A netizen shared how he was shamed by an old classmate for using his parents’ money to pay for his uni degree.

He said that it seems like quite a few people are judging him for using his parent’s money to pay for his degree, and asked if there is really a need to shame others for not going the same way as them.

He added that he took an interest-free loan from his parents to pay for his degree and that he would be paying them back.

Here is what he said

Recently I caught up with an old classmate of mine and I was talking to him about my PhD journey soon (I got accepted with a scholarship). The first thing he asked me was if I paid it myself and I said yes, I have a scholarship.

We talked a bit and he left for another appointment. Although obvious, it seems like quite a few people judge you based on whether you use your parents money for degree/studies. I don’t really understand why they do so though. Like I get that you paid for your degree studies yourself (and you are proud of yourself for doing so), but is there really a need to shame others for not going the same way as you?

Many ex-students (like myself), take an interest-free loan from parents (to tide through uni) and pay the principal back over installments, which is a much better idea than loaning from banks.

Can someone enlighten me on why some financially independent students feel the need to shame others? I don’t really get it, like does it make them feel better than the other person or something?

Edit. For some context, back in our uni days (bachelor), I mentioned I was taking a parents loan and he said that he took a bank loan. He proceeded to call me spoilt. I later clarified that I intended to pay them back, which he took back his insult.

Netizens’ comments

What, u guys didn’t have to tap rubber or work the padi fields b4 going to school every morning?

Yr parents paid for ballet, swimming, abacus and tuition classes after school?? U didnt have to cook and clean and look after your 12 younger siblings???

What do u mean u took mrt n bus to school….. u didnt have to wade across a river and walk 10km each way? How did u do yr homework then…. not under the moonlight but gasp, led lights…. on your study tables?

Oh the shame! Snowflakes, the lot of u! Shame!!!

A netizen shared how he is in debt of about $10,000 and earning a monthly salary of $1,500, and given the current rate of his repayment, it would take about 1 or 2 years to repay his debt.

He broke down his salary and monthly expenses of about $800 for his rental, leaving him with $700 for food and utilities.

The rest of his salary (presumably goes to his debt repayment).

Here is what he said

$10’000 debt with a $1500 monthly salary

+ Has no Diploma
+ Has no Degree

+ Lives on a rent with $800/month (including utilities, thank god.)

Never had I been so thankful that I’m not a big spender.
But still, this debt will most likely take 1 to 2 years of my life to pay off. (Im 25 years old, no kids; No sickly parents (thank god again. :’) )

Truly, Wish me luck.

Netizens’ comments

1. You’re really not doing to bad. Work your way up in your job / career path. Make good decisions, you’ll be fine.
2. In the grand scheme, you’re doing great! My advice is to make a plan so that your timeline is not “1-2 years”. You should know exactly when you’ll make that last payment. It’ll help keep you motivated.
3. What are the types, totals, and minimum payments on each debt?
   Aside from rent, and above minimums, what are you monthly expenses?
   Is that full-time (what state if so?), or do you have the option of a side hustle?
   Sorry for all the questions, but I spent the last 4 years paying off a mountain of debt, and answering all the above was how I got started.
   Little jealous of that rent.

My boyfriend is 25, and just got a job—actually his first one. He’s bought everything himself his entire life.

His parents however are fairly well off but only pay for one thing, his phone bill. I’ll give him credit that he’s been fairly smart with money and always saved up.

His monthly expenses are as follows:

• 250 student loans
• 250 petrol

He has been driving his father’s old car. The transmission actually died on it last month, and he had it replaced even though the car was almost gone case. That cost about $1600.

Anyway, he just got a new job making $44,000 a year (about 3500+ a month), he’s been showing me the numbers and telling me he can “buy a $350,000 car”—which is one he’s really wanted for the past two years.

Doing the math, he figured he pays about $1967 a month, and that at 4.0% interest with $150,000 down, his payments would be insane for the car and the insurance.

So, I did the math with him and totalled EVERYTHING up. It came out to be much much more than he could imagine-taxes, gas, insurance, and car payments.

I just can’t help but think he’s wasting a considerable amount of money and shouldn’t do this. But he won’t listen and says he’ll save 50% of the remaining. He’ll budget for expenses. So that’s $400 in guaranteed savings and another $400 for whatever expenses. (I don’t know his maths learned from where, maybe from the moon)

I want to show him this post, so I’m hoping I can get some good feedback from much smarter people (that aren’t me). His parents are the type of people who don’t care what he does because it’s his life but have 100% said they won’t give him a dime.

Thanks for the “help” though

My wife and I have been together for almost 6 years. We moved in together 8 months after we started dating. We got married 6 months ago and closed on our first home 4 days before our wedding.

We have always agreed on what we’d want in a home for renovation and the location.

We currently live with my parents. The house we bought is an old resale flat. It is in the ideal location and we have space to add additions in the future when we can afford it. When we made the offer, we both agreed on the renovations that we’d do to it before we moved in. We had originally hoped to be moved in by September.

Obviously, with paying for our wedding and putting a down payment down on the house, we don’t have a ton of extra money laying around.

My wife and I both work full-time jobs – both typically working more than 40 hours each week. She makes more money than I do. I have car payments & insurance, phone bills, and student loan payments, and am paying back a loan from my dad.

I have mostly paid for all groceries and household items in the past 5 years. The only bill she has is vehicle insurance. She has been paying the mortgage payment for all of the renovations. I have been paying the electric bill and will help with the mortgage in about a year when I get my dad’s loan paid off.

The problem is, my wife has been adding multiple extra renovation projects adding more time and money. She is doing all of the work herself which I am so grateful that she is able to do until she started screwing up and realising that she is not a renovation worker.

With all of the projects she has added, it could be a year before we move in. I go to the house and help her when I can but most things I don’t know how to do. She ended screwing things up big time and we had to find an expert for the renovation.

She went to get 3 quotations and they came back at $100,000. This is ridiculous.

I told her that it does not make sense to do such a fancy renovation but she does not get it and insisted on spending the money. I asked a third party about basic renovation and fixing her errors and it would only cost around $25-$30k, which is at least 70% cheaper than her fancy renovation.

I am currently in the midst of getting a divorce as she is obviously trying to get something we cannot afford.

My best friend (20f) is unemployed. She was fired from her previous job due to her availability changing and them deciding she was more of a problem than she was worth.

It was hard on her, and my girlfriend G and I did the best we could to cheer her up. we encouraged her to look at new jobs and find something, and she said she would. That was in April.

Just wondering how much an average insurance agent earns per month. Not talking about those super-earners that earn 5 figures. Also, what are their sources of income?

Here are some of the answers that are far from what imagined:

Those at MRT stations are of the lowest tier… most are barely making 2-3k/mth…

• You underestimate how idealistic some people can be thinking they will make it big one day. I have a friend who has been a full time insurance agent for 3 years and he still makes only 2k+ a month. He’s the kind that do roadshows like those you see at the mrt station.

• Hey man, i have been in insurance for 2 years and earning <1k now. in fact, i am quitting to find a better career in banking that Pays us fixed salary. A lot of us are being brainwashed thinking that we gonna be successful one day and earn the big bucks. Some do make it. But most don’t. Its damn delusiona. Tell your friend that to save him.

• Property and insurance agents, only the top 20% earning big bucks. The rest are trying to stay afloat.

• The average one is usually starving. They make anywhere between $2k – $3k/mth. If you’re really bad you might be making under $2K/mth thus the turnover is really high.

• My friend who considered himself “doing okay / average” said he earned $90-100k in a year as an insurance agent, but reminded me he has to bear significant business costs like transportation, telephone, entertainment, hiring part time admin staff, and he doesn’t get medical / dental allowance and employer CPF top up. He doesnt seem to be entirely stressed / pressured about hitting the numbers and his attitude to work/life balance seems healthy.

• Yeah think its around there. My friend in his late 30s who manages a small team of 5 to 6 earns 8 to 9k a month. Family man, drives a 2nd hand camry. Seems to be someone who found a sweet spot in life.

My first was a GMT ceramic Rolex 116710ln (black bezel, with green GMT hand). I bought it in Munich while I was at Oktoberfest.

I had previously owned a Longines Grand Vitesse, and Omega Seamaster Planet Ocean, but I was constantly druelling over the GMT that a few of my friends had and I was always seeing on frequent travellers’ wrists on the plane. Neither the Longines nor Omega wete being worn enough as they weren’t comfortable.

I walked into the Rolex AD and asked if they had a GMT. They had one left. The lady offered me a discount, which was pretty unheard of for a steel sports Rolex. Especially given it was their last one, it was like reverse economics. I ummed and ahhed overnight (as I nevee thought I would spend that much on a watch), and I returned the next day to buy it. She told me she would get in trouble for discounting the watch, but that she would honour it. I purchased it and wore it to Oktoberfest the next day (not drinking too much) as I wasn’t comfortable leaving it in my little hotel room. The Rolex AD said that so many people had bought a Rolez and loat it during Oktoberfest, so I was REALLY careful.

At the time of this purchase, I was having a pretty rough time and was quite unhappy, which prompted me to think ‘yolo’. I don’t think I would have bought it otherwise.

The net price I paid was incredible and the SGD was very strong against the EUR, on top of the 20% VAT I got back. It was about 45% cheaper than the price in Singapore. It was a really good buy.

5 years later, I still have the watch, and have added 4 more Rolexes (1986 pepsi GMT, datejust on jubillee, Hulk sub, and White dial Daytona mon-ceramic) and 2 Omegas.

Couldn’t be happier with my collection.