You are no better than that fool. You don't compare with somebody else's financial situation (who you might wrongly conclude as worse off than you) and then comfort yourself that you can afford to live a certain lifestyle.
Many
HDB dwellers have no loans because they got their flats direct from the gahmen with all the discounts. But they are not blindly upgrading to condos just because they can now afford to pay off their condos at once without any loans. They are keenly aware of the higher cost of condo living and the need to save for their retirement.
It is a foolish argument to say that just because there are people poorer than you, you are rich, and therefore can live like the rich. This was what the fool was advocating and you foolishly took up his cause.
Sad but true that not many people will do sufficient calculation to see if they can afford condo living, but sites like salary.sg which provides average household incomes against the types of homes that these people are staying, can help provide general sensing. And the couple with $140k pa income is clearly rounding up the bottom of the income range.
Quote:
Originally Posted by Unregistered
Be careful about saying others as fools as you make the the biggest fool. I think what the poster is trying to say is that of the guy already has no mortgage and car loan, then his expenses no longer include mortgage and car loan payments. His $140k pa combined will cover his other expenses like food, utilities, etc which amounts to less than $140k pa. Whereas of a couple whose income is $250k pa but spends a lot on car and mortgage payments and other luxuries, they mat spend more that $250k pa. If they have $2m mortgage and $200k car loans, this couple will spend tons of money servicing their huge debt. If they lose their job, then they will be forced to sell their condo whereas the guy who paid off his mortgage can still live in his condo.
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