2/07/2015

Financial advice for the ‘have nots’




I over heard this young financial advisor offering his expert advice to a few have nots on how to manage their finances. He earnestly told them that they must learn financial planning to manage their income and expenditure. If they don’t do financial planning, they would always be in financial difficulties. And the govt cannot help by giving them handouts.  Giving them a few hundred dollars to tie things over is futile, not effective. It is all about financial planning.

The few have nots listened intently, kept nodding their heads to the good advice. Before they left, they thanked the finance advisor profusely for his wisdom.

After they have left, the couple of friends of the financial advisor turned to him and asked him why he wasted to much time explaining to the have nots about financial planning. The financial advisor smiled. Then he spoke again. I divided my clients into three categories. The first category was those who earned millions. For this group, no need to tell them anything about financial planning. They had all the money they needed, and more. Got financial planning or not, never mind. They could spent and spent, and lost and lost, but still got plenty of money left to enjoy life. Talking to them about financial planning was a joke.  But he said that he still needed to give them some advices to earn his keep.

The second group was those that had some money and needed to manage them wisely or they would lose them and money became not enough. This group came from the middle income. To this group, financial planning was important and made a big difference to their finances.

The third group was the have nots. To this group, financial planning was a waste of time. How to make financial planning when eat also not enough, everyday trying to make ends meet? Telling them about financial planning is ‘seow’. They have no money to plan. Money in money out the next moment and still not enough. What they really need is a job that paid well. What they need was money, even handouts, charity.

His friends agreed. But why did you talk to the few have nots about financial planning? The financial advisor smiled. ‘What do you expect me to tell them?’ I got no money to give them, so it is best to con them about financial planning and they would think that it was their own stupidity, dunno how to plan, that was why they got not enough money. He burst into laughter. It was so easy to con the have nots and put the blame on themselves for their poverty. ‘Financial planning for the have nots? You must be joking.’

What a talented young man.

17 comments:

Matilah_Singapura said...

The "have nots" require financial planning like a motorbike requires an ashtray.

If you don't have finances, what the fuck are you going to plan?

Singapore is one "magic" place where if you put your mind to it, you can be extremely comfortable. Therefore, if you want "more" then you have to "produce more value"--- real value, not standing outside the MRT selling tissue paper at inflated prices when one can easily go to Carrefour and buy bulk for 10¢ or less per packet.

Standing outside MRT is a no-value proposition. A person in that situation can make a better choice by getting a job as a cleaner (requires some training) or serving food.

There are plenty of low skill jobs for people to "start off" from---regardless of age. But they also have to have the RIGHT ATTITUDE and be self-motivated to challenge themselves and improve their own circumstance.

There is really no excuse for REMAINING POOR in Singapore. You have opportunities available that struggling unemployed and educated Euro-trashes would gladly accept.

In a place like Singapore, no excuses lah.

Anonymous said...

Matilar tocking nonsense without thinking as usual. Forgot your medicine?

Anonymous said...

So easy to con and insult the poor people for not knowing how to manage their finances, don't know how to invest, don't know how to buy properties, don't know how to speculate in shares. Just blame them for being stupid and poor.

If I am born with a golden spoon, I don't even need to plan anything.

Anonymous said...

Doesn't matter which group lah - have lots of money, some money or no money, but are they happy to vote for PAP come election time, that's the question.

And it has been proven time and again that at least 60% are happy to vote PAP every election. So which group did they come from? Any from the no money group?



Anonymous said...

I think there are not enough got lots of money and some money Sinkies to make up the 60% that always vote PAP into power every election.

Hence there must be some from the no money group Sinkies but they are happy enough to vote for PAP. And this is what really matters, and not whether they got no money.

Anonymous said...

Some Sinkies have no money, but they are also very scared that if they vote opposition, they might accidentally vote in a opposition which is not ready to be govt.

Anonymous said...

I have this gut feeling that Sinkies who have no money may be partly due to their own fault, eg being daft.

So they must learn to be smart in order to make money to solve their money problems.

Because under PAP govt, if a person, Sinkie or not, is smart, he will make money. And if he is very smart and making lots of money, he may even be invited to join PAP and make even more money by becoming a part time MP. And if he is not a Sinkie, PAP may instantly make him a new Sinkie to do so for the next election.

That's how PAP got so many talents and able to contest 100% seats every election and ready to be govt all the time. And for that and most important, being respected and voted by 60% Sinkies.

Matilah_Singapura said...

@ money-conscious anons:

On certain things, we can agree. The following is considered in the (very narrow) generalised Singapore context:

1. Singapore is not a place you want to be if you don't have money.

2. Singaporeans are sensitive to their personal money issues.

3. In Singapore, having MORE money is better than having LESS money.

4. Your money determines your social rank---the more you have, the higher your social rank.

5. Making money is highly valued in the culture and is a confirmation of the aspects of your character. Inheriting money and behaving like an asshole is universally considered an anathema.

6. Being self-made rich and a generous philanthropist is generally accepted as being The Pinnacle Of Human Achievement. (for e.g. Lien Ying Chow, Tan Sri Datok Lee Kong Chian--The Lee Foundation, Shaw Brothers and many, many others). Singapore has GREAT philanthropists, and a wonderful PROUD, and ONGOING tradition of private charity and welfare. But you have to be rich, first.

7. SE Asia at one time was poorer than Africa. Those venerable rich families still alive today were started from NOTHING by courageous forebears (not all of who were "nice guys" BTW) who essentially had nothing to lose---they were all so fucked up and dirt poor.

[[ So when someone complains about poverty, they don't know what the fuck they are talking about. People with far less did much more, and many still do. So this "I am poor ooh tolong tolong...blah blah..." or"I am poor because the rich fucked me over and over...blah...blah..." don't make it with me. Fuck you. Pick up a broom, go ask someone for a job. ]]

So perhaps the incoming scientific data are correct: The determing factor for "success"---and in the Singapore context "success" has a high money-component---is GRIT: which can be broadly defined as self-control and perseverance, especially in the face of danger and uncertainty.

Got True Grit?

Anonymous said...

Best Financial advice for the "have nots".
Vote Opposition.

Is this good advice?

agongkia said...

The only choice for the have not to become have is to analyse what number will be out for 1st prize for toto and bet with confidence.
Or go casinos ....We produce millionaire every week. You too can become a millionaire:-)

Anonymous said...

First step for the have nots, take back their CPF money.

Anonymous said...

First step for the have nots, take back their CPF money.
February 07, 2015 2:02 pm

But how to take back CPF money?
Only choice is to vote Opposition lor!

Anonymous said...

If you only have a bit, better think carefully.

Because if one day the opposition runs the country, the have a bit may become a have not.

Anonymous said...

If you only have a bit, better think carefully.

Because if PAP continues to be government, the have a bit may become a have not.

Anonymous said...

Financial advice!!??? The Garbagement's Instant Millionaire Mini$ter$ have already been doing all Superb Financial Planning for all Sinkies over the last 50 years. So, where is there a need for Sinkies to even think of any kind of planning, let alone Financial Planning. With the CPF locked up for Life and the Medishield Life sucking all the money in their Medisave, where is there a need to worry about Retirement Money Not Enough, or Cannot afford to pay medical bills. You tell me lah.

Anonymous said...

Tiok! I fully agree with you.

Some more if Sinkies, especially the Senior Citizens who have lost their jobs and have no income one way or another, they will be invited to the Changi Prison Hotel for free accommodation, free food, free medical, and free entertainment - after going through the courts where kangaroos love to play hide and seek.

Where is the need for Sinkies to do Financial Planning???

Anonymous said...

For poor Sinkies, there is only one type of Financial Planning needed:
Vote Opposition.