Married for the wrong reason?
Firstly I can understand what the person is going through. After all, I live in a 5 room flat, is a sole breadwinner, my wife is a full time housewife, have a baby girl, support my parents, support my in-law and own a car. So the burden on my shoulder is no less than the person in question, albeit I drew a much higher salary. But in my opinion, his current financial plight is not caused by his decision to set up a family. In fact, it is a misconception among many Singaporeans that "if you don't have money, you should not get married in the first place as marriage requires financial commitments". Marriage itself is not the root cause for a person's financial downfall. Rather, it is the person's poor personal finance mastery that led to his current financial situation. If he, like many of my readers, have been following my blog over the years, he would not have landed in this state. In fact, he could be lending money to others and not borrowing!
How to get out of the pit hole?
So you must asking me how to help the fellow? Well if you have been following my blog for the past three years, the solutions were all written in my previous blogs. Actually for the person to pay off his debts and to achieve financial stability, there are three solutions. First, he can rent out the other 2 rooms and share the master bedroom with his two kids. That will generate monthly $2000 rental income. Second, he can choose to downgrade to three room flat and live with parents or in-laws. Thirdly, switch job and become a property agent.