Thursday 8 September 2011

Remorse Part 1

I wonder if you have been in such situations. You got yourself into debts (there can be numerous reasons, legitimate and illegitimate), legitimates reasons would be, credit card bills because of medical fees, hospitalization of your loved ones, or serious illness from your family or yourself (like cancer).
Illegitimate reasons would be like gambling, prostitution lavish spending without serious consideration. Sad to say, a close friend of mine belonged to the latter of these 2 groups.
I have a story from one of my close friend to share, and hope that this will serve as a reminder to all of you.
Since my friend was 18 years old, he was introduced to soccer gambling. It was fun, exciting and was the “in” things back then.  I don’t know if he played legally or illegally. But I just knew that it cultivated the habit of gambling since then. Week in, week out, he would always be on his phone, or internet checking odds and scores. He would watch the matches at friends house (who also betted with him of course) or outside at coffeeshop and pubs.
In years to come, he was heavily addicted to soccer gambling. After college he went to work as a white collar professional. His habit of gambling did not stop there. With the higher income from his salary as compared to a student who only received allowances, he began to increase his bets; sometimes going as high as a few hundred dollars per stake (his salary was only about 2.5k)
Needless to say, there will be times where he won and others where he lost. When he won, he wanted more, so his stakes got higher. Until to the extent that he lost his winnings and stakes. After he lost, he wanted to ‘chase’ his losses. Wrong move~! Based on the illustration above, the eventual result would still be the same – he lost.
Things didn’t turn out as he wanted; hence he began to go into debts. With a job, he managed to obtain credit lines from banks and credit cards. In this manner he got himself more sources of money to bet with. The result I believe everyone knows. He got himself into huge debts far more than he can cover or sustain.
All these while, his behavior was under perfect cover. He was a good son who is filial to his parents; he is a good and obedient brother in the eyes of his sisters. But bank letters began to surface, calls from banks began to ring and soon he knew that things are out of control. In desperation to cover for these misdeeds, he began to lie to his family and try to obtain loans etc. He even went to the extent of stealing from his parents.
He was living his life day by day…….


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Monday 5 September 2011

The Singapore Rat Race

The Singapore Rat race
How is the life of an average Singaporean? More than 90% of the people born in after the 1980s have gone through at least the Minimum 10 years of education, ie from primary school (6 years) through secondary school (4 years, sometimes 5 years). We have been thought how to survive through education. But this only brings us to one result: getting a a large quantity of products from the same “factory”
This brings us to the topic of a rat race in Singapore. The fact that everyone is getting better educated makes us more competitive in our job search.  Nowadays a degree from a university is common. The entire orchard road is filled with lots of graduates.
After graduation, it is common that one will pursue a job in their field of study and there starts their work life. Week in week out, their work life began. They work overtime and have little time for their friend, girlfriends and family. This is especially true in many professions where the competition is strong.
We also suffer from tremendous stress due to the pressure to keep our job. We have unknowingly entered into the infamous Rat Race. How do we get out of this Rat Race? One wonders…
The only way is to obtain financial freedom.
Then people may ask, is it possible to obtain financial freedom through working? Yes it is possible. But most of the times we require several years of effort if not tens of years. With the rising cost of living globally, it is hard to find that why isn’t our salary increasing at the same rate as the cost of living?
Here are several ways to obtain financial freedom:
1) Do your own business, be your own boss. However this option requires very precise planning. You require a proper business plan and necessary investment and capital for most.
2) Do investment. Keep your salaried job but focus on investments. I believe many are into investments in one way or another. The key is to gradually increase your portfolio, and diversify your portfolio to obtain a balance return. It is lower in risk as compared to starting your own business
3) Strike Lottery. This is the easiest way to obtain financial freedom. But maybe only 1 in a million!
Many a times, people are too used to be in their comfort zone. They are usually relatively high paying salaried people who are not willing to forgo their fixed salary for the adventurous idea of starting a business/full time investment…
Stay tuned as we discuss further in details how to work out plans to carry out the above mentioned alternatives! Cheers!
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