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Saturday, February 4, 2023
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MAN SAYS HE IS PARENT’S RETIREMENT PLAN, TAKING OVER PAYMENTS FOR THEIR HDB FLAT

Financial Tips for onlychild

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i am an only child 27(M). i have a feeling i might be my parent’s retirement plan cos like they dont seem to have much assets apart from the hdb flat which has yet to be fully paid and I will have to start paying for it soon.

had a glimpse of my dad’s bank balance some months back and its only 4 digits. my mum isnt working for now due to her knee.

she takes money from me once in awhile on top of the monthly contribution to house. my pay isnt high as of now and i only have post diploma.

is there any financial tips for me to improve my financial situation? is degree the only way out. h

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ave always been envious of my peers who seem to be in better financial situation, partly cos their parents are doing well financially and some of them are only in the midst of their degree program. thanks

Netizens’ comments

  • Gotta keep grinding. Welcome to adulthood.
  • This is going to be a common issue for this generation where there’re less kids. Sandwich generation. 🙏🏻
    I believe having a stable job, and accumulate savings for the rainy days is the first step. Between chasing another degree vs investing, i think another way is to find a suitable side hustle to maximize your time / income.
    may i know what industry are you in? perhaps can advice better..what are your interest or special skillset you have, because it is possible to find a side hustle that don’t kill joy
  • Aim to get your own place by 35 (if you’re still single) and then get them to move in with you. Then rent out their flat. Hopefully the rental is enough to cover their monthly expenses so they won’t bother you for cash every month. And look at upgrading to a degree to improve your earning potential.
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