Whats your net worth

Originally Posted by Unregistered

I totally agree. Most people compare not on personal development but compare out of ego and pride. They want to earn more and more so that they can buy more stuff to show off with the friends, colleagues and relatives. They will not be happy with a bungalow costing $4m, they want more to buy GCBs costing $20m. That is why you see rich people still want to cheat other people so that they can get more and more. These people are drowning in their pride and ego.

Not all rich people "still want to cheat other people"! Please be careful with making sweeping statements. It's not a mature statement coming from an adult.

Originally Posted by Unregistered

I totally agree. Most people compare not on personal development but compare out of ego and pride. They want to earn more and more so that they can buy more stuff to show off with the friends, colleagues and relatives. They will not be happy with a bungalow costing $4m, they want more to buy GCBs costing $20m. That is why you see rich people still want to cheat other people so that they can get more and more. These people are drowning in their pride and ego.

It's human to want more and more. The very fact that you have to remind yourself and others to be content shows glaringly that to be content is a very unnatural act. To find someone who is truly content would be to find someone who is a Buddha. That is when the person is no longer attached to material world. In Christianity, even the bible says it is harder for a rich man to enter the kingdom then for the camel to travel through the needle eye.

To you, you only see the man with the bungalow aspiring to own a gcb. Have you forgotten when you were also aspiring to move out from hdb into a condo. Have you forgotten to point the finger at yourself when you were aspiring perhaps to upgrade from a condo to a better one or to a landed property?

The man who can't be detached from upsizing and upgrading and worrying if his retirement funds are enough are no different from the man who wants to aspire from bungalow to gcb. Or hdb to condo for that matter. All are hankering after material wealth and creature comforts.

If you are not a Buddha or a blibical Christian, don't be the pot calling the kettle black!

From the Birkin bag

Originally Posted by Unregistered

Thanks lazyplane for your comments.

My reply:

a. Sometimes it is difficult to communicate the fears with people you know, I do indirectly share the fear that I have but still has to manage it by myself by preparing myself in case of retrenchment.

b. Yes, I do top up SRS and SA account regularly, this year SA would be my last top up as I have hit the minimum sum. I have used my SRS in purchasing of UT and shares and agree with your view about SRS and CPF.

c. Not planning to pay down HDB mortagage as my loan interest is lower than CPF interest. Nevertheless I have prepared the cash to standby in case of out of job. If my job could last 5 more years, I have calculated that my OA would be sufficient to settle the balance loan by then. I have not touch wife's money and has no intention as wife money is always belong to wife. : )

d. Full support. I have top up wife SA since she is not working and my limit has reached. Yes, I believe in term insurance that's the reason why my insurance current surrender value is very low while wife insurance current surrender value is high as she bought for retirement saving. She is expecting to receive $700K when at age 65. As previously she was self-employed that the reason of her low CPF, thus she saved her money thru insurance as the only means of forced saving.

e. The $250K investment is in insurance annuity which I would be receiving monthly payout after 5 years.

f. Parents insurance is only health shield that is paid by me. Not sure whether can they qualify for term insurance as I thought term is mainly purchase in case sole breadwinner pass away and the term amount is suppose to help to tide up the house, children upbringing.

Though their expenses are not high, 4 of them (including in laws) are no longer working with their mortgage fully settled, as filial as we want to be, we give them monthly allowance for them to use on household expenses and medical regular medication on high blood pressure, diabetic.

Yes, we do eat in for health sake rather than saving. Apparently it is not that cheap to eat in too as we eat a lot of organic, healthy food.

g. Not sure time it is due to rat race or rather family time in bringing children, spending it with parents that limit the time that I could spend with friends and classmates. Yet I do ensure I am with my friends and classmates whenever there is difficulty to lend support to each other. I valued friendship very much especially to true friends and never ever will forget their gratitude in helping.

It look like my networth is in good shape compare to other that may be facing more difficulty, my stress is worrying as a solebread winner how would I able to substain to retirement age and bringing up young school going children (1 in playgroup, the other in primary 4). So I may take up Skillfuture from the SingBudget to be trained as skilled worker when the time of layoff is imminent.

I like to gather advice from mid-40's to older, how to prepare one self for retrenchment, retirement, the money in bringing up young children, old-aged parents.

It is blessing that we lived within our means and do not have much loan except mortgage. I started preparing for this worst day since the financial crisis and remind myself that good times doesn't last forever. So never get into private property and large expensive car.

Cheers!

Regarding your $250k insurance annuity, how much monthly payouts would you get after 5 years?

Excessive greed, pride and ego will lead to man's downfall. Just look at the past civilizations and you can already see. While we should aspire to better ourselves as a person or as a nation for that matter, there must be moderation. Stuff will not make you happy. True happiness is about making a difference to the less fortunate and to humanity. The act of charity will make you feel happy.

Try google "homeless people", "world hunger", "homeless children" and you will see the real world out there.

Originally Posted by Unregistered

It's human to want more and more. The very fact that you have to remind yourself and others to be content shows glaringly that to be content is a very unnatural act. To find someone who is truly content would be to find someone who is a Buddha. That is when the person is no longer attached to material world. In Christianity, even the bible says it is harder for a rich man to enter the kingdom then for the camel to travel through the needle eye.

To you, you only see the man with the bungalow aspiring to own a gcb. Have you forgotten when you were also aspiring to move out from hdb into a condo. Have you forgotten to point the finger at yourself when you were aspiring perhaps to upgrade from a condo to a better one or to a landed property?

The man who can't be detached from upsizing and upgrading and worrying if his retirement funds are enough are no different from the man who wants to aspire from bungalow to gcb. Or hdb to condo for that matter. All are hankering after material wealth and creature comforts.

If you are not a Buddha or a blibical Christian, don't be the pot calling the kettle black!

From the Birkin bag

Originally Posted by Unregistered

Excessive greed, pride and ego will lead to man's downfall. Just look at the past civilizations and you can already see. While we should aspire to better ourselves as a person or as a nation for that matter, there must be moderation. Stuff will not make you happy. True happiness is about making a difference to the less fortunate and to humanity. The act of charity will make you feel happy.

Try google "homeless people", "world hunger", "homeless children" and you will see the real world out there.

It's true what you are saying. I have not disagreed with this point.
My point is to serve a reminder to the guy who claims that all "rich people do bad things" and that rich people only want to upgrade and get better etc.

I think everyone in this forum is already above the poverty line. So everyone here is trying to accumulate more retirement nest egg.

So I'm merely saying he shouldn't be pointing fingers at others.

We haven't talked about moderation. I am just saying that it is human nature to want more. Of course what you said is all true. That's our aspiration of course but we can't demy our human greed. And that everyone is greedy. But we should choose the middle ground.

Originally Posted by Unregistered

It's true what you are saying. I have not disagreed with this point.
My point is to serve a reminder to the guy who claims that all "rich people do bad things" and that rich people only want to upgrade and get better etc.

I think everyone in this forum is already above the poverty line. So everyone here is trying to accumulate more retirement nest egg.

So I'm merely saying he shouldn't be pointing fingers at others.

We haven't talked about moderation. I am just saying that it is human nature to want more. Of course what you said is all true. That's our aspiration of course but we can't demy our human greed. And that everyone is greedy. But we should choose the middle ground.

I want to add to your point about giving and being happy. It is obviously true. It has been said by so many people before. And I have also given more than I have ever before ever since having more money. In fact I have given so much now compared to before, when I was just starting out working and working so hard to earn pittance that I spent all my energy just saving money and trying to grow my money. I also didn't have time to volunteer. Now that I have both time and money, I give both of these generously to people. I don't look at charities of churches to give money to because I just can't trust them but I help a few families who live in one room flats. I spend time talking to them and making connections for them to get jobs.

That is very satisfying no doubt.

I still like my birkins and exotic cars. And am glad I am able to afford them. They don't make me happy you are right and I don't accumulate many of them like jamie chua with the bags. They do give me pleasure. It's just a personal preference that I don't like to carry cloth bags or logo bags and I can afford hermes bags.

Please don't call me names.

Good to know that you are helping others. Nothing wrong with enjoying your bags and exotic cars as long as done in moderation and not to show off and looking down at others with lesser means.

As for myself, even though I'm a millionaire, I'm very well aware of the plight of poverty in this world. We live in a world with other fellow human beings and they have every right to live. We will feel hurt when we know of people who die out of hunger. Thousands of people in this world die everyday because of hunger. So, even though I can afford to buy the latest European car model, I go for a humbler Asian make. I know the money I have saved could be channeled to humanity to help end world hunger and poverty.

So every time you want to spend that one dollar, think of how that dollar can best be used for those who needs it more, sometimes a matter of life and death. A dollar can save a life.

Originally Posted by Unregistered

I want to add to your point about giving and being happy. It is obviously true. It has been said by so many people before. And I have also given more than I have ever before ever since having more money. In fact I have given so much now compared to before, when I was just starting out working and working so hard to earn pittance that I spent all my energy just saving money and trying to grow my money. I also didn't have time to volunteer. Now that I have both time and money, I give both of these generously to people. I don't look at charities of churches to give money to because I just can't trust them but I help a few families who live in one room flats. I spend time talking to them and making connections for them to get jobs.

That is very satisfying no doubt.

I still like my birkins and exotic cars. And am glad I am able to afford them. They don't make me happy you are right and I don't accumulate many of them like jamie chua with the bags. They do give me pleasure. It's just a personal preference that I don't like to carry cloth bags or logo bags and I can afford hermes bags.

Please don't call me names.

You guys missed the point. You can help poor people in two ways. One is through pure charity, that is, giving money to them. The other is through giving them jobs/employment. Jobs give people dignity and hope. Direct charity takes them away.

A good example would the maids we employ. Imagine if every family in Singapore, Malaysia and Hong Kong "saved" money by not employing maids, the hundreds of thousands of maids from Indonesia, Myanmar, and Philippines will be going back to abject poverty. Will you give your "savings" to them as charity ? And will your "charity" give them hope and dignity?

It is better to employ them and be a good boss to them. My latest maid who has worked for us for 6 years have bought a home for her family, sent her siblings to high school and is now thinking of starting a business in the Philippines once the current contract ends. She shared her dreams with us with great pride and we are happy for her.

Another example. We used to wash our own cars once every week, but after bumping into the Indian man who washes the cars in our condo, we decided to get him to wash our 2 cars too. The reason was because he told us he was illiterate and could not hold down permanent and well paying jobs. He has 4 young children to feed and a wife who was unable to work because of medical problems. We pay him $80 per month for washing our 2 cars every night. It was a win-win situation. He has dignity from providing services and earning his keep.

Yet another example was the sad case of the canteen operator in my company. Some "wise" guy in the company suggested packing and bringing home made food as part of the "Stay Healthy" campaign. The idea caught on because staff see that they could also saved money that way. Within a month, the canteen operator closed shop and was jobless. Will your savings help him find dignity? What about his family?

Always remember that every dollar spent goes to someone. Money is only lost if they were kept out of circulation or if they were destroyed.

I am a saver myself, saving for my retirement, but it is important to be aware that my job and salary was there because someone needed the services I can provide and was willing to pay for it!

Originally Posted by Unregistered

Good to know that you are helping others. Nothing wrong with enjoying your bags and exotic cars as long as done in moderation and not to show off and looking down at others with lesser means.

As for myself, even though I'm a millionaire, I'm very well aware of the plight of poverty in this world. We live in a world with other fellow human beings and they have every right to live. We will feel hurt when we know of people who die out of hunger. Thousands of people in this world die everyday because of hunger. So, even though I can afford to buy the latest European car model, I go for a humbler Asian make. I know the money I have saved could be channeled to humanity to help end world hunger and poverty.

So every time you want to spend that one dollar, think of how that dollar can best be used for those who needs it more, sometimes a matter of life and death. A dollar can save a life.

Originally Posted by Unregistered

You guys missed the point. You can help poor people in two ways. One is through pure charity, that is, giving money to them. The other is through giving them jobs/employment. Jobs give people dignity and hope. Direct charity takes them away.

A good example would the maids we employ. Imagine if every family in Singapore, Malaysia and Hong Kong "saved" money by not employing maids, the hundreds of thousands of maids from Indonesia, Myanmar, and Philippines will be going back to abject poverty. Will you give your "savings" to them as charity ? And will your "charity" give them hope and dignity?

It is better to employ them and be a good boss to them. My latest maid who has worked for us for 6 years have bought a home for her family, sent her siblings to high school and is now thinking of starting a business in the Philippines once the current contract ends. She shared her dreams with us with great pride and we are happy for her.

Another example. We used to wash our own cars once every week, but after bumping into the Indian man who washes the cars in our condo, we decided to get him to wash our 2 cars too. The reason was because he told us he was illiterate and could not hold down permanent and well paying jobs. He has 4 young children to feed and a wife who was unable to work because of medical problems. We pay him $80 per month for washing our 2 cars every night. It was a win-win situation. He has dignity from providing services and earning his keep.

Yet another example was the sad case of the canteen operator in my company. Some "wise" guy in the company suggested packing and bringing home made food as part of the "Stay Healthy" campaign. The idea caught on because staff see that they could also saved money that way. Within a month, the canteen operator closed shop and was jobless. Will your savings help him find dignity? What about his family?

Always remember that every dollar spent goes to someone. Money is only lost if they were kept out of circulation or if they were destroyed.

I am a saver myself, saving for my retirement, but it is important to be aware that my job and salary was there because someone needed the services I can provide and was willing to pay for it!

Both of you are right. The guy who employs the poor man to wash his cars and the guy who saves on his purchases to donate to charity. I am trying to do both, like you guys. I gave up my career to stay home to back up my husband, and be there for my kids. But I gained back by having more time to give back. I always tell my husband I give back On his behalf as he has no time. However sometimes I do feel like a nun or a messy housewife. Hence I would bring out my bags to use and regain some of my former glory!

Trying to strike a balance.

Ms birkin

Originally Posted by Unregistered

Both of you are right. The guy who employs the poor man to wash his cars and the guy who saves on his purchases to donate to charity. I am trying to do both, like you guys. I gave up my career to stay home to back up my husband, and be there for my kids. But I gained back by having more time to give back. I always tell my husband I give back On his behalf as he has no time. However sometimes I do feel like a nun or a messy housewife. Hence I would bring out my bags to use and regain some of my former glory!

Trying to strike a balance.

Ms birkin

I would like to add that when guys collect artwork or furniture and watched or even fine wine. They are said to be refined and are looked upon to have good taste. When women have a few nice bags, they are said to be ostentatious and proud and show off.

How is this fair?