How Much is Your Net Worth?

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#71
(19-12-2014, 11:37 PM)LionFlyer Wrote: I know I am moving off tangent from this topic, but among my facebook friends are two retirees who are ex-civil servants whom I had worked with early on in my career. Not high level level guys, just normal "farmer" degree holders who worked through the system.

One has relocated to Thailand, while the other is happily retired with grandkids and manages his portfolio (he was one of my early shifus who pointed me to value investing). While astute planning (financial and family) has enabled them to enjoy their retirements, I feel that their barriers of entry were significantly lower when they started working in the 1970s/80s.

Having a degree was a considerable leg up in that era, costs were generally low, and certainly they didn't sent their kids to Montessori schools back in the day. While I agree that the general principles of prudence, careful planning and investment is still relevant, I can't help but feel that the bar are loaded against us nowadays.

The barrier of entry is always there since the beginning of times probably.
As you said, he has a degree and is leg up. How many families can achieve that during that era ? It is a barrier for most families to can afford to finish even secondary school probably.

As for those families who move ahead, their children today is probably in top school overseas.

Just my Diary
corylogics.blogspot.com/


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#72
(20-12-2014, 12:02 AM)corydorus Wrote:
(19-12-2014, 11:37 PM)LionFlyer Wrote: I know I am moving off tangent from this topic, but among my facebook friends are two retirees who are ex-civil servants whom I had worked with early on in my career. Not high level level guys, just normal "farmer" degree holders who worked through the system.

One has relocated to Thailand, while the other is happily retired with grandkids and manages his portfolio (he was one of my early shifus who pointed me to value investing). While astute planning (financial and family) has enabled them to enjoy their retirements, I feel that their barriers of entry were significantly lower when they started working in the 1970s/80s.

Having a degree was a considerable leg up in that era, costs were generally low, and certainly they didn't sent their kids to Montessori schools back in the day. While I agree that the general principles of prudence, careful planning and investment is still relevant, I can't help but feel that the bar are loaded against us nowadays.

The barrier of entry is always there since the beginning of times probably.
As you said, he has a degree and is leg up. How many families can achieve that during that era ? It is a barrier for most families to can afford to finish even secondary school probably.

As for those families who move ahead, their children today is probably in top school overseas.
which part of thailand is that? why did he had to retire in thailand?
civil servants i find have it good..got time..easy work and can sharpen investment skills or start part-time..
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#73
http://transport.asiaone.com/node/2236878

Even in good times, we can even see collective reduction. Of networrh by 2.5 million.
The automotive industry need some regulatory overhaul in controls
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#74
(20-12-2014, 06:52 AM)pianist Wrote: http://transport.asiaone.com/node/2236878

Even in good times, we can even see collective reduction. Of networrh by 2.5 million.
The automotive industry need some regulatory overhaul in controls

It just happen to be an automotive company setup fly-by-night ? Not sure it warrants regulatory overhaul.

"The parallel importer, who started trading in April, claimed to import a variety of makes, including Mercedes, Porsche, Honda and Toyota"

Either a business deal gone wrong or criminal case. This group of people take the risk on the cheap despite of it.

Just my Diary
corylogics.blogspot.com/


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#75
for amount of 2.5m a simple automotive industry overhaul to require clients' monies to be put in a escrow account would solve the problem
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#76
(20-12-2014, 08:30 AM)pianist Wrote: for amount of 2.5m a simple automotive industry overhaul to require clients' monies to be put in a escrow account would solve the problem
Good idea if people don't mind paying a little extra cost to the escrow account middle man or company.
Just like what happens to our properties transactions after so many cases of lawyers absconded with "get themselves rich overnight" with client's deposit money or 1st payment.
The very high cost of a car in Singapore warranty this escrow account.
Then it benefits the genuine // importers. More people may take the plunge. So what says you // importers?
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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#77
(20-12-2014, 09:59 AM)Temperament Wrote:
(20-12-2014, 08:30 AM)pianist Wrote: for amount of 2.5m a simple automotive industry overhaul to require clients' monies to be put in a escrow account would solve the problem
Good idea if people don't mind paying a little extra cost to the escrow account middle man or company.
Just like what happens to our properties transactions after so many cases of lawyers absconded with "get themselves rich overnight" with client's deposit money or 1st payment.
The very high cost of a car in Singapore warranty this escrow account.
Then it benefits the genuine // importers. More people may take the plunge. So what says you // importers?

Very funny leh. Just because of a bunch of naive buyers, the whole industry have to suffer a higher cost? In any case, most AD do not ask for more than $5k or so in deposits. So where do we stop? Why don't we try legislating intelligence instead? Big Grin
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#78
true, legislating intelligence is more effective than legislating the whole world... haha! Tongue
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
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#79
(20-12-2014, 10:30 AM)HitandRun Wrote:
(20-12-2014, 09:59 AM)Temperament Wrote:
(20-12-2014, 08:30 AM)pianist Wrote: for amount of 2.5m a simple automotive industry overhaul to require clients' monies to be put in a escrow account would solve the problem
Good idea if people don't mind paying a little extra cost to the escrow account middle man or company.
Just like what happens to our properties transactions after so many cases of lawyers absconded with "get themselves rich overnight" with client's deposit money or 1st payment.
The very high cost of a car in Singapore warranty this escrow account.
Then it benefits the genuine // importers. More people may take the plunge. So what says you // importers?

Very funny leh. Just because of a bunch of naive buyers, the whole industry have to suffer a higher cost? In any case, most AD do not ask for more than $5k or so in deposits. So where do we stop? Why don't we try legislating intelligence instead? Big Grin
AD $5K only?
Unbelievable?
How can it be?
Think again.
If the car at least cost on the road 100k+ now, which is very common due to high COE, which // importers are stupid enough to import the car? Unless some one or insurance company willing to be the guarantor of the deal or contract to purchase.
If implemented this way will it be better than escrow money account?
And how much an ounce of intelligence cost if you can measure by weight?
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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#80
Christopher Tan | The Straits Times | Saturday, Dec 20, 2014

The story this week of more than 20 people who paid good money to a parallel importer for cars they will probably never get is a familiar one.

Drawn by advertised prices that were about $10,000 lower than prevailing rates, they had each paid $20,000 to $30,000 in down payments to Volks Auto.

The company is now closed, and going by past cases, the car buyers will likely have to write off their losses.

Several similar episodes have been reported by The Straits Times in recent years. Last year, a group of buyers were conned by a used car firm called Galaxy Carz. The now defunct company had apparently sold them cars it did not have rightful possession to. The cars were eventually repossessed, leaving the new buyers poorer and car-less.

The same year, another used car firm, called KS Automobile, cheated customers in the same manner as Galaxy.

In 2010, a firm called SQ Carz collected payments but failed to deliver cars. That same year, a group of buyers discovered that Mirage Motor was not what it seemed when the company simply ceased to exist overnight.

Industry watchers said it is not uncommon for some small-time car firms to come and go, changing names and shareholders in the process to shake off debtors or customers with unfulfilled orders.

But the modus operandi of choice seems to be this: Set up a $2 company (so-called for the low fee to register a company), advertise cars with unrealistically low prices, collect deposits from eager buyers who think they have found a bargain, close shop, set up another $2 company with a new name, and repeat.

Although police reports have been filed, no one in recent memory has been taken to task.

Some victims were told by police to seek civil recourse. It is not known why the law had taken such a stance in those cases, but it could have been because it was hard to prove intent.

Nevertheless, it is understood that police are viewing the latest case involving Volks Auto as criminal. Beyond obvious cheating cases, the motor trade is rife with less overt but equally dubious practices. Cases of protracted delays in delivering a car are common. Cases of buyers being asked to pay more after a price has been agreed on are common. Cases of cars severely damaged in accidents, fires or floods being repaired and resold are also not uncommon.
- See more at: http://transport.asiaone.com/news/genera...keWFJ.dpuf

Ditto instances of cars delivered without advertised features, with warranty agreements that are not honoured and, of course, with serious defects. After all, when just about anyone can set up a motor company without being screened for financial capability or track record, you can expect more than a few black sheep in a field of more than 400 players.

It was for some of these reasons that the Singapore Vehicle Traders Association - a body made up largely of used car traders and parallel importers - teamed up with the Consumers Association of Singapore to set up a CaseTrust accreditation programme in 2009.

Businesses that joined the programme had to first prove, among other things, that they were in good financial health and had transparent and fair trade practices in place. They also had to furnish an insurance bond of $50,000, which would help to settle any customer disputes that might arise. Members' shopfronts display the CaseTrust decal.

Of course, consumers are not always aware of this programme (well-publicised as it may be). Or even if they are, they are often blinded by cheaper prices elsewhere. And they may well be lulled into a false sense of security that this is safe and well-regulated Singapore - not exactly a place associated with shady businesses.

Yet, shady businesses in the motor trade exist, often with shiny shopfronts.

Perhaps it has to do with the fact that cars are such big-ticket items here, and that perpetrators know that they need only fleece a dozen people and they stand to walk away with millions.

If that were true, why is the real estate market not faced with the same scourge?

Yes, there have been cases of real estate agents embezzling money, just as there are car salesmen who pocket deposits paid by buyers. But there have not been cases of property companies set up to sell homes or offices that they had no intention or ability to deliver. Not here, anyway.

Could it be that a property purchase is done through lawyers?

It is worth thinking about. After all, a car here costs as much as a house in most other countries.

Shouldn't consumers invest in checks by professionals who can determine if the vehicle for sale is free from encumbrances, that the seller has the right to sell it, or that the motor company has, in fact, invoices for cars in its premises? Barring this course of action, consumers should simply have their wits about them. That includes not buying from sellers with no established track record, and not buying from so-called $2 companies.

Also, as the old adage goes, if something seems too good to be true, it usually is.

christan@sph.com.sg
- See more at: http://transport.asiaone.com/news/genera...0rfAi.dpuf
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