SINGAPORE: A 28-year-old man is starting over financially after a difficult chain of events in 2025 completely wiped out his S$100,000 savings.
In a candid post on the r/singaporefi forum, he shared how quickly things spiralled. Within the span of a year, he lost his job, saw a business he had invested significant time and effort into collapse, and was hit with mounting medical bills.
By the time everything was said and done, the savings he had painstakingly built up over the years had been drained to zero.
What made it harder, he admitted, was knowing that some of his own financial choices had not helped his situation.
In 2024, he signed up for an endowment plan that cost S$300 a month and an investment-linked policy that required S$700 a month. At the time, it may have seemed like a structured way to grow his money, but in hindsight, he described the decision as a “huge mistake.”
He now plans to surrender the endowment plan, even though it currently has zero surrender value.
“So here I am at 28, hitting a financial reset,” he wrote candidly. “I am only a diploma holder in hospitality and make roughly S$3,600 before CPF. I’m not financially savvy at all, so I’d like to seek advice.”
Providing more context about his current situation, he explained, “[I have] no debts, no dependents, living with parents, and parents very fortunately don’t expect me to give them any money. I’ve always been a good saver and have a pretty healthy relationship with money overall. Any advice is greatly appreciated. Thanks in advance!!!”
“You’re only 28. Don’t worry too much.”
In the forum thread, several users encouraged him to look for ways to boost his income.
One wrote, “Hmm, in your current industry, do you think getting a degree would open more doors for you and possibly lead to going into management? So that your salary won’t be capped at S$3,600 to S$4,000.”
“Like getting a business degree or something for 1.5 years, and then after that, you can find another role in the same industry that pays more. After all, your job experience and business experience seem valuable.”
Other users, however, thought it was more important for him to build up a safety net first. One said, “Please allocate at least 6 months’ worth of emergency funds.”
Another commented, “My advice is for you to save an emergency fund of at least 3-6 months’ expenses as a start and then set aside at least 10% for investments. Anyway, you’re only 28. Don’t worry too much.”
“I probably had S$600 in my bank account then, and I’m doing pretty okay at 43. The main point is to prioritise savings and investments and not let lifestyle inflation eat up your salary.”
A third user also reminded him to consider setting aside some money for health-related expenses. “Everyone is talking about investing and where to put your money for growth, but have you thought about protecting your money?”
“Do you have health insurance in place? If illness strikes and you’re unable to work, do you have income replacement? You should set aside 10-20% of your income for protection.”
In other news, a local woman shared on social media that her brother has grown bitter towards their parents after he took a year off from his studies at Singapore Management University (SMU) to pursue investment banking internships.
On Tuesday (Feb 17), she posted on a local forum, explaining that he has become increasingly disrespectful when speaking to their parents. On one occasion, he allegedly told them they had “let him down because they’re not wealthy.”
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