Newbie
initially i thought so too, that once you get out of the rat race (in the Cashflow game), the money you collect is ridiculous.Originally Posted by hopeful
No. Once out of rat race track, I got into another track where each time, passed something, collect money like crazy
That was until i did it for real and realised actually... Robert Kiyosaki's game is correct.
Junior
hopeful: Yr statement is true for people who are rich. If you are rich, can go anyway not only in Singapore.
If your re-entry permit has expired, u cannot go out of Singapore. Once u are out, disallowed entry. So unless u decided to be out of Singapore permantly. However, u can still stay in SG as visitor.
the other point, PR can be valid for 1-10 years so once your PR is expired, renewal is subject to individual condition. At this point I am not sure if PR is permanent. can any PR here verify?
all in all, its the risk and inconvenience u wanna take.
quote"How is the elderly a cost burden to society? Is there a social security net in Singapore?"unquote
If u are old and is a Singaporean, health care cost is being subsidised.
gov trying to convert pple who are rich and have accumulate assets over the years to be in SG right now and some of the are happy to be converted. Future? Some of them just dont want to take risk.
Junior
congratulations, you are no longer a ratinitially i thought so too, that once you get out of the rat race (in the Cashflow game), the money you collect is ridiculous.
That was until i did it for real and realised actually... Robert Kiyosaki's game is correct.Doing own stuff now?
Junior
For my case, my PR is suspended as they didn't renew my re-entry permit. No job in Singapore and out of Singapore most of the time. Don't know the difference between suspended and cancelled PR?
immigration officer in ICA say:
1) if re-entry permit not renewed, PR still PR provided don't leave Singapore. that's the meaning of permanent
2) if re-entry permit not renewed, PR no longer PR if leave Singapore even once, ie as in pass through immigration. but can still come and go to Singapore as a normal foreigner.
PR is permanent, You only applied to renew the re-entry permit, not PR itself.
Ya, market subsidy not cost subsidy. just like HDB.
anybody figure out how to pay only $8 for heart surgery, like what your Health Minister did?
Last edited by hopeful; 11-01-11 at 11:17.
Junior
I think there're some PRs convert to Singaporean to get the benefits of citizenship and after some time when they want to retire convert to PR again? I think we should plug such loopholes. If PR convert to Singaporean and back to PR again, there must be stiff penalties.
Junior
Is there such a thing? I think you are talking about husband and wife couple.
Wife becomes Singaporen, husband remain citizen of native country. Since most countries follow husband nationality, when it is time for them to pull out, the wife will follow husband back and native country will give back citizenship to wife since husband still a citizen.
Junior
Just curious, Your RIDICULOUS cashflow definition is how much ah? ..heheinitially i thought so too, that once you get out of the rat race (in the Cashflow game), the money you collect is ridiculous.
That was until i did it for real and realised actually... Robert Kiyosaki's game is correct.
Newbie
hehe was doing own things until i was too busy to spend time with family.congratulations, you are no longer a rat
So now i'm a happy employee. Situation a bit reversed compared to what Kiyosaki advocates.
Junior
For my case, my PR is suspended as they didn't renew my re-entry permit. No job in Singapore and out of Singapore most of the time. Don't know the difference between suspended and cancelled PR?
immigration officer in ICA say:
1) if re-entry permit not renewed, PR still PR provided don't leave Singapore. that's the meaning of permanent
2) if re-entry permit not renewed, PR no longer PR if leave Singapore even once, ie as in pass through immigration. but can still come and go to Singapore as a normal foreigner.
PR is permanent, You only applied to renew the re-entry permit, not PR itself.
Ya, market subsidy not cost subsidy
anybody figure out how to pay only $8 for heart surgery, like what your Health Minister did?
coincidently, i got this article from yahoo today. Item 1,2,3 understood. But most pple travel out since SG is a small country. So if you leave SG once and re-entry expired, PR is gone...rite?
http://sg.yfittopostblog.com/2011/01...mits-annually/#
"According to The Straits Times, PRs are required to have a valid re-entry permit if they wish to travel out of Singapore, so they can retain their PR status while away from the country. They are required to renew the re-entry permit on a periodic basis."
I think that is what most pple did.
If staying and paying in S$, pple want to save every penny in health care, cheaper is better cos the full rate is really expensive.
Junior
If re-entry expired while a PR is away from Singapore, I would think that he is no longer a PR. I fit that situation. But the immigration officer at Changi airport say my PR status only suspended. Whatever that means
Hehe, reasons given in that article is the same reason why I was rejected to renew the re-entry permit. Jobless in Singapore, and away from Singapore for too long. Property investments, FDs they dont regard.
Junior
still can visit singapore as tourist... tour around yr CCR ppty areas and see how much it has transformed.If re-entry expired while a PR is away from Singapore, I would think that he is no longer a PR. I fit that situation. But the immigration officer at Changi airport say my PR status only suspended. Whatever that means
Hehe, reasons given in that article is the same reason why I was rejected to renew the re-entry permit. Jobless in Singapore, and away from Singapore for too long. Property investments, FDs they dont regard.
Junior
I like inflation. Prices of properties up & up. For those sitting on the fence thinking that Round 4 of measures will depress prices. Today I read on Yahoo Singapore inflation is 3++%. Inflation is 3++%. mortgage is only 1++%. Borrow money to buy property as a hedge against inflation.
Junior
Current Asian market bull run to survive 2011: DBS
By Chris Howells | Posted: 11 January 2011 2249 hrs
SINGAPORE : The bull run in Asian equities is far from over, according to DBS.
The bank said markets in the region outside of Japan are likely to see 14 per cent gains this year, thanks to rising consumption and buoyant economic growth.
But DBS wants investors to be mindful of the inflation risk - as Asian central banks will have to tighten aggressively to get a grip on rising prices.
Since the Second World War, bull runs on average have lasted 38 months, according to DBS.
That means Asia's current 20-month-old bull market still has room to run.
But markets are likely to see some uncertainty in the first quarter as inflation and overheating concerns worry investors.
"The first quarter of this year is likely to see some tentativeness in the Asian ex-Japan equities market. We may even see some price weaknesses over the course of the next few months. That's because of increasing concerns over inflation and rising interest rates. But that would be an opportunity for investors to buy back into the markets," said Lim Say Boon, Chief Investment Officer of DBS Bank.
From a valuation perspective, stocks are still not as expensive as they were in the previous bull market in 2007.
The 12-month forward price-to-earnings ratio on the MSCI Asia ex-Japan index is just above 12, compared with 16 in 2007. This means there are price gains to be had in Asian equities.
But inflation, which has accelerated to nearly 4 per cent in Singapore and shot past 5 per cent in China, presents risks as central banks will have to tighten monetary policy quickly in the first half of this year.
There are, however, ways investors can protect themselves from the risk of high and rising inflation.
"Essentially you want to buy companies that have the ability to pass on higher costs to the consumer. Within the Singapore context, the yards and the offshore & marine companies have a large share of the offshore market and therefore can command prices; or companies that offer premium services - SIA would be one example," said Timothy Wong, MD and head of Research at DBS Vickers Securities.
DBS is overweight on Indonesia, Thailand and Taiwan and neutral on Singapore, Malaysia and India.
Monetary tightening fears in China have led the bank to be underweight on China and Hong Kong.
- CNA /ls
BE CENTRED BY ALL AT THE FRINGE OF THE CITY @
Junior
I think medical cost in high-end hospital in malaysia is still cheaper for your Malaysian fren compare to whatever subsidy he is getting here.
Global recession is coming....
What causes govt to strike a hard cooling measure now? May be it is because US economy is estimated to recover strongly in 2011? US people feeling richer + must try to exchange their worthless 'toilet paper' money to some hard physical and of value physical assets (e.g. Singapore properties)? Similarly for Euro-zones which seem to be recovering?
------------------------
Business News
Fed chief sees US growth up to 4% in 2011
Posted: 14 January 2011 0418 hrs
Photos 1 of 1
Ben Bernanke
Messenger
FAIRFAX, Virginia: The US economic recovery is gaining traction and appears poised for growth of up to 4.0 percent this year, Federal Reserve chairman Ben Bernanke said on Thursday.
"We see the economy strengthening," Bernanke said at small-business forum in Fairfax, a Virginia suburb of Washington. "Three or four percent-type of growth seems reasonable."
In its latest projections in early November, the Fed forecast GDP growth at between 3.0 and 3.6 percent by the end of the year.
"I think deflation risk has receded considerably," Bernanke told the business executives.
Fed officials had expressed concern a few months ago that deflation - a pernicious downward spiral of prices and wages - could take hold amid slack demand in an economy struggling to recover from severe recession.
The risk of deflation was a key factor in the Fed's decision to boost its support of the economy, particularly through a $600 billion asset purchases plan announced in November.
Bernanke on Friday signalled the recovery would pick up slightly this year, but warned it would not be enough to reduce persistently high unemployment, which stood at 9.4 percent rate in December.
On Wednesday, a central bank report showed the US economy had expanded "moderately" in recent months.
The Fed's Beige Book report, which gathers information from the central bank's 12 districts, said that "economic activity continued to expand moderately from November through December."
The report will be used by the Federal Open Market Committee in the first policy-setting meeting of the year, scheduled January 25-26.
The tone of the report was more positive than in the December Beige Book report, which pointed to limited economic improvement.
The world's largest economy recently has shown new signs of life after exiting recession in July 2009.
GDP grew at a modest 2.6 percent rate in the 2010 third quarter, snapping a downward trend in growth seen since the beginning of the year, when expansion slowed to 1.7 percent in the second quarter from 3.7 percent in the first.
- AFP/de
Senior
the clue is already given in the MND release. if u want to interprete the news below, it simply means: US going to recover, interest rates going to shoot up sooner than expected, SG govt is concerned of the impact from that, thus the measures.
What causes govt to strike a hard cooling measure now? May be it is because US economy is estimated to recover strongly in 2011? US people feeling richer + must try to exchange their worthless 'toilet paper' money to some hard physical and of value physical assets (e.g. Singapore properties)? Similarly for Euro-zones which seem to be recovering?
------------------------
Business News
Fed chief sees US growth up to 4% in 2011
Posted: 14 January 2011 0418 hrs
Ben Bernanke
FAIRFAX, Virginia: The US economic recovery is gaining traction and appears poised for growth of up to 4.0 percent this year, Federal Reserve chairman Ben Bernanke said on Thursday.
"We see the economy strengthening," Bernanke said at small-business forum in Fairfax, a Virginia suburb of Washington. "Three or four percent-type of growth seems reasonable."
In its latest projections in early November, the Fed forecast GDP growth at between 3.0 and 3.6 percent by the end of the year.
"I think deflation risk has receded considerably," Bernanke told the business executives.
Fed officials had expressed concern a few months ago that deflation - a pernicious downward spiral of prices and wages - could take hold amid slack demand in an economy struggling to recover from severe recession.
The risk of deflation was a key factor in the Fed's decision to boost its support of the economy, particularly through a $600 billion asset purchases plan announced in November.
Bernanke on Friday signalled the recovery would pick up slightly this year, but warned it would not be enough to reduce persistently high unemployment, which stood at 9.4 percent rate in December.
On Wednesday, a central bank report showed the US economy had expanded "moderately" in recent months.
The Fed's Beige Book report, which gathers information from the central bank's 12 districts, said that "economic activity continued to expand moderately from November through December."
The report will be used by the Federal Open Market Committee in the first policy-setting meeting of the year, scheduled January 25-26.
The tone of the report was more positive than in the December Beige Book report, which pointed to limited economic improvement.
The world's largest economy recently has shown new signs of life after exiting recession in July 2009.
GDP grew at a modest 2.6 percent rate in the 2010 third quarter, snapping a downward trend in growth seen since the beginning of the year, when expansion slowed to 1.7 percent in the second quarter from 3.7 percent in the first.
- AFP/de
Global recession is coming....
Ok, that is what they say:
The Government's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. Previous Government measures have to some extent moderated the market, but sentiments remain buoyant. Low interest rates plus excessive liquidity in the financial system, both in Singapore and globally, could cause prices to rise beyond sustainable levels based on economic fundamentals. Moreover, when interest rates eventually rise, it could strain purchasers who have overextended themselves financially. Therefore, the Government has decided to introduce additional targeted measures to cool the property market and encourage greater financial prudence among property purchasers.
What sentiment buoyant? Must be referring to OCR properties new launches right?
They afraid rate rise will kill margin buyers/flippers. But shouldn't lower LTV help them more by conserving more cash as emergency when rate rises?
Exalted
i tink u r really getting desperate and make too much assumptions liao
Junior
Teddybear, need to understand the mentality of gambler. if have $200k cash, if LTV 80%, will use up all cash savings to buy $1million property.
Now if LTV 60%, those marginal ones are out of $1mil property investment.
Gamblers don't conserve cash, they will use up all their reserves for maximum leverage.
So in a way, government is preventing the rich from getting richer.
Exalted
govt prevent marginal gamblers to fry ppty...so whr do these group place their bets now? stocks and casino? heheTeddybear, need to understand the mentality of gambler. if have $200k cash, if LTV 80%, will use up all cash savings to buy $1million property.
Now if LTV 60%, those marginal ones are out of $1mil property investment.
Gamblers don't conserve cash, they will use up all their reserves for maximum leverage.
So in a way, government is preventing the rich from getting richer.
Global recession is coming....
Ok ok, up to you to imagine lah. Why you think other people are desperate? May be they are very happy since the new govt policy will kill OCR buoyancy once and for all & save many people from future financial ruin?
Global recession is coming....
You mean "government is preventing the rich from getting richer" or "government is helping the rich to get richer" more easily by eliminating all other marginal players so that they can buy at cheap price?
Teddybear, need to understand the mentality of gambler. if have $200k cash, if LTV 80%, will use up all cash savings to buy $1million property.
Now if LTV 60%, those marginal ones are out of $1mil property investment.
Gamblers don't conserve cash, they will use up all their reserves for maximum leverage.
So in a way, government is preventing the rich from getting richer.
Junior
tedderbear, are u being overleveraging..? even ur owner-kind feel ur getting desperate..
Global recession is coming....
that devil is owner-kind? Think may be OCR flippers?
Exalted
ya lor...only u rich and strong holding power mah...the rest all flippers...hehethat devil is owner-kind? Think may be OCR flippers?
Junior
government not saving people from financial ruin. they are saving banks from financial ruin. with LTV at 60%, prices need to drop 40% before banks lose money. will prevent financial crisis. rich bankers get richer....Ok ok, up to you to imagine lah. Why you think other people are desperate? May be they are very happy since the new govt policy will kill OCR buoyancy once and for all & save many people from future financial ruin?
Junior
mortgage rates are already so low, that's why banks are depending on volume to boost profits, and now this........government not saving people from financial ruin. they are saving banks from financial ruin. with LTV at 60%, prices need to drop 40% before banks lose money. will prevent financial crisis. rich bankers get richer....
mortgage bankers and insurance agents can take leave in the first month while people chew on the measures
Junior
two ways how the rich get richer.You mean "government is preventing the rich from getting richer" or "government is helping the rich to get richer" more easily by eliminating all other marginal players so that they can buy at cheap price?
1) those marginal players overextended themselves and when crisis happens, the rich turn on their radar.
2) marginal players extended themselves, push themselves to buy properties and set record highs. The valuation of the rich properties go up in turn and dispose of properties before crisis happens.
Senior
Maureen KohSun, Dec 02, 2007
The New Paper
function openEmailWindow(emailToFriendForm) { var emailToFriendPageURL = emailToFriendForm.emailToFriendPageURL.value; emailToFriendForm.action = emailToFriendPageURL; emailToFriendForm.target="_blank"; emailToFriendForm.submit(); } Reward for good service: COMMISSION + TIP + CAR = $1MILLION
That was what property agent Agnes Foo made when she successfully brokered an entire block of 11 apartments for a businessman recently.
And the block doesn't even exist yet.
Ms Foo got a $400,000 commission from the developer for snagging the $40 million deal.
Plus a generous tip of the same amount from the buyer.
And the buyer was so pleased that Ms Foo had been able to get him the property at a good price that he also bought her a $230,000 car.
She told The New Paper on Sunday: 'It's the highest amount that I've got in my (three years) experience.
'It still feels like a dream.'
It started in September when she spotted the potential in Three Buckley, a block of 11 apartments in Newton, even before the building plan approval was in.
The freehold Three Buckley - consisting of seven deluxe loft units and four superior attic units - is expected to be completed in 2012.
Based on a conservative calculation of $1,600 per sq ft against the total area of 26,500 sq ft, the total price of the development is more than $40 million.
Based on a 1 per cent commission, this translated to $400,000 for Ms Foo.
An agent typically takes home between $70,000 and $80,000 in commissions a year.
Developer Gazelle Land had appointed Ms Foo's agency, REA Realty, to sell the units.
The associate manager, 42, said: 'Given its ideal location - close proximity to more than five schools, including Raffles Girls Secondary School, Singapore Chinese Girls School and Anglo Chinese School, as well as to Orchard - I felt the price was quite a good offer.'
Ms Foo decided to approach her father and his regular group of businessman-friends, some of whom had bought commercial and residential units from her.
After her presentation, one of them was 'quite interested' in getting a unit.
She recalled: 'He asked for more details and while we were talking, he suggested that I contact his younger brother.'
It seemed that the businessman's brother had talked of wanting to invest in properties.
Ms Foo, who specialises in commercial and private properties, was pleased with the unexpected 'bonus'.
She said: 'For us, a new prospect means another chance to seal a deal.
'I'd hoped to sell a couple of units and it looked like I was closer to achieving my target.'
But Ms Foo had no idea what was to follow after the first meeting with her client.
She declined to provide details about him except that he is a businessman in his early 50s.
'When I asked him which unit he'd be interested in, I thought I heard an 'all',' she said.
'I wasn't sure if my ears were playing tricks on me or he was cracking a joke.'
STUNNED
So Ms Foo asked for a clarification and was stunned when he confirmed that he wanted to buy the entire block.
She laughed and said: 'I felt breathless and I could barely contain my excitement!'
Since it was an exclusive development with limited units and the project had not been launched in the open market, there was no rush of buyers.
And with the whole block being sold together, the developer was ready to bring down the price.
Ms Foo said: 'I know the deal was in the bag already but I was also sure that I could help him shave off a certain percentage.
'Making money is important, but more than that is the ability to provide honest service.'
She said some industry players felt she should have waited until the development was placed in the open market.
Said Ms Foo: 'I could possibly earn a higher commission this way, or if I had not gone to the extent of 'bargaining' for a better price.'
Instead, she ended up helping the businessman save close to $2m, which included savings in administration and stamp fees.
She added: 'I guess people think I was really stupid.'
But Ms Foo is having the last laugh. It turned out that the buyer was so pleased with her service that he offered her 'a generous tip of $400,000'.
On top of that, the client asked Ms Foo what she would like as a gift.
She said: 'I said in jest, oh you can get me a BMW convertible.'
That would cost about $230,000.
To her surprise, the client promptly agreed, and now, she is looking forward to taking possession of the brand new sports car, said Ms Foo who currently drives a year-old Hyundai Tuscani.
The mother of two girls and one boy - aged 17, 14 and 8 - intends to keep the Tuscani for her oldest daughter.
Her husband, who also dabbles in property, does not drive.
They also have a Mercedes - a family car - which her father uses.
Of her million-dollar jackpot, Ms Foo said she believed in 'tou zhi bu tou ji', that is staying for the long haul, and not doing business in a hit-and-run way.
She said: 'This way, you can always ensure that you can sustain your success.'
And it looks like she has done her sums right because she will get a second bite of the same cherry.
She has now been appointed to help market Three Buckley for the businessman.
MORE TO COME
Based on a modest calculation of the total sale price at $40m, this means Ms Foo will stand to earn at least another $400,000. She said: 'I guess this is what they mean by you reap what you sow.'
15 Jan 2011 Sat
Property agent loses 'commission' suit
A PROPERTY agent who sued a buyer for $437,870 that she said he owed her as a commission has had her claim dismissed by the High Court.
Ms Agnes Foo helped Mr Ho Kiau Seng buy 11 apartments for $37 million in all. She claimed he agreed to pay her $437,870 for helping him get a 'good price'.
Mr Ho, 65, argued that although he had verbally agreed to pay her a commission, he had done so on the condition that she would resell the flats for him. This did not happen.
He had also been under the impression that she would get a commission from the seller.
Justice Lee Seiu Kin threw out Ms Foo's claim earlier this week. He also ordered her to hand back the $165,956 that Mr Ho had given her for her expenses.
The judge noted that it was 'unusual' for a housing agent to collect a commission from the buyer when she was expected to get her due from the seller.
Ms Foo was helping to market a housing project in Buckley Road near Newton in 2007 when she met Mr Ho, the managing director of steel products firm Leong Jin Corporation.
Three months later, he signed a deal to buy 11 units at the project, in his personal capacity.
He then made two payouts to Ms Foo over a period of nine months, for a total of $165,956.
They had different explanations for the payments. Ms Foo claimed they were partial payments of her commission. Mr Ho said they were advances for her expenses, made at her request.
Ms Foo, defended by lawyer John Tan, claimed that Mr Ho had agreed to pay a sum equivalent to 30 per cent of the savings she had obtained for him. This worked out to $437,870.
Mr Ho, defended by lawyers Hee Theng Fong and Sim Mei Ling from KhattarWong, denied making any such agreement.
Justice Lee said in his grounds of judgment that although Mr Ho had agreed to pay a commission to Ms Foo, the sums were not agreed upon until after the option to buy had been clinched.
There was no formula specifying what would be paid - there was only a promise to pay an unascertained sum. Justice Lee said the $165,956 in payments to Ms Foo constituted loans that should be repaid.
K.C. VIJAYAN
Senior
no free lunch in this world ah...
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