Can we just be real for a second? I was having a conversation with some friends over kopi the other day, and the topic inevitably turned to money, property, and the future. Typical Singaporean gather-together session. One of them just bought a resale HDB in a mature estate and was complaining about the renovation costs, loan interests, and how their savings account is practically wiped out.
It got me thinking about how much the goalposts have shifted. Last time, the Singapore Dream was the 5 Cs. Now? It feels like you need to be a high-net-worth individual just to afford a comfortable retirement without constantly checking your bank balance at the supermarket. Every corner you turn, things are getting expensive. Insurance premiums are going up, private wealth management ads are everywhere, and don’t even get me started on the cost of getting a car now with the COE prices.
Sometimes I look at the people living in those massive black-and-white houses or the ultra-luxury condos in District 9 and 10. I ALSO WISH I HAVE GCB, BUT I CANNOT AFFORD IF ONLY I HAVE MILLION DOLLAR SALARY. Seriously, who are the people buying these Good Class Bungalows? You look at the news and it’s always some tech founder, crypto whale, or someone in investment banking breaking records. For the average corporate drone like us, even if you save diligently, invest in index funds, and optimize your CPF, a GCB is basically an alternate universe. Unless you win the TOTO Group 1 prize five times in a row, it’s just a pipe dream.
Even the path to “normal” wealth feels incredibly steep now. Last time, if you got a good degree, climbed the corporate ladder, and maybe dabbled in some forex trading or bought a few blue-chip stocks, you were set. You could upgrade from a BTO to a executive condo, then maybe a landed property. Now, even a decent suburban condo requires you to stretch your loan-to-value limit to the absolute max. You become a slave to the mortgage. If you want to talk about true financial freedom, you need to understand advanced asset allocation, tax optimization, and portfolio diversification just to protect your wealth from being eaten alive by inflation.
And let’s face it, the stress is real. You look around LinkedIn and everyone is a “Director of Global Operations” or “VP of FinTech Innovation” by age 30. It makes you wonder if you’re doing something wrong. Are people actually making that much, or is everyone just living on credit and vibes? I know a guy who works in corporate law making crazy money, but he looks like he hasn’t slept since the pre-pandemic days. He’s constantly burnt out, surviving on caffeine and the fear of missing his billable hours targets. Is that the trade-off? You want the million-dollar salary, you give up your entire youth and sanity?
I guess at the end of the day, it’s all about perspective. We complain because we are kiasee and kiasu, always comparing upwards instead of looking at what we have. But you cannot blame people for feeling anxious when the barrier to entry for basic milestones keeps rising.
What’s your take, r/singapore? Are you guys still aiming for the traditional markers of success (condo, car, high flyer job), or have you scaled back your expectations to focus on lifestyle design and mental peace? How are you guys navigating this crazy high-cost environment without losing your mind? Let’s discuss.