It was reported a young couple applied for an executive condominium costing $722,000 through the help of a loan of $144,400 from the gentleman’s father as a 20% down payment as the couple has only $15,000 in their savings and earn $5,300 together.

You may ask what has the couple’s purchase of an executive condominium got to do with this blog and being featured in it? Well, the couple’s story tells us a thing or two about financial planning. With a combined income of $5,300, buying an executive condominium worth $722,000 is buying an asset of that value to me may be stretching the couple’s pockets a little bit.

I would think that a couple should just buy a HDB flat which cost much less if a couple earns less than $10,000 in combined income in order to have a better standard of living and savings. Why follow the crowd …