Latest news with #financialindependence
Independent Singapore
a day ago
- Lifestyle
- Independent Singapore
'Two jobs, no life — Is this hustle culture or just slow suicide?'
SINGAPORE: For the past three months, a Singaporean has lived a life that many would call 'extreme' and damaging. In an honest and very revealing post, the poster shared how he's been working two full-time jobs nonstop — an exhausting 8 p.m. to 8 a.m. night shift, followed by a 9 a.m. to 5 p.m. day job. That's a full 24 hours of work with hardly time to breathe, and just one day off a week. The motivation is financial independence. This Redditor is resolute in wiping out his financial liabilities, building up savings, and starting to invest. 'I don't see any chance of getting a job that pays S$4k to S$5k, let alone hitting the S$10k mark with just one job,' he wrote. 'So, I'm working two jobs to beat that ceiling.' Each month, when the salaries come in, there's a sense of pride — a concrete prize for persistent determination, but the effect on the body and mind is obvious. 'My body? It's beaten, running on low battery. I look like I have cancer, pale, exhausted, like a zombie. I feel drained all the time,' he shared. Heart tremors, anxiety, and seclusion have become routine. 'Is this sacrifice worth it?' he asked. 'Has Singapore become like this?' Empathy, tough love, and reality checks One response zeroed in on the blatant health hazards: 'How much sleep are you getting? Success amounts to nothing when your health suffers, and you can't enjoy what you worked hard towards.' The commenter advised the original poster to re-examine his approach now that the debt has been settled, and to make rest and upskilling the priorities. Another netizen provided a frank but vital reality check: 'No, Singapore hasn't 'become like this'. It's your own choice to live like this. You could've taken longer to clear your debt by working one job. This is not a success. This is self-destruction.' A recurring theme emerged from the readers' reactions — the difference between short-range gains and continuing sustainability. Many commented that dashing for a financial target without considering physical and mental well-being is a hazardous move. 'This isn't what success feels like, this is what stupidity feels like — something which will dawn on you when you're lying in a hospital bed,' one Redditor said. Others recommended a few options — upskilling, side hustles, or concentrating on building a single career path instead of grinding out two jobs in an unmanageable twist. 'The aim isn't to grab on to whatever money you can now. The aim is to build a life and career such that money finds you.' When hustle culture turns toxic Underneath the real-world advice and frank commentaries are deeper issues — the pressure of combating financial uncertainty and meeting societal expectations. The Redditor's story resonates with many young adults who are stuck between stagnant salaries, escalating prices, and the craving to become financially independent. However, as several netizens pointed out, forfeiting sleep, physical strength, mental well-being, and happiness for the sake of a somewhat quicker climb out of debt is not a sustainable or honourable path. Success, one commenter said, isn't about working yourself to death. 'Job success is when you get paid to do nothing. When something goes wrong, you fix it to remind people why you're paid highly.' It's about leverage, not hundreds of hours worked. To those grinding themselves into dust, one netizen asked – 'Is this the life you want? Because if your body breaks down before you reach your goals, none of that money will matter.' Sometimes, the most heroic act isn't crushing through the pain — it's stopping long enough to rebuild, re-evaluate, and pick a better path onwards.
Independent Singapore
a day ago
- Business
- Independent Singapore
'Still scraping by at 30': Singaporeans open up about living paycheck to paycheck
SINGAPORE: 'Every pay after offsetting important bills makes me feel like I'm back to square one.' That's how one Reddit user summed up their 20s — a decade often associated with self-discovery and financial independence. For some Singaporeans nearing 30, it's more about survival. In a candid post on the subreddit r/askSingapore, one user asked others in the same boat: 'Singaporean adults with barely any savings — how are we coping?' Their story was all too familiar. After switching jobs twice in three years and having pay raise requests rejected, they now have less than S$10,000 in savings. They've cut out all non-essentials — Netflix, gym, even Disney+. A new laptop for school wiped out what was left. To make matters worse, they now have to foot the household WiFi bill too. 'I literally have to take action because waiting will do no good. Depressing… but I'm glad I'm not alone.' And they aren't. Scrimping just to stay afloat Others chimed in — not just with sympathy, but hard-won survival tips. From meal-prepping frozen chicken and hunting for CDC voucher deals, to giving up gym memberships in favour of long walks. Singaporeans shared how they stretched every dollar: 'Raid the fridge. Go for JB runs. Intermittent fasting — but at your own risk, and if all else fails, lose face, and ask for help.' One user, self-described as 'thick-skinned,' said it bluntly: 'You shouldn't have to live like this. You need to find a way out, not just to survive, but to build towards something better.' But what if surviving is the first step? Not all advice came from peers. One older Redditor — a man nearing 50 — offered a different kind of perspective: time. 'I'm probably too old to truly understand what you younger folks are going through… but I'll just share a little about my own journey.' He recounted a path marked by financial instability: kicked out of JC, scraping by on a S$1,400 salary, and turning 30 with barely S$5,000 in savings. He got married with almost nothing in the bank — his wife had to pay for their wedding rings. Still, he stuck with it. One job led to another. Eventually, years later, he was able to consider early retirement — something his younger self never thought possible. 'If you're struggling now, don't be too hard on yourself. Sometimes all you can do is survive one day at a time, and that's perfectly okay. Jiayou.' His message hit home with many — struggle is not a measure of failure. It's part of a larger story still unfolding. When the cost of living is your main character Singapore may boast one of the world's highest gross domestic products (GDPs) per capita, but for many on the ground, that prosperity feels increasingly out of reach. Eighty-five per cent of tenants say rent is unaffordable , while commercial retailers have reported rent hikes of up to 57% . At the same time, youth unemployment climbed to 12.9% in 2024 , and a preliminary Ministry of Manpower (MOM) study shows that just 51.9% of fresh graduates were employed as of June — a modest rise from 47.9% the year before. In such an environment, even the pursuit of basic stability can feel like an uphill battle. And in a society that normalises working 44.6 hours a week — among the highest globally — burnout is not an exception. It's the backdrop. Only one in four people in Singapore gets more than seven hours of sleep a night , and just 17% report sleeping through the night — a statistic the Lee Kuan Yew School of Public Policy has termed a public health crisis . Can Singaporeans still dream? Many of today's 20-somethings are juggling gig work, rising debts, and mental health struggles — all while being told to just keep trying. Still, there's a quiet defiance in their voices — not of resignation, but of constantly tested resilience. They're meal-prepping and picking up odd jobs off Telegram. They're helping their families while trying to help themselves.
Daily Mail
a day ago
- Business
- Daily Mail
Best student accounts: The banks giving out £100 cash, £3,000 interest-free overdrafts and railcards
In the coming weeks, hundreds of thousands of students will be heading off for their first year of university. For many, managing their student loan will mark their first taste of financial independence. This is big business for banks, as student joiners often stay loyal for many years. They are also potential high earners, who in the future might take out credit cards, mortgages and investments. So as the start of the academic year draws closer, they are once again battling it out to woo freshers and returning students into opening an account with them with a raft of new perks. Lloyds is offering students £100 cashback, while Nationwide is handing out referral bonuses to students who get their friends to sign up and Santander is offering a free rail card for four years. This is Money picks the best bank account options for students heading to university. Battle of the banks: Student banking deals are ramping up as banks compete to sign up university-bound customers Best overall student account Nationwide FlexStudent In an unprecedented move, NatWest is offering £85 in cash to lure in students, paid within ten working days. But our experts still believe Nationwide is the best option. Britain's biggest building society has launched a cashback deal worth £100 - though students must pay in £500 before December 12, 2025 to qualify. Once they do, Nationwide will pay the £100 within 14 calendar days. It is also offering £120 worth of Just Eat vouchers, spread over 12 months at £10 a month. If students refer friends to open a FlexStudent account, they will earn up to £40 in Just Eat vouchers – £20 per friend referred. It means students opening this account could get a boost worth £260 in their first few weeks of university. Students can apply for an interest-free overdraft of up to £1,000 in the first year of university, £2,000 in the second year and £3,000 in their third year. The account also offers fee-free spending and cash withdrawals abroad. Rachel Springall, finance expert at Moneyfacts Compare says: 'This account is a great choice as it offers cost-saving incentives and has a decent interest-free overdraft. 'Not only this, but the Just Eat vouchers can be helpful for students finding their feet when it comes to meals, and the £100 cashback is a great upfront sweetener, too.' Best student account for free cash Lloyds Bank Lloyds has launched a £100 cash bonus for university students who open its current account. The banking giant is paying £100 upfront in cash to students who open its account between 1 August and 31 October. Lloyds has upped its student deal, offering £100 and £90 worth of Deliveroo vouchers On top of the £100 cash, students can also get £90 worth of Deliveroo vouchers spread over six months as £15 a month. Rachel Springall says: 'Lloyds Bank's student account freebies have intensified compared to a year ago, as students can now get £100 from the start of August until the end of October. 'In addition, it is offering six months of Deliveroo vouchers, worth £90, subject to meeting a set number of eligible account transactions each month.' Best student account for interest-free overdraft NatWest NatWest is once again offering one of the most generous interest-free overdrafts to students. Students can apply for an overdraft of up to £2,000 in their first year of university. In the first four months it is capped at £500, and from month five onward they can get up to £2,000 interest-free. An interest-free overdraft of up to £3,250 is made available to students from their third year of study until year five. In addition to the biggest overdraft, students can get a cash bung of £85 from NatWest - though this is less generous than its £100 cash deal on offer last year. HSBC and Nationwide also offer interest-free arranged student overdrafts of up to £3,000 by year three. Best student account for other freebies Santander Santander has opted to offer a free 16-25 railcard to students who sign up to its Edge student current account. Normally, a railcard costs £30 a year or £70 for three years. Santander said the average 16-25 Railcard user could save up to £115 a year with the card. Students must pay at least £500 into their account every four months to hold the Edge student account. It also comes with Santander Boosts, the bank's rewards programme, which gives customers cashback, vouchers and prize draws. Rachel Springall said: 'Those students who will travel far from home to study might find the free Railcard from Santander a great choice, and could save them a decent sum over the years. Customers can earn cashback through Santander Boosts.'
The Independent
2 days ago
- Business
- The Independent
Gen Zs are becoming first home buyers before millennials or Gen X did. Here's how
In her final year of college, Taylor G. had a dream: She wanted to buy a home in her hometown of South Bend, Indiana, with her partner. Taylor and her now-husband both wanted to gain financial independence and become property owners after leaving past relationships that weren't so healthy financially, she told The Independent. In March 2024, months before graduation and at just 23, Taylor made that dream a reality. Today, Taylor is working in healthcare and living with her husband in a 2,400-square-foot house, placing her among the relatively small group of young homeowners in the U.S, but one that is rising as young people choose to buy in smaller and cheaper regional cities. Many in Generation Z — those born between the mid-1990s and the early 2010s — are worried that homeownership is near-impossible as the number of first-time homebuyers in the U.S. drops to a record low. It's clear why people feel this way: The average American needs to make a six-figure salary to afford a home, but the average yearly income for someone in their early-to-mid 20s is just over $38,000. Plus, if you're one of the 13 million Gen-Zers with student loan debt, the dream of homeownership can seem even less attainable. While it may seem bleak, Gen Zers are still outpacing Millennials and Gen X as first home buyers. The homeownership rates for 19-to-25-year-olds today are higher than the homeownership rates were for Millennials and Gen Xers when they were the same age, according to Redfin. The Independent spoke with Gen Z homeowners — and one Gen Z realtor — about how they bought their homes, even when the odds are stacked against them. Location, location, location Gen-Z homeowners tell The Independent that the low cost of living in their regions helped them secure a home. Lauren Parks, a 21-year-old realtor working in Houston, Texas, has assisted more than a dozen Gen Z clients, including two who now have the keys to their homes. The average home price is just over $269,000 in the area, according to Zillow. Parks says she tells her younger clients to look for homes in the suburbs of Houston — particularly in developing neighborhoods — to limit their costs. Parks says it's a 'long-term investment' and that many new homeowners should expect to see their home value grow as the suburb develops. Taylor says she doesn't think homeownership would've been 'realistic' if she didn't live in South Bend, where the average home costs $187,778, according to Zillow. Gen Z is split on where they like to live, the data shows. Younger Gen Zers who are 18- to 24-years old are flocking to live in large cities, economist Adam Kamins told USA Today. But older Gen Zers — along with Millenials and some Gen Xers — tend to buy homes outside of major metropolitan areas. Dakota Scott, a 28-year-old homeowner in Brandon, South Dakota, where the average home price is $394,841, told The Independent that location is what makes or breaks someone becoming a young homeowner. 'Location is definitely going to be the biggest thing to look for, as far as real estate taxes and how much that can affect the home buying process, it's good to be mindful of that,' she told The Independent. The process can be tricky, but it's not impossible The credit approval process for a mortgage can be complicated and stressful for any prospective homebuyer, but especially younger people. Parks, who makes videos on TikTok giving advice to young homeowners, says that Gen Zers shouldn't be afraid of the credit approval process. Even people who just graduated from college with little-to-no job history can get approved if they know the tricks involved (although should always be conscious of overcommitting to large debt). College transcripts and job offer letters are key tools for young people to get approved. Parks told The Independent one of her Gen Z clients submitted their college transcripts and a job offer letter with a $65,000 salary to a lender, and got approved for $180,000. Parks noted that she sees many homeowners, young and old, being denied loans because they didn't realize they were behind on their student loan payments, so encourages all prospective homeowners to check their student loan accounts to make sure they're up to date. For Scott, the approval process wasn't nearly as clear-cut. Scott and her now-husband applied for a loan in 2020, but were initially denied due to their credit score. Scott also accepted a commission-based role during the process, which meant she didn't have the two-year commission history many banks require. After they paid off some of their debts, Scott's husband was ultimately approved with a 2.7 percent interest rate. While their monthly payment has fluctuated over the years, they currently pay about $1,500 each month. Meanwhile, Taylor says her approval process was relatively smooth. The loan is only in her name, she said, because she has better credit than her husband. She was able to get approved for a mortgage on her $169,000 home with monthly payments just over $1,300 thanks to her good credit, which she attributes to the fact that her parents made her an authorized user on their credit cards when she turned 18. 'I really feel like the stars just kind of aligned for me,' Taylor said. 'I just know that personally, I'm the only one in my friend group who is even remotely close to it. Homeownership is still possible Taylor, Scott and Parks all say homeownership might be more attainable for some Gen Zers than they think. 'If they have a full-time job or a job that they're making good income at, and are at that point financially where they feel comfortable, I think people would be surprised that they might already qualify,' Taylor said. Plus there is always the Bank of Parents. Nearly 25 percent of Gen-Z homeowners bought homes with their parents, and many receive assistance from their families for down payments. But Parks says that homeownership is 'just as attainable' for Gen Zers who don't have that financial support, depending where they want to live. Scott is a prime example, telling The Independent she and her husband bought their home without any assistance from family. However, Scott said many of her homeowner friends did receive some type of help from their family. Buying a home as a young person may seem insurmountable, but people should approach it as a complicated but achievable goal. 'I absolutely think it's doable, if people set their minds to it, but there are a lot of systematic barriers that make it next to impossible,' Taylor said.
The Independent
3 days ago
- Business
- The Independent
Gen Zers are becoming home owners by buying in cheap small cities (and yes, sometimes having parental help)
In her final year of college, Taylor G. had a dream: She wanted to buy a home in her hometown of South Bend, Indiana, with her partner. Taylor and her now-husband both wanted to gain financial independence and become property owners after leaving past relationships that weren't so healthy financially, she told The Independent. In March 2024, months before graduation and at just 23, Taylor made that dream a reality. Today, Taylor is working in healthcare and living with her husband in a 2,400-square-foot house, placing her among the relatively small group of young homeowners in the U.S, but one that is rising as young people choose to buy in smaller and cheaper regional cities. Many in Generation Z — those born between the mid-1990s and the early 2010s — are worried that homeownership is near-impossible as the number of first-time homebuyers in the U.S. drops to a record low. It's clear why people feel this way: The average American needs to make a six-figure salary to afford a home, but the average yearly income for someone in their early-to-mid 20s is just over $38,000. Plus, if you're one of the 13 million Gen-Zers with student loan debt, the dream of homeownership can seem even less attainable. While it may seem bleak, Gen Zers are still outpacing Millennials and Gen X as first home buyers. The homeownership rates for 19-to-25-year-olds today are higher than the homeownership rates were for Millennials and Gen Xers when they were the same age, according to Redfin. The Independent spoke with Gen Z homeowners — and one Gen Z realtor — about how they bought their homes, even when the odds are stacked against them. Location, location, location Gen-Z homeowners tell The Independent that the low cost of living in their regions helped them secure a home. Lauren Parks, a 21-year-old realtor working in Houston, Texas, has assisted more than a dozen Gen Z clients, including two who now have the keys to their homes. The average home price is just over $269,000 in the area, according to Zillow. Parks says she tells her younger clients to look for homes in the suburbs of Houston — particularly in developing neighborhoods — to limit their costs. Parks says it's a 'long-term investment' and that many new homeowners should expect to see their home value grow as the suburb develops. Taylor says she doesn't think homeownership would've been 'realistic' if she didn't live in South Bend, where the average home costs $187,778, according to Zillow. Gen Z is split on where they like to live, the data shows. Younger Gen Zers who are 18- to 24-years old are flocking to live in large cities, economist Adam Kamins told USA Today. But older Gen Zers — along with Millenials and some Gen Xers — tend to buy homes outside of major metropolitan areas. Dakota Scott, a 28-year-old homeowner in Brandon, South Dakota, where the average home price is $394,841, told The Independent that location is what makes or breaks someone becoming a young homeowner. 'Location is definitely going to be the biggest thing to look for, as far as real estate taxes and how much that can affect the home buying process, it's good to be mindful of that,' she told The Independent. The process can be tricky, but it's not impossible The credit approval process for a mortgage can be complicated and stressful for any prospective homebuyer, but especially younger people. Parks, who makes videos on TikTok giving advice to young homeowners, says that Gen Zers shouldn't be afraid of the credit approval process. Even people who just graduated from college with little-to-no job history can get approved if they know the tricks involved (although should always be conscious of overcommitting to large debt). College transcripts and job offer letters are key tools for young people to get approved. Parks told The Independent one of her Gen Z clients submitted their college transcripts and a job offer letter with a $65,000 salary to a lender, and got approved for $180,000. Parks noted that she sees many homeowners, young and old, being denied loans because they didn't realize they were behind on their student loan payments, so encourages all prospective homeowners to check their student loan accounts to make sure they're up to date. For Scott, the approval process wasn't nearly as clear-cut. Scott and her now-husband applied for a loan in 2020, but were initially denied due to their credit score. Scott also accepted a commission-based role during the process, which meant she didn't have the two-year commission history many banks require. After they paid off some of their debts, Scott's husband was ultimately approved with a 2.7 percent interest rate. While their monthly payment has fluctuated over the years, they currently pay about $1,500 each month. Meanwhile, Taylor says her approval process was relatively smooth. The loan is only in her name, she said, because she has better credit than her husband. She was able to get approved for a mortgage on her $169,000 home with monthly payments just over $1,300 thanks to her good credit, which she attributes to the fact that her parents made her an authorized user on their credit cards when she turned 18. 'I really feel like the stars just kind of aligned for me,' Taylor said. 'I just know that personally, I'm the only one in my friend group who is even remotely close to it. Homeownership is still possible Taylor, Scott and Parks all say homeownership might be more attainable for some Gen Zers than they think. 'If they have a full-time job or a job that they're making good income at, and are at that point financially where they feel comfortable, I think people would be surprised that they might already qualify,' Taylor said. Plus there is always the Bank of Parents. Nearly 25 percent of Gen-Z homeowners bought homes with their parents, and many receive assistance from their families for down payments. But Parks says that homeownership is 'just as attainable' for Gen Zers who don't have that financial support, depending where they want to live. Scott is a prime example, telling The Independent she and her husband bought their home without any assistance from family. However, Scott said many of her homeowner friends did receive some type of help from their family. Buying a home as a young person may seem insurmountable, but people should approach it as a complicated but achievable goal. 'I absolutely think it's doable, if people set their minds to it, but there are a lot of systematic barriers that make it next to impossible,' Taylor said.
