I took 15 years to reach S$1 million, but 2 years to S$2 m..

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Postby amethyst78 » Mon Jul 04, 2011 1:49 am

Dennis Ng wrote:Nowadays, there are many seminars out there to teach you how to get rich through Forex Trading.

Personally, I do NOT know of any Rich person who become Rich from Forex Trading, but I've read of news about Rich people losing millions becos of Forex Trading.

Below is a couple who lost S$9 million in Forex Trading:


http://www.straitstimes.com/BreakingNew ... 05147.html

Straits Times Nov 19, 2010
UBS takes couple to court OVER 9 MILLION

By Gabriel Chen

SWISS bank UBS is the latest bank to make the headlines in a case involving disgruntled private banking clients who have lost money.

UBS Singapore is taking a couple - Mr Ng Kok Keong and his wife Yow Sin May - to court, on the grounds that they owe the bank about $9 million.

The couple have filed a counterclaim, saying that their money was lost as a result of the 'grossly negligent' behaviour of their relationship manager.

UBS said that Mr Ng and his wife used the bank's credit services extensively to engage in foreign exchange transactions.

The bank said that on or about Oct 2, 2008, there was a US$1.07 million (S$1.4 million) shortfall in the couple's account and it sent them a margin call letter, dated Oct 3.

When the couple 'failed, refused and/ or neglected to provide the additional collateral', UBS closed their foreign exchange positions.


2008 was the time when USD begin to strengthen like crazy.
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Postby Dennis Ng » Tue Jul 19, 2011 1:01 pm

19 Jul 2011

I'm aged 42, currently already reached S$2.6 million, I can retire and do nothing if I want to. Yet when I look around in Singapore, there are many old people who are aged above 60 working as Toilet cleaners or cleaning tables at food court and hawker centres, many others work as Security Guards in condos and apartments, I ask myself, what I can do for fellow Singaporeans?

How come I can be a Millionaire at age 42 and can afford to retire while most people would not even have enough money to retire at age 62? What's the difference between most people and myself? Most people only save money, and the returns they get is less than inflation, thus they are getting poorer and poorer without realising it. While I know how to invest and grow my money, that's how I reached millionaire status at age 39, 3 years ago.

I hope I can do something and I think the best thing I can do for Singapore, is to help to educate as many people to learn how to manage and grow their money, so that when they are old, they can choose to work or not, what work to do and lastly, where to live their last days.

Cheers!

Dennis Ng

http://sg.news.yahoo.com/blogs/singapor ... ml#more-id

Singaporeans dying away from home
By Andrew Loh | SingaporeScene – Sun, Jul 17, 2011

By Andrew Loh

It doesn't hit home until you're standing there, eyes fixed on the old man of 87-years old. He is no longer cognisant of his surroundings, I am told. His ability to register familiar faces and places is no longer as keen as before. He can barely recognise his own son who is standing beside me at the side of his bed on the day we paid him a visit.

First a boat-builder — during the Japanese occupation — and later a plumber, his hands were the only means by which he made a living and raised a family. Now, with children all grown up with families of their own, he is bedridden, immobile and has to be cared for in a nursing home. Alzheimer's has set in, along with Parkinson's and coronary heart problems.

His son and daughters, in their 30s and 40s, try their best to provide the care he needs. They had him at home in the beginning but as his needs grew, they had no choice but to put him in a nursing home. It was no longer viable or practical for the siblings to provide the special care he required.

The costs of caring for the elderly

So in 2007, they decided to seek the services of a nursing home.

Several months ago, they were told that their father had had a fall in the home. On further probing they realised that the home had not been totally truthful about how this had happened. They were initially told that the incident took place at about 6 or 7pm. The family was informed at 8pm. However, they later discovered that it had actually happened at 2pm. They were upset that it took the home 6 hours to inform them.

In the meantime, the family was having problems paying for their father's stay in the home. It came to more than S$2,000 a month. Further enquiries with other homes revealed that they were all fully booked. In any case, they were not much cheaper either. In addition, the siblings too had to provide care for their mother who is wheelchair-bound and suffers from various ailments as well. The family was at its wits' end.

They finally had to consider the one thing they never thought they would have to — to place their father in a nursing home abroad as it would relieve the financial burden in caring for both parents.

After a search of the Internet for nursing homes in Johor Baru (JB) in Malaysia, they shortlisted several and finally decided on one. The siblings paid a visit to the home earlier this year and made the decision to place their father there.

It would cut their financial obligations by some 60 percent, not an insignificant amount for the siblings who aren't financially well-off.

Children have to make a hard choice

"No one wants to have their father in a nursing home abroad," the son tells me, his voice quivering. "But we have no choice. The costs in Singapore are just too much for us."

The consolation he and his sisters take from this is that the home is set in a quiet neighbourhood, in landed properties which are converted to homes, giving a certain familial warmth to the elderly residents. It is located about 40 minutes by taxi from central JB. The staff there too are friendly and compassionate.

When the son enquired about making bank transfers so that payments could be made on time, the person in charge, Ms Suraya (not her real name), of the home repeatedly tells him not to worry. "It doesn't mean that you have to pay on the date we agreed on. It is okay if you are one or two weeks late. It is okay," she tells him. Such compassion gives the family some peace of mind.

We were told that in recent months, more Singaporeans have made enquiries with the home. "The main reason is the cost," Ms Suraya says. "But also the recent case of abuse in a nursing home in Singapore has raised concerns among Singaporeans." She was referring to the Nightingale nursing home at Braddell Road where the staff were discovered mistreating a resident there. The JB home currently has 20 Singaporean residents. Demand has been so strong that it is planning to open a new center in the coming months.

As we took our leave of the home, another elderly resident waves at us. "Young people like you, good," he said, pointing his finger at us. "Old people like us, no good anymore." It was something he keeps repeating during the next few minutes we conversed with him.

On the next bed beside his was a Malaysian, who is no older than 55. "I am Malaysian but I had been working many years in Singapore," he said. "My children all were born in Singapore and are still there." He recently had an accident which broke several of his hip bones. When we asked why he was there and not with his children in Singapore, he said they could not afford the cost of putting him in a nursing home in Singapore.

The government should help ease the burden

As we left them and the home, I wonder how many Singaporeans — after having served and contributed to the country — would end up in homes such as this one abroad simply because they would not be able to afford to stay in nursing homes in their own country.

It is just not right that our elderly, in what should be their golden years, are subjected to this indignity, to be cast aside or forced out of the land they were born in, grew up in and worked for and contributed to, through no fault of their own or their families' — with the prospect of returning home only when they have breathed their last.

With almost a million Singaporeans projected to be above 65-years old in 2030, it is incumbent upon the government to seriously look into this matter and not let our elderly be subject to such unconscionable indignity when they are no longer "economically active."

There is a responsibility for a government to care for those who no longer can, and to extend help to families who are burdened in such circumstances.

Our elderly should not have to seek shelter in a foreign land.

They are as much a part of us as those who are rich, economically active or young. Our country should not and must not abandon them to another country. It is our responsibility and we must not shirk this.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
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Postby candy_chia » Sat Jul 30, 2011 3:49 pm

My dad suffered a stroke, left side of body is immobile so the only option is to send him to a community hospital.

That is when we realise our Spore Medisave system is really inadequate for Singaporeans with huge saving in Medisave!

Medisave withdrawal limit in community hospital or nursing home. is subject to a daily hospital charge of $250 per patient up to a maximum of $5,000 per patient per calendar year!

Government Subsidy in community hospital or nursing home is subject to mean testing of FAMILY INCOME which take into account the monthly income of children.

Whereas Government hospital like SGH uses HOUSEHOLD IINCOME to gauge subsidy entitlement, ie. income of persons staying in patient's hdb flat.

Dennis Ng wrote:
Singaporeans dying away from home
By Andrew Loh | SingaporeScene – Sun, Jul 17, 2011

By Andrew Loh

he is bedridden, immobile and has to be cared for in a nursing home. Alzheimer's has set in, along with Parkinson's and coronary heart problems.

In the meantime, the family was having problems paying for their father's stay in the home. It came to more than S$2,000 a month.

After a search of the Internet for nursing homes in Johor Baru (JB) in Malaysia, they shortlisted several and finally decided on one.

There is a responsibility for a government to care for those who no longer can, and to extend help to families who are burdened in such circumstances.

They are as much a part of us as those who are rich, economically active or young. Our country should not and must not abandon them to another country. It is our responsibility and we must not shirk this.
candy_chia
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Postby Dennis Ng » Sat Jul 30, 2011 4:55 pm

Hi all,

it shows that our government is still living in their Ivory Towers and do NOT know nor can empathise what happens in the streets and society.

Time for Change. If they don't change, we will change them.

Cheers!

Dennis Ng

candy_chia wrote:My dad suffered a stroke, left side of body is immobile so the only option is to send him to a community hospital.

That is when we realise our Spore Medisave system is really inadequate for Singaporeans with huge saving in Medisave!

Medisave withdrawal limit in community hospital or nursing home. is subject to a daily hospital charge of $250 per patient up to a maximum of $5,000 per patient per calendar year!

Government Subsidy in community hospital or nursing home is subject to mean testing of FAMILY INCOME which take into account the monthly income of children.

Whereas Government hospital like SGH uses HOUSEHOLD IINCOME to gauge subsidy entitlement, ie. income of persons staying in patient's hdb flat.

Dennis Ng wrote:
Singaporeans dying away from home
By Andrew Loh | SingaporeScene – Sun, Jul 17, 2011

By Andrew Loh

he is bedridden, immobile and has to be cared for in a nursing home. Alzheimer's has set in, along with Parkinson's and coronary heart problems.

In the meantime, the family was having problems paying for their father's stay in the home. It came to more than S$2,000 a month.

After a search of the Internet for nursing homes in Johor Baru (JB) in Malaysia, they shortlisted several and finally decided on one.

There is a responsibility for a government to care for those who no longer can, and to extend help to families who are burdened in such circumstances.

They are as much a part of us as those who are rich, economically active or young. Our country should not and must not abandon them to another country. It is our responsibility and we must not shirk this.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Albert » Sun Jul 31, 2011 3:50 pm

Dennis,

Would like to know your view on the following:

I have been contributing to Medisave voluntarily in cash for the past few years.

Reasons for doing so :
1. To ensure I have enough funds for future payment on my parents and my future hospitalisation. (My mum do no have sufficient Medisave funds). I am aiming for hit the max cap of S$36k

2. Earn extra interest of 4% while accumulating

3. Reduce Tax

But of course, my concern is the individual cap put in place to restrict the use of Medisave funds will make it irrelevant for future use.

So do you think I should continue to contribute to the Medisave in cash? In replacement, use them for investment. By the way, I am a salaried empolyee.
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Postby Dennis Ng » Sun Jul 31, 2011 4:13 pm

Hi Albert,

nope, I think if you already contribute to Medisave, NO need to contribute extra in Cash.

Best way to use Medisave is NOT to pay for medical expenses, but actually to use it to pay for Premiums for a Comprehensive Medical Insurance plan which covers Private Hospital Treatment. So I think the priority is to upgrade the Medical Insurance plans for you and your parents.

4% interest is NOT guaranteed, from year 2012 onwards, interest rate would be 10 year Singapore government bond rate plus 1%, which works out to about 3.5% currently.

More details here:

http://www.aboutfinancialplanning.net/i ... atest-news

Cheers!

Dennis Ng

Albert wrote:Dennis,

Would like to know your view on the following:

I have been contributing to Medisave voluntarily in cash for the past few years.

Reasons for doing so :
1. To ensure I have enough funds for future payment on my parents and my future hospitalisation. (My mum do no have sufficient Medisave funds). I am aiming for hit the max cap of S$36k

2. Earn extra interest of 4% while accumulating

3. Reduce Tax

But of course, my concern is the individual cap put in place to restrict the use of Medisave funds will make it irrelevant for future use.

So do you think I should continue to contribute to the Medisave in cash? In replacement, use them for investment. By the way, I am a salaried empolyee.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
Site Admin
 
Posts: 9781
Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Albert » Sun Jul 31, 2011 4:57 pm

Hi Dennis,

Have took up private hospitalisation plan for my mum and myself. So I am wondering what are the way ahead?
Albert
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Postby Dennis Ng » Sun Jul 31, 2011 6:32 pm

Albert wrote:Hi Dennis,

Have took up private hospitalisation plan for my mum and myself. So I am wondering what are the way ahead?


Hi Albert,
invest your cash then. It is easy to get more than 5% annual returns from investing.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
Site Admin
 
Posts: 9781
Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Dennis Ng » Wed Aug 17, 2011 9:34 am

My 2nd book "Why is Money Always Not Enough?" “为什么钱总是不够用?" has been shortlisted as Top 10 book in the Chinese category of Popular Readers Choice Award 2011.

Now, I'm in the running for Top 3 based on popular vote.

If you like my book or want to support me, please help me vote online https://www.popular.com.sg/readerschoice/

Anyone with NRIC can cast a vote......

Closing date: 30 Sep 2011

If you want to, you can also copy and paste and send this as an email to your friends and urge them to help vote for me..

You can also buy this book at a Special Price of S$17.90 (Usual Price is S$23.90 at bookstores) at this link below. (The Book will be mailed to you within 14 days after purchase with NO charges for mailing. Only applicable to Singapore address).

http://www.masteryourfinance.com/web/in ... &Itemid=35
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
Site Admin
 
Posts: 9781
Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

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