I must say, this is quite sad and shows that once you got a windfall, even your family members can have intentions.
Going by her description of the failed business venture (SGD400k for 3 trucks, are you kidding me?!), it smells like a scam from the start to get her to part with the cash.
Quote:Two years ago, after her husband was killed in a freak accident while working at Changi Airport's Budget Terminal, she received nearly $1 million in insurance payouts and donations from the public.
Today, that money is all gone.
Madam Pusparani Mohan, 34, is now looking for work in Singapore to support her four young children back in Johor Baru.
"I made a mistake. People knew I had so much money and they all came to me. I am so stupid. I never buy house and finished all the money meant for my children," Madam Pusparani told The Sunday Times from her home in Skudai.
(see link for remainder of the story)
http://www.straitstimes.com/news/singapo...e-20140608
Yes, very sad.
The business venture is with her brother.
so, now not only no $$$ but also no brother.
She and her kids are so young!
LC
Earth day - save the world everyday.
I wonder why the paper publish this?
To encourage people to give again or to warn us all that even with the best intention to help people, sometimes things just go awry.
I really do not encourage folks to give again really...... I mean yeah, maybe she was conned of $300,000, still she squandered away $600,000 in the remaining months, in at most 11 months?
How you can do that is beyond me.......
(08-06-2014, 02:46 PM)kagemusha Wrote: [ -> ]I wonder why the paper publish this?
To encourage people to give again or to warn us all that even with the best intention to help people, sometimes things just go awry.
I really do not encourage folks to give again really...... I mean yeah, maybe she was conned of $300,000, still she squandered away $600,000 in the remaining months, in at most 11 months?
How you can do that is beyond me.......
Well, obviously, it is the CPF issue.
Lump sum withdrawal at 55? Many of them will squander it before 60.
Interestingly, CPF/minimum sum/CPF Life are meant to help the lower income but the ones who are fervently against them are the lower income earners.
Most rich folks here do not seem give a hoot about the CPF.
(08-06-2014, 02:46 PM)kagemusha Wrote: [ -> ]I wonder why the paper publish this?
Because the story is eye-catching and will sell the paper.
There is no need to ascribe positive or negative intentions why they chose this story, because that's not their job unless it is clearly a OpEd.
(08-06-2014, 02:54 PM)yeokiwi Wrote: [ -> ]Well, obviously, it is the CPF issue.
The subject/person is Malaysian. Nothing to do with CPF. And the source of her windfall is a combination of public donations and insurance payout.
Most ordinary low wage earners if become rich overnight, they just got carried away. And not many people can handle such large sum of money suddenly trust into their hands which they never ever can dream of. i believe if she has another same chance, i doubt she can escape the same result.
In other words, ( imho) you are "business-minded" or you are not in the first place.
I read the news in disgust actually.
She quit her job thinking she is rich.
She was offered financial guidance but ignored them, thinking she knows better.
Their combine monthly income is $2000 per month, before her husband met with the fatal accident.
The whole sum if consider just $800,000 can last her at least 30 years if she continue to work.
Even if she consider quitting to take care of her children, with a 5% returns yearly, she would be getting $40,000 per year.....
LionFlyer,
I don't think you understand what Yeowiki is saying.
He was saying that when people get a windfall, they might know how to spent it wisely and thus end up in the same situation again like this lady.
This happens mostly and not all the time, to poor people with less education as they might not know how to manage the big sum well.
With a CPF system that manages the money for you and gives you monthly sum , they are assured they will not run out of money or leads to situations such as the case in this new story.
(08-06-2014, 02:56 PM)LionFlyer Wrote: [ -> ] (08-06-2014, 02:54 PM)yeokiwi Wrote: [ -> ]Well, obviously, it is the CPF issue.
The subject/person is Malaysian. Nothing to do with CPF. And the source of her windfall is a combination of public donations and insurance payout.
(08-06-2014, 03:16 PM)kagemusha Wrote: [ -> ]I read the news in disgust actually.
She quit her job thinking she is rich.
She was offered financial guidance but ignored them, thinking she knows better.
Their combine monthly income is $2000 per month, before her husband met with the fatal accident.
The whole sum if consider just $800,000 can last her at least 30 years if she continue to work.
Even if she consider quitting to take care of her children, with a 5% returns yearly, she would be getting $40,000 per year.....
I agree. In fact she can lives a "financially free" life by living simply.
Like i say in my earlier post, you either have a business mind or you don't. It's just too bad she doesn't.