This article presents key takeaways from a conversation with a 35-year-old software engineer in Singapore, covering topics from his car purchase and finances to his career choices and perspectives on life in Singapore.
Why Tesla?
The speaker chose a Tesla primarily because of his belief in technology and its potential to enhance his life. He anticipates a future where cars drive themselves.
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He also values Tesla's comprehensive manufacturing process and quality control.
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He appreciates the minimal maintenance and environmental benefits of EVs compared to petrol cars.
Convenience of EV Ownership
A significant advantage for him is the convenience of charging his EV overnight at his HDB parking lot, eliminating the need to visit petrol stations.
Perspectives on COE Prices and Car Ownership in Singapore
He observes that rising COE prices seem to be manageable for many Singaporeans, suggesting a general increase in wealth. He rationalizes his car purchase as a way to enhance his lifestyle and explore the city more freely.
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Without a car, weekend excursions to distant locations might be limited by taxi fares.
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Having a car encourages exploration and makes life more interesting.
Financial Aspects of Owning a Tesla
He secured a car loan with a low-interest rate of 1.68% and found the overall cost, including down payment and interest, to be justifiable. He emphasizes that car ownership in Singapore should not cause financial strain.
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He believes one should have disposable income to comfortably afford a car and potential incidents.
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He estimates that a Tesla, including loan payments, charging, insurance, and parking, costs around $2.2-$2.4k per month.
Affordability Considerations
He suggests that if these expenses, combined with one's lifestyle, don't exceed 40% of monthly income, car ownership is likely comfortable. He also notes that buying a used Tesla isn't financially advisable due to potential battery replacement costs.
Exceeding Expectations: The Tesla Experience
The speaker describes his Tesla as exceeding his expectations, particularly after transitioning from driving his parents' van.
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He highlights the car's quiet ride and lack of maintenance requirements in the first few months.
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His wife also enjoys the car and its convenience.
Career in Software Engineering
He chose software engineering driven by a passion for technology.
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He admits it was an unpopular field initially but coincided with the IT boom.
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He feels that his passion for work should align with his interests.
Industry Outlook and the Rise of AI
He acknowledges increasing competition in the IT field due to more graduates and the rise of AI. He advises aspiring software engineers to pursue the field only if they are genuinely passionate.
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He notes AI's potential to replace jobs.
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He changed jobs to focus on AI-related work and safeguard his career.
Corporate vs. Startup Environments
He prefers startup environments due to the collaborative and passionate atmosphere. He contrasts this with corporate environments where knowledge is sometimes gatekept.
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He values building value and making a significant impact, which he finds more common in startups.
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He acknowledges that corporate environments offer exposure to scaling products to millions of users.
Lessons Learned in the Corporate World
He learned about managing teams and scaling tech but missed the direct product impact. He emphasizes that technology should serve the product and the users, avoiding over-engineering.
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He summarizes that results-oriented individuals might prefer startups.
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Those focused on career advancement might find corporate settings more suitable.
Reflections on Life in Singapore
He considers Singapore too safe and stable, potentially limiting individual expression and risk-taking. He expresses a desire for more leniency towards unconventional talents, such as in the arts.
Defining Worth
He believes that pursuing one's passion will eventually lead to recognition and success. He prefers doing what he enjoys rather than solely chasing money.
Current Happiness Level
He rates his current happiness as an 8/10, fluctuating with life's ups and downs. He values experiencing both happiness and unhappiness.
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He envisions future projects, such as having children.
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Currently, he focuses on experiencing the world and all it offers.
Investment Strategies
He has investments in crypto (mainly Bitcoin) and US equity stocks, which have contributed significantly to his finances.
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Crypto contributed to his Tesla downpayment and annual trip funds.
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His largest returns come from stocks.
Investment Advice for Newbies
His advice for investment beginners is to invest in companies they understand and believe in, like Apple.
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He recommends starting with a solid base and gradually diversifying.
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He advises against risky investments at the outset due to potential emotional selling during downturns.