35 and flat broke!

[Coltplussport]

I quote an example, I brought my nephew out just in last weekend, he haggled for a toy and I told him I didn't have money, showing him an empty wallet.

 

Next thing he did was he said nevermind I know where got money and brought me to the ATM and told me that money comes out from the wall machine, all you need is to stand there and poke a few times, for a kid, they have being taught that money comes from walls and not work , how do you expect them to grow up financially prudent?

I hated it when adults say they got no money to buy the toy or anything for the children as an excuse. What are you teaching them actually. Don't buy means don't buy, let them understand the actual reasons, and not tell them no money.

[Jman888]

I quote an example, I brought my nephew out just in last weekend, he haggled for a toy and I told him I didn't have money, showing him an empty wallet.

 

Next thing he did was he said nevermind I know where got money and brought me to the ATM and told me that money comes out from the wall machine, all you need is to stand there and poke a few times, for a kid, they have being taught that money comes from walls and not work , how do you expect them to grow up financially prudent?

 

 

i saw a poor grandpa, must be the parents that spoilt the kids. when he was with the 2 grandchild and both of them wanted the same toy, the grandpa say just buy one and they can share, none of them give in and both insist of having one each, the grandpa show them the wallet and they too show him where the ATM is

 

the parents not only didn't teach the kids about the value of money, they are not taught about sharing

Edited March 19, 2014 by Jman888

[PSP415]

I quote an example, I brought my nephew out just in last weekend, he haggled for a toy and I told him I didn't have money, showing him an empty wallet.

 

Next thing he did was he said nevermind I know where got money and brought me to the ATM and told me that money comes out from the wall machine, all you need is to stand there and poke a few times, for a kid, they have being taught that money comes from walls and not work , how do you expect them to grow up financially prudent?

er.... by poking at the wall..oops, I meant machine without withdrawing any cash

and show him that money does not come out from either the wall or atm just like that and take the golden opportunity to educate him about the values of money and responsibilities attached. It's a start and no matter how much he can digest then, surely it tells him that you have no money. ...aiyo, I meant you are wise in using your money.

 

Hehe......

 

 

Safe ride

Cheers

Edited March 19, 2014 by PSP415

[Throttle2]

If people hoard money like they do in games, then everyone will have lots of savings.

*smile*

I hated it when adults say they got no money to buy the toy or anything for the children as an excuse. What are you teaching them actually. Don't buy means don't buy, let them understand the actual reasons, and not tell them no money.

No money lah, really.....

[Jamesc]

When I was young my parents didn't have enough money to buy me toys and

 

I had to make my own fun.

 

I only stopped when someone told me I would get hairy eye balls if I didn't stop.

 

But after a few day of checking my eye balls I knew he was lying and started again.

 

[Enye]

from this thread, i observed that

 

the latest KPI for HL in MCF is what your credit card limit can buy.

 

income tax is passe liao

 

[Myxilplix]

If people hoard money like they do in games, then everyone will have lots of savings.

 

But what about my +5 Armour of Virginity?

[The_Bear]

 

But what about my +5 Armour of Virginity?

You this kind of slut, +10 also no use de.

[Solar]

When I was young my parents didn't have enough money to buy me toys and

 

I had to make my own fun.

 

I only stopped when someone told me I would get hairy eye balls if I didn't stop.

 

But after a few day of checking my eye balls I knew he was lying and started again.

 

lol! I thought it was about going blind if u play with it too much?

[CH_CO]

I hated it when adults say they got no money to buy the toy or anything for the children as an excuse. What are you teaching them actually. Don't buy means don't buy, let them understand the actual reasons, and not tell them no money.

 

Personally i don't see why telling them i have no money is a wrong thing , i indeed didn't carry any money on that day and the place didn't accept cards. To me , i always tell the children , if you want something you have to earn it , i don't what is wrong.

 

You hate it that's your pasa , that's your children and you have a choice. To me , letting kids know that the parents or caregivers are poor is also another way teach financial prudence as they know money is scarce , we have limited resources and limited things we can do with our money.

lol! I thought it was about going blind if u play with it too much?

 

[Astrid]

Again I think I mentioned before many times , I grew up poorer than most Singaporeans , thus my financial prudence , I had experience poverty first hand since young and had my education early , if not for the garmen back then I doubt I would have been able to even finish my education let alone be financially free.

 

If my parent were given the loose credit as compared to now , I doubt we are able to lead the life we have now. So I strongly support a structural control of unsecured loans. Credit comes in two kinds, secured and unsecured , I am fine with secured loans as it provides liquidity necessary for businesses to work but I am less for the loose credit.

 

As for the rest of whatever you claim , I have mentioned before give a year supply of candy not all the kid will fall for it , same applies here , how many here can pay car and their homes in full. All the participants here?

OK, I am beginning to listen to you now, given your clarified perspective on a need for better regulation on free credit.

You had got a 'zero' from me initially, since you had sounded like one of those anti-govt, pro-oppo MCFers in your first "hantam" reply.

 

And to your last question: Yes, my D.10 FH landed house is fully paid for and I hold the title deed, not the bank - so it's really mine yah. :-)

[Coltplussport]

Think you misunderstood me. What I meant is that adults who use no money as an excuse to prevent children from screaming for toys. Especially when you open your wallet to show them it's empty.

 

If I am the child, of course the first thing that comes to mind is that if you have the money, you would buy for me. Of course from my knowledge, you can draw money from ATM to buy toys for me.

[Jamesc]

lol! I thought it was about going blind if u play with it too much?

 

Haha blind? Not la, just a bit screwy only lah.

[OmOm]

From a commercial perspective, a sudden move towards water-tight regulation spells instant doom for the financial sector in this country as most banks would lose incentive to spend on marketing in Singapore since the customer base would shrink tremendously. Many global bank brands would close many of their branches and reduce their spending here.

From a moral perspective, I totally agree with your stand that there is much room for improvement in the government's regulating the total credit that an individual can draw upon, across all financial institutions. This is an area that needs to be looked at more closely by the Ministry of Finance.

 

Ideally all individuals should be tested on their financial literacy before credit is opened up to them. This will ensure that they step in with their eyes open whenever they sign up for an extra credit line or credit card.

 

However, knowing how most testing systems quickly degenerate into a rote-style formality, the spirit of this would be lost on the general populace.

 

If ever there was a referendum and I had to choose between the two, I would vote for the latter i.e. tighter regulation so that fewer ill-informed and/or ill-equipped people would leap into an unrecoverable debt situation. In short, I am standing on the same side of the line as you are.

 

 

Do you know exactly how much can one get if one is earning above 30k pa? He can easily get more than 2 years worth of salary by maxing all credit legally and more via illegal means , tell me , what difference is this akin to giving a kid a year supply of candy and expecting them to regulate themselves to consume them over a period of a year without any education.

Of course there will be children which will be able to control themselves , there are always ones which cannot. Ask yourselves , why do we need to pass laws to control littering and smoking , are all those people not capable to think and know it is wrong , yet people continue to do so? I don't see much differences, if people can't even do those simple things like that and need garmen to step in , I don't why not of things as complicated as loose credit and financial prudence.

The easiest way of limiting loose credit is to be transparent in the amount credit anyone takes up where credit cards share the same line of credit and at no time are there able spend anything above the given credit limits combined. Of course you can include other forms of credit as well. The problem is , are the banks willing to cut their income ? If so , their reduced income would mean you will need to pay higher fees to make use of bank facilities , end of day chicken and egg.

 

[Throttle2]

Credit considerations are pace, depth and concentration.

 

Look at the last crisis, too much of every element. Asking for it

Edited March 19, 2014 by Throttle2

[Kusje]

I quote an example, I brought my nephew out just in last weekend, he haggled for a toy and I told him I didn't have money, showing him an empty wallet.

 

Next thing he did was he said nevermind I know where got money and brought me to the ATM and told me that money comes out from the wall machine, all you need is to stand there and poke a few times, for a kid, they have being taught that money comes from walls and not work , how do you expect them to grow up financially prudent?

 

But who exactly is to blame for this? Who taught him that money comes from walls and not work?

 

Parents have to teach their children fiscal responsibility so that they will grow up to be responsible adults.

[CH_CO]

 

But who exactly is to blame for this? Who taught him that money comes from walls and not work?

 

Parents have to teach their children fiscal responsibility so that they will grow up to be responsible adults.

 

If the parent's don't even know how to be fiscally responsible , how they teach ? Children are blank pieces of paper and they are just monkey see monkey do and looking for the solutions they know via what they see and learn.

 

Of course in due time , the fact that they will know how the money from the walls come from but i am just stating a fact that most children nowadays grow up in too good environments to know what is saving for a raining day and to suck it up in bad times. Just look at our strawberry gens.

 

Edited March 19, 2014 by CH_CO

[Kusje]

 

Personally i don't see why telling them i have no money is a wrong thing , i indeed didn't carry any money on that day and the place didn't accept cards. To me , i always tell the children , if you want something you have to earn it , i don't what is wrong.

 

You hate it that's your pasa , that's your children and you have a choice. To me , letting kids know that the parents or caregivers are poor is also another way teach financial prudence as they know money is scarce , we have limited resources and limited things we can do with our money.

 

 

Telling children that you have no money is wrong because they will be smart enough to see that you DO have money.

 

So you won't be teaching them that resources are scarce as all they'll learn from it is that you're a liar who won't spend on them.