“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
Everyone here knows SG has the highest car prices in the world but it is strange that we still see car ownership on a rising trend.
Do you really know how much the total cost of a car comes up to for 10 years ? Some analyst say 250k for owning a "BIG TOY" in SG for 10 yrs.
Estimation $200,000 for 10 yrs for owning 1.5cc Toyota
==========================================
TOYOTA - Vios "G" 1.5 - Sedan Auto = $ 108,888
Breakdown of Car Cost
1.Certificate of Entitlement (COE)
2.Total Car Loan Value
3.Road Tax
4.COE and PARF Rebate
5.Auto Insurance
6.ERP & parking Fee
7. Maintenance.
8. Fuel Charge
Car Price: $108 ,888
•50% down payment: $54,444. Bal 50% take car loan. $54,444
•Car loan over 5 years at 2.8% interest rate : $62,066
Total interest paid for 5 yrs = $ 7622
Monthly installment = $1034
Total actual Price: $54,444 + $62,0666 = $116,510
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Road Tax - $618 per year
•Road tax over 10-year period = $7420
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Car insurance - Depending on your NCB + type of coverage
It kena accident due to your fault. Gone case. Premium will shoot up
by 20% to 50%.
Estimation = $1300/ yr or $13,000 for ten year
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Fuel charge
If you like to go M'sia or very often jalan jalan on local road. It will be more.
estimation $300/mth or $3600/yr for local drive.
Total 10 yrs = $36,000 (conservative figure)
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ERP & parking charge + HDB season carpark
$200/mth or $2400/yr
Total 10 yrs = $24,000 (conservative figure).
-------------------------------------------------------------------------------------
Car maintenance -60km FOC servicing which estimate about 3 yrs
Estimation maintenance cost for 10 yrs = $8,000.
If Kena accident due to your fault & type of insurance coverage you buy, it will be cost 2-5 times more depending on the seriousness of the damage.
---------------------------------------------------------------------------------------
PARF Rebate - Scrap value at the end of 10 yrs.
ARF for Vios "G" 1.5 - Sedan Auto = $12,234
•PARF Rebate at end of 10 years = $6117 scrap value
-----------------------------------------------------------------------------------
Total cost of owning a car for 10 years =
$116,510 (car price) + $7,420 (road Tax) + $13,000 (Insurance) + $36,000 (fuel) + $24,000 (ERP/Parking) + $8000 (maint) - $6177 = $198,753
My goodness. $200k for owning just a 1.5cc Toyota car driving for 10 yrs on the road.. The price of a 3rm HDB BTO flat which has 99 lease & can generate
income after fufill the govt HDB occupancy rule ( 5yrs).
1st priority is your HDB loan + your family insurance + children education & most importantly planning for your future retirement when you are young (< age 30).
If 200k will to put into your homemarker wife' CPF or children's CPF etc through monthly contribution. It will grow est from 200k to 260-280k in 10 yrs time.
Do you think it is worth if you are not a high income earner or not in the sale line etc ?
Thanks. Wise advice!
When I bought my first car some 8 years ago, it was half a year after my first child was born. A bread and butter car costed about 50+K, and petrol was something like $1.50 per liter. After including all the costs, my monthly out of pocket was just under $1,000. And I ran some sidelines as well made possible with the car ownership to defray this $1,000.
This expenditure is used to offset my transport expenses, my wife transport expenses as well as my children's transport expenses, and occasionally, my relatives' expenses. I was able to fully justify the cost of the car.
As of now, the accounting does not work out that well anymore as private transport involving a new car work out to be towards 1,800 instead. The only possibility to maintain the old expense amount is to renew car COE,
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
go car lite lor. singapore so small no need car. especially now adays choice. Uber, grab, conventional taxi , bus, mrt. why waste $ on car
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
If fully use public transport including private hire for a family of four (two schoolgoing children).
Bus and MRT fares (adult): $200
Bus and MRT fares (children): $100
All kinds of taxi: $300
If 1 car can replace all these with top up of $400 more, quite worth it with the time savings and comfort, $100 per person. Sometimes that 1 emergency a month is worth more than $400. But if $1,000 more then quite expensive decision...
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Turning 55 - the best is yet to be - GOH ENG YEOW (Senior correspondent for The sunday times)
===========================================================================
After setting aside $161,000 (Full retirement sum - FRS) in the newly created CPF Retirement Account,he still have some funds left in both my CPF Ordinary and Special accounts. He wrote a cheque to put another $80,500 into the CPF Retirement Account to top it up to the so-called Enhanced Retirement Sum limit of $241,500 (ERS).
=================================================================================================================================
This is a many example cases where S'porean did bother to manage their CPF acct when they are age <35 or they are not well inform on transfering their CPF OA (2.5%) to CPF SA.(4%). He still got excess in his CPF OA & CPF SA after set the FRS of 161k.
There is no need for him to come out CASH $80.5k if he well aware & plan ahead transfering his CPF-OA to CPF-SA when he is <age 35. Now 20 over years later, he starts to realise CPF is actual a good scheme for retirement planning. But he knows quite late
If he is <age 35, what he needs is a computer, keyboard, mouse & his fingers. Go to CPF online & transfer his CPF-OA to CPF SA. A 5 min job. The snowball compounded
rate return will enable his CPF SA to grow to $241k without topping cash $80.5k.
To earn & save the $80.5k is not a easy task. It require alot of physical sweat , mental stress etc for 2-4 yrs to save $80.5k. So if you are a high income earner at young age.
Sit down & think & plan how you can manage your CPF well. If you plan well when you are young, you should able to meet the ERS (high payout) without coming cash to top up.
FYI , the full retirement sum (FRS) will increase from $161k to $181k by yr 2020.
the enchanced retirement sum (ERS - high payout @age 65) will increase from $241k to 271k by yr 2020.
He is just lousy lah!
Beating even 4% is chicken feet, not to mention 2.5%.........
There must have been many that beats 4%, but I don't suppose the newspapers will want to feature because it doesn't gel with the message they want to portray (or people do not want to be featured as well)?
Furthermore, it is really unwise to put more money into CPF Retirement account and top up to ERS or even FRS because as I have already illustrated with calculations and facts, your CPF Life money gets NEGATIVE return if a man can only live till 80 years old!
How many people who are 55-65 years old now can live till 80 years old?
Don't forget, statistics already told us that >50% of men will not live past 78 years old for current batch of people 55 years and above (and 81 for women).
Last edited by teddybear; 30-10-16 at 13:32.
For most people, if cars do not help them to earn more income, obviously cars are not worth it!
But for some people, they can easily afford and why can't they just afford it?
As somebody said, many people own car (is it easily affordable?), he has one car, his wife has another car (so 1 family has 2 cars - what is the problem?).........
Now, below concept is similar to "Why MAS property cooling measures will cause more force-selling of properties in future"!
Very simple, just let me explain - Say in scenario 1 somebody has 40% cash available for down payment to buy property. He satisfied all the TDSR criteria, but only thing is the property cooling measures dictates that for 2nd property, he can only borrow 60% (because 60% LTV), and since he has no other avenue to invest, the person decided to buy an investment property and pay 40% cash to buy.
Now, Singapore's economy is going down the drain, property price continue to drop slowly, he got stuck as he can't sell without losing money, say till 2020 when full blown recession occurs. By 2020, he lost his tenant, he lost his job, no money to pay mortgage instalment (even though hei, he has so much money that he can pay out 40% of the property price upfront)!
So, his property ultimately got force sold, and that is a result and casualty of MAS property cooling measures!
Now, in scenario 2, let's just assume, if this person, if MAS has not implemented new property cooling measures, and he can still borrow 80% (80% LTV) instead of 60%, he would still have 20% of cash on hand.
So come 2020, he lost his tenant, he lost his job, but hei, he has so much money that he still got 20% cash on hand, and the 20% will help him pay for mortgage instalment and his family living expenses for the next 3-4 years!
Hei, after 1 difficult year, he would have found another tenant, he would probably have found another job, and his investment property is still safe and sound!
So, above example clearly illustrates why in my humble opinion, "MAS property cooling measures will cause more force-selling of properties in future!" and cause more hardship for property investors (rather than really helping them and protecting them)!
So people out there, remember to save up CASH and get ready to pick up durians come 2020 (from these unfortunate people whose properties would get force-sold because of various reasons, including due to MAS property cooling measures).............
For people out there buying investment property, you better watch out!
Do you know that if you buy 2nd or subsequent property and intends to use CPF to pay for the property and intends to finance it with bank loans (or even refinance or reprice), the banks NOW will only lend you a maximum amount of loan which is 60% LTV (or less) and this loan amount is calculated as follow (because of MAS property cooling measures (from 2013 & after)):
(max loan + CPF used) / property price <= 0.6
That is to say,
max loan <= (0.6 x property price) - CPF used
Do you think the above way of calculation is absurd?
Why was "CPF used" regardless as a "LOAN" component?
Isn't CPF your money and now they are treated like loan (i.e. CPF is like "LOAN" from CPF board and not your money)!
My friends have been telling me: "Your CPF money is not your money!"
Well, I don't believe initially!
However, after banks told me that the way they compute the max loan they can loan to us (because of MAS property cooling measures) is like this:
max loan <= ((LTV%) x property price) - CPF used
So, look at the way MAS dictates BANKS to compute your max loan and how "CPF used" is treated as a "LOAN" (from CPF Board) instead of being part of the money you paid (asset), so is my friends right to say that "Your CPF money is NOT your money"? It does seem to be so (at least to MAS)!
Talk cock as usual trying to mislead and take thing out of context to bullshit not your money.
FACT IS CPF HAVE TO HAVE $$ SET A ASIDE FOR RETIREMENT NOT FOR PEOPLE TO SPEND EVERYTHING FORWARD! IF YOU TAKE THE MONEY BUY HOUSE THERE IS A NEED TO LIMIT HOW MUCH THAT CAN BE USED AND NOT DRIAN EVERY CENT! AND IF YOU SELL YOU NEED TO REPAY BACK THE AMOUNT YOU TOOK TO MAKE SURE THE AMOUNT IS IN LINE WITH THE ORIGINAL SUM FOR RETIREMENT!
SO DONT COME BULLSHIT LAH!
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
minority,
don't come lying again and trying to mislead, your bloody idiot!!!!!!!!!!!
If Your CPF is your money, then, max loan based on LTV should be:
max loan = (LTV)% x property value
Because MAS dictates to banks that your CPF money is NOT your money, that is why max loan based on LTV becomes:
max loan = (LTV)% x property value - (your CPF money used to pay for the property)
And banks are telling me that your CPF money used to pay for the property is considered as "LOAN" already INCURRED! (and obviously MAS is telling us that your CPF money used to pay for the property is considered "LOAN" from CPF Board)...... (or to "beautify" the saying, you need to put back your CPF money to CPF.......)
And the more you use YOUR CPF money to pay for your property, the less the banks can lend you because:
max loan = (LTV)% x property value - (your CPF money used to pay for the property)
E.g., if your property is $2M, LTV is 60%, and CPF money used = $0, then:
max loan = 0.6*$2M = $1.2M
BUT say now if your property is $2M, LTV is 60%, and your CPF money used to pay for the property = $500k, then:
max loan = 0.6*$2M -$500k = $0.7M
The more of your CPF money is used to pay for the property, the less loan you can borrow from the banks!
This is CLEAR as daylight that MAS is telling us that "YOUR CPF money is NOT your money" NEVER!!!!!!
minority,
your lies BUSTED again!
Last edited by teddybear; 31-10-16 at 23:07.
CPF is like a global fund. They invest Globally. Temasek iinvested into Facebook , Alibaba , Xioa Mi etc etc at a low price as a strategic.
Temasek invested in Jumbo food as a strategic invested. Price has gone up > 100%. I did apply for a few hundred lots but got ZERO
allocation.
So leave your CPF untouch if possible. If you have the ablility to serve your loan without using CPF. It is the best. It is even
better if you have the confident to transfer your CPF OA (2.5%) to CPF SA (4%) at young age < 30.
Maybe rich parent with excess money to help the children to top up into their CPF acct. Dont buy car for them instead top up into
their CPF. Only with excess $$$.
CPF Retirement Sum increased to $166,000 (1st Jan 2017) . A 3.1% increase from $161k (2016). CPF Life (payout) to start at 67 instead of age 65 as govt has raised the retirement age to 67.
The 1980s & 1990s,S’pore was prospering. Our govt did not mind S’porean pursuing of material wealth towards acquiring the 5Cs. The 5Cs were condo , cars , country clubs , cash & credit cards.
Many pursued the 5Cs thinking that prosperity was perpetual. They neglected the most IMPORTANT “C” which the govt did not promote it effectively due to political reason. "CPF" for retirement.
Today, more than >50% of the CPF acct holder cannot meet the min sum & most have problem retiring early at age 60 due to their years of cash mismanagement.
They make bad decision using CPF even though they hv no problem servicing the loan By cash. They are qualified for a BTO HDB 5 room flat ($400k-500k). But they preferred to buy a condo cost $1.2m-$1.5m thinking that their jobs are secured. Taking $1m-1.2M big loan using CPF as instalment. Most of the ppty investors turn out to be a bad decision due to herd instinct buying.
With Tons of liquid cash avail. They start to make the 5Cs dream. Buy 100k-200k car , Go for holidays more often, Maintain a comfortable lifestyle. Dinner out more often. Invest (or speculate) the stock market with no strategy.
Life will not be smooth for the younger generation in the next 10-20 yrs. If the young generation screw up their money management. Life will be hard for them when they grow older & worst is that their young children may suffer with them later on.
We need to REDEFINE our 80s& 90s dream of material wealth towards acquiring the 5Cs.
1) CPF
Our CPF money is primarily for retirement funding. Not for other purpose like paying for your mortgage loan unless if u have no choice. When your finance health is much better. You should switch back from CPF to cash..Do not use your CPF for speculative investment. Only invest blue chip with there is big Crisis in the stock market or unit trust. Patience is very very critical. Most successful investors, in fact,do nothing most of the time. Just wait & wait & wait again.
My suggestion is to meet the ful retirement sum (FRS) as early as possible by transfering your CPF OA (2.5%) to CPF SA (4%) if you have the capablilty. Tgt by age 35 to 40. If the person has already met or exceeded the FRS ($166k minimum Sum), the annual interest earned in your CPF SA (4%) would take care of the increase in FRS ( range 2.5% to 3.5%).
2) Continuation upgrading your skill & knowledge
Read & watch POSITIVE THINKING BOOKS & programme.
Positive thinking is a mental and emotional attitude that focuses on the bright side of life and expects positive results. It takes years to understand how powerful when a person is positive motivated & really sink into your heart.
Lee Kuan Yew - My definition of an educated man is a man who never stops learning and wants to learn. I am not interested in whether a man has a Ph.D or not, or an M.A. for that matter, or a diploma.
Li Ka Shing: “Knowledge Changes Fate”
3) Commitment toward healthy living life style.
Our healthcare cost is getting very expensive. Eat healthily. Exercise more often by brisk walking, jogging, indoor & outdoor game etc etc. Have a habit to drink more water or mineral water. less soft drink. I am very fortunate to have friends crazy for badminton & tennis game. It is the time for me to de-stress & keep my body healthy.
4) Compassion & caring
“To understand everything is to forgive everything.”. You tend to be happy.
Love begins by taking care of the closest ones. Especially your old age parents.
5) Contentment
At some point of time when your life is getting out of control working hard for your dream of material wealth towards acquiring the 5Cs.
You gotta let go, and sit still , and allow contentment to come to you
Happiness comes from contentment.
Contentment is the main attitude for happiness
Happiness will never come to those who do not appreciate what they already have.
Reduce your “wants” and lead a happy CONTENT life.
Contentment does not mean that I desire nothing But rather, it’s a simple decision to be happy with what I have.
Wow! Soon many people may die without even getting to enjoy their large sum of CPF money ($166k in Retirement Account and $50k in Medisave Account = $216k!)
As I have pointed out:
as I have already illustrated with calculations and facts, your CPF Life money gets NEGATIVE return if a man can only live till 80 years old!
How many people who are 55-65 years old now can live till 80 years old?
Don't forget, statistics already told us that >50% of men will not live past 78 years old for current batch of people 55 years and above (and 81 for women).
In this first installment of our 7- parts series on Retirement planning, we share the importance of planning for our retirement.
This event was conducted on 5th of May 2016 by the CEO of Providend, Christopher Tan.
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
Proof is here:
http://www.tablebuilder.singstat.gov...ion?refId=3612
Statistics provided by Singapore Government already told us that >50% of men will not live past 78 years old for current batch of people 55 years and above (and 81 for women).
So minority, may be you can prove to us why you believe Singapore's Government statistics is WRONG???
Last edited by teddybear; 22-01-17 at 21:15.
Who u casino dealer? Pluck a link hope people dont look at it? 2015 expectancy age is 82 for MALE you Liar. And anyone looking at the whole data would have see the life expectancy of males improving from 1960 (61 ) and 2015 (82). So ur bull shit say for those today will sure die when they hit 78 or never last over 78 is plan bullshit. Medical advancement, more conscious healthy living as people get more educated is going to lead to more people living longer.
So DoNT Cherry pick data say scream 78!!! infact life expectancy in 2015 is 82 up from 76 in 1995. For some one who in 1995 who by into your shit will surely suffer. coz today that guy would have been 82! an extra 6yrs!!!
SO DONT COME MIS QUOTE HOPE PEOPLE DONT FACT CHECK YOUR BLOODY ASS!!!
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
Re-employment age is raised to 67. Payout for CPF life remain at 65. No change
http://www.todayonline.com/ge2015/pa...s-lim-swee-say
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King, Jr.
OUT WITH THE SHIT TRASH
https://www.facebook.com/shutdowntrs
Wow!
Payout NO CHANGE!
But your RETIREMENT SUM INCREASED to S$166k !!!!!!!!!!!!!!!!!!!!!!
So, previously you get NEGATIVE return if you die at 80 years old!
Now YOU will GET DOUBLE NEGATIVE RETURN if you die at 80 years old because your RETIREMENT SUM INCREASED but PAYOUT DIDN'T INCREASE!