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Stats state that sinkees are rich but reality is that we are poor

winnipegjets

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Household debt
Our Archilles’ heel
Wealthy, yes, but Singaporeans are also among the most indebted people in Asia. By Seah Chiang Nee
Oct 12, 2013

(Synopsis: Pawnshop boom in a super-rich city; they are even listed in the stock market.)

WOULD you start a pawnshop in one of the world’s richest cities?

In Singapore, where household wealth is ranked second highest in Asia, not only has a company done so profitably well, but it has also been listed in the stock exchange.

It became Singapore’s first pawnbroker opened for trading every day.

“We plan to open several more,” announced Maxi-Cash, which has 29 outlets scattered over the island.

For some Singaporeans, the official recognition given to this business bank has come as a surprise. It is the sort that thrives on the back of people’s financial woes, a symbol of rising stress in the home.

Soon after, a second pawn group was also listed for a good business reason.

Pawnshop loans rose from S$2.7bil to S$4.9bil within a year to 2012.

The number of shops in**creased 62% since the opening of two casinos in 2008 – from 114 to 185 in 2012.

There’s a dubious consolation, though. This poor man’s bank may be better than the illegal loan shark, which charges massive interest rates.

“All this is crazy talk. I thought we are one of the richest countries in the world,” said a retired teacher.

While Singaporeans are relatively rich (helped by wealthy foreigners), they are also among the most indebted people in Asia.

Legal moneylenders or credit loan shops have also been sprouting up in the heartlands, dishing out fast loans.

Borrowers with no assets are forced to turn to loan sharks – an unlawful institution that has survived a long history of raids and arrests.

In the past four years, there were some 65,000 cases.

One surfer commented: “We’ve wiped off armed robberies, rioting and kidnapping; yet it’s baffling why they can’t seem to get a handle on the loan sharks.”

Even excluding the shadow banking, Singapore’s household debt through the official channels like banks are already ranked among the highest in Asia.

A StanChart survey recently released said it amounted to 151% of their annual income, the highest in the region.

Household debt now accounts for 75% of gross domestic product, having doubled in the last 13 years.

An economist called it Singapore’s “Archilles’ heel”.

Why are debts rising? Gambling is not the main contributor.

That privilege goes to expensive property and cars, as well as job dislocation due to mass immigration.

Fundamentally, Singapore is one of the 10 most expensive cities in the world, with many middle-class wages failing to keep up.

In an attempt to rein it in, the government recently adopted restrictive measures, including:

** Barring financial institutions from granting loans (particularly for property and cars) where monthly repayments exceed 60% of household income;

** Requiring banks to review a borrower’s total debt and credit limit before granting a new credit card; and

** Disallowing financial institutions to grant further unsecured credit to individuals who have outstanding debt of more than 60 days with the institution.

The new pawnshop trend has come to reflect a sort of decay in society, according to analysts.

“It is similar to termites eating a wooden pillar, done from the inside; you see nothing on the surface until it is too late,” said prominent writer Lucky Tan.
This was first published in The Star).
 
Nobody is forced to take loans. They do it out of their own free will.

Apart from a housing loan for my first property, I have never borrowed a cent from anyone.
 
Nobody is forced to take loans. They do it out of their own free will.

Apart from a housing loan for my first property, I have never borrowed a cent from anyone.

Very Impressive and insightful! So I guess all these homeless elderly fucking deserved their current predicament.
image.jpg
 
Very Impressive and insightful! So I guess all these homeless elderly fucking deserved their current predicament.

Pretty much. They brought whatever misfortune upon themselves by making poor choices in life.

My grandmother was 85 when she died. She voted for the PAP in every single election while she was alive and was not disappointed. She saved for her old age and brought her children up to be filial. She didn't have to sleep on the streets.
 
Even if you earn $10,000 per month u will still be 'poor'. Living costs so high in Singapore. Maybe if it was 10 years ago, u will still be considered alright. But not now.
 
Sinkieland is RICH!!!

Yes!! Gahmen is filthy RICH!!

Peasantporean is extremely POOR!!
 
Pretty much. They brought whatever misfortune upon themselves by making poor choices in life.

My grandmother was 85 when she died. She voted for the PAP in every single election while she was alive and was not disappointed. She saved for her old age and brought her children up to be filial. She didn't have to sleep on the streets.

Your grandmother, what did work did she do to earn a living to look after her children, save for her old age, and not have to sleep on the streets?
 
Pretty much. They brought whatever misfortune upon themselves by making poor choices in life.

My grandmother was 85 when she died. She voted for the PAP in every single election while she was alive and was not disappointed. She saved for her old age and brought her children up to be filial. She didn't have to sleep on the streets.

Please lah!.....do not bullshit again...with all these spin nonsense..my late mother lived till she was 98 & pass on quietly...she worked hard brought up a brood of people who contributed much to SINgapore. She & her generation, adored, respected, & voted for the PAP, until they in their high handed, shaft down your throat, I am right & do what I say attitude...voted for any oppositions that came along...& when there was not one, between the devil & the deep blue sea...it was a spoilt vote...that legacy, she had left behind!!

Who doesn't love, adore & respect the PAP, I DO...but where I put my "X" on the paper...that is my choice...& my choice is clear!. :rolleyes:
 
Your grandmother, what did work did she do to earn a living to look after her children, save for her old age, and not have to sleep on the streets?

She was a housewife. My grandfather owned a small optical shop. They were hardly rich. However, she was very careful with money and bought a small shophouse to rent out. The rent was pathetic but it helped pay the bills.

When my grandfather died, she sold the shophouse for $600,000 which was a princely sum at the time. It saw her through till she passed away.

Those people you see sleeping on the streets probably gambled and smoked away their fortunes or spent all their CPF on some Batam whores.
 
So, being a business owner helped a lot, even though, as you say, they were "hardly rich".

Eventually, most business owners (who are not killed off by unreasonable rents) are really much better off than salaried workers. So hardly a good comparison to others, who you say "brought whatever misfortune upon themselves by making poor choices in life. "
 
So, being a business owner helped a lot, even though, as you say, they were "hardly rich".

Eventually, most business owners (who are not killed off by unreasonable rents) are really much better off than salaried workers. So hardly a good comparison to others, who you say "brought whatever misfortune upon themselves by making poor choices in life. "

He rented a shop and sold spectacles. He probably earned less than many salaried workers.

It's not what you earn. It's what you spend.
 
That's hardly believable. A spec shop owner earning less that the average worker.
 
That's hardly believable. A spec shop owner earning less that the average worker.

You have to realise that this was between the two world wars. There were no fancy frames and expensive prescriptions. Most of the specs he sold were off the shelf items.

When the Japs invaded, he lost everything.
 
ok, that's possible. The nips certainly screwed over everybody, (except the translators).

But it's too simplistic to make out just because they saved, everybody else who had misfortune suffered due to their own poor choices in life , ie. being spendthrifts.
 
Seah Chiang Nee? This chump? He said this before and after that I never trust he said anymore!


The first threat is the growing number of corporate-run air-conditioned food courts that sell higher quality food at S$7-$10, (RM17-RM24) and eating into the hawkers’ profits.
A Bedok stall reportedly charges S$6.60 (RM15.60) for a packet of nasi lemak, something that Bangladeshi workers perfunctorily pick up for S$1-S$1.20 (RM2.40-RM2.60) to bring to the worksite.


:mad:

http://www.littlespeck.com/content/lifestyle/CTrendsLifestyle-110108.htm
 
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She was a housewife. My grandfather owned a small optical shop. They were hardly rich. However, she was very careful with money and bought a small shophouse to rent out. The rent was pathetic but it helped pay the bills.

When my grandfather died, she sold the shophouse for $600,000 which was a princely sum at the time. It saw her through till she passed away.

Those people you see sleeping on the streets probably gambled and smoked away their fortunes or spent all their CPF on some Batam whores.

One can probably control your spending and have a fair bit of savings to live comfortably but how can you be sure that their spouses/kids/parents does not indulge in excessive spending or getting into hefty medical bills? This in turns adds up a burden to these people and some of them have to work past their retirement age as cleaners/sweepers/sold their houses to repay debts or to support their loved ones.
 
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Singaporean mostly own their own property. If U want locals to be mostly debt free, we can always move to a rental model.

And I like how someone brought up photos of those homeless folks. This is a good reminder of why the minimum sum and the installment of CPF came about because old folks at that age collected their CPF money one shot. Many didn't know how to manage their money and ended up with no money shortly after retirement.
 
Many didn't know how to manage their money and ended up with no money shortly after retirement.

i have the best solution for that! prepare ten year series for financial planning! :rolleyes:
 
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