atans1

SG50: Millionaire pioneers/ Emigration: Our “dirty” secret

In Property, Uncategorized on 10/03/2015 at 6:23 am

Millionaire pioneers

In response to the last sentence in this,  a S’porean who grew rich in the PAP yrs (renting out condos  now he says) but who is no fan wrote: At least those who believed in Buffet 50 yrs ago can retire today as multi-millionaires.

Sinkies who believed in PAPies 50 years ago are still working until they drop dead, picking up cardboard & rubbish to sell to recycling companies at 10 cents per kg.

This reminded that, yesterday, my mum told me about her friend. All her three children migrated many years ago and she’s happily living here in a “home” because she is getting on 90+. She is very comfortable because she had a house to sell.

This fact made me respond to the commenter: “My mum’s a millionaire. ))) Dad bot house in 1962/63. And those who bot HDB even in the 80s, are millionaires. ))))

SG50 is silent on this

On to a more serious matter. My mum’s story about her friend’s children (one grandson born in the UK is now working in Bangkok, but none is here)  reminded me of this extract from a BBC article.

At the same time, people are leaving – the high cost of living and the search for a better work-life balance has led many to move away. In a 2012 survey, 56% of the 2000-odd Singaporeans surveyed said they would migrate if given a choice.

Fauja Singh's family in 1970 Fauja Singh’s family in 1970 – only three grandchildren remain in Singapore

This too is reflected in my own family. My two brothers and their children now live in the US and my mother joined them there after my father passed away. The majority of my grandfather’s huge family, captured in a photograph in 1970, no longer live in Singapore. Only three of his 15 grandchildren still do. I chose to return after many years away in the US, Canada and Japan. What made me come back? The same reasons my grandfather came – opportunity.

https://wordpress.com/post/10461569/new

All because of Mandarin

I have a cousin who migrated to the US many years ago, partly because the kids couldn’t get a good education here because they failed Mandarin. And this still seems to be a reason to migrate: kids’ education because they can’t pass Mandarin.

I have a friend who migrated because her son failed his Mandarin. His Oz grades got him a letter from the Oz PM (students who are among the top 1% in Oz “A-levels” each yr get this letter), and he returned here to do NS and study in SMU. His younger brother too got the letter and is now an NS officer.

No quitters these boys: but then mum juz got allocated a BTO flat in the NE even though she’s not resident here.

Banging their balls

Let’s finally sneer at those emigrants who are banging their balls: the Eurasians who fled S’pore after the PAP came into power in 1959. Likewise those Eurasians, Chinese and Indians who fled S’pore after 1965 and after the US defeat in Vietnam, because they tot S’pore would go to the dogs.

Anti-PAppies like Goh Meng Seng,  Roy and New Citizen H3 may think S’pore has gone to the dogs; but it went thru a “golden age” that benefited many.

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  1. […] NSMen Comment Amidst Public Backlash, But is it Sufficient? – Thoughts of a Cynical Investor: SG50: Millionaire pioneers/ Emigration: Our “dirty” secret – Blogging for Myself: Tan Chuan Jin: Younger workers can save enough to retire – […]

  2. Ya but that “golden age” was IRONICALLY achieved primarily by migrating overseas, especially to angmoh countries, as exemplified by ALMOST ALL your examples.

    MAJORITY of old Sinkies who kenna stuck here are living hand-to-mouth, surviving only with the little allowance being given by their children, who are themselves pretty fucked both ends by children needs & elderly parents needs & fucked in the middle by stagnant wages, high cost of living, and high probability of losing job >= 40yo.

    • Well if these Singkies die die want to remain in the hse, surely they have to take responsibility for their misfortunes?

      • Exactly … it is a misfortune to have been stuck in S’pore for last 50 yrs for the majority of Sinkies. Back in the 1960s, 70s, 80s, not many Sinkies could up & go overseas for higher-paying jobs.

        Contrast with Buffet … most of investors who stuck with Berkshire shares are much better off than their peers. Only minority of people who bought BRK in 1965 and still didn’t strike it rich.

      • Yr point accepted. All Buffett’s shareholders benefited if they held on for 50 yrs. Many S’poreans did not.

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