4/06/2014

Aspiration of the new Sinkies




Our parents aspired to live in landed properties, or at least a private flat. If that is too much, a bigger HUDC or executive flats also can. And of course, the prized possession of a car to take the family out to ‘chiat hong’ or joy ride. That was the simple aspirations of what a better life was then. And they did not need to be a graduate, they did not need two incomes to be able to live that kind of lifestyle.

Many of these babyboomers have retired or semi retired. Many are very lucky to have a landed or private property, or a bigger HDB flats to fall back on, to downgrade and live on the spare cash as retirement fund. Many have gone the full circle of HDB flats, private properties and car ownership and back to a smaller HDB flat and no car but taking public transport. And some are happy with this formula.

What is the new aspiration of our well educated young? Many are graduates of the universities or polytechnics. And many are two income families. It seems that their aspiration is for a small HDB flat and no cars. Their only wish as far as transportation is concerned is for the public transport providers to provide a reliable service. Many have given up the idea of car ownership and ownership of private properties. A few of the more successful young people would still be able to do that. But the majority of the middle income families, with two incomes, will not be able to do so.

And not to forget, many of the babyboomer generation belonged to the socalled sandwiched class, supporting their parents and bringing up families, and still could afford larger homes and cars. The new young families are luckier with lesser of them having to support their parents who could look after themselves by downgrading and cashing out.

When this group of young people’s time comes for them to retire, not many would have the comfort of downgrading from their HDB flats, to cash out and live on that. Hopefully their CPF is still around and adequate to do that. You cannot be sure about this as the babyboomer generation also believed that their CPF savings would be enough for retirement. Many will not have the luxury of experiencing the HDB flat, private property and back to HDB cycle. Many will live a life without knowing what it means to owning a car. All they could afford would be very high tech bicycles.

Is this an aspiration worthy of a Swiss standard of living? Is this something to work a life time for? Let me try to figure out what kind of aspirations the maids and foreign workers would have? Some told me they will go home, buy a land to build their own house, maybe buy a car and set up a small business, all achievable if they work for maybe 6 to 10 years here. No need to spend a small fortune on a tertiary education as well.

But Sinkies must congratulate themselves for a better quality of life in the world’s most expensive city and stress free life for themselves and their children. Did I just say stress free?

Kopi level - Yellow

14 comments:

Anonymous said...

Is it true?
Is the PAP politically bankrupt?
Bankrupt of ideas and ideals?
Bankrupt of any moral compass and compassion?
Bankrupt of visionary & capable leadership?

Is it time time for a leadership change?
Is it time for a regime change?

Is it time for Sinkies to aspire to a better life for ourselves and our children?
A better life that can only be possible without the PAP's fingers in every aspect of our lives?

How should Singaporeans send out such a message to PAP?
Will voting out a deputy prime minister be a strong enough message?

Anonymous said...

9.38 am, no lar voting out deputy PM means like voting out two ministers last time no diff one. In fact one deputy pm and two ministers become mp and mm and sm become mp also but still no change what. Only voting out pm got use lor cause the head of party is then changed mah. Tio Bo?

Anonymous said...

I am a so-so, happy and healthy
retiree.

I was very lucky when I brought
properties on the cheap cheap
cheap.

I feel very sorry for our younger
generations.

They indeed work extremely hard. Many of them work "no-day-no-night".

Why do we ended up like that?

Matilah_Singapura said...

RB:

>> What is the new aspiration of our well educated young?

Who can truly know what is in the mind of others?

The best you can do is some form of "educated guessing". From the young and educated I've seen -- they have more of a freedom-centered and entrepreneurial streak than previous generations. They are not afraid to start their own thing. They like to make money and are unafraid to commit to $1-2 million (and more) mortgages.

Visit Singapore's top exclusive nightspots and you'll find huge gatherings of young, educated and successful locals. OK, maybe some of them are not and are there just to "pose" and be part of the "in crowd".

But IMO that is a far better choice than hanging out with the local LOSERS who want to control control control everything and everyone.

So yeah, I am glad for Singapore's young. They see opportunity and are unafraid to pursue their dreams.

Well done. You make this baby boomer smile.

Chua Chin Leng aka redbean said...

Many of the young in expensive nightspots are old money. There are some who made it on their own. Some, not many.

Matilah_Singapura said...

@RB:

Not correct. "Old money" Singaporeans tend to be frugal, although of course you'll definitely find examples of spendthrifts whose parents just lavish them with unearned money. (My definition of spendthrift is Prince Jefri Bolkiah)

The "get up and go" attitude amongst young Singaporeans gained traction sometime ago. Next time you go out to the more expensive joints and shops, do an off-the-cuff head count. Notice the shopping bags (of exclusive stores), the shoes, the watches and other accessories. These youngsters don't fuck around: they love their good lives, and are unafraid to enjoy it.

Chua Chin Leng aka redbean said...

Matilah, you are out of touch. Old money is big money. A $1m property is now $30m or more. That is old money.

Anonymous said...

I made my money in Singapore the old fashioned way.
I inherited it.

My father and his friends did all the work.
I just inherited it.

Anonymous said...

So blessed. No need to work a day. No stress to go thru the education system. No need to get that degree.

Matilah_Singapura said...

@RB:

Going by your view,if you do the maths, it won't make much sense.

The top end of Singapore's consumer culture is vast. They won't be in business if they didn't have spending consumers.

Old money is big money because -- apart from a few spendthrifts and gamblers -- these fuckers know how to build on and preserve wealth. I'm talking about the CONSERVATIVE old money -- multi millionaires who will still bargain on a $10 item, and calculate every cent they spend. These are the minority. If you as a business depend on these fuckers, you will go BROKE.

So your top-end market is still the new, young money, made by thousands of young people kicking arse in their various fields of endeavour.

Like I said, dun take my word. Go out and count heads -- do an "observational study". Record the numbers. Don't confine to Orchard Rd -- go out to Junction 8, Bedok, East & West Coast, Woodlands etc. Oterwise that "Time Is Shit" guy will accuse you of making data collection errors regarding your sampling methods.

If you are unwilling to do this, then you are just pulling nonsense out your ass. Me? I do lots of "observational studies". It helps me make money and stay a lazy Aussie beach bum at the same time. :-)

E.g. In my recent observations Ive cast my sights on hamburgers in Singapore. People will pay 15-60$ (and more) for a fucking hamburger. Omakase Burger is my favourite. I was down at Pasar Bella @MBS waterfront and decided to sit nearby the OB stand and do some counting and guesstimating their cash flow.

The fucking queue never stopped. People lining up and ordering $50 and more at one time. Fuck me. They're printing money. That stand takes in THOUSANDS of dollars a day. And good on them, they make delicious hamburgers!

Singaporean can? Most definitely can!!

Anonymous said...

The PAPigs already told you.
Under a PAP government, the best a Singaporean child can aspire to be is a hawker or a crane operator.

So when you vote.
Please open your eyes big, big.

The PAP government's plan for your children is to be hawkers and crane operators.

b said...

It has been like that since BC. Rulers like to fix the people and the people like to complain about the rulers. One day, the people cannot take it and will rebel and overthrow the rulers and get some new rulers in to fix them again.

Anonymous said...

Hi b, where have you been living the whole of your life?? In coocoo land? you said " One day, the people cannot take it and will rebel and overthrow the rulers". Are you serious? Here in Sinkieland? Dream on ....

b said...

April 06, 2014 5:09 pm>>

overthrow can mean voting out. the last election is only 60% from a high time of 86%.