The road to financial independence is sometimes not an easy one. Many people in the past such as my parents’ generation born in 1950s-1960s were savers. They work hard, they save money and never really had much luxuries. Life was simple back then. However, you would have realised that the baby boomers generation still did not have much savings. This is after working hard and saving money all their lives. Why is this so?

The reason is simple, most of them could not increase their income due to circumstances back then. Some of them had to quit school early to work in order to supplement income for the household. Singapore was also transforming fast during the 1980s and 1990s which means jobs were changing fast too. Some were left stranded with their skills and experience being made redundant and this caused them to suffer wage cuts or stay stagnant in …