8/08/2016

$150k pay check – Should feel sorry for him or not?

Cynical Investor wrote a piece appearing in the TRE quoting Gilbert’s post of an unemployed Singapore talent. Here is the quote:

‘Someone wrote to Gilbert Goh saying that he lost his 150k a year job to a FT prepared to accept 40% less. Losing my job was brutal for me financially since I am paying for 2 properties and a car.

I also have a S$100K unsecured loan debt which I took on to pay the deposit for my second home. My wife isn’t working and I have school going children. The first thing I did was to adjust my salary expectations up to 50%. Within 1 week I have applied to almost 500 jobs but none of them successful or called for an interview’.

Cynical Investor was asking whether we should feel sorry for him. Many in TRE were asking who did he vote for in the GE. Who do you think such successful, highly paid Singaporeans would vote for? Given their high income, good jobs, good pays, landed properties, cars, my guess is that they must be very comfortable with the system and would not want to have any change. To them the govt have done a marvelous job and giving them a Swiss standard lf living.

No need to ask or guess who they voted in the last GE. And many would continue to vote the same way until they hit a hard wall like this guy and came crawling to Gilbert to vent their frustration and desperation. But what can Gilbert do other than to lend them a listening year?

The few places they could hope to be helped in the job banks started by MOM or to go to NTUC for more skills upgrading so that they can become a waiter or something like that and be very grateful for being helped.

I bet many of these high earners would sneer and shrug it off as one bad luck case as they go about getting their fat pay, until they ended up in the same shit. Life is too good for the high earners that they would not think that this kind of things could happen to them.  Not to worry, it would be someone else, never ‘Me’.

How many PMETs must be grounded, driven to despair before the walking dead wake up and say no more? How, big earners, would you be next to write to Gilbert? For everyone that went crying to Gilbert there could be 10 that resigned to their fate, remaining jobless or underemployed. There would also be another 10 or 20 going to attend skills upgrading courses conducted by NTUC so that they could get a new job paying 10 or 20% of what they used to get.

Mind you, this is the career path for many high earning Singaporeans. It is only a matter of when will be their turn. 不见棺材不流泪

24 comments:

virgo49 said...

Frankly, Sinkie assets can be hundreds of thousands but their liabilities can amount to millions of dollars.

High paying professionals, most swallowed more than.they can chew.

Loved to have many so called on loan assets.just to be one up.

Many lived lives as Paupers but behave as millionaires.

So in every elections have to have status quo. Too afraid to rock the boat and have changes.

So when one loses their jobs, they start to blame everybody except themselves.

They are so burdened with the repaying of loans, loans that they are apathetic even to their own fellow men.

See when things go wrong with their investments due to their greed, they start blaming the other party. When things goes well with profits, they kept quiet to enjoy their gains.

For example the DBS issued Swiber or Shit bonds that are now redundant.

The banks will push have their reasons. They are professional conmen Shylocks.

So if you see a smiling, whistling Singaporean greeting you time to buy lottery.

Anonymous said...


Yes! 不见棺材不流泪!

Yes! 不见棺材不流泪!

You are 100% correct!

Going forward, simple living is the only way!

保重! 保重!

Anonymous said...

RB, I am afraid I am not sympathetic to this guy though I can feel the pain he is in now which is his own doing. Imagine he bought two properties with debt on a hope for a big fat profit in the property market. Did he think of the young couples that are priced out of the property market due to the oldies and people like him under the assets enhancement scheme? I for one does not mind the property prices corrected by another 50% including my own property that I live in as it is just paper gain or loss but it will make a big difference to my kids and all the young couples.

If he can identify himself I am more than happy to buy his secind property from him after he has Written down by 50%!

Anonymous said...

Sadly to say we can't pity or sympathize this 150k guy ...with his salary we can even hire foreigners talents or even President Obama to join this little red dot ...but as a Singaporean we do have pity on this guy due to the miws failed policies...

Chua Chin Leng aka redbean said...

We are a nation living on debt and hoping that the debt will turn into profits. A downtown in the economy will turn many into debt with the high debt they have incurred for themselves and with the help of property developers and govt policies to double your asset without working for it, just inflate the property prices.

The property developers and speculators are trying to pressure the govt to raise property prices by removing the curbs. Who would suffer at the end of the day? Yes our children, all have debts up to their necks.

Good policies, all believing they are very rich? Only those with a lot of properties would be very rich. And you know who they are and why they want the property prices to go up and up.

Anonymous said...


In SG, the only SUSTAINABLE way going forward is SIMPLE living.

Reduce debt to the lowest! If possible, NO debt!

Don't fall to attractive traps! Differentiate between needs NOT wants!

Be simple! Live simply! Pockets have money! Banks have reserves!

At night can sleep peacefully!

Remember..many many so called investors had failed.....buy high sell low!

This is life!

Cheers.

Anonymous said...

/// How many PMETs must be grounded, driven to despair before the walking dead wake up and say no more? How, big earners, would you be next to write to Gilbert? ///

Interesting isn't it?
These PMETs go to Gilbert to complain.
Why?
Is it because they know complain to PAP Millionaires is not much use?

How much do you want?
3 meals in a hawker centre, a food court or a restaurant?

Anonymous said...

I do not know that is the real problem of this $150000 man. Take a break lah. Most important of all things: reflect if you still continue to vote for the foreigner first policy.

I dont mean foreigners are not allowed to work in sg. I meant foreigners are given better terms to be hired by employers.
1. Employment pass has no quota
2. Employment pass has no levy
3. Foreigner has no NS incamp and ippt time off

Reflect if you need to help WP or other opposition with your free time. To influence them to come out EQUAL terms between citizens and foreigners.
1. Employment pass should be restricted by jobs. CEO COO Foreign country managers can be employment pass. Admin managers, legal, accounts, HR, engineering, all required singapore laws compliance. These jobs must be restricted to citizens only.

2. Employment pass levy = employer CPF rate

3. Employment pass must do NS part time night or week ends, go through basic infantry, and graduate as officer cadet or nco if they want to be PR.

PR must have military training to be loyal to singapore.
OR get out of this island within 3 years.

My advise: if you believe in making money by sitting on properties, you deserve to lose money by sitting on properties.
This is PAP old fart s policy. He advised people to buy property and price will come down if people vote for opposition, he said.
Now why are you not selling your 2 properties?
You must be the fools who believed in old fart s words.

Anonymous said...

/// In SG, the only SUSTAINABLE way going forward is SIMPLE living. ... This is life! ///
August 08, 2016 10:02 am

Aiyah, this is life only if you vote PAP tio bo?
Work more for less money tio bo?

Imagine life under an Opposition government.
- dedicated to making life for Singaporeans better
- or are you so brainwashed that you think only PAP has the capability to rule?

Anonymous said...

Lost $150K job or not,

debt or no debt,

or what not,

is not an issue for PAP

as long as majority voters think PAP is the best party among the political parties

to be voted as govt.

Anonymous said...

You have good life is your business.

You die also your business.

Get majority votes every election is PAP business.

Lose every election is opposition business.

Anonymous said...

You lose $150K job.
So?
Why is it PAP's business?
Why should PAP care?

Opposition politicians say they care...you don't believe.
PAP keep quiet ... meaning they don't care ... again you don't believe.

You are a typical daft and fucked up Singaporean.

Anonymous said...

Sorry for him? Why should we?

We should be sorry for those earning much less, who lost their jobs and with 'eyes that cry no tears'. Who should they tell their stories to and would anybody care?

The rich can take care of themselves, whatever their situation. With two properties, these are the people responsible for the escalating property prices, cost of living and I am sure, responsible for the 70% support given to the PAP.

Anonymous said...

Anon 1:14pm
You must feel sorry for this $150000 job holder. He has 2 properties and a car. The total loan installment p m can be easily $3000. That helps to support the banks and finance company to survive.

If he goes down, banks will also go down. More people will lose the jobs. Look at the small shipping firm. It can cause a bank to write off $721millions bad debt.
The is another small firm Eazira or something, it has $1.4billions debts.

If Pap take away these big time $150000 job, the Pap is trying to kill more jobs as banks will not have people to borrow money like him.

Give chance lah. Stop the employment pass without levy. Charge levy at lease higher than employer CPF rate if employer want to hire foreigner. But we know Pap is siding with foreigner.
We can only vote for opposition to help the banks to survive.

Anonymous said...

Help the banks to survive? In other words help the rich bankers to take the money from the elderly, poor, small, POSB depositors and pay them miserly, pitiful 0.25% or less interest rate to lend to the rich at much higher interest rates to buy more properties?

I rest my case.

Anonymous said...

Some days in future, u will not receive money for putting your money in bank. The bank can make more money by charging you the banking services such as atm and cheques. U dont come around for 0.25% interest and say it s too little.
The bank have money but no one want to borrow. $150000 job are given to foreigner and not citizen. Who will borrow to buy the Pap promoting properties?
U want the bank to retrench staff? The retailers are go to soon if they cannot find customers with jobs to buy their big price items like hand bags and expensive business cloths. Buy sanders are not what they want. Watch major retailers.
Pap s policy of feeding foreigners has its set back, as local consumption is restricted to hawker foods, and not restaurant foods.

Anonymous said...

Grace Fu: Singaporeans should understand “deeper issues and trade offs” of our policies

http://statestimesreview.com/2016/08/08/grace-fu-singaporeans-should-understand-deeper-issues-and-trade-offs-of-our-policies/
-------------------------------------------
Unemployed Singaporeans should understand “deeper issues and trade offs” of our PAP policies.
True or not?

Why don't you vote Opposition.
Then you can also tell PAP they should understand “deeper issues and trade offs” of our votes for the Opposition.
True or not?

Anonymous said...

Come on lah..

You are earning 150K PA assuming it is at the peak of your career. And you dare to accumulate 100K of unsecured loan assumed even when working in order to get 2nd property??

From what you wrote, you yourself already know what is the problem.

Even without the foreigners coming in, you think this is prudent? taking into the account that your wife is not working and kids are still schooling, somemore still got car to maintain. 2nd Property to pay up.... and 1st one hopefully paid up?

And maybe you still have parents to take care of?

I dont think the Swiss will even have this kind of gambling mentality. Even if your salary is 1 million per year, do you think your problem will not happen?

Anonymous said...

/// You are earning 150K PA assuming it is at the peak of your career. And you dare to accumulate 100K of unsecured loan assumed even when working in order to get 2nd property?? ///
August 08, 2016 3:59 pm

Agree.
That is why Singaporeans must not be allowed to earn more than $36,000 a year.
Otherwise, we will anyhow spend money and get ourselves into debt.

To keep Singaporeans debt free.
We should leave all the high salary jobs to Foreign Talents only.

Anonymous said...

@ August 08, 2016 4:31 pm
Better also don't give back cpf money to the singaporeans.
otherwise they spend all their money on Batam women.

Anonymous said...

5.34 pm now no need to go to batam. Now prc, Thai, Vietnamese, Pinoy, Indonesia and Thai all come to Singapore. So lucky government hold back tthe cpf if not all the oldies money Kena cheated by Mei Mei

Anonymous said...

@ 4:31pm

Exactly. You sound like one where Debt and earning power is related. The problem is he is spending unsecured money. And the ratio is too high. Other problem is he buy at peak.

No wonder you will work forever till drop for sure. In the end all for nothing, if kana force sell, this guy will be like you beg to earn only 36k in 1st place, i think 24k also too much. His situation will then be worse than the normal guy.

Go and ask all your uncle, this is the same old scenario. It happens again and again.

All these is based on assumption that Singapore property price will never drop and there is forever endless supply of tenant.

Anonymous said...

Happy PAP Day Singapore.
We have been slaves now for 51 years.

Anonymous said...

Can a 99 year lease never end?