[Post 317] This Singaporean sneakerhead shows us his collection of rare Nike Air shoes and more

Summary

A pair of Nike Air Force 1s at the age of 16 kicked off Dexter Tan’s lifelong passion for sneakers. The co-founder of the Sole Superior sneaker convention shows us his rare kicks and offers tips on collecting and taking care of them.

[Post 316] Why Americans Can’t Keep Their Paychecks

Summary

More than half of Americans earning more than $100,000 a year say they’re living paycheck to paycheck, according to a report from PYMNTS and LendingClub. This may be a result of a sneaky behavioral phenomenon called lifestyle creep, which is when a person’s spending habits expand as their income rises. The rise in the cost of living complicates matters, as incomes have not kept up with inflation. 

So what’s going on?

“I think people hold these benchmarks in their mind [of], if I reach this position or I get this promotion or I make it to this age, then I can live this life, or then I deserve to have these things,” said Sabrina Romanoff, a clinical psychologist who works with clients struggling with financial stress. “Then they kind of go a little crazy or go a little wild on it, and then it becomes like a trade-off, like they only can enjoy their present happiness and they’re not able to save or plan for the future.”

But spending more may not be as simple as people wanting to indulge. Many Americans simply don’t have enough money to make ends meet because their incomes have not been keeping up with the rise in costs of living.

“The idea that people save and they just hit a point where they feel like they deserve [to spend more]; I fully disagree with that,” said Saprina Allen, a budgeting coach who offers insights and guidance to her more than 100,000 TikTok followers on how to be more conscious about money. “When most people don’t have $1,000 in the bank, like most people cannot handle a tire blowout or they’re going to put it on credit.”

Allen breaks down lifestyle inflation into two buckets.

One is that “general idea of what lifestyle inflation is, which is the buying fancy cars, the buying nice things along those lines,” she said.

The second bucket, she said, is more about “everyday things that, if you’re living paycheck to paycheck, you’re going without.” These may be necessary goods or services, such as going to the dentist or getting the car’s oil changed regularly.

“There was a time in my life when [an] oil change was just like, not even a priority,” Allen said. “I’m trying to keep tires on my car. I’m trying to keep it running. I’m trying to keep the registration paid. I’m not concerned about an oil change.”

Living paycheck to paycheck makes people vulnerable to accumulating high-interest credit card debt. Almost half, 46%, of Americans said they held a balance on their credit card because of an emergency expense, according to a September 2022 CreditCards.com survey. Experts recommend having an emergency fund to fall back on with roughly three to six months’ worth of living expenses.

[Post 315] The man who rears crabs at home in Singapore

Summary

Meet Shannon Lim, who’s not only rearing his own crabs at home, he’s teaching others to do the same - even if they don’t have the space. 

[Post 314] Why Are Cars So Expensive in Singapore? | Street Interview

Summary

We hit the streets of Singapore to talk to locals about their car prices and to find out why Singapore is the most expensive country in the world to buy a car.

[Post 313] Why Even Rich People Will Receive CDC Vouchers in Singapore

Summary

Unlike the usual support scheme, the CDC Voucher Scheme is for all households, including the rich. So why did even your rich friends receive the CDC vouchers?

[Post 312] What stocks should I buy during a recession? | Money Talks podcast

Summary

With many signs pointing to a looming recession, is it time to add some resilience to your portfolio? Are there “recession-proof” stocks that are worth investing in? 

Alvin Chow, CEO and founder of Dr Wealth, charts a path through these uncertain times for host Andrea Heng on this episode of the Money Talks podcast.

[Post 311] Why buying a house in the US is so hard right now

Summary

Homeownership in the US is basically synonymous with the idea of the American Dream. Owning your own home, the story goes, confers both self-determination and security — instead of paying a landlord, you own a growing asset that will form the base of your wealth. Homeownership is ingrained in US society; the majority of American adults are homeowners.

But somewhere along the line, something changed. Homeownership has been way less accessible to millennials and gen Z than it was to their parents, in part because of dwindling housing supply. But even within that generational disparity, 2023 was a uniquely bad year to try to become a new homeowner. Watch the video above to see exactly how bad, and why.