SINGAPORE: A Singaporean man in his mid-40s shared encouragement to netizens struggling with debt and joblessness—those feeling helpless and depressed—that the “dark days are temporary.”
In a post on r/singaporefi, the father of three wrote that after more than 20 years of working “just to survive” in Singapore, he’s finally able to “sleep peacefully” at night now.
“Finally own a four-room HDB that is fully paid now. Net worth crossed S$1.6 million. Zero investment portfolio. Only Central Provident Fund (CPF), endowment savings plans. Those early days of uncertainties and anxieties are over. Strangers banging doors shouting for money no longer showed at my doorsteps,” he said, adding that now he earns around S$4,000 after CPF deductions.
Still, he said, “retirement has never crossed my mind.”
Before, he was just earning less than S$2,000 a month, without any savings in the first six years he was in the workforce due to family debt.
“What I went through, I swear to myself, I will never allow it to happen to my kids. Maybe that is also the reason why I never want to retire. The fear of losing income and history repeats itself. My parents never had a job. Even if they had, it’s only short-term as factory operators. No inheritance from them either. I don’t blame them; I’m thankful for all the lessons I learnt from them. To make me a stronger and better person I am today. To be responsible.”
Encouraging others, he added, “I was there before. Pressed on and bite the bullet. Any day above ground is a blessing. To be Singaporean is a blessing. Struggles are real, but we can be millionaires one day. Stand proud, stand tall.”
Commenters who went through similar tough times also shared their experiences.
A commenter who had cancer, has two kids, and was feeling down over finances and commitments said, “Just need to persevere”.
Another added, “I’m in a somewhat similar situation, not in debt but have been draining my savings. Three years of family health issues, took a two-year almost sabbatical from work, still struggling with time and energy.”
Meanwhile, a third said, “Sounds like it’s mostly from HDB appreciation. HDB is truly the great wealth transfer from the young to the old.”
Earlier this year, million-dollar HDB resale transactions jumped by more than 17%. For homeowners, this can mean a more valuable retirement asset. However, it can also mean homeownership becoming more out of reach for aspiring homeowners. /TISG
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