. You had the opportunity to buy a house cheap as well

@Tonyscasa

9 ай бұрын

I really woke up in my late 20s. My early and mid 20s was filled with unlimited spending zero budgeting and no thoughts about the future. Luckily for me around 28 I started to save 70-80 of my monthly income and purchase my first unit at 29 . Than I slowed my spending as much as possible . Today I save as much as possible and literally only spend money on eating out insurance and gas. Biggest mistake is surrounding yourself with people that don’t value financial stability

Now I feel so grateful for listening to my mom because she always tell me not to take credit cards and never ever put myself in a debt such as buy now pay later. If I want something, I must pay everything all at once 😂 even if the item cost thousands.

@maanbustamante

Жыл бұрын

the issue is not about owning credit cards, it's about using it. credit cards are really good to have, the benefits u get such as deals promos discounts or free passes just to name a few all because of owning one is really good. it all depends on the user, if u spend more than what you earn then credit card is definitely not for u

@nicob6802

Жыл бұрын

@@maanbustamante agree. I own several credit cards and utilized the points/cashback buying the things i NEED (not the wants) and pay them all back on the due date. I NEVER pay a cent of interest to any of my cards.

@nicolems

Жыл бұрын

My credit card has no yearly fee and offers travel insurance as well as other goods. If you’re smart about using it correctly, you will face no issues.

@maanbustamante

Жыл бұрын

@@nicolems same all my cards are AMF free as well and packed with so many perks!

@kuaqimai

Жыл бұрын

It all about self control

Are we going to ignore the fact that Diana, who is 50, is doing pretty decent kicks and punches in the gym?

@kengleetan63

Жыл бұрын

Ppl like Diana...can laugh at these local strawberries lah...you can call Diana boomer or whatever...but in Singapore...ppl like Diana are already...FINANCIALLY SECURE....till RIP!...eat your heart out...strawberries!😆😆😆😆😆😆😆😆😆

@PaperPlay_

Жыл бұрын

she aged gracefully. always wonderful to see her on screen & in person

The real crime is charging $45 for an eyebrow pencil.

@robert8930

Күн бұрын

that moron said she buy high end products, so she deserve it

@kawkawmccarvs7802

2 сағат бұрын

No, it's the people stupid enough to pay that much. Debt is usually a choice

The engaged girl is so right about your environment (friends, relatives, peers) that puts pressure on you with its purchases. You dont't want to fall behind with latest stuff and stick out from the pack as the one who does not own it. I experienced it myself and wasted so much money on things that were not needed at all or in the longer run. My solution was to let go of the pursuit for material possesions and enjoy and appreciate what I already have. Then I realized how little I need to sustain myself. It's an incredible feeling of mental relief when you don't have any desires and anxiety over things you wanted but could not afford.

@Lazirus951

Жыл бұрын

That's a great realization you had! I wish people realized that the mental relief of not worrying about consumerism and materialism outweighs the fleeting "unboxing therapy" they might get in the short term. Being rich isn't about having expensive things, its about no longer needing to think about money on a regular basis.

It's easy to spend $100,000 within 1 day, but it takes a lot of discipline to keep $100,000. Nuff said.

Buy Now, Pay Later Spend More, Work Longer Don't Save, Find a rich partner

The inflation is real We are far very from the bottom, But we also need to talk about Amazons LBTNCRP300x as a gamechanger where we can avoid most of the losses. This is not a joke guys, this is the only chance this year gives!

The first guy in the video was really sweet from heart man we lack guys like him

Diana Ser and her husband James Lye has a estimated net worth of around SGD$10 million. She now owns a communications consulting and media training company, and James Lye is the global head of international banking by Standard Chartered Bank. If you need an example of very smart people being very smart financially in their everyday lives, it's these 2. And then I watch the girl who says she needs to buy more foundation. Paying her loans using her credit card and sometimes defaulting, on a 20% interest card!! Loans that are yet to be paid yet the purchases only get more expensive. I can only imagine what is going through Diana's mind. In the words of the great Dave Chappelle, poor is a mentality.

Like how CNA explores the buy now pay latter topic. I just wish there were more Gen Z and millennials represented. The choice of 2 interviewees for this segment is quite narrow as the Gen Z and Millennial population is very diverse. Wish there could be more interviewees to give this segment more diverse perspectives. How about including recently married couples with young children or fresh graduates that make below $3,000 at their first job? They all have rich stories to tell and would make this segment very interesting and better.

@bluejedi723

Жыл бұрын

43 here. Too young to be gen z, to old to be a millennial. Love to see more in my age range..40 to 45 shown

@gwendee

Жыл бұрын

@@bluejedi723 Gen Z is currently 11-26 years old. Maybe you're referring to Gen X? But yes would be interesting to see 40-45 y/os!

i'm a millennial and i do not do split payments because i don't like having extra payments looming over me. if i can't afford it up front i can't afford it period and i'll try again when my finances look different. the exception we've made for this, like many do, is the car. i don't even have a credit card

I never use pay later because it's the same as going into debt .Many shops promote paylaters with a certain percentage of interest

My wife is very frugal, and I'm happy she is. She budgets very carefully. Dave Ramsey is famous for saying essentially - save now and then you'll be able to live your dream life later.

@John_Smith_86

Жыл бұрын

He is an ass who takes kickbacks

I've only taken out a loan twice in my life. Once for my mortgage, and once for expensive dental work I could have afforded outright, but I was worried about leaving myself with too little in case of an emergency. People who are eager to take out loans don't seem to be aware that you are actually paying more money to have access to somebody else's money. It makes things more expensive than they otherwise would be. This can be acceptable for a home you are going to be living in for years while you are paying for it, or for some big necessary expense that can deplete your current account too rapidly, or for some investment that is necessary for you to be productive and make money (say, the computer monitor you need for telework breaks), but usually if you want to buy something you don't want to pay *more* for it than the retail price, right? Well, that is what a loan is. On top of retail price of the item, you pay extra to the loaner for the convenience of using their money plus insurance to cover for the people who won't pay them back. So of course you never want to take out a loan if you can avoid it. You want to pay for your stuff outright, and save up your own money to do it. So yes, financial illiteracy seems to be a major driver. Credit for makeup is ridiculous.

Every generation have some reason they have zero savings. Addiction to Grab, I mean in the past you have that class of people who just take Taxi only in the 1990s - 2000s, its just been replaced by Grab. And is she sensible, well she ownself know she can accept Hawker Food, I wish her all the best, know how to balance her budget. Then the woman spend $300 on makeup, in the 1990s weren't there some people who spend like this. That Hani Buy Now Pay Later and the Jack Neo "Money No Enough" buy everything with installment got difference? Same problem, different packaging. Let's be real, there will always be people who are totally inept in financial management. And these are the very people CPF is there for. They cannot be trusted to manage their own money, the government has to make sure that they have money, and the rest of us don't have to take taxpayer money to bailout these people. Low pay does not mean no savings. When I was in secondary school, I once helped a cleaner read and check her bank book. In a time when cleaners earned $800 a month, she had 44k in the bank. While it is not enough for retirement, if she went jobless she isn't in trouble. Even with a paltry salary, frugality goes a long way. Every generation have one group who totally cannot manage money, and well if you know you cannot manage money and cannot earn enough to justify your expenditure, you have to accept by the time you're 50-60 years old, you're going to have to work.

@Kimtesfaye

Жыл бұрын

Nice reference to the film haha

@yenawla

Жыл бұрын

I love this comment! It really isn’t a problem unique to millennials or Gen Zs

@Bunny11344

Жыл бұрын

That woman that spends the money on makeup what a joke.. she isn’t even attractive or cute so why waste the $

I'm in my 30s. Never had such problem. I'm guessing growing up with different environment and peer pressure is the main source of motivation on unnecessary spending.

@emmaclaire6610

Жыл бұрын

i’m 19 don’t have that problem , is prrson to petspn

@toxicmaniax5719

Жыл бұрын

Peer pressure is a big one. Couldn’t save cause I was always going out smoking and drinking. Smhhh

@thesquad2253

Жыл бұрын

Duh u cant even hang with most crowds these days unless u dress like them and drive a car like theirs 😂

As soon as I heard Mr Afzal Hussein "if you don't understand money you will be at the mercy of people who have money" ... I was like yea... let me get my note book out great information, Hussein you never miss.

I lived in Singapore for a couple of months and it blows my mind that people even have cars given just how convenient, clean, quick, and reliable the public transport is there. Singapore is the only country in the world that can ban all cars and bikes tomorrow and still function normally

@shauncameron8390

Жыл бұрын

Not everyone wants to be packed like sardines.

blows $100 a week/fortnight on wining and dining and is only willing to pay $80 for a washing machine.

@weelingchew8842

Жыл бұрын

Ikr

While an important topic to highlight, I didn't like that the program focused only on people who seemed to be okay spending more on grab, or makeup. The insinuation is that all young people aren't good with money management and that we spend too much on unnecessary things. Reminds me of the 'avocado toast' argument boomers like to use to explain why millennials are poor. There are many many regular people who try their best to spend within their means and are still struggling, even more so in the past year or so. I'd count myself amongst these people. Perhaps a discussion on capitalism and corporate greed is beyond CNA's mandate.

@heyilikeable

Жыл бұрын

The trick to financial freedom isn't to spend less, but to earn more...

@bobobobo1693

Жыл бұрын

@@heyilikeable why not both? it's not a binary option, it's a sliding scale.

@SkySpiral8

Жыл бұрын

Absolutely, many friends and I are millennials and we are wise with money, but many still can’t afford a house. Our parents could afford a house on an equivalent or lesser salary.

@heyilikeable

Жыл бұрын

@@bobobobo1693 because it makes more sense to upskill and or have a side hustle to bump your salary by 40% than to scrimp and save just to be able to save an additional 10%. It's a skewed sliding scale between a pay raise of $1200 or a meagre $300 just to restraint yourself from comfort and luxury.

@John_Smith_86

Жыл бұрын

And are you actually a doctor?

The year began and something is already making it better than the entire 2022. Amazons VRITKN300 came out and it's such a great thing no matter where you come from. Everyone can participate and it is making many things easier than they have been. For example I live in France and this is something no one else could do for me here, if I just keep sitting on my toes for the next 5 years I'd simply go broke, now I can change that.

@shawn_magnum9208

Жыл бұрын

Spam bot!

This is an extremely narrow perspective on this issue. Congrats, you found someone who spends somewhat frivolously and someone else who doesn't have steady income to begin with. Is it too difficult to find Singaporeans who have been steadily employed for years after graduating and are facing increases on rent and groceries annually? I'm sure you can at least find someone who hasn't ever spent up to $800/month on Grab. I don't think I'm wrong in saying that plenty of people between 21-29 don't spend like these two and yet still struggle to keep up with actual necessities.

@train_xc

10 ай бұрын

If you spend $800 on Grab, you ought to earn at a min $8000 per month and steady . If you earn less and spend crazy at Grab, you just need to cut down

Hopefully CNA can do a video of a financially prudent Gen Z so that we can learn! As a graduating undergrad who spends quite little, I am actually still worried if I can afford a HDB that costs more than 500k D:

Solution: exercise self-control instead of blaming everything and everyone except yourself. If you want to spend more, work harder and earn more. If not, tighten your belt and be realistic.

Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.

@chrispaul3778

5 ай бұрын

Who is your financial coach, do you mind hooking me?

@kingbush9328

5 ай бұрын

Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?

@cassiejacobs4197

5 ай бұрын

​@@kingbush9328Cryptocurrency investment, but you will need a professional guide on that.

@cassiejacobs4197

5 ай бұрын

Facebook 👇

@cassiejacobs4197

5 ай бұрын

Evelyn C. Sanders

I grow up in a society where debt is frowned upon. I'm a gen Z and yes I love living cheap.

@MinkieWinkle

Жыл бұрын

That seems to be a rare trait today, Good on you buddy, keep up the good work. Don't be drawn into the debt trap

This is an extremely good topic to talk about. Increase cost of living expenses, the ease of access to buy now pay later such as credit card, atome etc. School loans, house loans, any other loans paying in installment... as times passes, your daily to monthly expenses due to all these "pay later/installment" will just keep stacking till the day you realise... opps its higher than whatever i earn. There's only 1 thing that i notice they didnt talk much about credit cards. Lots of the CC tempt the young with higher cashback rewards etc if your monthly spending is higher than a certain amount. this. There are times i met some friends who decide to spend their money unnecessary because they went to sign all the higher reward cc and they want to hit their target spending by end of the month...

This was such a powerful and relevant video. Even though I do not live in Singapore, I still relate to and understand the message of this video. Well-written and presented, would love to see more of this! Subscribing to the channel.

I think it's more complex than just having irresponsible spending habits. Yes, there are those that overspend, but I taught high school, and a lot of my students were very open about the fact that (at the age of 14-18) they had already given up on ever achieving any large-scale financial goals such as owning a home or being able to afford children. They didn't care about saving money because they didn't see a point in even trying to do so since so many things are just simply out of reach. They would pay $20 for Door Dash because, to them, $20 is nothing compared to the hundreds of thousands needed to do something like buy a home. They didn't see saving that $20 as having any impact on their future ability to afford a large-scale purchase. I don't think it was their intention to have irresponsible spending habits; although some were aware of the fact that their spending habits weren't healthy or practical. I think they just literally could not comprehend how on earth they could ever achieve longer-term financial goals. They didn't know how to do it and couldn't see themselves succeeding at it, so they didn't even try. Truth be told, I can't say I blame them. As a millennial, I don't know how to achieve those goals, and I've been trying to save and pay off debt for over 20 years. Even being debt free has had zero impact on the fact that I still can't afford things like housing. It's honestly exhausting, and a part of me wishes I'd just lived a little instead of being frugal because now I don't have the energy or freedom to travel or do other fun things that I could have done back then. It wouldn't have made a difference in my long-term financial situation either way, and I wouldn't be sitting here now wishing I'd just done those things anyway. Kids aren't idiots. They know when something is a lost cause, and no amount of scolding them for their spending habits will change that if they can't see real, tangible results for their peers and their parents.

@OpulentWife

4 ай бұрын

Exactly, I am annoyed that the media is pushing this narrative. Owning assets is too expensive, so people are just buying what’s makes them feel good in the moment like you said. Happy to see that a lot of people are seeing through this isg

@untouchedbytime5337

3 ай бұрын

Good answer

Buy Now, Pay Later has helped me. Our washer was starting to go out after 15 years, dryer was over 15 years. Both having been fixed. The same week our washer went out, the dryer went out. Bought a brand new washer and dryer set using this option. We did purchase the basic set with knobs. So we're paying back $900.

Jack Neo’s “Money not enough” is the perfect example on the repercussion of BNPL model

please do an episode on the savings plans by "financial advisors" next

@believe88

Жыл бұрын

this.

I am soon to be 24 and I am so glad to not be part of the group of Gen Zs that are spending more than they can earn or living a lifestyle that they cannot afford (with their own money and not their parents). I took a student loan and paid it off as I studied, it was not easy and forced me to really work hard and save up enough to pay off my debt and still have a life. Freshly graduated now with a full time job (and a few side hustles) and it is a must for me to save at least forty percent of my income every month.

I love the Klarna 30 day thing But I have to make sure that I put the correct amount of money in a separate account for when the bill comes. I like it because I can receive the stuff first, and if I need to return it I don’t have to wait to get my money back. I’m very strict with myself when it comes to using pay later. Sometimes I need something earlier than I get paid

Buy Now Regret Later 🎉that’s how it’s planned

😅 didn't really like how the girl blamed her dog for wiping all her savings. if she can save her money on grab, she wouldn't be putting the blame on an innocent domestic housepet.. :"(

@awkwardsmile

Жыл бұрын

If your savings at 28 are wiped out by vet visits then it means you didn't save much

@eudorac91

Жыл бұрын

Means she Grab too much lol. 700 bucks on Grab is wayyyy too much. I don't even think I exceed 100 Grab a month (I won't dare to say I *never* Grab, sometimes it happens if its early/far) but .. not .. 700 bucks ..

@mariak4311

Жыл бұрын

Yep. Saving for saving. Not for emergency. She should put aside for emergency saving, its exactly for sudden, rarely happens situations, like broken refrigerator, sick pet that need big expenses etc.

I'm from the older generation Gen X born in 1979 and I remember back in my young adult days when internet weren't mainstream yet, I was also like that. But unlike today, the peer pressure was felt with your friends, co-workers or family members who you see are wearing or having luxuries and as a result, I was also pressured to live up to that standards. I had credit cards which I overused and then overtime had trouble paying it. I guess its a young adult thing regardless of generation.

CNA should do more of this topic. Maybe go around and interview more millennial on their spending habits.

As a young guy going into NS, this really gives me a wake up lesson before its too late.

Recently many friends in my group started purchasing brand names. It feels like a regular thing for our age group (30s) but I still holding my thoughts on purchasing a big piece. it’s very tempting. This video really comes in a right time 😅

Every time there is a documentary about millenials I swear they deliberately pick the ones with the worst spending habits. We are NOT all obsessed with spending on non-essentials.

This happens when you dont have self control + to much exposure to social media + friends who loves to spend ridiculously even they cant afford it

Wah 700 to 800 per month on just Grab. How much does she earn man 😮 not forgetting her weekly or every other week dining expenses of 100 per pax / personal trainer fees. Whenever I get my 1.40 or 1.60 kopi with maybe a 1.80 bun, otw to work, I feel super heart pain already 😅

@heyilikeable

Жыл бұрын

Still cheaper than owning a car leh...

@Stephseff92

Жыл бұрын

@@heyilikeable yah lah true but like that amount alone on Grab is shocking to me 😅

@class6aa

Жыл бұрын

My personal practice is never pay for coffee during workday cos I just drink free coffee from office 😂

@ClaraFlater_than_surface_board

Жыл бұрын

@@heyilikeable why you compare to something that is more expensive? that mindset would get in even more in debt.

@heyilikeable

Жыл бұрын

@@ClaraFlater_than_surface_board if it helps with your mental health why not? Public transport is not a comfortable experience and some people would rather pay for a peaceful and sane journey to and for places.

These people seemed to have some problems trying to control their expenses. How is a single spending 3k for living expenses?

@heyilikeable

Жыл бұрын

Need gym membership, dinners and drinks at restaurants, cab to places, holidays and cruises, provide for pets, make up and skincare, new iPhone and MacBook every year, buy birthday gifts for friends, attend wedding dinners and give angpao, buy new clothes for weddings, celebrations and clubbing, buy LV Chanel Burberry bags to reward myself. Eh 3k like already very prudent leh

@dwichiesa

Жыл бұрын

Please don't. We need them to spend so our economy grows. Those who knows will know. Those who don't will spend and keep the economy going. Must thank her!

@schadenfreude6274

Жыл бұрын

@Lamiee Lam you must be a Boomer. Spending 3K for living expenses is considered very low class already. The average expenditure is actually more than 5k. :)

@kengleetan63

Жыл бұрын

Even drink coffee must go to cafe....not kopi tiam.....spoilt lot....local strawberries!😆😆😆

@987ujhpl

Жыл бұрын

@@schadenfreude6274 well your acquaintances are well to do

The problem is: having the mindset thinking you can consume whatever everyone else is consuming and having the latest new thing. Thanks be to the 80’s & 90’s push for commercial merchandise. The generations before us were not like this.

this is a great video, relevant for people everywhere not just in singapore. Im Australian and can really relate with this.

Great episode once again ! Loved it ! The BNPL is definitely going to be a big concern as debt is going to building at an alarming rate and I don't think nor believe its a monetary policy only (e.g. limiting the availability of credit lines) but a self-awareness around financial management should be good enough i.e. stop living beyond your means.

You think about it, why would atome and merchants be so kind to let you pay with money from 1-2 months later, with no charges? Because of inflation, money depreciates overtime and you gotta consider the opportunity cost of money too. They're trying to get you hooked onto this lifestyle and once they have large enough customer base on board, charges will come. For items that cost few hundred bucks, if you can't afford to pay it in cash, just don't buy.

@wata1991

Жыл бұрын

They make money from people going into late payments

This documentary is such an eye opener. I am glad such services of buy now pay later doesn’t exist in India and I hope it doesn’t 🤞🏽

@c.bulakh6231

9 ай бұрын

They do exist but not popular in india

@Rayis4444

5 ай бұрын

They exist. Haven’t you heard of credit card???

A good and regular income is a must for those trying to purchase "goods that usually considered convenience/luxurious" that falls under "buy now, pay later" Also, its not always the expenditure but hidden cost like taxations etc that can drain a person's good-regular income

It's reports like this, being aware of the environmental impact of consumerism and the sheer amount of stuff I own and don't use, that really help with my low-buy! I now have a pre-pay credit card and dont use BNPL. I am Swiss.

Buy now pay later is tech version of ah long, no cash flow with you is a dangerous move

at least you don't have a 10 percent restaurant bill and a 20% tip slapped onto your bill while the portion size is significantly smaller than last year.

An eye opening narrative on spending habits of my generation. Best take away is the host’s closing statement which is to teach her children to live within their means. Old saying but still rings very much true these days with widespread and unprecedented soaring inflation.

I'm 35 and I opt for monthly concession for daily Transport so that I avoid grab. Sure time is money and I take the time on buses and trains doing online courses. It's matter of choice. Sure I feel the pinch of inflation. But making bad choices is the root of excessive debt.

@EGWL93

Жыл бұрын

I actually counted my monthly PT fee and noticed that buying monthly concession is way more ex than paying via topup😬 Maybe if you're working 5DWW compared to shift work, it might make a difference.

@cky3345

Жыл бұрын

You have a sad life. My sympathies

@endi4654

Жыл бұрын

@@EGWL93 yep. U r right. But Coz I work in the east, live in the North.. And on top of that must take bus to nearest good eatery (Coz nearby office food is not that good).. Concession is more worth it. So long you spend more than $6 a day. For me, at least $8 inclusive of travelling for lunch 🤭

Problems of youngster today 1. Freq visit to exp cafes 2. Monthly trips to thai/johor staycations. 3. Require the latest iphone/nintendo/xbox 4. Saving is no longer a virtue

@starstriker1881

Жыл бұрын

As a malaysian sad to know that i cant even afford a staycation in johor

@hullopillow4853

Жыл бұрын

@@starstriker1881 huh how can that be ???

I'm in my early 30's. To say that the economy wherein I grew into adulthood is a shitshow would be an understatement. Rent was 35-50% of my income for a long time. But the only thing that stopped me from going into huge debt is that my parents paid for my college and I have never been one to feel pressured by trends or peers. I do admit though, that my own vanity and ambitions influence my expenses from time to time. But I think we all deserve our own forms of preserving dignity and joys (such as quality food, new clothes, haircuts, a concert ticket etc..) I'm also too scared of credit, so I never allow myself to be in debt of more than a total of 400USD at any given point. I agree that if I can't pay it back immediately, I can't borrow/spend it. While it would help a lot to be more self-aware about our spending habits, I have to point out that rising costs and stagnant low labor rates really scourge us millennials and Gen-Z's. I know so many of my friends who have already accepted the possibility that they may never own a house in their lifetime. Which is awful. Owning a home should be everyone's right and yet it becomes a lofty privilege for a few among our generation.

@itzSoonz

10 ай бұрын

as a Millennials, myself i share the same sentiments as you

Merci, I believe on budget spending. I was in Singapore September, my observations were right. The girls enjoyed getting dolled up glamour. Hopefully, they won't run into financial trouble😊

Great to hear the sides from Singapore! My country, South Korea also has gone through inflation, and still impacts many people. Hope everyone keeps their own happiness.

With almost 60 years of age I kept my doubts on the current environment. But eBay’s VRITKN300 is seriously smart, it doesn't matter how old you are, this will provide for you and your family which is my only goal in the last years I have to make sure the children are fine

Would like to see another episode of Old and in debt, why?

This Lbtncrp300x is like a gift nobody expected, maybe nobody wanted, but all of us deserve to have. Just beautiful

Very good

Thank you so much for these piece, Amazon’s VRI token looks to have great prospect

That girl who spend too much on make up should have invest more on dentist instead

Enjoyed This From The Caribbean 🇻🇨

I'm a gen z (26 years old) and I am so thankful that I responsibly spend my money years before I have my regular job. I usually incorporate Sinking Funds monthly to include those expenses that may come in the future (dining out, shopping, travel). Also, when I receive my paycheck, I always separate 40%-60% of my income as this will be my savings (this includes emergency fund, retirement fund, and stocks). Mind you, my paycheck is not really that big but the proper habits and discipline regarding money matters really helped a lot. I'm currently now paying 2 lot properties per month. Credit cards may be helpful but I don't think I trust myself enough to own one. So yes, I make ways to stay away from such unwanted purchases which includes high-maintenance friends. Discipline is key.

@krismiller9911

Жыл бұрын

My kind of girl. "triple thumbs up" I did the exact same thing 40% - 60% of my pay check in the bank from 25 till now. I'm a bit older than you in my 30's, but I didn't get a credit card until I was 30 years old. No need to rush into it until you feel ready. Getting the savings is great, but if you don't pay everything off at the end of the month you run into trouble. If you are in the mid west I'd recommend PNC's travelers card and saver's card. They link directly to their checking account which makes paying super easy. If you want an amazing card right off the bat, chase sapphire reserve or premium cards are fantastic. Live well and Prosper

@MKiurinuRigold

11 ай бұрын

I know the feeling I used to be responsible before I start working however I got myself into a spending state and I took me years to get myself stable

@shukriramlee

9 ай бұрын

Buying a property in your age is a recipe for a disaster.

@abbyvera44

9 ай бұрын

it depends on one's plans and ambitions. Not all people have the same plans@@shukriramlee

As a milenial myself living in a rich environment such as Holland, I must admit life is not as easy as it was back in the day when compared to the life my parents had. Everything is quadruppled in price and I won't be able to afford a house. The biggest chance for me to reach a point of independence would be renting, which would cause my money and savings to evaporize. I hope things will change and soon life will be easier to be dealt with to people who aim to live a life normally. I don't smoke, I studies and I always listened to what elderly told me and yet I am still stuck at the same position. Hopefuly things will change sooner or later, otherwise we might only be going downhill from here. No house, no wife, no children, no family. Even if one would have a family, poor life circumstances for family would be inevitable. I won't see a positive future for next generations at this point.

@jimbochoo3316

Жыл бұрын

I'm not sure why people think life was easy back in the 70s, 80s, and 90s. We didn't have cell phones, computers, and many of the conveniences we have today. Finding information was hard! I lived through those decades and it certainly wasn't easy. Was things more affordable back then? No. TVs and electronics and furniture were way more expensive! Houses were certainly cheaper though. The difference is back then we didnt' spend all our money on eating out, traveling, and doing activities young ppl pay for today. We just didn't spend much!

@phoenixrising4995

11 ай бұрын

@@jimbochoo3316 The difference today to back then is the luxuries (i.e. TVs, electronics, etc..) were expensive back then vs the necessities (i.e. lodging and housing, food) today. You weren't forced to buy TVs and still aren't, but you become homeless or have a medical condition eat dirt.

@youthculture523

10 ай бұрын

@@jimbochoo3316 Housing affordability is the primary driver of the wealth gap between younger and older generations, not TV and furniture. The sooner you can own a property outright, the sooner you can start building wealth. It is undeniable that older generations have had a leg up in this regard. There's nothing special about each generation it's just the fundamental circumstances we have been dealt with are different. I would in a heartbeat sell all my belongings for the chance to buy property at the income/price ratios of 40 years ago.

@GhostSamaritan

10 ай бұрын

@@jimbochoo3316 It doesn't matter how cheap luxury commodities are when base essentials like housing and food have skyrocketed.

@Junispro31

7 ай бұрын

​@jimbochoo3316 Back then those TVs and Smart devices were expensive but they were wants. Housing and Rent is much higher nowadays but those are necessities. For example, high resolution Lazer projectors and Foldable products are expensive new innovative products, yet you see no Gen Z complaining about those since they are not necessities.

Love this! Fun fact, our brain thrives off logical and comfort. Making a choice to do what is the opposite of “life” (go to college, get a job and repeat routine life cycle) is against how we are programmed. We are literally reprogramming our brain. *VRITKN300*.

I am not really into minimalism, BUT it is one way that made me think twice-thrice before I purchased something. And I am not doing shopping for indulging or rewarding myself because I know I rewarding myself with food. I can have more control with my food cost rather than (looks small) online shopping spending. And I hate how the online shopping app is like forcing us to shop by alarming us everytime they have discount season, remind us that we havent checking out our shopping cart, etc, etc.

0:39: 💸 Young adults in Singapore are feeling the impact of rising costs of living, with inflation hitting a 14-year high. 20:49: 💰 Discussion on credit lines and debt risks 16:48: 💳 Buy now pay later services are changing the spending habits of young adults, but come with risks. 5:22: 💸 Young Singaporeans struggle to manage rising costs of living and debt 10:57: 💸 Young adults in Singapore are turning to buy now, pay later services to manage their finances, but experts warn of hidden costs and unsustainable debt levels. Recap by Tammy AI

People like to live life in the moment

With the internet, its now very easy to do BNPL. I run ecommerce and its very attractive to offer BNPL model to boost sales. In the past, it was very rare to be able to BNPL things that were less than $20. Back then your choice was either put it on your credit card or wait till you have enough. Now its very common and even encouraged on many websites in Canada/USA to use BNPL offered by Paypal and similar companies. Actually we've started to even show BNPL options in printed flyers for seasonal furniture's and other non essential goods delivered in the mail. As housing becomes increasingly out of reach in Canada. YOLO / spending for happiness will increase. Since many are now no longer looking at saving towards a big goal of home ownership and inflation devalues the current savings. Many figure its spend it or lose it.

@hannweitoh4142

Жыл бұрын

Installments are ok, provided it is once in 10 years. If every month, a person has to buy on installments, something is very wrong. It means he/she does not have enough money for basic living, and has to borrow money every month.