Wednesday, November 14, 2012

Reckless HDB buyers

Lately, one of the fellow bloggers responded to one of my previous posting which criticized him for promoting unethical values in The Finance SG. I always believe in differences in views and accepted that different people can have different opinions and outlooks in life. But promoting unethical values that border on criminal act of false information declaration is another matter althogether (the culprit actually lied to the Authority and gave fake information for delaying the signing of Agreement so that he can use his girlfriend's December CPF bonuses to pay for the downpayment). The culprit got the cheek to claim he got the money to pay the downpayment. Fine then go ahead and pay in cold hard cash please. By delaying the payment, the blogger is actually depriving another deserving Singaporean couple of a chance to own a HDB flat. My sister-in-law is among those who are affected by such scumbags.

The blogger got the cheek to brag that their combined household income WILL be guaranteed $6000. I bursted out laughing when I saw this statement. In this day and age, even taxi drivers earned more than $7000. In fact, my personal salary is already close to $7000. So what is $6000? This fellow needs a reality check but obviously he is still a student and has not stepped into the working world. He has no idea what the hell he is doing. $6000 won't get you anywhere in this present society. If he thinks that having a royal combined monthly income of $6000 will allow him to achieve a net worth of $200,000 and afford a 5 room HDB flat, then he is still dreaming.

And to top it off, his younger sister of 21 years old is also applying for a HDB flat after getting into a relationship of 7 months. No wonder the government is implementing measures to prevent young couples from abusing the system. It is irresponsible people like this blogger and his sister who messed up our HDB system. These are immatured young adults who have zero personal financial knowledge and zero working life experience. They applied for HDB flats without knowing the consequences and heavy commitment. And this investment blogger is actually supposedly to be a role model for his younger sister. What a joke. The blind follows the blind.

To me, this blogger is not a man. I challenge his girlfriend to read this article and asked if he is worth her love. This blogger has no income, NO CAREER and no integrity at all. I have no respect for fellow Singaporean who cheat and beat the housing and bursary system for selfish gains. HDB should just reject his application and award the flat to deserving applicants like my sister-in-law, who have applied many times for a new flat with her boyfriend. Obviously this blogger has no income and should not have qualified for the Housing Loan Eligibilty, which should be based on the current and past income track records and not future potential earnings. This blogger abused the system and deprived other fellow Singaporeans who genuinely and urgently need a flat. He should be banned for one year from applying HDB flats. Period.

Magically yours

3 comments:

  1. Hi,

    I have also read the blog posts of that finance blogger on http://onemilliondiary.blogspot.com/.

    He has gone to great lengths to cheat the HDB system to avoid paying for the downpayment using cash. He has also written about how he applied and was awarded bursaries, which went towards building up his investible net worth. To think that these bursaries were meant for living expenses of the needy students and he is using the money to build wealth.

    Even though he is young and probably a final year student applying for graduate positions, it is no excuse for such behaviour. There is such a thing as a wrong way to build wealth and his actions should not be condoned and allowed to be used as an example to be followed.

    I admire your candid post about his blog and hope that he reads about this and reflects on his actions.

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  2. I have read the guy's blog some time ago and agree that the way he gamed the systems is indeed unethical and is depriving other more needy people from getting their flat.

    After reading his blog, i think that blogger should be able to afford his flat. If their combined salary is $6000 when he graduates, the monthly CPF ordinary account contribution is about $1400 while his mortgage should be around $2000 every month if they take a loan of $500,000. So they will have to top up cash of about $600 every month. They will start servicing their house in 2017 and their combined income should be more than $6000 by then. They might have some difficulty in servicing the mortgage if one of them gets retrenched and they do not have enough cash.

    He has a networth of about $50,000+ now and based on his calculation, his net worth should be $70,000 when he graduates. If the couple saves $3000 every month, at the end of 3 years when he is 28 years old, they should have a net worth of about $170,000. Including bonus, I think $200,000 at age 28 is quite doable also.

    The bursary application process should really be modified to prevent such people from taking advantage and increasing his net worth while other needy people have difficulty paying for their education.

    Also, he should just tell his HDB officer honestly that he would like postpone his appointment to reduce his cash payment. I think they would be flexible enough to change the date for him.

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  3. The bursary application process should really be modified to prevent such people from taking advantage and increasing his net worth while other needy people have difficulty paying for their education.

    Full agreed. Who to report to?

    ReplyDelete