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  #91 (permalink)  
Old 17-08-2010, 10:27 AM
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Yeah. I know another skinflint who is a MD of a local bank, but when his daughter wanted to go for a dance competition in Europe costing around $4K, he refused to pay. Now he regrets it because she is pissed of with him and stood a chance of winning an award that would look good for her University application. Another girl not as good as her was sponsored by the school (as she was poor) for the same competition and won. The same guy manages to keep his PUB bill to $80 a month despite having 4 children and mother-in-law living with him. They have aircon but are seldom allowed to use it. He is obsessive about turning everything completely off when not in use. He ruined some computer equipment by pulling the power before it had time to shutdown.

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  #92 (permalink)  
Old 17-08-2010, 03:14 PM
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Just not too clear on your story.

Is the skinflint also the one who keeps his pub to 80 per month ?

I am not sure, but well, 4 children + mother in law and especially university going children definitely takes a heavy toll of expenses. Not sure also if mother in law is old and requires medical expenses.

Anyway, I also feel daughter should not be so pissed since
all she wants is a good university application. And there are many other way to have that. One way is to STUDY HARD. Surely, she doesnt expect to dance your way around her grades right ?

Your story remind me of a case in point i recall many years back where a Director of bank (equivalent to MD now) stole money from a bank. he had terrific career record and even after the fraud was discovered, the management of the bank did not do a police case against him but just dismissed him. The reason he stole $$$, because 2+ years ago, mother got kidney failure and he used up all his savings for medical expenses as there was no insurance for his mother. Worse of all, mother passed away. I am quite sad to hear it, but it is the reality of things.

No one knows the future. Not the brightest, not the richest man. If they did, then they wouldnt be nice people because they would never had experience the very human side of things which is failure.


Quote:
Originally Posted by Unregistered View Post
Yeah. I know another skinflint who is a MD of a local bank, but when his daughter wanted to go for a dance competition in Europe costing around $4K, he refused to pay. Now he regrets it because she is pissed of with him and stood a chance of winning an award that would look good for her University application. Another girl not as good as her was sponsored by the school (as she was poor) for the same competition and won. The same guy manages to keep his PUB bill to $80 a month despite having 4 children and mother-in-law living with him. They have aircon but are seldom allowed to use it. He is obsessive about turning everything completely off when not in use. He ruined some computer equipment by pulling the power before it had time to shutdown.


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  #93 (permalink)  
Old 18-08-2010, 11:27 AM
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Unfortunately, you are wrong. This guy makes close to $1m a year, but drives a 10 yr old bone shaker car. He also has investment property.

Daughter is a top student at top JC, but these days if you want to get into Medicine, Law or go to an elite overseas university, study is not enough. You have to be top in something else like student government, sports, dance whatever to get a Government scholarship. So yes, she must dance herself into it since father has flatly refused to pay for overseas university even though he can afford it.

Oversaving skinflints are not good for their families or society.

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  #94 (permalink)  
Old 18-08-2010, 12:48 PM
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Quote:
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Unfortunately, you are wrong. This guy makes close to $1m a year, but drives a 10 yr old bone shaker car. He also has investment property.

Daughter is a top student at top JC, but these days if you want to get into Medicine, Law or go to an elite overseas university, study is not enough. You have to be top in something else like student government, sports, dance whatever to get a Government scholarship. So yes, she must dance herself into it since father has flatly refused to pay for overseas university even though he can afford it.

Oversaving skinflints are not good for their families or society.
Are you closely related to that skinflint you're talking about? How else will you know so much about another person's life?

Or maybe you are him.
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  #95 (permalink)  
Old 18-08-2010, 03:57 PM
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More likely, you are like the skinflint with your family, and now feel guilty about it.
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  #96 (permalink)  
Old 18-08-2010, 05:26 PM
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Hi,

thanks for the clarification. I think i understand better now.

Just wondering, , if daughter is TOP student at TOP JC, really there is no worry. I know medicine is a bit tough for females to get in, but others are not too bad. Anyway for medicine,law and accountancy , what is wrong with choosing local university ? In fact, I feel there is some advantage for local uni grads because your degree is recognised without a doubt for employers in singapore.

As for getting a scholarship, well it is quite true you have to be good to get overseas education because it is costly and can come up to $0.5million for just a degree including living expense. However, i think her daughter is still wrong to blame the father for not wanting to spend this money on her. Why ? because if you cant beat the local people here to gain the scholarship, what makes you think you can beat an international base of scholars overseas ? And graduating without a good degree from an ivy league university is worse than graduating first class from our local university.

That is my view anyway. And i will also not spend that kind of money because i think the marketing by these university have been oversold. I believe those who are really smart and successful may not even want to do a degree anymore.

btw, i will ignore all those personal comments made by others.

Quote:
Originally Posted by Unregistered View Post
Unfortunately, you are wrong. This guy makes close to $1m a year, but drives a 10 yr old bone shaker car. He also has investment property.

Daughter is a top student at top JC, but these days if you want to get into Medicine, Law or go to an elite overseas university, study is not enough. You have to be top in something else like student government, sports, dance whatever to get a Government scholarship. So yes, she must dance herself into it since father has flatly refused to pay for overseas university even though he can afford it.

Oversaving skinflints are not good for their families or society.
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  #97 (permalink)  
Old 18-08-2010, 11:50 PM
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Quote:
Originally Posted by Unregistered View Post
Unfortunately, you are wrong. This guy makes close to $1m a year, but drives a 10 yr old bone shaker car. He also has investment property.

Daughter is a top student at top JC, but these days if you want to get into Medicine, Law or go to an elite overseas university, study is not enough. You have to be top in something else like student government, sports, dance whatever to get a Government scholarship. So yes, she must dance herself into it since father has flatly refused to pay for overseas university even though he can afford it.

Oversaving skinflints are not good for their families or society.
There's really no excuse for a bank MD earning close to $1m a year to be such a skinflint, whereas I had no choice because I was earning a miserable income for the first 15 years of my working life.

It's strange this bank MD is not supportive of his daughter's ambitions as he can easily afford $0.5m with half-a-year's work. Perhaps she's his adopted or stepdaughter.

Usually parents would can afford it will send their children overseas in the event they don't clear the interviews by NUS medical or law faculties, an option unavailable to the poor.
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  #98 (permalink)  
Old 19-08-2010, 02:56 PM
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Quote:
Originally Posted by lazyplane View Post
Just wondering, , if daughter is TOP student at TOP JC, really there is no worry. I know medicine is a bit tough for females to get in, but others are not too bad. Anyway for medicine,law and accountancy , what is wrong with choosing local university ? In fact, I feel there is some advantage for local uni grads because your degree is recognised without a doubt for employers in singapore.

As for getting a scholarship, well it is quite true you have to be good to get overseas education because it is costly and can come up to $0.5million for just a degree including living expense. However, i think her daughter is still wrong to blame the father for not wanting to spend this money on her. Why ? because if you cant beat the local people here to gain the scholarship, what makes you think you can beat an international base of scholars overseas ? And graduating without a good degree from an ivy league university is worse than graduating first class from our local university.

That is my view anyway. And i will also not spend that kind of money because i think the marketing by these university have been oversold. I believe those who are really smart and successful may not even want to do a degree anymore.
Getting into medicine at NUS is very difficult. In fact, much more difficult than getting into medical school in the UK and could be as hard as getting into Harvard. So being a top student in a top JC is definite not "no worry". The issue isn't having a recognized degree, but a top degree.

The best employer in Singapore is no longer necessarily the Government or local firms, but the top international firms. Do you think that a foreign bank will employ a NTU accounting graduate as readily as a Wharton graduate? Do you think a top international law firm will hire a SMU Law graduate as readily as a Harvard or Cambridge Law graduate?

As for scholarship, if the father can afford the $500K, why deprive some other poor person of a scholarship? Besides, its not really a true scholarship because Government scholarships comes with forced servitude in the form of a bond. Even medical doctors are known to commit suicide over the slavery to their bonds. For some bright people, enforced work for some inept Government agencies can be torture. But yes, she is still trying for a Government scholarship even though she knows she will be bonded. Foreign universities used to give out bond-free scholarships, but these have dried up due to the global financial crisis.

But you've actually hit the nail on the head as the father thinks very similarly to you. He says that if he made it to MD at a local bank with a local degree, why should he pay for his children's foreign degree. My view is that if he can afford it he should do it because Singapore has changed and people with good foreign degrees have an advantage in life. But his nature is to be a scrooge and he won't do it. He can't take all the money with him to the grave so why not spend it on his child's dreams. I suppose with four kids, he can afford to have one of them hate him.
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  #99 (permalink)  
Old 19-08-2010, 03:06 PM
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Quote:
Originally Posted by Unregistered View Post
It's strange this bank MD is not supportive of his daughter's ambitions as he can easily afford $0.5m with half-a-year's work. Perhaps she's his adopted or stepdaughter.

Usually parents would can afford it will send their children overseas in the event they don't clear the interviews by NUS medical or law faculties, an option unavailable to the poor.
Unfortunately for her, she even looks like him! As I explained above, he feels that he didn't need it so why should she. She's determined to get into a elite overseas University by herself, so I wish her luck.
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  #100 (permalink)  
Old 20-08-2010, 10:53 AM
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local degree is only good in Sg and not really overseas. Whereas top collegues' degrees are recognised world wide.
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