Martin Lee @ Sg
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Spending Lavishly Using Debt

When I first read the story about a real estate agent who got into a debt of almost $100,000 by the age of 27 because of her foolish spendings, it reminded me of a famous saying:

Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.

Borrowing money from credit cards to use on lavish spendings, letting the debt roll over and paying astronomical amounts of interest in the process is a sure way to get into financial trouble.

Many people take a keen interest on how to grow their money using investments. I would say that learning how to manage your money and your debt is just as important.

If you have a habit of not paying the full outstanding amount on your credit card bills, you need to stop this habit right now. Making a conscious effort of paying off those bills entirely every month would probably beat 99% of the investments that you can find out there.

I’m sure none of us would want to end up in a position that the real estate agent ended up into. You can read about her story in the link below:

Trapped in Debt to Save Face (The New Paper)

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2 comments
lolock1937 says 11 years ago

It is very sad to note that the X & Y generations youths have little or no sense of the money value. Just think of those young ladies who spend thousands of $$$ on their appearances, very expensive clothes, perfumes, handbags, shoes, watches, jewelry, spas, plastic surgery, etc .These are just con marketing fads.The young men are chasing very expensive cars, great risks takers in investment, gambling, drinking very expensive fabulous wines especially the lawyers, bankers, property agents, etc. Yes, it is their money,& they could spend whatever manner they like. Kindly give a little thought to the very poor 10% of true blue Singaporeans. All of you who are very loaded could help them in a very big way. They are forever grateful to you.

Reply
    Martin Lee says 11 years ago

    Dear lolock, welcome to my site. I am not so sure we can generalize like that. While a group of people might like to spend money on such stuff, there are also many who are thrifty and have different values. How a person is brought up makes a lot of difference.

    Reply
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