What ever kind of watches you are keen on getting, get one today and wear it everyday.
Sunday, February 1, 2015
Guys tip of the day: WEAR A WATCH EVERYDAY!!!
This is perhaps one of the best things I've ever did as a guy after from carrying a notebook and wet shaving.
What ever kind of watches you are keen on getting, get one today and wear it everyday.
What ever kind of watches you are keen on getting, get one today and wear it everyday.
CPF: whose money is this?
This kind of post landed someone into a lawsuit, our views should best be kept to ourselves as the CPF scheme, like all other schemes, laws and systems, affect each and everyone of us differently.
Good read: How CPF works for those who are confused about minimum sum, draw down age, the gist of the CPF is inside there in layman terms.
How to manage your account in CPF is different, there are many methods available to some what suit your retirement planning.
However, one think I can tell you is, the goal each of us should try to achieve is not minimum sum. If we only try to hit the minimum sum, we will be very jialat during age 55 to 65 or whenever is this age adjusted to by the time you get there. We should aim for a much more substantial amount of money above the minimum sum. And seems like pledging property is not a long term solution either.
Remember: AIM FOR A SUBSTANTIAL AMOUNT OF MONEY ABOVE THE PREVAILING MINIMUM SUM.
Disclaimer, I would like to say that if you are of low income, I hope you will strive hard and get out of this rut. All the best. Never give up hope and do not rely on Singapore Pools and stop spending money on cigarettes and/or liquor.
The hard truths is that as far as CPF problems is concerned, we have no choice in that matter really. It seems like the only way to 'beat' the system is to stay healthy and live to a ripe old age.
I will not delve into the specifics of the CPF Life Standard Plan and CPF Life Basic Plan, you can read up about it here. I think despite what the name suggests, CPF Life Basic Plan is more of a better plan as you really do not need CPF to match your old age's lifestyle as your children's contribution + your own savings should be the key. And you have to leave some for your children, which is why its better to take up the Basic Plan as it has a much higher bequest amount.
For those who is planning to just meet the minimum sum in their retirement account, think about this for a moment if you think the money is better off in your account (if Govt lets you withdraw out the minimum sum at 65 and put into your bank):
If you live to 80 years old, you will have this 155000 for 15 years.
- Thats: $10,333 a year or $861 a month till age 80
If you live to 85 years old, you will have this 155000 for 20 years.
- Thats: $7,750 a year or $645 a month till age 85
If you live to 90 years old, you will have this 155000 for 25 years.
- Thats: $6,200 a year or $516 a month till age 90
You get the picture. You can say that you have bank interest or side incomes or children's contribution. But with no job or income, the compound interest is going to take a very long time to set in, on top of that you are withdrawing too. And children giving you money is a touchy subject. Not 100% confirmed.
As far as I can see, I am not that investment savvy to be still earning a size-able passive income at an old age. I would mostly cash out to minimise my exposure to zero. But that is at a later stage.
If you understand the concept of Total Defense, you will see that despite CPF, being some what unfavourable to us Singaporeans (mainly due to the fact that foreigners can just give up their SG passport to get back their money and return to their village to retire happily), the scheme in its whole as a nation, prevents scammers from targeting old people and somewhat protects the money.
Abit of a payout is better than no payout at all. And honestly, if you look around, you will find plenty of people wasting money, some wasting more than the others. Which is why, it will be abit hard for them to wisely manage their own money when they are older.
I always have this believe, if you give a huge sum of money to a low income family, most likely they will spend it all very quickly. Hence do not give a man a fish, nor teach him how to fish. Instead, loan him a rod, fishing is not that hard, and collect portions of money he makes from fishing.
If you are like me, mid 20s this year, it's much better to suffer now, save up, work more while we still can than end up still having to work till you die and not enjoy retirement fully. I rather work a job that pays $1,500 at age 25 than be having to work a job pay $2000 at age 65.
Good read: How CPF works for those who are confused about minimum sum, draw down age, the gist of the CPF is inside there in layman terms.
How to manage your account in CPF is different, there are many methods available to some what suit your retirement planning.
However, one think I can tell you is, the goal each of us should try to achieve is not minimum sum. If we only try to hit the minimum sum, we will be very jialat during age 55 to 65 or whenever is this age adjusted to by the time you get there. We should aim for a much more substantial amount of money above the minimum sum. And seems like pledging property is not a long term solution either.
Remember: AIM FOR A SUBSTANTIAL AMOUNT OF MONEY ABOVE THE PREVAILING MINIMUM SUM.
Disclaimer, I would like to say that if you are of low income, I hope you will strive hard and get out of this rut. All the best. Never give up hope and do not rely on Singapore Pools and stop spending money on cigarettes and/or liquor.
The hard truths is that as far as CPF problems is concerned, we have no choice in that matter really. It seems like the only way to 'beat' the system is to stay healthy and live to a ripe old age.
I will not delve into the specifics of the CPF Life Standard Plan and CPF Life Basic Plan, you can read up about it here. I think despite what the name suggests, CPF Life Basic Plan is more of a better plan as you really do not need CPF to match your old age's lifestyle as your children's contribution + your own savings should be the key. And you have to leave some for your children, which is why its better to take up the Basic Plan as it has a much higher bequest amount.
For those who is planning to just meet the minimum sum in their retirement account, think about this for a moment if you think the money is better off in your account (if Govt lets you withdraw out the minimum sum at 65 and put into your bank):
If you live to 80 years old, you will have this 155000 for 15 years.
- Thats: $10,333 a year or $861 a month till age 80
If you live to 85 years old, you will have this 155000 for 20 years.
- Thats: $7,750 a year or $645 a month till age 85
- Thats: $6,200 a year or $516 a month till age 90
As far as I can see, I am not that investment savvy to be still earning a size-able passive income at an old age. I would mostly cash out to minimise my exposure to zero. But that is at a later stage.
If you understand the concept of Total Defense, you will see that despite CPF, being some what unfavourable to us Singaporeans (mainly due to the fact that foreigners can just give up their SG passport to get back their money and return to their village to retire happily), the scheme in its whole as a nation, prevents scammers from targeting old people and somewhat protects the money.
Abit of a payout is better than no payout at all. And honestly, if you look around, you will find plenty of people wasting money, some wasting more than the others. Which is why, it will be abit hard for them to wisely manage their own money when they are older.
I always have this believe, if you give a huge sum of money to a low income family, most likely they will spend it all very quickly. Hence do not give a man a fish, nor teach him how to fish. Instead, loan him a rod, fishing is not that hard, and collect portions of money he makes from fishing.
If you are like me, mid 20s this year, it's much better to suffer now, save up, work more while we still can than end up still having to work till you die and not enjoy retirement fully. I rather work a job that pays $1,500 at age 25 than be having to work a job pay $2000 at age 65.
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