Couple who gave house to son now homeless

SIN Chew Daily reported that an elderly couple in Singapore who gave up their duplex to their son ended up homeless after they were chased out of the house by the ungrateful offspring. The couple now call the staircase of a school their home. The man, who was named as Lim, was a manager before he retired. He had a son and a daughter who lived in Jurong, Singapore. Relating his ordeal to a secretary of the school, Lim said he and his wife decided to give their duplex home to their son as a wedding gift about two years ago. The couple thought that they could live in the house with their son. He, however, decided to sell the property for RM960,000 to buy another condominium. Lim and his wife were then sent off to live with the daughter. After a year, the daughter decided that they were no longer welcome and banned them from touching her children. The couple could not enter the house after their daughter changed the locks to the house.

Life Lesson…

Above article was taken from The Star news published on 20 August 2009. The story sound familiar to all of us. We heard it, sympathy with it, pity, sad but yet we can’t do anything as we also might be one of the victims in the future. Sad to say, even higher educated people today still haven’t release the value of “FAMILY”.

Of course end of the say some people will say money can be main sources to settle this problem. But some will say money is “root of all evil”. But I strongly believe money can solve a lot of problem including above case. For the past 7 years, I have been keep accumulating property for myself and my future generation knowing that their financial capability is getting weaker due to rising cost of living and heavy competition in the near future. To solve it, we need find a way on how to increase our saving rate while continue to invest in solid asset (ie. property) that will contribute more passive income into our cash flow. I want all of you to avoid under accumulating, over spending and under educating especially financial literacy.

Our cost of living is rising day by day. Keep in mind, inflated cost will never fall as is increase base on accumulated value. Not only that, a lot of our expenses is inflated not only by the product and services itself but also by the “brand” or intangible value of the products. A similar quality of T-shirt with a “TICK” and without a “TICK” can sell for huge price different. But how many of you are purchasing T-shirt without a “TICK”? Bear in mind, by consuming less luxury/branded products and services definitely will help you in improving your financial health. Yet most of the people surrounding us will continue to enjoy and consuming high luxury products and services despite knowing it will hurt their future financial health. As I always say they choose not to understand!!

I believe all of you should be agreeing with me, a weekend expenses in KL might easily costing you more than RM150-RM250 per person. Expenses like breakfast, lunch, dinner, movie, car park fees, toll fees and shopping or accumulative expenses of RM1000 per month. If you are double income earner with combined monthly income of RM 10K, that is equal to 20% of your income excluding your daily spending, housing repayment, car repayment, and etc. Can you afford to continue spending like this for the next 25 years? Then how much is your saving per month? Bear in mind, you only can continue spending like above provided your current employer continues to employ you with reasonable increment for the next 25 years. But what happen after 25 years? Will EPF enough for you to retired comfortably? I’m doubt about it.

Children will no longer your closest family member when they reach 17^th years old. By that time they have their own friend, own spending habits, saving habits and the most important investments habits. Are the youngsters able to sustain their own life style with their earning capability? I don’t think so. A lot of them still need “Economic Outpatient Care (EOC)” from their parent to maintain their daily life style especially beginning of their career life. For those enjoy it, be grateful. You should take this opportunity to invest more with the money that you save by building more solid asset in return of taking care of your parent in the future when they retired. Never betray your parent as it’s really a heart broken to them if they are hoping for a dream retirement life after so many years of hard work and suffering. My words to the youngster is that all of you are given plenty of opportunity to invest with all the ever ready financial tools that given by banks. Capitalize on it!! I hope all of you will aware and foresee your own tough future.  

My advice to all of you, please equipped yourself and your kid’s especially financial literacy for better future. Live by example to your kids and start building up your own solid asset with recession proof portfolio as you really can’t depend on other people especially family members and government. I will never betray my family members. Happy Investing.

You cannot Grow Land.. CK Wong & KH Wong

Related posts:

1. Lesson for Life 2 – Its All About you
2. Lesson for Life 3 – Loans to Avoid
3. Meaning of RM100,000.00