I read a sad news in PropertyGuru.com.sg today. A Singaporean women who sold her four-room flat had earned S$198,000. The reason she sold was because she could not longer afford to pay her mortgage. The article did not say why she could not afford to pay but with the sale, she bought a weekend car and even rented a private apartment. Note: CAR is a luxury in Singapore. Private apartment is definitely a luxury too when majority of Singaporeans stay only in flats. Well, even with this, S$198,000 should still last a while except that the woman also ‘invested’ in a business venture which was just a scam. Within two years, all the money were gone. One portion was spent on medical bills for her husband who had a serious medical condition.
After finishing her money, the woman and her family slept on the beach or even void decks because they could no longer afford to rent any flat. Their younger children stayed with different relatives. Their lives got slightly better after the housing board of Singapore gave them a public rental flat on compassionate grounds. When these things happen, it’s so hard to pinpoint a blame. Was it because of the husband’s illness which caused all these to happen? Was it because the woman knew nothing about the world and thus lost everything? Was it because people taking advantage of them?
Personally, I think it is important for everyone to understand again that money management is the one thing which makes or breaks us. Money management here would also refer to the protection of wealth which must be a basic thing that every family should have. Always remember that no one can predict anything and thus we should prepare for everything. Stop thinking about the ‘losses’ when you do not claim anything from all the coverage you bought. Start thinking about these as ‘savings’ in case something unfortunate happens. In fact, do we really want to do any claims?
written on 13 Mar 2015
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