Wednesday, August 14, 2013

How 27-year-ol​d S'pore woman lands herself in $100k debt

I chanced upon this article when one of my friend shared it on Facebook. The title caught my attention. I guess if you're reading now, you were also attracted by the title itself.

It goes to show that there are people who do not know how to manage their finances and regret it later in life. This woman was a real estate agent and i guess her income was really high from selling properties during the property boom.

Some points to summarise:

She was $100k in debt at just 27 years old.

Spent $10,000 a month just on entertainment.
I wondered how she manage to spend so much? $10k/mth is a big amount to just be entertained.

Bought a car for $70,000

Splurges on designer clothes and bags, and dining at exclusive restaurants.

Invested $30,000 in a dubious scheme which her friend promised a 20% return. Was conned and the friend ran away with the money.
Never invest in something you're not familiar with

Max out 4 credit cards with debts mounting

Place bets on illegal online football websites, thinking that gambling was the only way to recover her money.

Read the full story here: How 27-year-ol​d S'pore woman lands herself in $100k debt

The fact is it doesn't matter how much you earn but its how much you manage to save that matters. Most people spend money to impress people. It is always the pride and ego which destroys a person's life.

I'll end off with this quote:

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

― Will Rogers

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4. How the rich manage their money that the poor and middle class do not - Part 1


  1. I LOVE these so much and am inspired to make something similar myself (not to sell, just to enjoy)! Scouring thrift stores and junk heaps now! Tres cool site you have here, I'm so glad I found it! Blessings Jacksvegas playing Jacksvegas - play anywhere! a true mobile casino , Video Slots, Table Games, Roulette, Blackjack Visit here for playing

  2. Hi sawebzone,

    Glad you liked my blog :)

    Spending money is fine but don't overspend or spend unnecessary. On the other extreme, don't save too much also that we can't fully enjoy life.