郑氏郑家郑重成长录

Read this news last week that a young man was so broke that he throw himself off the MRT track and killed himself.  The shocking part was his wife could not affort to take public to see his body in hospital.  As such, after the news was published, many good-hearted people started to send in donation for the victim family.

The donation flown in and within a week, she have gotten over $500,000.  So, she have enough for the funeral and for her son’s studies.  She mentioned that she will donate $100,000 to charity and save the rest of the money.  Again, people begin to questions how could she have such a large sum of money.  Some fund-manager mentioned that she should hand over her money for ‘experienced’ fund-manager.

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In my last post about how we ended out in deep debt, I mentioned about our money stucked in a house…here is what happened:

In Year 2004, Kent came to our  family in January.  We were most delight and celebrated, however, we need to solve one problem…who to look after him when CW done with her maternity.  My mom will definitly be out as she is staying with us and she is already helping us to look after Marina while we were working.  We do not want to hire a maid nor engage a nanny as well as child-care.  Thus, logically we turned to CW’s mom for help.  Then, the next question is, where will she be staying?  She will definitly not staying with us, due to prior conflict between our 2 families (Well, another long story will be account in future), and no way any Singaporean family will rent out a room for her to look after our son.  Thus, we came out a wise idea…why don’t we get a condo?

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The worst nightmare have arrived when I quitted my job with IBM.

The most embrassessing moment is to face my financial debts nakely! 

I have to sit down and review it honestly.

This is the time.  I am no way to hide anymore!  I am corner and I have to face it like a man.

A total of about $3500 is my monthly fixed expense! 

I told CW, my wife and go through her fixed expense too!  In total, our expenses are about $5000.  Since I got no saving, our total saving (ok, her saving) with her income can only let us last for 1 year! 

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I was in huge debts 2 years ago.  How I ended up in debts…here were my account of hard-learning experience!

I do not have financial intelligent.

I lost over $20,000 on stock and options because i trusted “professional” advise and let them managed my fund. 

I do not save for rainy day.

I do not have a safety net.

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