Another Sinkie whines yet again online about his untouchable CPF monies and wonders who should he vote for in the Bicentennial GE!

[AhMeng]

Another Pappie-voting Sinkie whiner online, this time KPKB about interest rate.
Paging our resident dialect group expert @AhMeng , these 2 whiners, Phua and Lim, hokkein or Cantonese??

View attachment 60343

Sounds rike @ginfreely hokkien brudders. Lol

 

[AhMeng]

The ones that need their CPF funds are the very ones who should not be allowed to withdraw any.

If they have zero savings from their take home pay over a 35 year career it shows they are absolutely incompetent when it comes to saving money.

Give them all their CPF funds and they'll just spend the whole lot. They won't have a clue how to manage a sudden windfall. It will just be blown on trivial pursuits within a short period of time.

Not true. I have enough but i still want my more than half mil cpf money anytime I wish to withdraw .. it's called personal liquidity. Lol

 

[Leongsam]

Not true. I have enough but i still want my more than half mil cpf money anytime I wish to withdraw .. it's called personal liquidity. Lol

If you have $500,000 you can go ahead and withdraw most of the money in your ordinary account once you reach 55.

The balance will be combined with your special account to form your retirement account which then pays excellent interest which is way beyond what I am getting for my NZD deposits.

You should count your lucky stars the PAP has come up with such an excellent scheme.

Also please note that if you used your CPF to pay for your property then you can reduce the minimum sum by 50% simply by pledging your property thereby releasing the equity.

 

[AhMeng]

If you have $500,000 you can go ahead and withdraw most of the money in your ordinary account once you reach 55.

I don't need it. It pays good interest and I want to keep it there. But if I ever I want it, I want to withdraw it like I go to a bank and withdraw instantly and not subject to bureaucratic rubbish. It hinders my liquidity.

 

[syed putra]

The ones that need their CPF funds are the very ones who should not be allowed to withdraw any.

If they have zero savings from their take home pay over a 35 year career it shows they are absolutely incompetent when it comes to saving money.

Give them all their CPF funds and they'll just spend the whole lot. They won't have a clue how to manage a sudden windfall. It will just be blown on trivial pursuits within a short period of time.

That $70k, after paying tution fees, balance of $55k, he can easily open a small neighbourhood pub or kopitiam.

Since money is stuck, time for father to teach daughter the tricks of the trade. You know what i mean! Otherwise how to pay the fees?

 

[Leongsam]

That $70k, after paying tution fees, balance of $55k, he can easily open a small neighbourhood pub or kopitiam.

A small neighborhood pump would require more than double $50,000. A kopitiam would cost even more.

First of all money would have to be poured into fixtures and hardware. Then there's a huge advanced rent requirement usually 3 to 6 month's worth.

Then there is only a 1 in 10 chance that it would make any money.

When he's blown his CPF savings what comes next?

 

[Leongsam]

I don't need it. It pays good interest and I want to keep it there. But if I ever I want it, I want to withdraw it like I go to a bank and withdraw instantly and not subject to bureaucratic rubbish. It hinders my liquidity.

As I said you can withdraw most of it when you turn 55. The dent in your liquidity is minimal.

 

[Leongsam]

The guy who is whinging about $15,000 just look at his lifestyle.

He eats in swanky restaurants and hotel buffet tables. Surely who could have saved $42 a month over the span of his working life if he had set his priorities right.

 

[sweetiepie]

The ones that need their CPF funds are the very ones who should not be allowed to withdraw any.

If they have zero savings from their take home pay over a 35 year career it shows they are absolutely incompetent when it comes to saving money.

Give them all their CPF funds and they'll just spend the whole lot. They won't have a clue how to manage a sudden windfall. It will just be blown on trivial pursuits within a short period of time.

KNN a non scamming govt should check the financial status of cpf members and act accordingly when they reach 55 KNN those having alot of cash savings should have a option of withdrawing whatever amount they want without imposing the min sum shit KNN for those with zero savings should be forces to put a min sum and those with negative cash savings i.e still owing money to banks etc should not be allowed to draw a single cents from their cpf KNN

 

[Leongsam]

KNN a non scamming govt should check the financial status of cpf members and act accordingly when they reach 55 KNN those having alot of cash savings should have a option of withdrawing whatever amount they want without imposing the min sum shit KNN for those with zero savings should be forces to put a min sum and those with negative cash savings i.e still owing money to banks etc should not be allowed to draw a single cents from their cpf KNN

An excellent idea in theory but hard to put into practice.

If this scheme was introduced I'd start a business loaning money on the quiet to those who want to withdraw their CPF funds. Deposit $x00000 into their savings account and take it back at annualized 50% interest rate once they get their CPF funds out.

 

[sweetiepie]

An excellent idea in theory but hard to put into practice.

If this scheme was introduced I'd start a business loaning money on the quiet to those who want to withdraw their CPF funds. Deposit $x00000 into their savings account and take it back at annualized 50% interest rate once they get their CPF funds out.

KNN some wise old man with alot of cash savings also did a trick of buying a temporary unit trust using the max amount of money in their sa account just before they turned 55 (noting $40k still need to be untouched) and after cpf board transfered their oa (or with sa) to form the min sum in ra they then exit the unit trust and park the max amt in sa earning the 4% int KNN in this way they have 2 large sums of money in their cpf acct earning 4% without any risk and anytime they can use the money in the sa KNN

 

[Wayne Piew]

Any oppie here wants to sponsor 15K for Hokkein whiner daughter.

 

[AhMeng]

CPF responded...

 

[Wayne Piew]

CPF board reply to the wild allegations by 2 Pappie-voting Hokkein whiners, Lim and Phua.
Pappie guard dog Babu Singh should be notified.

 

[AhMeng]

Study fine art ... after graduation, can earn how much? If borrow from bank, is it worth it?

 

[zhihau]

I live by this equation:

income - savings = expenditure

 

[sweetiepie]

CPF responded...

KNN cpf wrote until like nafa want to sponsor her like that KNN endup also will ask him borrow money KNN

 

[Wayne Piew]

• 3 replies
• 
  Ask Janie
• I believe Mr Lim's daughter did not wake up one morning and decide to apply for a $15,000 course. The fact that Mr Lim is self-employed with his own company and yet not able to plan and save for his daughter education is a good indicator that he does need someone to help plan for his retirement.
  25
  Hide or report this

 

[AhMeng]

• 3 replies
• 
  Ask Janie
• I believe Mr Lim's daughter did not wake up one morning and decide to apply for a $15,000 course. The fact that Mr Lim is self-employed with his own company and yet not able to plan and save for his daughter education is a good indicator that he does need someone to help plan for his retirement.
  25
  Hide or report this

here comes the vermin insurance agent... Lol

 

[Robert Half]

I live by this equation:

income - savings = expenditure

Good equation ... we must live frugally now and have more money for the future