Tuesday, 15 September 2009
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My mom and her politics
I just had a conversation with my mom regarding current affairs in Singapore. And when it comes to politics, my moms the best.
Banks are amongst the tops of her 'hate lists'. She goes on to say that when we have a fixed deposit account they pay you a meager 1% interest but when the banks lend it to you, it's a fantastic 6% prime rate for their taking. CEO's need to be fed well. The banks harass you everyday to apply for their credit cards, and then after sending in your application, reject your application.
Her advice: Credit cards - Having one doesn't mean you have the money. Use Cash when dining.
In the 70's and 80's, she had to 'beg' the banks for a credit card, now they are handing them out like flyers. Gone were the days where membership had it's privileges. Now legal money laundering is the rule of the day.
Her advice: Without your money, banks are nothing. Use Cash when shopping.
And then she talked about the public transport - SMRT. Recently, there has been news circulating regarding a 25cents charge on a Bank GIRO top-up on your EZ-Link card. That means every time GIRO deducts say S$30.00, there will be an additional 25cents deducted. My mom was telling me that SMRT has received about a few thousand complaints regarding this unfair charge.
Don't worry, even if there were a 10 dollar increase in transport fares, there will be no protest from the public. Our laws 'keep us safe' from any protests.
Her advice: Don't use GIRO Top-up. Don't let laziness be an excuse for corporations to suck more of your money.
CPF life scheme is her hot favorite subject at the moment. Right now, she is already eligible for CPF retirement pension in which she receives about 500-600 dollars a month. CPF is inviting my mom to opt for this new CPF life scheme.
There are a few types of this scheme. Don't have the completet details yet but it's close to something like this:
A) mininum payout and have available funds to pass on to children.
B) medium payout and have not so much balance in funds to be pass on to children.
C) maximum payout and have little in the balance. However if a member who opts scheme C suddenly passes away. The remaining funds cannot be drawn. So who gets the money?
My advice to Mom: CPF LIFE is an sly scheme design to hold your money back. It's your money, take it now. Fk cpf life.
p.s she also said ... see, vote pap some more :)
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Comments (17)
your momma seems quite knowledgeable. and cool =)
@MariaBoscardin - Thanks! My mom is my source of my political bearings. She's my moral compass :)
Did you read the recent UBS study on our wage and standard of living? High GDP comparable to developed countries, but standard of living similar to RUSSIA.
@borntolove_you - Yeah I read that somewhere can't remember the contents. But basically it's telling the Singapore Govt not use use the GDP to gauge a country's well being. GDP is only an econmical value. And plus that the actually bulk of GDP comes from MNCs and profits all go to them. Our income gap ratio is one of the highest. The poorest of the poor have income similar to people in nigeria.
Millionaire MPs - What are they for?
Good advice from both mom and son.
Totally agree with your mom! I cringe when I see the new CPF payout scheme advertisement, asking all the older folks to sign up for it. Pathetic...
Then again, I know many elderly men who withdrew the entire sum, spend it on Cxxxx ladies and be broke within half a year, or less. Then these men cry, ask why their kids don't want to feed them, sue them in court for not giving them a maintanence allowance and complain to MP/gahmen for non-protection after years of sacrifice to the nation.
@icepearlz - Thank mom for being open minded. :)
@Kimiaki - Everytime I see tha advert in the bus I cringe too. And I see everyone looking at it and then turning away. Seems like everyone knows it's not benefitial. About those old sad men, can't really put a finger on them, they are just sad. And which Singaporean women wants them? I think Singaporean women are more poor thing, if local men dowan them, then who wants them? Angmo oso not enough.
@ErniesUrn - That's why SG men are complaining that SG women are too independent and fierce/garang these days... It's a cyclical thing. LOL
@Kimiaki - Male and female Singaporeans need to understand ..in Singapore its impossible to expect the oppsite sex to be the ideal. It's not only a people thing, it's a social & econmical thing, they are all connected. People need to come back down to earth. :)
CPF life scheme is a scam. But I expect alot of old folks are scramblin for it - who doesn't want regular payouts? [sighx]
@ErniesUrn - millionaire MPs? To earn all the money in singapore? They're pretty darn useless
@krazyapplelicious - The bad news is for you and me. It is complusory for us young people to have CPF Life Scheme. Hmm it's no scam, it's day light robbery. :)
@borntolove_you - but isnt higher Standard of Living = More expensive stuff>?
Well think abt it as well CPF life = monthly payout and there is no lost for any citizen...you can choose to withdraw less and leave more for your kids, withdraw more and leave less for your kids but no matter what money is still within the family..As for maximum payout, if youre single and have no kids/ relative, you will opt for it as you have no relatives to give the money to....dont see anything wrong with it money is still in your hands
@tan - well to measure standard of living, you have to look at both the quantitative and qualitative side of it? we may have a high GDP but a lot of it is actually repatriated back overseas because a lot of investment in singapore if FDI. and if our "higher income" is from really long working hours, how is that high standard of living?
My Comfort Delgro shares (Dividends + Capital Gain) paid for whatever stunt the public transport operators will pull for the year... heee.. :P
And your mama is right. The banks are really nothing with us. The interest they pay to us sucks (which makes us ask - why is that so even during the 'boom' years - when generally they would want to control the money flow to 'cool' the economy). As for credit cards - Haven't they freaking learn the reason for the latest crisis that we are still in right now? - TOO MUCH DEBT.
Now I ain't desperate to borrow more money, unless I want to add on to the crisis by defaulting on my loans. Muahahahaha...
@ErniesUrn - omfg...i din know it was compulsory for us! maybe i should migrate. if arthritis doesn't kill me when i'm old, i'm sure inflation & this lammo scheme will.
@krazyapplelicious - donlt be too quick to get out. Stay around, vote in some opposition and if it's still just as bad. move on.