With $1M Savings But Lives in HDB Rental Flat! Do You Prioritize Saving or Spending?
Singapore boasts one of the world’s highest home ownership rates, with about 90% of its residents owning their homes.
Singapore Home Ownership Rate
Among them, 80% live in HDB flats, while others opt for more upscale condominiums. The remaining 10% reside in government rental flats under Singapore’s Public Rental Scheme.
These rental flats are designated for low-income families, with strict eligibility criteria to ensure they truly serve those in need. The units come in two compact designs: one-room flats under 36 square meters and two-room flats with a separate living room and bedroom, around 46 square meters in size.
An 80-year-old man who lives in one such rental flat leads a frugal lifestyle. Yet, unbeknownst to many, his personal savings amount to a staggering SGD $1 million! During his working years, he followed a strict retirement savings plan.
The joy of saving vs. the happiness of spending?
Despite his million-dollar wealth, he continues to live in a small rental flat. Perhaps saving money has become a source of joy in his life. Rather than using his savings to improve his living conditions, he finds greater satisfaction in the sense of security brought by a substantial bank balance.
Many admire the man’s discipline and agree with his philosophy. They believe that saving diligently while young, and watching your bank balance grow, brings more happiness than spending ever could.
On Chinese social media, there’s a famous saying: “欲买桂花同载酒，终不似少年游,” which translates to “I want to buy osmanthus wine for a carefree boat trip, but it will never feel as bold and free as in my youth.” This sentiment resonates widely.
The idea is that even if you save enough money to travel one day, the experience won’t be the same as it would have been in your younger years. Therefore, some argue, you should see the world while you’re young.
Ideally, a balance between saving and spending is best — save diligently, but occasionally indulge in experiences to make life more enjoyable. Ultimately, the choice depends on personal circumstances, with each person prioritizing what matters most to them.
Which spending and saving philosophy resonates with you more?
Do you have strict saving plans like the 80-year-old man?
When will or when did you achieve SGD 1 million savings?
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Which spending and saving philosophy resonates with you more?
Do you have strict saving plans like the 80-year-old man?
When will or when did you achieve SGD 1 million savings?
When I have extra savings, I like to upgrade my lifestyle or enjoy experiences that bring me joy, like traveling or improving my home. The "YOLO" (You Only Live Once) mindset resonates with me—while I want to save, I also want to enjoy life while I'm still young.
Life is about finding the right balance between securing the future and enjoying the present. It’s important to be responsible, but also to make room for the things that bring happiness. For me, the goal is to save when possible, but also embrace the moments that make life enjoyable.
@Tiger_SG @TigerStars @TigerGPT @Tiger_comments
some people who want face value will spend on cars, luxury accessories and stay rental in condo is very common nowadays, The question is all this spending bring what?
spending your money on thing that is needed and at the same time invest for long term will help you built up the fortune faster and to achieve financial freedom faster.
One with Yolo mindset might regret eventually, spend now , enjoy now don't plans for future is dangerous.
we all have to think and plan for the future, spend wisely and enjoy long terms.... Not enjoying now broke tomorrow [LOL]
wish you all have a good weekend and enjoy Xmas season 🥳 😁 😀 [Heart] [Love] [USD]
However, as much as I admire his prudence, the contrasting Chinese proverb, ‘人生得意须尽欢,’ or ‘Seize the moments of joy in life,’ speaks to my belief that memories and experiences are just as vital a currency as dollars in the bank. While the 80-year-old man’s wealth represents triumph over financial uncertainty, it’s also a poignant reminder that time and health are finite resources.
For me, the true wealth lies in finding harmony—saving for the future while indulging in life’s fleeting pleasures today. After all, as the osmanthus wine proverb implies, some adventures are best savoured in the exuberance of youth. So, let’s plan smartly but also live boldly.
If include SRS and CPF OA & SA savings , I would have achieve the million milestone during my 40s.
I don’t quite agree to that famous saying, so long you’re still young at heart and still healthy, there isn’t much difference just that you need to go travelling with companion with the same mindset.