$1m gone in one year

[Shion]

She want invest in her brother business, $100,000 only can buy 1 lorry?

What type of lorry the business need?

 

[naro]

This just further makes the point that money management skills is very important.

 

[Dyhalt]

This is another sad story in the society, personally I think she was just not educated enough to handle so much money suddenly, and losing her husband must have made her prone to poor decisions emotionally.

It's sad the life saving money was wasted, hopefully they can patch back up and live through this difficulty.

 

[kakaboo]

It's the same story as how people who win over a million in 4D/Toto/Big Sweep can still end up being broke after a few years. the importance of financial literacy

 

[SpinFire]

Very scary story. I probably won't even spend $50k in a year. $1m will last me 20 years!

Use the $1m, buy any 5 REITs, can easily get a portfolio dividend yield of 5-6%. Payout $50k a year.

 

[magna_strike]

easy come, easy go i guess...

 

[peterchan75]

1. Trust crooked brothers or relatives
2. Use this pauper story to ward off pesky friends and relatives
3. Garner sympathy for another wave of donation

Any of the above. One thing for sure, this story will be another news paper cutting for financial planner.

 

[archcherub]

1. Trust crooked brothers or relatives
2. Use this pauper story to ward off pesky friends and relatives
3. Garner sympathy for another wave of donation

Any of the above. One thing for sure, this story will be another news paper cutting for financial planner.

i hope this become a story for Ministry of Education to teach the young about financial education, how to save money and not to "invest" in things that you do not know...

many of the poor simply do not know how to handle wealth
5 Things Nobody Tells You About Being Poor | Cracked.com

By far, the best article i read about how poor develop their habits..
The 5 Stupidest Habits You Develop Growing Up Poor | Cracked.com

 

[Rmondo]

And we have a whole bunch of people shouting out for CPF to be released in a whole lump sum.

Until the day financial literacy is worked into our education as a mandatory subject with as much importance as the core subjects, and our state stops giving any form of handouts to people, may we never see the day of lump sum CPF withdrawal.

 

[nixdrst]

Having CPF in general and the minimum sum scheme is good.

What pisses me off is the non-transparency and "moving-goal-post" of the minimum-sum that keeps increasing and draw-down-age that keeps increasing as well.

I believe that is what people are unhappy with as well.

But oh well, please look elsewhere, relatively, CPF is a far better system than social security in US and Europe.

 

[highsulphur]

Having CPF in general and the minimum sum scheme is good.

What pisses me off is the non-transparency and "moving-goal-post" of the minimum-sum that keeps increasing and draw-down-age that keeps increasing as well.

I believe that is what people are unhappy with as well.

But oh well, please look elsewhere, relatively, CPF is a far better system than social security in US and Europe.

Increase MS and DDA, it sucks but at least the money will eventually be mine or worse case passed down to my NOK.

But when you force CPF life on me and forces me to pay a premium for an annuity I didn't ask for, I'm going to ask you to go fly a kite. This is especially so when I have my retirement plan all sorted out even without your cpf.

 

[blackie83]

Should have just brought a condo and collect rent.

And find a easy job.

 

[nixdrst]

Should have just brought a condo and collect rent.

And find a easy job.

That's what i had done

 

[Rmondo]

Increase MS and DDA, it sucks but at least the money will eventually be mine or worse case passed down to my NOK.

But when you force CPF life on me and forces me to pay a premium for an annuity I didn't ask for, I'm going to ask you to go fly a kite. This is especially so when I have my retirement plan all sorted out even without your cpf.

Look at it this way, not everyone is financially savvy like you or the many others around here. It's not perfect, I don't love it but I see it as something necessary.

Can a financial savvy person do better than the system we have in place? Yes, but how many in Singapore are really that savvy? Very likely not large enough a proportion for the savvy to benefit from the freedom accorded to all.

Small price to pay in my opinion as opposed to higher taxes to fund people like this lady in their "golden years" should they squander it all. I rather plonk more money into CPF than fund reckless/stupid decisions made by others.

 

[anfielder]

Increase MS and DDA, it sucks but at least the money will eventually be mine or worse case passed down to my NOK.

But when you force CPF life on me and forces me to pay a premium for an annuity I didn't ask for, I'm going to ask you to go fly a kite. This is especially so when I have my retirement plan all sorted out even without your cpf.

Good that you have your retirement plan all sorted out... but if gahmen allows people like you opt out of cpf life, that will be another political hot potato. Discriminating against the poor

 

[Mecisteus]

But when you force CPF life on me and forces me to pay a premium for an annuity I didn't ask for, I'm going to ask you to go fly a kite. This is especially so when I have my retirement plan all sorted out even without your cpf.

The problem is not everyone is as savvy as all of us.

Since you have already made your retirement plan without CPF Life, why dont you enjoy or encash your non-CPF portfolio then?

 

[Dividends Warrior]

Use the $1m, buy any 5 REITs, can easily get a portfolio dividend yield of 5-6%. Payout $50k a year.

That was exactly what I was thinking when I saw this news.....

 

[lzydata]

The problem is not everyone is as savvy as all of us.

Since you have already made your retirement plan without CPF Life, why dont you enjoy or encash your non-CPF portfolio then?

Precisely.

No matter how savvy or skilled one is at personal finance, there is also the element of luck and temperament. Who can say they will always manage their retirement funds wisely for 20-30 years, through all the ups and downs? That's why insurance companies do lots of business by helping people invest their money.

If you are savvy, your excess CPF funds withdrawn at 55 are a bonus, and your CPF Life payouts at 65 onwards are another bonus. Meanwhile, you use your non-CPF portfolio to retire (or semi-retire) at 45. That's what a winner would do.

 

[dork32]

you dont have to be financially savy to know that you cannot spend 1 mil in year or 400k in 5 months.

 

[dork32]

the woman is not a small kid. she is probably in her 40s or 50s. She has lived her whole life on a few thousand a month. why cant she just continue her lifestyle. The 1 mil, even in our lousy sg bank, can last her a whole life.

but no, she must lead a life of extravagant. and then have the cheek to say dont know where the money has gone to.

how would you feel if you are one of those that have donated money to her?