... mature residents with tertiary qualifications were the most vulnerable group last year, “with above-average risk of retrenchment and below-average re-employment”, the report said..
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Surviving through several recessions, what I saw is the same story, different people, different Year XXXX. In past recessions, I have seen or heard of mature colleagues being let go and the reasons are pretty obvious regardless of whatever shit reasons coming out of the management's mouth (the ones above you)
As an employee, if you do not progress well up the corporate ladder every few other years, you will be perceived as dead wood and becoming too "expensive" to retain when recession hit the company, and you will become a cost cutting item to be removed.
As you grow older, you are becoming a depreciating asset so beware and take note. Get your Plan B ready as soon as possible.
Now, back to the question: Do you want to pay off your housing loan earlier? I remembered some debates among bloggers and over media.
Heard the wise words:
In each action we must look beyond the action at our past, present, and future state, and at others whom it affects, and see the relations of all those things. And then we shall be very cautious. - Blaise Pascal
A man is not a man; until there is a house that he may call his castle. A woman is not a woman; until she has a place she may call her home. And neither a man nor a woman can say anything about their house, until they are the masters of it, and own it outright and unencumbered - Albert Ying
Expect the Unimaginable. The book offers some erudite advice on living with deep unpredictability. The Good: Argues persuasively that people need to admit that life is deeply unpredictable.
Be sure that you understand what is your opportunity cost for not paying off your housing loan earlier as you think can get better return off your investment.
Every investment by nature is risky; but, most investors are over-confident that they will not lose their capital.
Every drinkers think that they can control and don't get drunk; but, we see drunkards frequently at drinking sessions.
Every speedsters think they can control their cars; but, some crashed very badly and some perished.
We are smarter than the broke; but, the broke could be the someones who were seen drinking finest wine and dining at 4-5 stars restaurants before they became broken.
and blah blah ....
With a fully paid home, you are definitely better prepared to face the future recessions when you are approaching the mature employee status and become the most vulnerable group “with above-average risk of retrenchment and below-average re-employment".
Remember the wise words from Pascal and Albert, these words are spoken not without good reasons.
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