Wage Slave
Wage slavery refers to a situation where a person’s livelihood depends on wages or a salary, especially when the dependence is total and immediate. It is a pejorative term used to draw an analogy between slavery and wage labor by focusing on similarities between owning and renting a person. (Took from Wikipedia)
This is a very strong word to me but sadly, many of us are in this category. Many of my peers find that its hard to achieve financial freedom in Singapore but what they didn’t realized is that their lifestyle is the key factor that is making it hard. If you spent majority of your salary on luxuries, meals at restaurant, having high tea, owning your own vehicle, you are sucked deeper into the slavery. Its the cold hard truth.
What they don’t realized is that they can start by changing a little of their habits to build a better future for themselves. One of the stuffs that i always recommend my friends to do is to start a regular saving plans with either POSB or OCBC, and set aside a small amount of at least $100 into STI ETF every month. This will ensure that at least, they are doing something for their future.
Of course, if they do have the knowledge to do their own stock picking or any other investment, by all means it will be better. I am glad that i managed to convince two of my close friends to start by setting up the regular saving plans with POSB.
Every tree was once grown by a seed. Little droplets everyday will form a lake in no time.
