80% of Sinkies are poor with at most 20k in banks

Here is why. Read the bold print and tell me if you still think Sinkies are rich. Poor peasants! My heart cry out for you.

http://www.mas.gov.sg/news_room/let...nse_to_do_more_to_protect_policy_holders.html
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2. Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual’s Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to S$20,000 per institution. This coverage fully insures more than 80% of individual depositors in Singapore and is within international norms of 80% to 90%.

3. MAS, together with the SDIC, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms. In determining the appropriate coverage limit, our primary objective is to provide adequate protection for small depositors. Depositors should also be aware that the higher the coverage, the higher the cost of this protection, which may then be passed on to them.

I have $1.37 in my bank..../phew....money is covered.........

Wobble said:

I have $1.37 in my bank..../phew....money is covered.........

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You poor thing.

If 80% are poor, PAP would have been kicked out of the asshole.
43 years of golden period, in fact, accordingly the old devil, singapore is still in the golden period.

look at the F1 race, this is a rich's hobby, how can singaporeans be poor hosting the show.

PAP spends US$105 millions to host F1, you know.

come october, the Istana ball licker Nathan will host a charity show, you will see millions will pour in for this show.

The world is burning, but singapore is still in the golden period, dont listen to those PAP ministers that bad economy is coming.

Listen to LKY, the golden period is permanent becos you have a good government.
Just expect more handouts from his son now and then .

Did you read Straits Times, they have the bestest leeporters, and did u watch mediacock, they will tell you singaporeans are rich and generous, and they deserve FT workers to integrate with them while taking away their jobs.

All in all., majority singaporeans deserve the story teller---LKY--the old gnome.

Golden period is here forever even LKY is sent to hell.

masgnoeL said:

Here is why. Read the bold print and tell me if you still think Sinkies are rich. Poor peasants! My heart cry out for you.

http://www.mas.gov.sg/news_room/let...nse_to_do_more_to_protect_policy_holders.html
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2. Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual’s Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to S$20,000 per institution. This coverage fully insures more than 80% of individual depositors in Singapore and is within international norms of 80% to 90%.

3. MAS, together with the SDIC, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms. In determining the appropriate coverage limit, our primary objective is to provide adequate protection for small depositors. Depositors should also be aware that the higher the coverage, the higher the cost of this protection, which may then be passed on to them.

Click to expand...

MAS does not lie.

masgnoeL said:

Here is why. Read the bold print and tell me if you still think Sinkies are rich. Poor peasants! My heart cry out for you.

http://www.mas.gov.sg/news_room/let...nse_to_do_more_to_protect_policy_holders.html
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2. Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual’s Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to S$20,000 per institution. This coverage fully insures more than 80% of individual depositors in Singapore and is within international norms of 80% to 90%.

3. MAS, together with the SDIC, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms. In determining the appropriate coverage limit, our primary objective is to provide adequate protection for small depositors. Depositors should also be aware that the higher the coverage, the higher the cost of this protection, which may then be passed on to them.

Click to expand...

cash poor?
may not be poor

Not poor, then money where? Under the matress?

Cash is just one of a few factors for measuring true wealth. At the price homes are today, most of their 'wealth' would be locked in their houses and flats. That's a 6-figure sum of money. And what about money sitting on investment vehicles?

And disregarding that, having $20,000 in the bank still makes the singaporean richer than a majority of the world population.

If singaporeans think they're 'poor', they should be motivated enough to elect a new govt. They have not.

masgnoeL said:

Here is why. Read the bold print and tell me if you still think Sinkies are rich. Poor peasants! My heart cry out for you.

http://www.mas.gov.sg/news_room/let...nse_to_do_more_to_protect_policy_holders.html
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2. Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual’s Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to S$20,000 per institution. This coverage fully insures more than 80% of individual depositors in Singapore and is within international norms of 80% to 90%.

3. MAS, together with the SDIC, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms. In determining the appropriate coverage limit, our primary objective is to provide adequate protection for small depositors. Depositors should also be aware that the higher the coverage, the higher the cost of this protection, which may then be passed on to them.

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Asset Rich, Cash Poor perhaps?

masgnoeL said:

Not poor, then money where? Under the matress?

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In China, corrupt officials were caught hiding hundred thousands of RMB under their bed....who found out?

a thief broke into the house was caught and told the police about it.

otherwise that official wouldn't be discovered...lol..

TeeKee said:

Asset Rich, Cash Poor perhaps?

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Very likely. I remembered when just setting up family, buying house, car etc years back, having $5k in the bank account at the end of the month would be a whopping success. That didn't include the minuses in the mortgage loan, car loan, credit lines etc :( Looking back, how did we survive?

I'm sure couples in their 20s and up to mid 30s are now experiencing what I had gone through. Good luck to all... work hard and smart, you'll make it!

PAP_agent said:

Cash is just one of a few factors for measuring true wealth. At the price homes are today, most of their 'wealth' would be locked in their houses and flats. That's a 6-figure sum of money. And what about money sitting on investment vehicles?

And disregarding that, having $20,000 in the bank still makes the singaporean richer than a majority of the world population.

If singaporeans think they're 'poor', they should be motivated enough to elect a new govt. They have not.

Click to expand...

Homes at 6 figures? Are you kidding me?
Let's do some sanity check now, shall we?

95% of Sinkies live in HDB flats.
95% are on mortgage loans, means the flats aint paid up yet.

Now, let's get dirty on this.
3-room flats range from 190 to 290k
4-room flats range from 290 to 390k
5-room flats range from 390 to 490k
Exe 5-room flats range from 490 to 590k

Where is your 6-figures??

Now, lets talk about investment vehicles?
As of right now, CPF has 50 billions sitting inside.
Assume 2 millions working and earning and contributing.
That means each has 50b/2m = 25k each.

So, let's give this a simplistic rule of thumb that all of them invested 50% of their CPF in investment vehicles. That means each has another 25K each.
I am rather generous here, but nvm.

Now assume each has put down payment on their flats, roughly about 20% of the price of the flats. Assume all the flats are bought from re-sell market, not direct.

Do a mean. (190k+590k)/2 = 390k, on an average, that's the price of each flat.
20% that, you get 78k each flat down paid.

So, the wealth of each Sinkie, at the most generous calculation, is :

20k in bank
25k in CPF left untouched
25k invested in CPF investments
78k paid for flat. Assume using CASH! (the rest of the flat still outstanding under mortgage loan)
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Total: 148k

You may then say that how about investments not using CPF, but cash?
Okie, lets built it in then. Assume total CPF % is 20% (employer/employee)
So, 25k + 25K = 50K (total CPF of each Sinkie)
Cash minus CPF is 50k/20% x 80% = 200k each Sinkie

Total cash = 200k minus 78k (cash downpaid on flat) minus 25k (bank) = 97k [ should be 20k (bank) ]. So, it is 102k, not 97k.

Therefore, total net worth of each Sinkie is 148K + 97K = 245K [ should be 148k + 102k = 250k ]

245K (CPF, cash, flat downpaid, CPF investment, cash investment) [ should be 250k, as edited ]

Liabilities not cared for by government as we are not a welfare state include
food, medicare, education, entertainment, holidays, necessities, utilities, festivities, donations, insurance, if any.

So, you still say Sinkies is rich? You must be kidding.

Poor peasants. My hear cry out for you Sinkies. You are damned poor by 1st world standard. Just a mere 245k net worth.

And I am overly generous in my calculation, ah but then.

MAS cannot be lying. Unless it is not 20k in the bank but more. If more, then the deposit insurance is inadequate for most of the depositors. Simple fact, so stop being in denial mode please.


EDIT: Made a mistake, Corrected in bold and italic. It should be 20k (bank), not 25k.
So, each Sinkie's net worth is S$250k , [ not 245k ].

masgnoel said:

just a mere 245k net worth.

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where is your 6-figures??

Click to expand...

245000

123456
654321

Zombie said:

245000

123456
654321

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I thought he meant six zeros.

Wobble said:

I have $1.37 in my bank..../phew....money is covered.........

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Why do you bother to keep $1.27 in the bank?
Just withdraw it and go and buy an ice cream.
Oh, wait a minute, better check that the ice cream is not made with milk from China first. :(

masgnoeL said:

I thought he meant six zeros.

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i know
"6 figures" is confusing

jw5 said:

Why do you bother to keep $1.27 in the bank?
Just withdraw it and go and buy an ice cream.
Oh, wait a minute, better check that the ice cream is not made with milk from China first. :(

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He probably is too late.. bank already deducted for bank charges

haha...velly chun....

now jia hong liao

TeeKee said:

In China, corrupt officials were caught hiding hundred thousands of RMB under their bed....who found out?

a thief broke into the house was caught and told the police about it.

otherwise that official wouldn't be discovered...lol..

Click to expand...

Must use to catch thief lah.

Thats why Singkies are being goodus by not voting more opposition. You need more eyes to watch the cunning old man

masgnoeL said:

Here is why. Read the bold print and tell me if you still think Sinkies are rich. Poor peasants! My heart cry out for you.

http://www.mas.gov.sg/news_room/let...nse_to_do_more_to_protect_policy_holders.html
.....
.....
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2. Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual’s Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to S$20,000 per institution. This coverage fully insures more than 80% of individual depositors in Singapore and is within international norms of 80% to 90%.

3. MAS, together with the SDIC, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms. In determining the appropriate coverage limit, our primary objective is to provide adequate protection for small depositors. Depositors should also be aware that the higher the coverage, the higher the cost of this protection, which may then be passed on to them.

Click to expand...

Nice! I enjoy being poor..... Free food....just like countries with social ills. Just grab cash from taxpayers and spend it all on booze and drugs....that's pretty!