What should be the minimum annual wages for Singaporeans? replied by 16/f/lonely @ Mon, 21 Apr 2008 21:36:31 +0800

16/f/lonely — Mon, 21 Apr 2008 21:36:31 +0800

Originally posted by jojobeach:

Har ? So this is your solution ah ??? Clap Clap Clap..~

Wait.. what is this ?.. An empty shell ? IF you doono.. say you donno.. lah !!!

Since when I suggest minimum wage should be exclusively for the middle income group ??????? Geessh... get your sail straight will ya ?

FYI..I never supported the Open Door policy ok ?

Wah lau... stubborn old man... just like LKY !

So what exactly is your stand on this minimum wage thing ?

Are you for , or against ?

We need QC if we're gonna argue further.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 16:31:31 +0800

eagle — Mon, 21 Apr 2008 16:31:31 +0800

Originally posted by jojobeach:

So ? You know what happens to greedy people ?

The expectation is till SGD $1.20 to USD $1 if I remember correctly.

10 cents difference means a few hundred dollars per 10k you have in bank leh...

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 16:27:06 +0800

jojobeach — Mon, 21 Apr 2008 16:27:06 +0800

Originally posted by eagle:

But they expect SGD to rise against the USD till end of year wor...

So ? You know what happens to greedy people ?

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 16:24:35 +0800

eagle — Mon, 21 Apr 2008 16:24:35 +0800

Originally posted by jojobeach:

No lah.. I think I pull out betta. Put my money in the US bank. Free Chequeing.

But they expect SGD to rise against the USD till end of year wor...

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 16:20:05 +0800

jojobeach — Mon, 21 Apr 2008 16:20:05 +0800

Originally posted by redDUST:

dun think have. print cheque book in your name need money one, ok.

better cancel out your current a/c facility if you use little of it.

No lah.. I think I pull out betta. Put my money in the US bank. Free Chequeing.

What should be the minimum annual wages for Singaporeans? replied by redDUST @ Mon, 21 Apr 2008 16:16:07 +0800

redDUST — Mon, 21 Apr 2008 16:16:07 +0800

Originally posted by jojobeach:

Yah lor.. $2 plus inflation, plus a miserly interest rates.. my lollar getting smollar and smollar.

I patriot mah... sarport our National Bank don't want to change bank.. now shiok lor.. they screw me over leh. NB !!

Tah mah de.. I also never use my cheque book every month wat.. why still charge me 2 lollar every month !

Shoulda listen to my friend tell me to change to other foreign bank !!

Got which bank don't charge savings/current har ?

dun think have. print cheque book in your name need money one, ok.

better cancel out your current a/c facility if you use little of it.

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 15:42:56 +0800

jojobeach — Mon, 21 Apr 2008 15:42:56 +0800

Originally posted by redDUST:

nvr mind lah, got 5 figure saving but ngiau over 2 bucks everymonth. cheque book convenience ok what. go car showroom or far east org something like that, $20k or $100k down payment, then how?

Yah lor.. $2 plus inflation, plus a miserly interest rates.. my lollar getting smollar and smollar.

I patriot mah... sarport our National Bank don't want to change bank.. now shiok lor.. they screw me over leh. NB !!

Tah mah de.. I also never use my cheque book every month wat.. why still charge me 2 lollar every month !

Shoulda listen to my friend tell me to change to other foreign bank !!

Got which bank don't charge savings/current har ?

What should be the minimum annual wages for Singaporeans? replied by redDUST @ Mon, 21 Apr 2008 15:37:44 +0800

redDUST — Mon, 21 Apr 2008 15:37:44 +0800

Originally posted by jojobeach:

Haiz , I have a current link to that savings. Damn. Time to pull out my lollars.

nvr mind lah, got 5 figure saving but ngiau over 2 bucks everymonth. cheque book convenience ok what. go car showroom or far east org something like that, $20k or $100k down payment, then how?

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 15:24:47 +0800

jojobeach — Mon, 21 Apr 2008 15:24:47 +0800

Originally posted by eagle:

You put it into current account is it? That one got charrge $2 a month no matter the amount.
http://www.dbs.com/posb/deposit/current/

Not for savings account though
http://www.dbs.com/posb/deposit/savings/

Haiz , I have a current link to that savings. Damn. Time to pull out my lollars.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 15:22:14 +0800

eagle — Mon, 21 Apr 2008 15:22:14 +0800

Originally posted by jojobeach:

LOL. Where you put your savings ?

I have 5 digits savings in that bank , and they still charge me $2 every month WITHOUT FAIL.

You put it into current account is it? That one got charrge $2 a month no matter the amount.
http://www.dbs.com/posb/deposit/current/

Not for savings account though
http://www.dbs.com/posb/deposit/savings/

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 15:18:40 +0800

jojobeach — Mon, 21 Apr 2008 15:18:40 +0800

Originally posted by eagle:

I remember them changing the policy a few years ago... But cannot remember the min required amount... They will charge $2 a month if your acct is less than that amount....

LOL. Where you put your savings ?

I have 5 digits savings in that bank , and they still charge me $2 every month WITHOUT FAIL.

What should be the minimum annual wages for Singaporeans? replied by redDUST @ Mon, 21 Apr 2008 14:25:36 +0800

redDUST — Mon, 21 Apr 2008 14:25:36 +0800

Originally posted by eagle:

I remember them changing the policy a few years ago... But cannot remember the min required amount... They will charge $2 a month if your acct is less than that amount....

maybe u r rite...i am not too sure....banking for the people, i think is no longer a thing for singapore.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 14:23:07 +0800

eagle — Mon, 21 Apr 2008 14:23:07 +0800

Originally posted by redDUST:

i think posbank doesn't charge, regardless of amount.

I remember them changing the policy a few years ago... But cannot remember the min required amount... They will charge $2 a month if your acct is less than that amount....

What should be the minimum annual wages for Singaporeans? replied by redDUST @ Mon, 21 Apr 2008 14:12:42 +0800

redDUST — Mon, 21 Apr 2008 14:12:42 +0800

Originally posted by eagle:

They don't charge you money unless you put less than $200 (I think is this amount, forgot le) in the account. The only argument you can put forward here is that they are giving you too little interest.

i think posbank doesn't charge, regardless of amount.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 13:43:10 +0800

eagle — Mon, 21 Apr 2008 13:43:10 +0800

Originally posted by jojobeach:

Do you also know that banks in Singapore are over charging ?

You put money in their banks .. they use your money to make more money. Yet they charge you monthly fees to put money in their banks. You ever wonder how come in Singapore banks can do such crazy things ?

Yes SG is a financial hub.. but at the expense of SG people ok ?

They don't charge you money unless you put less than $200 (I think is this amount, forgot le) in the account. The only argument you can put forward here is that they are giving you too little interest.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 13:41:49 +0800

eagle — Mon, 21 Apr 2008 13:41:49 +0800

Originally posted by jojobeach:

Yes since young.

When you get married leh ?

When you have to pay for your mortgage leh ?

When your family get sick leh ?

When your parents old and needs special care leh ?

Unless you become a DINK, else who is going to take care of your kids when you and your wife go to work ?

Can your life savings sustain the high cost of living anot ?

By the way.. are you advocating child labor ?

If you have read true rags to riches stories, you will see how these people think and earn money even as a child. At my age, they already have at least 10 times my current savings. Which is why it is important since young... Before you get married, before you have to pay for mortgage, before your family gets sick, before your parents need medical care, etc... If you wait till all these expenses arrive, it will be too late.

I shall share with you a recent article I read. Do tell me if it is relevant.

The Four Levels of Wealth

There are basically four levels of wealth you must aim to attain.

Level 1: Financial Stability

The first level of wealth is known as financial stability. This is
the most basic level of wealth that you must first attain.

You have achieved Financial Stability when:

1. You have accumulated enough liquid assets to cover your current
expenses for a minimum of six months.

2. In addition, you have life and hospitalization insurance to
protect you and/or your family's lifestyle should you be
permanently disabled, unable to work or if you pass away suddenly.

When you have attained this first level, you will have the peace of
mind that should any unexpected challenges befall you (like
retrenchment, business failure, pay cut, death or disability), you
and your family's lifestyle will not be compromised. Or worse, you
or your family will not slide into debt.

Once you have achieved this, you must then aim to achieve...

Level 2: Financial Security

You have achieved Financial Security when you have through the
investment of time, money and ideas, accumulated a critical amount
of Positive Cash Flow Assets that generate enough passive income to
cover your MOST BASIC expenses.

In other words, when you reach this level, you can stop working and
maintain a very basic lifestyle. It also means that if you continue
working, all your active income can be channeled towards your
investments and this will further compound your assets and increase
your in-come streams.

Of course, we shouldn't be satisfied at being at this level. Once
accomplished, you must then aim to go for...

Level 3: Financial Fre-edom

Many of us have heard of the dream of achieving financial fre-edom
but what does it really mean?

Well, Financial Fre-edom is when you have through the investment of
time, money and ideas, accumulated a critical amount of Positive
Cash Flow Assets that generate enough passive income to sustain
your CURRENT LIFESTYLE.

When you reach this level of Financial Fre-edom, you can choose to
stop working and still maintain your current standard of living...
indefinitely!

In reality, most people who achieve financial fre-edom love their
work so much that they continue working not because they have to,
but because they choose to.

I can tell you from personal experience that it is a great feeling
to have...being free of financial pressure & worries and working
purely out of passion!

Obviously, the more expenses you have now, the more luxurious and
indulgent your standard of living, the longer it will take for you
to achieve financial fre-edom.

So besides increasing your passive in-come, reducing your
unnecessary/frivolous expenses will accelerate your way towards
this fourth level. Finally, you must aim to achieve...

Level 4: Financial Abundance

So what is the ultimate level of wealth you can achieve? Financial
Abundance is when you have through the investment of time, money
and ideas, accumulated a critical amount of Positive Cash Flow
Assets that generate enough passive income to sustain your DESIRED
LIFESTYLE.

Your desired lifestyle is the amount of monthly expenses it will
take for you to live the life of your dreams. This is totally
subjective depending on the lifestyle that you desire.

If your desired lifestyle is to live in a 20,000 square-feet
bungalow with a swimming pool, send your kids to the best schools
and drive a Mercedes Benz S-Class, then you could be looking at a
monthly lifestyle that'll cost a cool $50,000.

Of course the more luxurious your desired lifestyle, the longer it
will take for you to achieve financial abundance.

The moment you reach the level of Financial Abundance, you will be
able to choose to stop working and live your dream lifestyle
indefinitely.

Again, most people who do reach this level usually love what they
do so much that they keep on working for fun, channeling 100% of
their active income towards charitable causes and further
compounding their wealth.

With the right strategies and plans in place, you too will be able
to achieve this ultimate level of wealth.

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 13:37:36 +0800

jojobeach — Mon, 21 Apr 2008 13:37:36 +0800

Originally posted by eagle:

When you are in primary school? 50 cents is very big during that time leh... I also got 50 cents for allowance in pri sch, when 1 very small plate of noodles cost 30 cents for small kids.

I'm sure I don't need to remind you how many rags to riches stories there are in this world. Children who came from extremely poor families who in the end, earned more than any of us here. My viewpoint is that if people can do it, so can I. Nothing is impossible in this world if you put your heart to it. But as you grow older, it gets harder and harder to achieve more and more. That's why I'm talking about since young.

You have already mentioned the problem. They borrow money from you.
I have also mentioned the difference with what I do. I need, I go out to earn the money.

Yes since young.

When you get married leh ?

When you have to pay for your mortgage leh ?

When your family get sick leh ?

When your parents old and needs special care leh ?

Unless you become a DINK, else who is going to take care of your kids when you and your wife go to work ?

Can your life savings sustain the high cost of living anot ?

By the way.. are you advocating child labor ?

Do you also know that banks in Singapore are over charging ?

You put money in their banks .. they use your money to make more money. Yet they charge you monthly fees to put money in their banks. You ever wonder how come in Singapore banks can do such crazy things ?

Yes SG is a financial hub.. but at the expense of SG people ok ?

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 13:29:35 +0800

eagle — Mon, 21 Apr 2008 13:29:35 +0800

Originally posted by jojobeach:

Very simple. I ask you. If the child is from a poor family, where the money come from to teach a child save money ?

In other words, no money save what money ?

No money to save.. how to teach from young ?

Just because I am out of Singapore does not means my roots are pulled and severed.

I have many friends who are Singapoeans and NS guys too.

I remember when I was in primary school, there are many who only bring home cook food or has only 50cents- $1 as allowance.

Almost everyday.. they borrow money from me. If they are in debt how to save ?

When you are in primary school? 50 cents is very big during that time leh... I also got 50 cents for allowance in pri sch, when 1 very small plate of noodles cost 30 cents for small kids.

I'm sure I don't need to remind you how many rags to riches stories there are in this world. Children who came from extremely poor families who in the end, earned more than any of us here. My viewpoint is that if people can do it, so can I. Nothing is impossible in this world if you put your heart to it. But as you grow older, it gets harder and harder to achieve more and more. That's why I'm talking about since young.

You have already mentioned the problem. They borrow money from you.
I have also mentioned the difference with what I do. I need, I go out to earn the money.

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 13:23:00 +0800

jojobeach — Mon, 21 Apr 2008 13:23:00 +0800

Originally posted by eagle:

I bet you didn't know that 1.6% is the fixed D rate at the current economic downturn, and at the highest 3 years ago, it was 3.2%. I gave 1.8% as a very conservative estimate already, although money is still being lost to inflation.

And I was talking about those who finished allowance who don't need to give to their parents, and some who still receive allowance from parents during NS.

I haven't even gone into saying investment yet, purely just saving in the bank.

You don't go NS, and you don't stay in Sg now, you won't know exactly what was said la...

Also, when I would want to buy something, I do not ask for extra money too. I will wait for my next paycheck from tuition or other sources. Money saved is saved; try not to touch them unless absolutely necessary. This is just my money habit.

Finally, I'm only saying that money habits need to be cultivated from young. Not only when they are out in society and discover that they need more money. Your post makes no sense in this case.

It is because of the power of compounding that I am going to make it a point not to spend much on anything unnecessary. Anything wrong in sharing my thoughts about money habits?

Very simple. I ask you. If the child is from a poor family, where the money come from to teach a child save money ?

In other words, no money save what money ?

No money to save.. how to teach from young ?

Just because I am out of Singapore does not means my roots are pulled and severed.

I have many friends who are Singapoeans and NS guys too.

I remember when I was in primary school, there are many who only bring home cook food or has only 50cents- $1 as allowance.

Almost everyday.. they borrow money from me. If they are in debt how to save ?

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 13:22:30 +0800

eagle — Mon, 21 Apr 2008 13:22:30 +0800

Originally posted by T.Ryousuke:

There r many rich ppl around who r working at a very low paid just to cover transport and 3 menu. The mojority who r poor can't really suvive on that little income.

So market rate is for FT and rich ppl who have other alternative, for many Sg who need to service Loan/ fee and with the current Rate/fuel going up, excl. FD rate. If still asking for current market pay ..........good luck.

If they are working just to cover their basic necessities, it means they are not rich.

What should be the minimum annual wages for Singaporeans? replied by T.Ryousuke @ Mon, 21 Apr 2008 13:10:28 +0800

T.Ryousuke — Mon, 21 Apr 2008 13:10:28 +0800

There r many rich ppl around who r working at a very low paid just to cover transport and 3 menu. The mojority who r poor can't really suvive on that little income.

So market rate is for FT and rich ppl who have other alternative, for many Sg who need to service Loan/ fee and with the current Rate/fuel going up, excl. FD rate. If still asking for current market pay ..........good luck.

What should be the minimum annual wages for Singaporeans? replied by eagle @ Mon, 21 Apr 2008 13:09:25 +0800

eagle — Mon, 21 Apr 2008 13:09:25 +0800

Originally posted by jojobeach:

Yah lah..blame all on being spendthrift issit ?

You think the poor dunno how to save ah ? Can they save in the mids of all these crazy inflation anot ?

No need to eat ah.. no need to pay bill ah ? Stay at home look at ceiling lor.

You born with silver spoon doesn't mean everyone born with one ok ?

You think every NS gin nah like you no need give money to their parents one issit ?

You think all their allowance is like you all spend on yourself one har ?

Can don't be so elitist anot ?

What.. you sound like that dunno what's his name minister.. say all should eat humble pie , lower their quality of life mah...

Next time you tell us...potatooo increase price..if cannot afford then go eat shyt lor. Recycle mah.. good for the environment.

I gib you $10 every month. you go make the money for me.. then 20 years later I come collect from you. See how much you can make lor.

You think investment no risk ah ? If I lugi money, can I come after you anot ?

I bet you didn't know that 1.6% is the fixed D rate at the current economic downturn, and at the highest 3 years ago, it was 3.2%. I gave 1.8% as a very conservative estimate already, although money is still being lost to inflation.

And I was talking about those who finished allowance who don't need to give to their parents, and some who still receive allowance from parents during NS.

I haven't even gone into saying investment yet, purely just saving in the bank.

You don't go NS, and you don't stay in Sg now, you won't know exactly what was said la... Even during NS, I took over guard duties for others, and taught tuition during nights out, just for extra money. I can also tell you that my driving lessons are paid for by these extra money I earned.

Also, when I would want to buy something, I do not ask for extra money too. I will wait for my next paycheck from tuition or other sources. Money saved is saved; try not to touch them unless absolutely necessary. This is just my money habit.

Finally, I'm only saying that money habits need to be cultivated from young. Not only when they are out in society and discover that they need more money. Your post makes no sense in this case.

It is because of the power of compounding that I am going to make it a point not to spend much on anything unnecessary early in life. Anything wrong in sharing my thoughts about money habits?

What should be the minimum annual wages for Singaporeans? replied by jojobeach @ Mon, 21 Apr 2008 13:01:32 +0800

jojobeach — Mon, 21 Apr 2008 13:01:32 +0800

Originally posted by eagle:

I see so many people in the army, spending all their allowance till they are broke, then wait for the next allowance to come. Good money habits have to start from young.

Even saving 100 a month at a rate of 1.8% per annum, compounded, will give you 30.3k in 20 years time. This excludes their CPF, which sadly, they can only draw out from 65 years onwards.

Yah lah..blame all on being spendthrift issit ?

You think the poor dunno how to save ah ? Can they save in the mids of all these crazy inflation anot ?

No need to eat ah.. no need to pay bill ah ? Stay at home look at ceiling lor.

You born with silver spoon doesn't mean everyone born with one ok ?

You think every NS gin nah like you no need give money to their parents one issit ?

You think all their allowance is like you all spend on yourself one har ?

Can don't be so elitist anot ?

What.. you sound like that dunno what's his name minister.. say all should eat humble pie , lower their quality of life mah...

Next time you tell us...potatooo increase price..if cannot afford then go eat shyt lor. Recycle mah.. good for the environment.

I gib you $10 every month. you go make the money for me.. then 20 years later I come collect from you. See how much you can make lor.

You think investment no risk ah ? If I lugi money, can I come after you anot ?

What should be the minimum annual wages for Singaporeans? replied by redDUST @ Mon, 21 Apr 2008 11:23:59 +0800

redDUST — Mon, 21 Apr 2008 11:23:59 +0800

Originally posted by yamizi:

But seriously, no matter how we discussed and justify, minimum wage won't happen the what.

That's the sian part I think.

when this is adopted widely enough elsewhere, or it threatens the existence of the government, you bet PAP will change tact.

so don't rule this out yet....

What should be the minimum annual wages for Singaporeans? replied by yamizi @ Mon, 21 Apr 2008 11:18:15 +0800

yamizi — Mon, 21 Apr 2008 11:18:15 +0800

But seriously, no matter how we discussed and justify, minimum wage won't happen the what.

That's the sian part I think.

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