This weekend's rendition of Me & My Money in The Straits Times was hugely disappointing, as the main story featured a female tax adviser and her journey in property investing. She is also a self-proclaimed "staunch believer in wealth accumulation and prefers not to dwell on the idea of frugality".

Her first move was to buy a high-end condominium and renting it out to expats for regular income. After selling the condo in 2008, right before the property market collapsed, they went on to invest in 4 more condos and 3 landed properties. She and her husband plans to hold on to them for the long term and rely on it for an estimated monthly income of $30,000 to $50,000.

It sounds great on paper, but the truth is, how many of us can afford such a similar move?

I found it disappointing because Ms. Kylie Luo's story is clearly a tale of how a rich person became even richer. Her family consists of a college lecturer, an accountant, a doctor and an auditor. How many of us can claim such a family background?

The classic tale of someone going from rags to riches will always appeal more to me, as it gives me a glimmer of hope that I too, can become financially independent one day.

For most of us Singaporeans, we are simply not that lucky to be born into a well-to-do family. Many of us struggle with low starting salaries that can barely keep up with the rising cost of living in Singapore. Pay raises are almost non-existent (or minimal) unless you get headhunted into a new job, which most of us will avoid doing too often either, since it leaves us with a record for job-hopping. 

It is NOT that easy for us to "earn more and find different sources of revenue and income", which Ms. Luo claims is more important than frugality.

For many of us, buying our first property (usually a HDB) is all we can hope for, in contrast to going for a high-end condominium. How then can we go on to buy 7 more private properties?

Ms. Luo is incredibly lucky, but her strategy and circumstances are not something most of us will be blessed enough to have. Therefore, I'd rather stick with the strategy more accessible to us "average Singaporeans", which is to save, get sufficient coverage, spend prudently, and invest wisely.

What did you guys think of her story? Is it a strategy you can likely replicate?

With love,
Budget Babe


  1. Will investment success stories for average Singapore household with kids sell?

    e.g. How I build up passive income of $2,000 per month?


    Folks are attracted to big headline number. LOL!

    1. I just learnt there's a term for that today - click bait journalism! Haha!

      I rather read stories for average Singapore least that gives us hope that ordinary folks like us can do it too.

      I don't think I could ever replicate Ms Kylie Luo's strategy. Or for that matter, I doubt most of my friends can even do something as near. REITs are the only ones within my capabilities right now.

  2. I totally agree with you. When we read the "Me & My Money" section every Sunday, we are looking for knowledge, wisdom or inspirations to help us move ahead. Such stories do not provide much of these other than "You lucky lor" respond. In fact, it might bring out the worst in people "greed" and some people might try to take more risks than they can bear to mimick such strategies, by plunging into the property market at this wrong juncture.

    1. Glad to know I'm not the only one who feels this way about the Me & My Money section. My favourites were those about poor folks who made it big through hard work and savings, such as those who ran their own businesses, etc.

      For some people, the current property market is a good chance to enter though ;) unfortunately I'm not among that group!

  3. Do you need a Loan?
    Are you looking for Finance?
    Are you looking for a Loan to enlarge your business?
    I think you have come to the right place.
    We offer Loans atlow interest rate.
    Interested people should please contact us on
    For immediate response to your application, Kindly
    reply to this emails below only:

    Please, do provide us with the Following information if interested.
    First name:
    Middle name:
    Date of birth (yyyy-mm-dd):
    Marital status:
    Total Amount Needed:
    Time Duration:
    Zip/postal code:
    Monthly Income:
    Which sites did you know about us…..

  4. This comment has been removed by a blog administrator.

  5. This comment has been removed by a blog administrator.


  6. Are you in need of a loan? Do you want to pay off your bills? Do you want to be financially stable? All you have to do is to contact us for more information on how to get started and get the loan you desire. This offer is open to all that will be able to repay back in due time. Note-that repayment time frame is negotiable and at interest rate of 3% just email us