FAPee: $35k Can Buy Many Packets of Chicken Rice. So Be Grateful!

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD vAlign=top width=550 colSpan=2>Resident wants ban on CPF cash for investments <!-- TITLE : end--><!--
RETIRED sailor Goh Tor Zin said he lost $350,000 of his Central Provident Fund savings through bad stock market investments, and yesterday made a radical suggestion at a ministerial dialogue. --></TD></TR><TR>

</TR><TR><TD vAlign=top width=550 colSpan=2 align=left><TABLE><TBODY><TR><TD><TABLE><TBODY><TR><TD class=content_subtitle>Kor Kian Beng</TD></TR><TR><TD class=content_subtitle align=left>Mon, Mar 29, 2010
The Straits Times </TD></TR></TBODY></TABLE></TD><TD width=400 align=right><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR><TD vAlign=top align=right> </TD><TD height=15>

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RETIRED sailor Goh Tor Zin said he lost $350,000 of his Central Provident Fund savings<INNITY></INNITY> through bad stock market investments, and yesterday made a radical suggestion at a ministerial dialogue.<EMBED height=1 type=application/x-shockwave-flash width="100%" src=http://m3.innity.net/media/201003_2331/9841/push_src/intext_probe.swf?_allowDomain=news.asiaone.com wmode="transparent" allowScriptAccess="always"></EMBED>
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The 59-year-old Kampong Kembangan resident sought a ban on using CPF money for such investments, saying the CPF scheme should stick to its original aims of helping Singaporeans save for their retirement, medical and housing needs: 'When I retired, I collected only $35,000. I lost $350,000. The sum may be small for some, but for me, I can buy many packets of chicken rice.'

<TABLE border=0 cellSpacing=2 cellPadding=2 width=300 align=right><TBODY><TR><TD><SCRIPT language=JavaScript src="/static/ads/scripts/adsimu.js"></SCRIPT><SCRIPT type=text/javascript src="http://adtag.asiaone.com/tag/a1/js/asiaone_news_imu.js"></SCRIPT><SCRIPT type=text/javascript src="http://ad.doubleclick.net/adj/AsiaOneNews/;pos=1;adtype=1;adtype=2;adtype=3;adtype=4;adtype=5;tile=5;sz=300x250;ord=4194098771611272?"></SCRIPT><SCRIPT type=text/javascript src="http://ad.doubleclick.net/adj/AsiaOneNews/;pos=50;adtype=1;adtype=2;adtype=3;adtype=4;adtype=5;sz=10x10;ord=4194098771611272?"></SCRIPT>http://ad.doubleclick.net/click;h=v...2010/IA/AsiaOne_adventure_race2010_IA_230210/<!-- Zone Tag : SPH In-Text --><SCRIPT type=text/javascript src="http://cdn.innity.com/network.js"></SCRIPT> http://www.asia1.com.sg/<SCRIPT type=text/javascript src="http://as.innity.com/synd/69cb3ea317a32c4e6143e665fdb20b14/4564/js/**/**/NEWS/1269839333134"></SCRIPT><SCRIPT type=text/javascript>innity_country = "SG";innity_path = "/201003_2331/9841/";innity_proxy = "proxy_14483";innity_ord = "ord=[timestamp]";</SCRIPT><SCRIPT type=text/javascript src="http://cdn.innity.com/global.js"></SCRIPT><SCRIPT type=text/javascript src="http://m3.innity.net/media/lib/innity.js"></SCRIPT><SCRIPT type=text/javascript src="http://m3.innity.net/media/201003_2331/9841/proxy_14483.js?ord=[timestamp]"></SCRIPT><SCRIPT type=text/javascript src="http://m3.innity.net/media/201003_2331/9841/innity_lib_textpush.js?ord=[timestamp]"></SCRIPT><STYLE>.adv_class {border-bottom:1px dashed #0066CC; cursor:pointer;}</STYLE><STYLE>.adv_class_off {border-bottom:0px; cursor:auto; background:transparent; margin:0px 0px 0px 0px; padding:0px 0px 0px 0px;}</STYLE><SCRIPT id=__ie_onload onreadystatechange="" defer src="//0"></SCRIPT></TD></TR></TBODY></TABLE>Mr Goh, who is unmarried and lives with his 91-year-old father in a five-room Lengkong Tiga flat, said he made a similar suggestion to the CPF when he collected his CPF money on turning 55: 'They told me that I don't have to buy (shares), and that no one forced me to do so. I said, 'Yes if you don't sell drugs, I won't buy drugs. So you are not wrong, I am also not wrong'.'
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[singveld]

some people are not suitable for freedom.

these people need to be pamper by PAP and be restricted by LAW in every aspect of their life.

since they have no brain.

 

[halsey02]

Basic buy share principle

dun buy when people recommend!!!

Research and choose your own bloody stocks!

Dun ask for a complete ban when you lose due to your own ignorance!

One golden rule...when the analyst appear on Channel Liar Asia or giving their opinios on a certain stocks..

a recommened buy is a sell now, before it is too late!
a recommened sell is to wait cautiously, monitor very carefully before selling



When HJ buys anything...you better do not step in..they are for LONBG TERM INVESTMENTS, and genearate NEAR TERM GREAT LOSSES..keep out!

The man can apply for a volutarily ban from touching his CPF account...

 

[johnny333]

Dun ask for a complete ban when you lose due to your own ignorance!

I am one of those who LOST money but I don't support a ban.

Using my own money I have done well in the stock market but have lost money in the CPF scheme scheme because of the restrictions imposed to where it can be invested.

IF the CPF had given a decent rate of return instead of just the 2% many wouldn't have felt compelled to risk their CPF.

The problem with the investment scheme is that the gov't limited it to so called "safe" companies which turned out to be disasters.

It is interesting that they highlight this investors suggestion to ban all investments. Where are the suggestions to remove restrictions on where you can invest

Probably another self serving article & the gov't intention is to scrap the scheme.

 

[poore]

just because he is stupid himself to lose money, he dun want others to invest???wat logic?

btw i believe this guy is tua kan, i dun believe he got 350k to lose, if he had so much money he shd not be so stupid to have lost so much

 

[kingrant]

Thanks to more pple like him, the sinkies deserve govt action to lock up their CPF until they die. Sinkies cannot complain they cannot withdraw their cash anymore now, since they want to ask the govt to keep for them.

 

[cooleo]

This asshole is lucky that Ho Jinx is not handling his CPF investments. Getting back even $1 might be doubtful

 

[Papsmearer]

Basic buy share principle

dun buy when people recommend!!!

Research and choose your own bloody stocks!

Dun ask for a complete ban when you lose due to your own ignorance!

He is a sailor, how do you expect him to know about stocks and do his research. Got internet back when he was investing? How to monitor your stocks when u are sea? U are the ignorant one. The fucking PAP wanted to pump up the local stock market because GLCs comprised more than 50% of the market valuation, so they allow CPF to be used for stock investing. Originally, it never was intended for this purpose. He relied on the govt., and he was misled. Which part of this don't u understand?

 

[tua lam pah]

you guys are just too simple minded,
havent it occur to you guys that this is just to 'persuade' the citizens that CPF money is better off if the gahment controls it??

 

[jw5]

I'm against the government having such strict restrictions over cpf money, especially in the case of people who are suffering current genuine hardship, but who have some cpf funds. I'm also against the way the government keeps tweaking the cpf rules, which sometimes gives the impression that they want to keep more and more for longer and longer.
In fact, I have said that your cpf money is a loan from you to the government and they unilaterally decide the interest rate and terms of repayment.
But I have no sympathy for people who lose their money in making investments with cpf money and then complaining. They have to decide whether they want to have the money and then complaining when they are not allowed to; or being allowed to do certain things with the money and keeping quiet when what they decide to do does not turn out the way they wanted.
They can't have it both ways.