35 and flat broke!

[Throttle2]

 

 

there you go again

 

din take long

And what did i do now

[RadX]

The 6 Most Common Ways People Commit Financial Suicide

JENNA GOUDREAU YOUR MONEY MAR. 19, 2014, 9:55 PM

 

Flickr/Tuomas Puikkonen

Sometimes we learn more from our mistakes than our successes.

Mary Hunt, founder of Debt-Proof Living, details what not to do with your money in her recent book, “The Smart Woman’s Guide to Planning for Retirement.”

Here are some of the top ways she says people sabotage their financial futures:

1. Living on credit. Hunt says unsecured consumer debt such as credit card debt, personal loans, and students loans is like a cancer. It starts small and then begins to grow. “If not treated aggressively, it can take over and do horrible things to your life.”

2. Living way beyond your means. If you spend more than you have in order to keep up appearances, you’re likely headed for financial disaster. Hunt says living below your means, and saving a little each month, is the best path to security and happiness.

3. Stripping your home equity. If you use your home to help make big purchases, say a wedding or college tuition bill, and can’t keep up with the payments, you risk losing that home to foreclosure, warns Hunt.

4. Raiding your retirement accounts. Not only does pulling out retirement money halt the account’s growth momentum, you could get hit with a double tax bill. “Don’t think of your retirement account as a liquid asset,” writes Hunt. “It is a frozen asset that is out of your reach for now.”

5. Taking out college loans for your kids. Taking out a PLUS loan, Parent Loans for Undergraduate Students, to help pay for a child’s education may be well-intentioned but diverts resources from your own retirement savings, which is not the gift you want to give your kids in the long term.

6. Procrastinating. You may rationalize that you’re not saving for retirement now because you’re young and poor, but you’re missing out on the power of compound interest, says Hunt. “When you throw away time, you throw away money.”

[Jamesc]

 

This is also why communism will never work in the long term, because most people wants to gain more from the limited resources available, and there is always unequal distribution of resources.

 

 

 

Isn't China a communist country? And their economy is doing pretty well. Soon they will overtake

 

USA as the world'd biggest economy.

 

[CH_CO]

Actually there is not ideal system , every system is subjected to abuse , you will need a strong leader and a capable team which can command respect and instill fear to the corrupt , if he is willing to share the nations wealth , all the better.

 

Most strong nations had a such a structure in their peak days , sadly i can't say much for the present gen of leadership.

Edited March 21, 2014 by CH_CO

[Jamesc]

So tell us which part of China's economy is communist ?

 

 

 

This also you don't know?

 

The whole government is communist and they plan and control the economy.

[Kusje]

 

This also you don't know?

 

The whole government is communist and they plan and control the economy.

 

I don't think you know what communism is.

[Jamesc]

 

I don't think you know what communism is.

 

Of course I do.

 

Capitalism is the exploitation of men by men

 

and Communism is the opposite.

 

Don't you agree? If you don't agree please share with us what you think

 

Communism is.

 

[Throttle2]

So tell us which part of China's economy is communist ?

 

 

Er, the NO part.....hahahahah

[The_Bear]

high net worth individual” is an individual –

(a) who has a minimum of S$1 million of assets, or the equivalent in foreign currencies, in any or all of the following forms:

(i) bank deposits, including structured deposits;

(ii) capital markets products;

(iii) life policies;

(iv) other investment products as may be prescribed by the

Authority;

[Amended on 1 July 2005]

(b) whose total net personal assets exceed S$2 million in value or the equivalent in foreign currencies;

© whose annual income is not less than S$300,000 or the equivalent in foreign currencies; or

(d) who is assessed by the applicant to have the potential to become a person described in (a) within a period of 2 years.

 

MAS definition of HNWI

[Thaiyotakamli]

high net worth individual is an individual

(a) who has a minimum of S$1 million of assets, or the equivalent in foreign currencies, in any or all of the following forms:

(i) bank deposits, including structured deposits;

(ii) capital markets products;

(iii) life policies;

(iv) other investment products as may be prescribed by the

Authority;

[Amended on 1 July 2005]

(b) whose total net personal assets exceed S$2 million in value or the equivalent in foreign currencies;

© whose annual income is not less than S$300,000 or the equivalent in foreign currencies; or

(d) who is assessed by the applicant to have the potential to become a person described in (a) within a period of 2 years.

 

MAS definition of HNWI

MAS joking right?

 

I don't think you know what communism is.

Communist in Singapore?

 

This also you don't know?

 

The whole government is communist and they plan and control the economy.

I think Singapore too

[The_Bear]

MAS joking right?

 

Why? Becos dat makes nearly everyone opin SGP HNWI?

 

Communist in Singapore?

 

I think Singapore too

[Throttle2]

high net worth individual is an individual

(a) who has a minimum of S$1 million of assets, or the equivalent in foreign currencies, in any or all of the following forms:

(i) bank deposits, including structured deposits;

(ii) capital markets products;

(iii) life policies;

(iv) other investment products as may be prescribed by the

Authority;

[Amended on 1 July 2005]

(b) whose total net personal assets exceed S$2 million in value or the equivalent in foreign currencies;

© whose annual income is not less than S$300,000 or the equivalent in foreign currencies; or

(d) who is assessed by the applicant to have the potential to become a person described in (a) within a period of 2 years.

 

MAS definition of HNWI

 

So easy ah?

[CH_CO]

So easy ah?

 

You have a few times right.

 

[Thaiyotakamli]

 

You have a few times right.

 

he achieved this 15 years ago. Now he aim UHNWI level

[Throttle2]

 

You have a few times right.

 

No lah, just sounds easy thats all.

I heard Singaporeans very rich one.

[Throttle2]

he achieved this 15 years ago. Now he aim UHNWI level

I aim for peaceful retirement in good health and no worry about the next meal, thats all.

[The_Bear]

So easy ah?

MAS says so. Easy or not is subjective. Easy for you does not mean easy for others. Have some compassion.

[Throttle2]

MAS says so. Easy or not is subjective. Easy for you does not mean easy for others. Have some compassion.

Got nothing to do with compassion lah.