Quote:
Originally Posted by Unregistered
Being from the "older" (pre-'65) generation, I beg to differ on your assertions that our generation had it easier.
However there is one big factor which I thought was important. And that is, in our time, only 5-10% of each cohort was a graduate. This meant that graduates were sought after and we were able to earn relatively better wages than non-grads, and had more promotional opportunities. Today, I think up to 40% of each cohort are graduates! Job opportunities are not as great and wages are suppressed by available foreign talents.
Other than that, there are "old timers" (and there are many of them) who are struggling now as they near retirement! They didnt have the best years as you may think.
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When i made that statement, i do not mean any disrespect to you guys. Your generation had it good not just if you were in Singapore, but it was the case in almost all developed countries or developing-developed countries.
One key difference for your generation was education. Education made all the difference between a good life and mediocre life. And that's why many people from your generation value education and force their kids (our generation) to study well, believing it made all the difference. Well we all know now that it only makes abit of difference. As you rightly put, everyone has education now, many are uni grads. So the key difference now in our generation is connections, family background. This unfortunately is nothing something one can just work hard for. It's either you have it or not.
One key wealth building method which your generation could do is use the house appreciation value to draw equity loans against it and buy more properties. These was very much more possible during the years before ABSD or SSD or property loan curbs existed. Those who did it well can have 3-4 properties under their name fully paid up and now enjoying the fruits of their labor.
I'm not complaining or what. I'm just stating the differences. TS has a very valid reason to be worried as his children and my children will have it EVEN tougher in future. But then, how do we deal with this then? I believe it's about CONTENTMENT. Being contented with little and working hard and being happy with not much. Materialism affects the poor just as much as it affects the poor. It's definitely a much harder ladder to financial freedom to climb than our parents generation but we can only look forward.