Mind... the (income) gap

(11-04-2013, 05:13 PM)Temperament Wrote:

(11-04-2013, 04:47 PM)smallcaps Wrote:

(11-04-2013, 04:42 PM)CityFarmer Wrote:

(11-04-2013, 04:12 PM)smallcaps Wrote:

(11-04-2013, 04:01 PM)CityFarmer Wrote: An engineering discussion without definition lead to nowhere, probably true also for all discussion.

Pardon me for not defining the term "poor". "Poor life", within the context of discussion, means middle class's life, or the life majority of us live.

I believe it is possible and practical for the following (for rich parents)
- Kids go school by school bus, instead of by chauffeur
- Kids take vacation jobs for extra pocket money during school holiday, instead of "unlimited" extra pocket money from parents
- etc...

Might not be convincing if ask the kids to go by school bus when the parent is chauffeured around...

Well, you are right, kids will complain, but they will appreciate it after they grow-up.

Actually the children might think that they should be chauffeured around since children's behavior are influenced more by their parent's behavior than what their parents tell them to do. If that is the case, then it might be better to just let the children be chauffeured?

Yes definitely! Kids are watching with their eyes all the time what their parents do more then listening with their ears.

Even now, i will try to "explain" to my son (already 24 years) what or why we did certain things. Especially what he sees may not be actually be what it seems to be. Don't you agree? At times, you may have to do the same to friends or kins too. No?

Yep, I think it's too hard once the parent is too wealthy. Might want to consider sending the children to be marathon monks instead. They will come back unbreakable (if they come back at all).

thank god for brat academies

looks like big business

--In china


--In UK

Hey, isn't that wat NS is for?

Why should children of the rich or very-rich experience the "poor life"? They will fraternise with other children of the very-rich and learn things not taught in schools but only privy to their parents and the very-rich. That is how they pass on generational wealth, as long the children don't fall victim to vices like gambling etc.

what I read from several books biographies and autobiographies of people who have lived in or familiar with the very exceedingly wealthy families. Usually how the patriach or matriach or elder in the family the one in control of the purse strings how they make their family members toe the line by controlling the money.

for example the children and wives though have everything they need, they don't even need to lift a finger to do anything they have maids live in big houses several big cars, club memberships get chauffeured around have credit cards but have ZERO cash and ZERO savings.

Whatever they need beyond the credit card limit allows they have to ask or beg for it. So they always trying to please or meet expectations set by the elder and whatever internal family squabbles is about trying to meet family expectations. if they step out of line credit cards could stop working privileges could be taken away

Rich people also have their own ways.

whatever it is, rich poor incone gap will continue to widen. most of the poor will be stuck there fir the rest if their lives with 4d or toto as their main hope to try to propel themselves upwards. as an analogy, toyota altis bread n butter car cost 120k today yet still most of them are on loan whereas as rolls royce cost 10times more, yet i believe few of them are on loan. the rich rely on easy non physical means to get richer while the poor just continue to be poor. tax increase may cause s'pore to lose some if these high incomer but even if they stay put, their wealth still goes up cos most of it is non taxable or already taxed at the company level not forgetting the poor still can't escape the 7%gst despite using hard labour n strength to earn theur living.
it pities me when sometimes i go to the atm and find receipts of accounts left only tens of dollars. if u guys open ur eyes n just take time to scrutinise some receipts left.behind, u will see that this is not an uncommon occurrence. i really wonder how they live life.

(11-04-2013, 10:47 PM)paullow Wrote: it pities me when sometimes i go to the atm and find receipts of accounts left only tens of dollars. if u guys open ur eyes n just take time to scrutinise some receipts left.behind, u will see that this is not an uncommon occurrence. i really wonder how they live life.

One explanation is that these people have more than one bank account. Their POSB is simply their spending account.

I do the same for myself. I keep a minimal amount in POSB and the bulk of it in CIMB which pays a much better rate than POSB.

(10-04-2013, 05:03 PM)godjira1 Wrote: well to share some statistics here. maybe things have changed since.

my sec4 RI GEP class (1994 class 4K) had 22 students, 14 of stayed in HDB estates, balance private residences (mainly landed). Please note this is obviously a lower ratio than the 80/20 for the general population but it is only to be expected I suppose.

I did not come from a well-to-do family though my parents worked hard to make sure we were never in serious need. I grew up in Sembawang Kampong then Yishun HDB. Today I am financially free and retired from full time work, and most people will consider me reasonably wealthy at the age of 34.

as for success stories, the 1st class students in economics/nus my graduation year both came from humble backgrounds and doing very well today.

Hi godjira,

How do u just stop working full time? How long did it take u to adjust? Do u spend a lot of time getting fit? Can u describe your usual time allocation on a weekly basis? How does your wife and kids handle this? Does she not work also?

If you read my story, I a have been financially free since 2 years ago. My portfolio of bonds, property and shares more than covers what my whole family spend annually twice over. I am still working in the company but I am reaching a point where I need to make a choice of taking a year off or continue with an even bigger role or starting another business. I also invest as private investor but my companies are non controlling stake and not generating any returns as yet but I do enjoy the advisory and helping part. They are not a significant part of net worth. My wife is also still working and we have school going kids. Primary school.

Any sharing by you or other similar situation is much appreciated.

(11-04-2013, 10:47 PM)paullow Wrote: it pities me when sometimes i go to the atm and find receipts of accounts left only tens of dollars. if u guys open ur eyes n just take time to scrutinise some receipts left.behind, u will see that this is not an uncommon occurrence. i really wonder how they live life.

I think your sample is probably not random because folks with more substantial cash will not leave their receipts behind.

(12-04-2013, 05:24 AM)HitandRun Wrote:

(11-04-2013, 10:47 PM)paullow Wrote: it pities me when sometimes i go to the atm and find receipts of accounts left only tens of dollars. if u guys open ur eyes n just take time to scrutinise some receipts left.behind, u will see that this is not an uncommon occurrence. i really wonder how they live life.

I think your sample is probably not random because folks with more substantial cash will not leave their receipts behind.

I once saw a 1M saving acc receipt on top of the ATM machine at a petrol kiosk. I was like wow, must be someone who just got cash rich through enbloc! The rest is just like paullow said, sad case.