Singapore is known for being one of the most expensive places in the world to own a car. At the time of this writing, a new family car like a Toyota Corolla 1.8L would have set you back by S$165,000 (about US$132,000). If the price of a basic BMW 7 series cost nearly S$400,000 (about US$320,000), try guessing the price of a new sparkling Ferrari!
Even with such exorbitant prices, exotic cars such as Bentley, Lamborghini, Porsche or the more common ones like Audi, BMW, and Mercedes-Benz are plying Singapore roads daily. While many believe the car you drive reflects the level of success you have achieved, the reality is far from the truth!
The world is ever tempting us daily. We're bombarded by advertisements from various media promoting easy credit, glorifying luxurious lifestyles and encouraging us to give in to our sense of entitlement. You're tempted every now and then to treat yourself with some nice things in life regardless of whether you can afford them. Yes, you often feel entitled. You believe you deserve to pamper yourself with some luxuries because of your hard work. This was exactly how King Solomon (known for his wisdom, wealth and writings) felt when he said: "I denied myself nothing my eyes desired; I refused my heart no pleasure. My heart took delight in all my labor, and this was the reward for all my toil" (Ecclesiastes 2:10).
According to the Monetary Authority of Singapore, more than 7.5 million credit cards (including supplementary cards linked to the principal cardholder's cards) were issued in Singapore in 2010. With market experts estimating eligible cardholders to be around 1 million, that would work out to each eligible cardholder owning 6 to 7 credit cards.