Me & My Money Series (Sunday Times)

I used to like this series but I must say the qualities has been quite bad for the last few months.

I mean I'm sick and tired of seeing 'family' or 'wife/husband/children' as 'best investment'. And I think the editor who ok that for publications should be re-designated and demoted. This is an column on how people manage their money and investment. Its not an column to talk about yr humanitarian causes or your love for your family.

So while no doubt, family may indeed be our 'best investment', in the context of the column, that's not what I want to know. I want to know what real investments work or did not work for the interviewee.

Do you think a rich businessman (who is capable of "disappearing") probably with loads of debts will not squirrel away emergency funds in the event of failure?

MusicWhiz Wrote:Then how is it that he can "afford"

(02-10-2011, 04:32 PM)piggo Wrote: Do you think a rich businessman (who is capable of "disappearing") probably with loads of debts will not squirrel away emergency funds in the event of failure?

Hmm, if he really did manage to squirrel so much money away, then why did he have to "disappear"?

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(02-10-2011, 03:18 PM)weijian Wrote: hi music whiz,
thanks for always faithfully putting these articles in the forum (in a timely manner as well!). It is truly appreciated.
(It saves me 90cents, knowing that the only articles i wanna read in Sunday times can be found for free on valuebuddies, before the end of the day)

Last week, i made an comment that valuebuddies folks r always very sceptical of such profiled personalities...In this week's article, i have to admit that this guy here is just meant for self glorification and everyone's right to debunk and be sceptical of what was presented..

Hi Weijian,

Don't mention it, glad to do so. I've been posting this column up since the days of Afralug and now ValueBuddies, but it really seems that since Lorna Tan has left SPH, the quality of the interviews has gone down signficantly. Not very sure if there is a dedicated person to do all these interviews, or if the journalist changes every week? I should have paid more attention to that.

For this week's case, I guess the focus was more to drum up his business; as nothing much was mentioned about his business, no. of years in operation, annual revenues or customer base. For other interviews, there is usually more info on such stuff.

Also, from his replies, it would seem he isn't even sure of himself! Asked if he is a spender or saver, he says that "on a bad day, I am a spender", which makes it sound really vague. I guess all of us have our spending "binges", but to let the whole world know that you spent $10,000 on a computer and several $100,000 on a Porsche and other material items while at the same time counting FD as an "investment", really doesn't add much value to the general public. So I am afraid this column is becoming more and more "tabloid-like" as the weeks go by.

(Agree with lonewolf's comments too, btw).

(02-10-2011, 09:19 AM)Musicwhiz Wrote: His worst investment is also somewhat funny - a fixed deposit? I think everyone knows FD are not investments, but simply a place to park money. And his best investment does not generate cashflows, so how can it be considered an investment?

Many people think saving in a bank and earning less than 1% interest is investment too. Sadly, they are actually losing money and increasing their risk (low returns is not low risk!). Financial literacy goes a long way..

I think the interviewee said the best investment is sponsoring a kid as it might be fulfilling for him even though it's not an investment in dictionary sense. Some would say their child or wife is their best investment too.

And who knows, the kid he's sponsoring might grow up to be a multi-millionaire and if he's grateful, might provide monthly cash flows by transferring like $10k every month to the interviewee's bank account. Free money.

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(02-10-2011, 09:19 AM)Musicwhiz Wrote: Not knowing what to do or where to start, I headed to the bookstore and Robert Kiyosaki's Rich Dad Poor Dad was shouting: 'Buy me, buy me! I will change your life!'

Sounds like me. I started off in the this path after reading this book as well. I spotted this book at the bestseller's section of Tiong Bahru Popular in 2007 and bought it.

(02-10-2011, 05:27 PM)Musicwhiz Wrote: Hmm, if he really did manage to squirrel so much money away, then why did he have to "disappear"?

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Because it's not his money. Have to avoid creditors, bankruptcy rules etc. Haha... just speculating, guess u just need the right amount of $ motivation to find ways of keeping the cash.

(02-10-2011, 04:10 PM)koh_52 Wrote: Yeo san, yes sir I am here!.

Nowadays ppty sale /resale more on the buyer market with low transaction volume. However, rental market still commanding good yield aro 4% for LH ppty and mortgage rate at 1%.(ultra low) those Leverage Investor now happy happy every night sleep soundly, hehe

"$450psf for a penthouse in Upper Bukit Timah??" Very vague detail leh….

Okay, truth fact from me, 6.5 yrs old I bot a Terrace house in geylang area with 702 sq ft (land area) and 1200 sq ft (built-up area) for only $60k…full-stop.

No way bro, unless it a leasehold ppty balance less than 20 yrs, but I cant find such a ppty in upper bukit timah area , of which I also own one FH in this locality bought in 1997 at $580 PSF.

5 yrs ago my sis Fernhill Drive ppty (Dist 10 near Dalvey road) en-bloc and in the year 2006 she got a good bargain a FH ppty at Upper Bukit Timah area, the project name called Maplewood, 3 bedders, 1325 sq ft @$800k aro $603 PSF.

Btw, late 2007 ppty peak thereafter late 2008 ppty burst and Mar’2009 hit the lowest point and rebound all the way till now.

You are correct Yeo san, it no way for him the get a FH or even 99 yrs LH ppty at $450 PSF in 2006, and somemore it a penthouse I lagi dun believe him…at least if he revealed the project name then I can verified it straightaway.

Thanks, Koh San.. you are a S'pore properties' historian.

I can't believe this article is allowed to go public without further probing into what this guy is saying. He bought his FH 2,002 sq ft penthouse in Upper Bukit Timah for $900,000 five years ago. He is now 36 years old, which means he was 31 when he bought the house. He also said that when he was 30 years old, his life (financially) is a mess and he freaked out when he looked at his bank account balance. If he is that bad when he was 30, how can he afford to buy a $900K house (nevermind if there is really a $900K house in the first place) just one year later? And if he takes a loan from the bank, how did he convinced the bank to approve his loan application if he is not even paying his credit card bill in full? Did the reporter asked him these questions?

I can only conclude that he kenna toto or big sweep sometimes when he was between 30 and 31 years old.

(03-10-2011, 10:41 AM)Ben Wrote: I can only conclude that he kenna toto or big sweep sometimes when he was between 30 and 31 years old.

(03-10-2011, 10:41 AM)Ben Wrote: I can't believe this article is allowed to go public without further probing into what this guy is saying. He bought his FH 2,002 sq ft penthouse in Upper Bukit Timah for $900,000 five years ago. He is now 36 years old, which means he was 31 when he bought the house. He also said that when he was 30 years old, his life (financially) is a mess and he freaked out when he looked at his bank account balance. If he is that bad when he was 30, how can he afford to buy a $900K house (nevermind if there is really a $900K house in the first place) just one year later? And if he takes a loan from the bank, how did he convinced the bank to approve his loan application if he is not even paying his credit card bill in full? Did the reporter asked him these questions?

I guess it's a case of "so much for journalistic vigour". As long as it makes news, then it deserves a spot in the Sunday Times Money section. Therefore I maintain my stand that this column is degenerating somewhat into a tabloid - sad but true. Let's see what the future weeks churn up......

(03-10-2011, 10:41 AM)Ben Wrote: IHe also said that when he was 30 years old, his life (financially) is a mess and he freaked out when he looked at his bank account balance.

Well, the level of freaked out may be different?
Maybe he saw he had only $1million in the bank account and he was shocked. He thought he had ten millions in his account.
Just joking. Anyway, we know the level of journalism in Singapore. I had not subscribed to Straits Times for many years and seriously, I do not miss it.
The only column that I look forward to is Lee Wei Ling's column on Sunday.