Speaker ﹕ Ven Zu RenSpeaker ﹕ Ven Zu Ren Date : Dec 2006Date : Dec 2006 Organizer:Organizer:

Ven Zu Ren’s short BiodataVen Zu Ren’s short Biodata He has a Ngee Ann Polytechnic (Singapore) ElectronHe has a Ngee Ann Polytechnic (Singapore) Electron

ic Engineering Diploma ic Engineering Diploma （（ 19881988）） Graduate. 1991-19Graduate. 1991-1992,92,

He was a Thai Thammayuttika Tradition monk at WaHe was a Thai Thammayuttika Tradition monk at Wat Bovoranives Vihara, Bangkok, Thailand. 1993-2000, t Bovoranives Vihara, Bangkok, Thailand. 1993-2000,

He studied Buddhism in Chinese at Fu Yan Buddhist He studied Buddhism in Chinese at Fu Yan Buddhist InstituteInstitute（福嚴佛學院）（福嚴佛學院） , Taiwan and completed Ele, Taiwan and completed Elementary and Advanced Buddhist Studies Courses. mentary and Advanced Buddhist Studies Courses.

He has been teaching in MalaysiaHe has been teaching in Malaysia （（ Perlis, Kedah, PPerlis, Kedah, Penang, Terengganu, Kuala Lumpur, N. Sembilan and enang, Terengganu, Kuala Lumpur, N. Sembilan and JohorJohor）） , Singapore, Hong Kong, Taiwan, Beijing, C, Singapore, Hong Kong, Taiwan, Beijing, China and U.S.A. hina and U.S.A. （（ New York City, New York State, NNew York City, New York State, New Jersey, Huston, Texas, Sunnyvale, California ew Jersey, Huston, Texas, Sunnyvale, California ））

Reality checkReality check We have always We have always assumedassumed that that each generationeach generation would be would be

better off thanbetter off than its predecessorsits predecessors. . But young peopleBut young people todtodayay have a lot more commitments and it is have a lot more commitments and it is much more dimuch more difficultfficult for them to for them to raise their incomes and generate weraise their incomes and generate wealth.alth. Therefore they are Therefore they are financially worse offfinancially worse off than their than their parents when they were the same age . parents when they were the same age .

This is a This is a very big issuevery big issue ( ( New PovertyNew Poverty or or “Ipod” “Ipod” generationgeneration — — “Insecure, Pressured, Over-taxed“Insecure, Pressured, Over-taxed and Debt-ridden”and Debt-ridden” ) for the many countries ) for the many countries around the world.around the world.

Their parents Their parents generation@30sgeneration@30s

Ipod generation@30sIpod generation@30s

got married, bought a house/ got married, bought a house/ flat/ apartment and a car.flat/ apartment and a car.

Still single or childless, may Still single or childless, may have some debts (student loans, have some debts (student loans, wild spending ) may not afford wild spending ) may not afford to buy a similar size house and to buy a similar size house and carcar

The " New Poverty " / Marginalized Middle Class:（ 1） the economic free-falling (without a parachute / safety n

et ) of individuals and countries who used to be affluent and who once dreamed that their affluence would go on forever.

（ 2） people who lose their jobs when their company "downsizes" "shutdowns” or "outsource.”

（ 3） the sense of surprise （ poverty can hit so suddenly） and loss of faith in relationships, corporation and government.

Who are at risk of becoming “New Poverty” ? People in their twenties to forties:（ 1）with skills, knowledge and experience easily replaced by

someone in another part of the globe or new technology or new way of doing things （ Self Manufacture→ Original Equipment Manufacturer (OEM) →Original Design Manufacturer (ODM) ） .

（ 2）with overspending habits, poor saving and making bad investment decisions （ FQ） , low EQ , low Social Intelligence/ people skill and unable or unwilling to learn new skills/ make positive changes in life.

，

High flyer:High flyer: “ 3M's” “ 3M's”— — MobilMobility, Multiplicity and Money.ity, Multiplicity and Money.

Trapped and Lost OutTrapped and Lost Out ：： NENEETET（（ Not in education, empNot in education, employment or trainingloyment or training ）） , Fre, Freetensetens（（ freelancefreelance）） , Parasi, Parasite Singlete Single （（ stay with parentstay with parents and spending majority of es and spending majority of earning on buying thingsarning on buying things ））

MobilityMobility -live high life -live high life and work high pay jobs in and work high pay jobs in a many a many different citiesdifferent cities around the worldaround the world

Stay with parentsStay with parents or low or low cost apartmentcost apartment

Multiplicity-Multiplicity-have have multiple multiple careerscareers and and ventures ventures (eg (eg Yahoo, Google, YouTubeYahoo, Google, YouTube ), ), multitaskingmultitasking to earn to earn high high pay pay , gain, gain high status high status and and eesteemsteem. .

JoblessJobless, or , or low paidlow paid temporary /permanenttemporary /permanent jobjob, work , work multi- low paid multi- low paid jobsjobs to make ends meet to make ends meet or to or to overspending on overspending on expensive gadgets / expensive gadgets / fashion.fashion.

Money-Money-make big moneymake big money, sa, save and invest, want to becove and invest, want to become Millionaire before 40me Millionaire before 40→→Early Retirement and EnjoEarly Retirement and Enjoy Lifey Life..

make little moneymake little money, no or , no or poor saving and invest, poor saving and invest, overspendingoverspending and and possible of becoming possible of becoming credit card company credit card company slave. slave.

Ipod GIpod G gogo Buddha’s Way Buddha’s Way