Comments by "Bobby Loo" (@BobbyLoo-jr8ys) on "" video.

  1. Always have a backup plan. DO not put all your mables in one basket. These Chinese people were overly confident. And want to "show" off that they also have a home to their peers and neighbours and friends. By taking HUGE loans, millions in rmb, is a big risk. Lesson learned too late. Now they lost everything. Being overly confident is a death trap. One should have at least 3 million rmb in a 1st tier save before even buying. FOr example, have at least 70% funds and then take out the 30% as a loan. But many chinese are opposite, down payment of less than 20% and take out 80% loan. THey never consider: What if we lost our job. WHat if the company goes bankrupt, what if we get laid off, what if there are unexpected cost, like medicial. Many Chinese people in CHina have poor managmenet or finanical literacy. They only think "the moment". I would never buy a house/apt in china unless i have MILLIONs in the bank, at least 4 million to buy a 5 million. And saying, they know nothing about the economic and economic bubble is just pure stupidity. Housing price CAN"T rise forever and those believed it well. Even those without economic degrees have a better understand than those with economic degree. And those buying car, think it is a NEEd. No, it is a want. And cars have a depreciating value as it ages. WHen someone tells me he/she needs a car, l sigh. Their priority is reverse. ONe might argue, it is because my job is far away. I guess, they miss calcuate time, fuel cost, mental stress of traffic. If the job is too far, find a job that is closer. Owning a car is like raising a child. Needs: food, insurance and maintennce , space, etc. It is a big cost owning a car as a middle income family.
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