No longer mine

M2 has a new owner now. Handed over with both sets of (working) keys, manual, servicing booklet, and roadworthiness inspection documentation. His new designation: an Uber car.

Selling a car second-hand was an on-the-job learning process for me. Here is the sequence as I experienced it:

List car on online auction site. Drive over and have them photograph the car inside and out, and run tests. The car gets advertised on their website along with their report of your car's condition, according to their tests. Open bidding ensues. After 24-hours, bidding closes and the seller is informed of the highest bid. If acceptable, the auctioneer informs the bidder that the deal is on and... that's where I found myself on my own.

The bidder called me to arrange a viewing and a test drive. At this point, it would have been good for me to have had 1) downloaded a sales agreement, and 2) obtained a Transaction PIN (T PIN) from the One Motoring website, to avoid looking like such a greenhorn selling my car. Note that the T PIN is NOT to be handed over to the prospective buyer until the sales agreement is signed -- meaning that the intention to transfer ownership is confirmed.

Since I hadn't yet obtained a T PIN, I went to the LTA branch at Sin Ming. The experience was nothing like the stereotypical DMV staffed by sloths. Instead, it was over so quickly, my head was still spinning when I left, sealed T PIN in hand. Arriving there a half-hour before closing time might have helped. Maybe.

On transaction day (for me today), I exchanged the T PIN for a cheque, signed the transfer of ownership form, and we're done.

Last thing I need to do is to cancel my auto insurance policy for a pro-rated refund since the car is no longer under my name.

Sigh. Hope to see you on the roads again, old boy!

Mo' money

The secret to being rich is to convince a lot of people to give you a little money. A thousand people won't miss the dollar they spend on your cause, but you will be a thousand dollars richer.

Maybe the reason why the income divide we have here is growing is because our national aspiration is to attain the cushy, air-conditioned job with the stable pay for life. With such an assurance, we don't mind spending a little here and there to make our lives cushier because there's always more money -- even if it is a mere pittance -- coming in next month.

In the meantime, somebody's gratefully receiving the money we are thoughtlessly frittering away. Those guys are the rich and are getting richer because there aren't too many of them while the mass of us fork over our hard-earned cash over to them because we think we deserve what they are offering to us in exchange: mostly disposable luxuries which we know we can live without, but are nice to have anyway.

So the poor, that's us, are those who spend money at every opportunity we get. The rich, on the other hand, are those who make (or take) money every opportunity they get. Seen in this light, it isn't so much the system that's exacerbating our income disparities as it is our frugality or lack thereof in managing our own incomes and impulses.

This would also explain why we are a great place for foreign multimillionaires to park their wealth. I'm assuming 'foreign' because... well look around; how many locals do you know who are millionaires compared to those who aren't? Our local people are neither ambitious nor dishonest. We know our place and would do nothing to jeopardize our ricebowl by stepping out of line and doing stupid things with other people's money. We are a nation of nose-to-the-grindstone employees, happy with a fixed wage, but at the same time hopelessly vulnerable because we are both easily replaceable and disposable. It's ironic, but our desire for job-for-life has made us this way. But we are trained from young to be a redundancy of cogs in the machine, after all.

I'm not knocking the system. I like the system, in fact. It's an open system that allows those who have seen through the facade to exploit it and make themselves rich as long as they have a plan to do something different, and are willing to risk it all, possibly more times than once.

I have seen through the facade... now if only I had a plan... and some guts...! And if I didn't already buy [insert random disposable luxury item here] to make me believe I've already made it, and therefore don't need to work any harder for any more money.

We have a winner!

A cat accurately tracks the ball in the shell game.

A cat picks stock market options more profitably than human experts.

Conclusion: trash your broker. Get a cat.

Driven to austerity

Here I am looking at cars I can't afford. As it stands, what car can I afford? With the COE breaching $80k, the cost of my current ride has more than doubled what I paid for it around three years ago.

And that explains why I'm at the service centre. It's time for M2's mandatory Authority prescribed roadworthiness inspection, and I'm getting the necessary adjustments done beforehand.

So far that's already cost me pre-service inspection, car battery replacement, transport to inspection venue and inspection fees. o_0

And seeing how car prices have gone beyond the pale, I went ahead to extend my warranty for another two years. Better to pay a four-figure sum for replaceable parts now than a six-figure sum for a total replacement in a couple of years' time. Don't know if my math is sound, but I paid it anyway.

And that's not all: another four-figure sum is due on renewing auto insurance for this year, and that's even before they let me pay my road tax.

Looks like another austerity drive is on the cards...

Parking lot with a view

Dropped in on the lawyer who's handling the refinancing of our home loan. This is a periodic necessity as every couple of years or so, depending on the loan contract, the bank will increase the interest charged to a ridiculous level.

I don't know why it will do this because what happens is that we will go shopping around for another bank to take over the loan at a more reasonable rate. The formalities are now complete, and now we owe a new bank everything we have -- and everything we are likely to earn in this lifetime -- for the roof over our heads.

The pix represents the view from the parking lot of the lawyer's building. This is another exciting downtown parking facility, accessible only by car elevator. It costs only $5 per entry to park here from 1800 hrs to 2200 hrs on weekdays. Useful to know.

Whose Internet is it?

I am watching some watershed events unfolding now that may have long term repercussions on the Internet and how it is to be used to share information.Where once the online community freely traded, bartered and "appropriated" information, what we are looking at today is that suddenly the market has dropped in to regulate the chaos.

Although SOPA and PIPA were bloodied by an online revolt last week, they have in effect taken a time-out to regroup and figure out how to come out swinging again. But while we were distracted with the rhetoric, big business and the feds acted and took down Megaupload -- hardware, software, wetware and all. And, as the online rebels predicted would happen, similar file-sharing sites have opted to self-censor in order to evade the copyright avengers' threat radar.

The message is clear. Henceforth, no one will transact information with anyone else without the exchange of hard currency. The market has come to the 'net and, whether directly or indirectly, we will pay for what we wish to share and for what we wish to take. It may not have gone that far yet, but if the free users of the 'net don't make their voices heard, that will be the direction it'll go once we accept this incident as a legal precedent.

Here's the thing: who owns the interwebs and can hence act with impunity on it? Can we free users continue to flout legally established copyrights and enjoy others' works without paying them their due; or can big business take away what we claim is our right to share any kind of information as we please?

Sad to say, it is the latter to whom our digital playground belongs. Unless we have been able to build our Internet access infrastructure ourselves from scratch, our computers, operating systems, browsers and even our networks are store-bought (or subscribed to) from big business. While it served them to let us in and play for free, or at least cheap, they've decided that now we can't get enough of what we have, it's time to start making us pay for the privilege. Oldest marketing trick in the book.

'Revenge!' scream the hacks of Anonymous, who activate their LOIC to down the websites of the Authorities like the DOJ, MPAA and RIAA with DDoS attacks. Juvenile, and hurts no one that matters. No one visits those websites voluntarily, anyway. It's all just vandalism and venting.

There's one way we free users can take back the 'net, though. Last week's revolt showed us the way. But I doubt many of us would like it. If a 24-hour Internet strike worked well enough to make the legislative body rethink we'd sheepishly accept their hare-brained scheme to take away our freedom; think of what a whole summer's boycott of Hollywood blockbusters would do to make the moguls see what our freedom is worth.

Yes, I'm saying the heck with all the delicious, to salivate over, fanboy-orgasmic blockbusters! Though we may once have been frothing at the mouth downloading their trailers while waiting for opening day, now we won't even buy their pathetic 3D high-def Blu-Ray DVD releases after they bomb at the box-office.

But what will we do for entertainment then, you ask? I say, support all indie productions, all low-budget, freely-distributed online content made by amateurs who don't expect to be paid for their work but are happy enough just to be watched or heard. Lots of that around, since the Internet can make us media producers in one way or another. A few stalwarts still even blog text. Ahem.

So, Hollywood blockbuster boycott that will bankrupt the greedy major studios in 2012 and show them who the Internet really belongs to? Anyone?

Property J-V

So much for my earlier protestations of financial prudence. The Wongs are determined to sink money in property... and we are now committed. In a three-way joint-venture, we've pooled our resources to purchase a SOHO unit in an upcoming waterfront development.

Location is easily accessible as it incorporates a public transport hub; offers immediate access to a mega shopping and entertainment complex; and proximity to outdoor recreation and watersports facilities. The inclusion of an additional 'shareholder' spreads the cost outlay and risk to a more bearable load. And because the unit is a SOHO, the rental pool opens up not just to tenants looking for a place to stay but also to businesses looking for office space as well. Or even a combination of both.

It also helps that the units in this development are selling fast. All the while we were looking at the showroom, the in-house announcements kept us up-to-date with unit numbers just sold. It wasn't long before a familiar number boomed over the in-house speakers, sealing the deal.

Here's hoping that at least our new piece of real estate can eventually pay for itself. Either way, it looks like voluntary retirement is still a long way off.

Condo dreams go poof

Our recent explorations in the property market required a chat with our FA. Since he knows our current financial situation, he could point out to us our one big dealbreaker: for the condo penthouse we're looking at, there's no way any bank will loan us that kind of cash to pay for it.

Looking at us, because we haven't finished paying off our current property, the bank will only loan us 40%, tops. If the loan went in May's name, legally the bank can only loan her no more than 35% of her monthly income.

Either way, to make up the difference between the asking price and what the bank is prepared to finance, we'll have to go find a friendly neighbourhood ah-long who would only be too happy to bridge the gap for us, and throw in a free exterior paint job every month as his kind are wont to do.

Thankfully, we kept cool and didn't get pressured to sign anything last night. Otherwise we'll have to get bitten by a vampire in order to live long enough to finish paying what we would be owing to pretty much everyone. Even if we work nights.

A nest in hand

The Wongs are looking at a condo development not far from where we are currently staying. Walking through the developer's mock-up apartments, it's hard the not be tempted by the clean, shiny surfaces and slick ideas for making small spaces look larger than they are. The sales talk and concept drawings are likewise persuasive, promising a resort-like environment where life away from work can be a permanent vacation. Big sigh.

Particularly droolsome is one of the penthouse units with an open skylight for staring out into space at night to observe the heavenly bodies in their nocturnal progressions. For the asking price, all fixtures and fittings are thrown in, except lighting -- almost move-in condition already upon completion of infrastructure construction.

The plan: two Wong households occupy a single penthouse which includes a downstairs studio apartment. Our existing HDB apartments are to be rented out, the proceeds of which will finance the loan for the condo unit.

The Wongs have lots to think about and discuss before the night is over. Our sales rep can't hold the unit too long and has given us 24 hours to commit...

This is not a decision to rush into, though. Other people doing the math for us is likely to overlook or understate important variables that may cause us to regret any over-enthusiastic autograph signing at this time. Fortunately, the Wongs are also willing to err on the side of caution and seek more objective advice on the current and near-future property situation.

My bottom-line is this: I haven't yet finished paying for one, and I'm not keen to start paying for another. For me, living off rental income is counting eggs before they're hatched. It's a caution that's holding me back from being rich, but then I don't like the potential money pit I'm looking at right now.

Free expression

Thought it would be a good idea to explore how AdSense could help me monetize this blog. The wise ones at Google had other ideas and disapproved my application. Whatever. The show goes on. Content remains free unpaid for all!

Shopping for loans

Time to think about options for refinancing my home loan. With my 3-year lock in period having expired, the bank is now offering me a generous new rate of 4.08% per annum. While that doesn't sound like much under normal, everyday circumstances, when applied to a 6-figure principal, it's a whopping extra bushel of dosh every year -- I don't gross enough a month to cover the interest alone!

Good thing is, the bank's current refinancing package offers a rate that is actually lower than the initial rate. Still shopping around for better deals, though. I know they're out there.

Currency exchange

With the Euro taking a big plunge against the SGD recently, we decided to convert a fraction of our meagre savings as a sort of investment for the future. Not that we're likely to see a grand windfall, but at least we're hoping to get back a little better than bank interest rates which are pathetic at the moment.

Went with a DBS foreign currency chequing account. No interest earned, but we can cash out any time it's favourable to do so. If anything, we'll earn a bit from the exchange rate when things get better for the Europeans, or should we suddenly want to go and see Europe we'll have currency on hand that we bought at a good rate.

Note that to withdraw funds in SGD, current exchange rates apply; but to withdraw funds in Euro, the bank charges 1.5% commission, so the Euro has to pick up significantly before it's worth withdrawing anything. If it's going to be a waiting game, I can wait... but still...

here's to a return to good times for the Euro!

Civil servant makes a splash, gets a public dunking

For all our cosmopolitan aspirations, the vast majority of us S'poreans are still very much a kampong people. We keep a close eye on each other's behaviour and expect that all of us should conform to a certain standard of decorum in our public conduct.

That's probably fine in most situations -- we do want an orderly and safe public space to live in -- but when we set our expectations on the basis of pettiness and envy and enforce them through punishment, or in this case, public censure, I think we're causing our own brain drain. We're chasing away those who appear "different" and narrowly defining our society as only accepting of those who are equally small-minded and conformist as the rest of us.

So a top Civil Servant makes a splash of his publically-funded wages by taking a long vacation with his family to bond over exotic Parisian cuisine. And he has the temerity to publish his travelogue in the local press. But because the rest of our incomes are going down the toilet with this economic climate, we get upset because this "insensitive" individual refuses to put on an unhappy face and wallow with us in the dumps of despair. It rankles further because we feel that it's our taxpayers' money that has gone towards funding his high life, and so we can take the moral high ground to question if this is how our hard-earned taxes are to be frittered away.

The S'porean mind is complex and hard to fathom. We tell our kids to strive for success, to do everything it takes to raise their lot in life. Do better, work harder and above all, earn more money so life can be more comfortable for them and their family. And then we have this backlash directed at someone who has attained the S'porean Dream and is living the way his parents had hoped he would one day.

It's an interesting message we're sending our kids. Perhaps more than our National Pledge, that dusty old Ribena ad has done more to dictate S'porean existance for the generation that still remembers it. Two kids under a tree are having a conversation that goes like this:

'What are you drinking?'

'Ribena. My marder say it is good for me.'

'Can I have some?'

'Yes, but not too murch.'

It seems moderation in all things is the expected norm, so much so that we're now dictating how one's earned income should be spent to maintain par with the Tans of the underclass. All the more so when said income comes from taxpayer dollars. Let's see, which government department did he work in? Ah, Environment and Water Resources. Now, how much would we pay for our relatively low levels of pollution in our densely packed urban landscape? For the garbage disposal efficiency that so many of us discard our junk without thought to where it all goes, apart from away? For the swarthes of green oases blended integrally and seamlessly with our buildings and roads? For the crystal clear water from our taps we drink, wash and play in with no fear of falling sick upon contact? These conveniences are our taxpayer dollars at work. If we still lived in squalor in an environment made of crap and he was livin' it up, I'd shout "crucify him!" with the rest of the mob, but in all good conscience, I can't because I don't.

And consider this: what has he bought? Some international exposure, some new knowledge, a new skill, a cultural exchange and a potential partnership with a world-renowned institution. If only our own vacations were so focused and purposeful. Most of us just hop on a bus and drive through city after city bleary-eyed just to come home and say that we've been there. Guess we get what we pay for.

It's not the over-the-top vacation expense that worries me as much as the public response to it. It's a response that will drive our best and brightest away from our doors. If they're not appreciated here, they have the means and resources to move elsewhere where they and their money are more welcome (and good riddance because they were spoiling our kampong anyway with their extravagant lifestyles).

Even more scary than that, we're implying that dreams and aspirations have no place in our society because they don't -- or shouldn't -- come true. We take a perverse delight in tearing others down if we don't make the grade ourselves. In a different kind of society such stories tend to be celebrated instead. Think Forbes' "Made Bank?" programme on Channel 5, for example. Such societies comprise a population that is enterprising, innovative and optimistic. They're also a people that are proven to be able to pull together as they stand through hard times.

I don't know how we're going to respond as a people to this current economic situation. But if today's story is any indication, the biggest problem we face isn't the financial crisis. It's Small Penis Syndrome.

Belt-tightening

While I've been occupied with adjusting my life to accommodate new schedules and new living arrangements, my virtual life has been languishing. No updates here, my online pets are neglected and are probably starving to death right now, but I still can't muster enough will to care.

Too much is happening in real life, and perhaps I'm not as capable of adapting to all these changes as I might once have been. The current financial crisis necessitating all these belt-tightening fiscal measures makes me wonder if I've spent too much too quickly in recent months. I was counting on a year-end bonus to boost my bank balance to a more reassuring level, but that's not going to happen in this current atmosphere of pay cuts and other more drastic cost saving methods.

Still, as long as I have a job, money can be earned back. And I don't owe anyone any money that urgently needs repaying. That is to say, my installment plans are still manageable, so perhaps what I'm worried about is the lack of excess, resources set aside for a rainy day, mad money to throw away on frivolous expenses.

Still, it's a new lifestyle to adapt to, having to think twice about needs and wants. Learning to forego when we're so used to buying on impulse; making do with what works rather than trashing it for the sake of an upgrade; squeezing every last bit of value from every cent we spend; and making sure we do our jobs well so that what we demand of others we deliver to them as well in return; that's how we're going to ride out this long winter of discontent. Financially speaking, anyway.