Young And Deep In Debt

Both news from The Sunday Time and The Newpaper today prompt me to add this label regarding finances on my blog from today onward. Already, parents now’s a day are constantly worried about the future that lies ahead of their children in this competitive and corrupted generation. Just days before, I was shock to read about the university cost ones will need 20 years later from now. It’s a shocking $800’000 to a million including living expenses if your child is going to get her degreed at any top uni from Australia or the US. Unless she’s able to qualify entry to NUS or NTU, but the consolation amount you’re going to pay will not be anything lesser than a couple of hundred thousand. But I’ll put aside this university cost today and share about the other two news I’d just read.

NEWS 1 : YOUNG AND DEEP IN DEBT


That’s the front-page news from the Sunday Time today. They are below 30, employed and mired in debt. And it’s reported that the main cause for all this are snared by materialism and a desire for the high life. They splash money on cars, branded goods, overseas holidays, clubbing and gadgets.



NEW 2 : WON $390’000 FROM TOTO AND SPENT IT ALL IN 6 MONTH AND BROKE


That’s the 2nd news I want to share from the Newpaper. A man who won $390’000 and left only $200 in his account after generously giving away a portion to his family, lent $50’000 to a close friend, and spent lavishly on high end bird ness and restaurant.

My first reaction after reading both news? What can I do to stop this from happening to my daughter? Is there a way or lesson to be taught? Ironically, there isn’t any absolute solutions to this problem consider that she’ll grow up being independent, have her own group of friends and influences and pressure of course. Though there aren’t any certain answers to all this woes, but as a parent, I think it’s important to teach her money management at a young age. I must not only focus on her academic result but I’ll pledge to teach her more on human value so that she will not be tempted for materialism and become a material girl.