Money Traps That Keep You Poor! | Chicken Genius, Benny, Qiuyu | Café Money EP 14

[@raphaelkang2221]

debt free doesn't mean financially free. OMG love the clarity in this statement! when it come's to financial advisors, i like to say 'know how to sell investments doesn't mean you know how to invest' 😂

[@ubiquitous888]

For Financial planning, keep it simple. Buy a term plan and medical plan. A term of 30 years should suffice for most young parents as this is crucial time when you have dependents. Buy directly from online, save $$. Unless you wanna leave a “legacy” behind when you are not around as Insurance Agent would claim it, then donate your money to them for planning. Else, self planning can be quite easy these days. As for wealth accumulation, do DCA via app. Choose a trusted platform. If you are going for mutual fund/UT in the name of diversification, choose a platform with 0% sales charge. But do note of the annual feel which is minor. Cheers A CG fan!

[@CashUniversity]

Good debt- I’m 22 from the UK. my parents had 2 rental properties. I told them to refinance, and leverage the equity as the houses appreciated 100k each. Now they have 4 rental properties, higher rental income allowed them to retire. And the houses have gone up so much already! Around 30k each so they are up 60k from this move plus the extra passive income! I allowed my parents to become financially free

[@realcafemoney]

Thanks for sharing!

[@brantan9691]

Hi, love the content as always! Fellow insurance agent here, would like to point out a few things from my POV. Yes i do agree to a certain extent that ILP (the ones with insurance and investment components) are not cost effective. However, there are newer ILPs out there right now where it is 100% investment allocation without the insurance component. Returns might not be able to outperform stock picks (if they know what they are doing) but the returns are definitely not too shabby based on what I see from my clients portfolio. May not be the best investment tool out there, but definitely not the worst as it can outperform investments such as robo. More importantly, I feel that it is useful for people who do not have the time, knowledge or passion to kickstart/manage their own investments as it is still better than leaving the money in the bank or not doing anything at all. This is just my opinion, no hate for me being a FA pls :P

[@realcafemoney]

Hey! Yeah I recently heard about the newer version of ILP. Will go and find out more about it. Thanks for sharing! :)

[@thebestbees]

I agree, maybe only a handful of ILP are decent, otherwise most ILP are very bad and poorly structured. For insurance I still feel the essential ones are hospital plan and term plans… maybe endowment at a small amount with those coverage where it waives off the premium when illnesses happens !

[@kennytan5055]

Hmmm. I know you are trying to savage fellow insurance agents ricebowl. But why invest in ILP without any insurance component when there is ETF or Unit Trust? In my own opinion, I think ILP is for those with any financial knowledge any 'sold' by the agents. No hard feeling. I am RNF licensed as well, Associate Financial Planner.

[@daniely9310]

Credit card trap is soo true! most of the time your credit limit is double your monthly salary, so if you have a 6 cards from different banks that means you have 6 months of advance salary to spend! this is a worst trap ever (imagine you loose your job will you have 12 months reserve?) but its important to have credit card just to have great credit rating so you can take on good debt and GROW your asset! Great topic Cafe money!!

[@RayKhant]

I hope you guys release longer podcasts ! This is honestly the only podcast I watch fully on KZbin

[@realcafemoney]

thank u !

[@marcd316]

I think the first milestone for everyone is when you break the circle and start using this month salary for next month expenses and not the other way around. So you can pay yourself first!

[@yapisaiah6551]

@Café Money ey u guys made it u have bots now!

[@youieismail]

"Debt free but not financially free". This resonated with me. Thanks for showing me that perspective because yes, debt just brings you to zero. If possible, delay debt payoff and use that cash to grow further.

[@realcafemoney]

Well said!

[@teslabullsingapore8656]

In my 20th I was sold Prudential endowment plans 3 times by the same lady lol, 1st plan is 106$ a month for 20 yrs (9 yrs passed), 2nd is 300$ a month for 20 yrs (4 yrs passed), 3rd is 550$ a month for 5 yrs (4 yrs passed), I thought that's gonna guarantee my retirement. When I started to follow Ken's channel I realized I had made some mistakes of putting money in endowment in my early days. I have a house in Johor which is empty forever and paying 1000$ a month for 20 years, which I thought it was an asset. 3.16% interest every month till I'm 50 years old. I rushed into commodity market in Jan 2020 and without good knowledge I got a big fat margin call in March and have lost 40000$ in a night and had 4 months of sleepless nights. Well as much as I try to take things positive and be grateful that I have made such mistakes in my early stage, still I always hope that I could have learnt the financial knowledge to avoid these hard lessons. Now been dumping whatever I could into Tesla as it's still considering stupidly cheap, giving myself a 100$ free spending budget a month, no credit card, no debt apart from my mortgage, no margin, no dating, no party, full speed to get back on track! I'll get what I have lost.

[@twyanggg]

I am Team Ken!!! Exact same mentality. Paying for gym membership sort of becomes a motivation for me to go to the gym

[@vazquezcarlos]

I'm like you too, but I know so many people who paid and three years later, only went once during that time. Unfortunately, we are the exception...and for gyms, they are making money off the ones who never go back and continue paying. So those not going are in a sense, subsidizing me.

[@nicholasbumacod143]

“There is a big difference between debt free and financially free.” 🤯💯

[@huixanne]

I think a newish trend in the market is those pay later schemes with zero fees. The likes of Atome, etc. Although there are no fees, it seems like a slippery slope as it makes each purchase seem super affordable when split by monthly payments, and also gives you the illusion that you can afford so much more because monthly expenses went “down”

[@dmora2386]

re: gym membership. 90% of people quit bc they "don't want it bad enough(being in shap)". For me, its part of my life since 16, now almost 40, I feel weird if I don't hit the gym. You can however take Kens approach and pay a lot of money to go, and mentally it might actually work. If you start going consistently, it becomes part of you. Then once you know what you're doing, and can train by yourself, well now, you can reduce that big bill, and just pay a flat $30/mo. Thats just one thing though, many people have subs that they just forget about...netflix, amazon prime, youtube, hulu, an extra tv receiver they never use from $insert cable provider, then they just forget about it, and it ends up leeching $10-100/mo out of your pocket and you dont' even use it. That crap, you need to trim. But most people are not financially aware.

[@sgboon]

I love my IPT/IPPT session, free training with my friends and the best thing is they are paying me to attend 😆

[@McPAIKIA]

sometimes i find it very tiring to keep thinking about money and financials. i just want to live a normal blissful life.

[@IMissYouLah]

Talking about timing, I was considering cancelling my ILPS after reading more indepth of the coverage and finding kinda felt it's too good to be true for investment and insurance in one scheme. Wondering the ratio was put into investment and coverage are so limited, which y'all just shared as well. Similar thinking about how this work, just ain't logical, was kinda sign on blindly back then and wasn't clear with reason on getting ILPS. PS: Cancelled it 📝 Love the contents on every episodes, quality education is the best. 💯

[@adelpea]

Congrats! Great choice

[@BullRun-kb2gg]

Would it be good to talk about CPF / putting money into cpf for retirement as well? There is always a debate on how good/bad cpf is and i would really like to hear you guys opinion on it!

[@NOpopplaying]

Team Ken! For me, the mindset to exercise should already be instilled beforehand. Having a membership to gym is an added bonus as it provides access to equipments readily.

[@larryhoo]

I have a car plan which work out for me :) i cite an example, i bought a 2nd hand car and drove for a year and renewed the coe for 10 years at $25,000 as it was a good car. I drove 2-3 years, i saw COE drove up to $60,000, i sold the car and effectively i drove free for 2-3 years. I rebought another 2nd hand car and hope for a cheap coe, if not i will probably buy another 2nd hand and repeat the cycle. The only pitfall is time taken to choose a proper car and gotten a lemon so probably need some skill too.

[@carmineglitch]

Car's are a massive money trap. I use to work for multiple dealerships, don't buy cars, dealerships are made to steal your money. Buy privately, new or used, or a Tesla if you're in the states.

[@dickeywilliams3027]

The rich sees an economic crisis as a garage sale also the rich stays rich by investing and diversifying their portfolio with stocks, Crypto currency and Forex trading which is the wisest thing every individual needs to do and it's real profiting

[@andersongeorge459]

Diversifying is the best key to investing and being wealthy

[@RosaLopez-vx5yr]

Yeah you're right one needs to diversify to have different streams of income

[@callumdavid5869]

I've heard about Forex and bitcoin, watched multiple videos but always get confused.

[@christophergeorge9047]

I've been trading Forex for 2 months now and I've lost a lot trading my self. Just last week I lost £6,500 trading for my self.

[@dolandrobert6724]

I heard his strategies are really good.

[@Juncicle]

thats not what delayed gratification means......... it means the resistance to the temptation of an immediate pleasure in the hope of obtaining a valuable and long-lasting reward in the long-term.

[@TheBoyboy321]

My parents bought endowment plan for me when i was younger. When i became more financially "woke" and decided to take charge of my own finance, i realise that the endowment plan was totally not worth it at all and it was totally a trap. to even get back some "returns", i would probably be in my 70s (in my 20s now btw). After calculations, too late to get out of the plan. But i dont blame them because they did not have the luxury of gaining financial knowledge. I'm really glad for this channel to provide a medium to educate this generation.

[@realcafemoney]

I guess that was the best decision they could have made based on whatever knowledge they had... Better than splurging or putting $$ in banks i guess.. But of course, now that more people are more aware of other better investment tools.. we just need to be more aware of whats the better option for ourselves. :)

[@hanyenchan]

Not a bad idea if you subsume those funds as a ultra-low risk part of your entire portfolio.

[@colnn]

@@realcafemoney Poorly educated, no. Poorly advised? Yes. Endowment plans are not supposed to be long term investment plans but more of plans to encourage building a discipline of savings and “investing” back in the days. Because financial literacy is increasing today, financial advisors also have to adjust to financial advising instead of hard-selling. Just because of the time you came from are filled with “insurance agents” doesn’t mean all financial advisors are out there to do sales. Feel free to debate with me, i would like to know where your viewpoint comes from and if anything, could be a good learning point for both.

[@colnn]

Compared to investment plans, endowment plans can have a lock-up period of only 5 years. There’re not supposed to be considered as investment plans. Also, for them to even start it for you proves that they’re sort of financially literate, just poorly advised at the time. Secondly, investing is NOT as easy as people make it to be. “diamond hands” is not investing. Investing requires you to actively manage your investments. By just buying index funds like S&P 500 you are potentially limiting yourself to alpha. If just holding popular index funds will outdo investment plans, insurance companies will fail. BlackRock will not survive. If Warren Buffet can praise it, the only reason to not complement your portfolio with it, is, if your portfolio is generating consistent returns above alpha. In this case, your parents should have gotten an investment policy for you instead. Because people have full time jobs and commitments, active investing is not a viable option for majority of the people.

[@ReubenShane]

Most people would pay for gym memberships to "force" themselves to go and especially more true for people who have the New Year's Resolution of being fit and healthy. But my take on it is that gym memberships is a lifestyle change for you to maintain a healthy lifestyle or if you are highly motivated to have the ideal body type you are looking for. In a sense, I would say that gym memberships are kind of different from other memberships but also depending on how you view it as well. Personally, I pay for the gym because I workout pretty regularly just to keep fit and I'm paying for a more expensive membership because of convenience(multiple gyms and 1 close to my home), as well as better equipments/facilities. There are many gyms available with varying price points but I would think gym memberships should be viewed more of a lifestyle change. Like most people always say, "Health is Wealth".

[@thebestbees]

Great video! I agree with you on having good debts ! I took up maximum loan from HDB @ 2.6% and most of my money are invested into stocks 😀

[@enzoimpex8748]

Thank you, your video made me ponder and made me realize my bad investment i made in my early days. i have a endowment plan that i bought 3 years back. How would you advise on tackling this ? loyal follower. of cafe money team cg

[@zoltrix7779]

Cars are generally a waste of money, however, if you live in the suburbs of Australia, they are required. The thing is you can get a 10 year old Corolla for AUD$8000 and it will be worth pretty much the same in another few years. Insurnace is cheap.

[@joejoe7397]

Hi I bought a AIA Pro Achiever policy, should I discontinue.

[@Starrynova]

I bought a Tesla at 1.9% interest, only put the min down payment down, and invest the rest of the car price in the stock market so it can continue to grow.

[@CDing-io8sc]

Buying insurance in Singapore is a liability as ROI is very low and protection is very, very low. In U.S., I bought IUL insurance (which is not available in Singapore lah), which makes more sense providing protection and investment return, and the profit make is tax free.

[@shawnlim9483]

i love these conversations. thank you always

[@realcafemoney]

So glad!

[@frjuy]

thank you for your thoughts on insurance, especially on ILPs and saving plans, though mentioning them still pain me a little, but i am glad i "cut loss" and start to make my own investment instead of out-sourcing them to ill-hearted insurance agents. cheers!

[@williamgoh5514]

Thank you for different perspective, I bought tesla because of Ken YT.. Till now I set a target to dca into tesla every month.. It have became a habit..

[@jl8143]

As always, great content and advise. Thanks 😊

[@vazquezcarlos]

Living is NYC probably safes me $5k to $10k a year not having a car. Thinking about tolls, gas, maintenance, monthly payments. And I get to live the city lifestyle and have access to public transportation when I need too. I also bike when within an hour of where I live, so don't even need the train most times.

[@kxish]

Excellent advice on good debt and bad debt and paying down your principle residence mortgage instead of investing that extra money. I always say the principle in your home is DEAD money. It just sits there and you cant use it! If your mortgage rate is 2% but you can easily make 8%, its a no brainer to invest the money instead!

[@shawnang280]

One of the most regrets financial mistakes/money traps made were buying malaysia properties whereby the agents setup showroom in Singapore. Guys, never ever buy!

[@dawnnbaby]

Super agree with the stuffs Ben shared about insurance, especially about the getting most money when you are alive!!! I have been telling everyone that but no one really understands what I’m saying lollll omg 🤦🏻‍♀️

[@elysium888]

Insurance agents and some ppl around me always make me feel like I would become poor if I don't buy all the different kind of insurances. Glad I stand my ground and only get what I need.

[@isaacchua864]

First time ever have to disagree with CG. 😂 ILP is so diff nowadays compare to older version. You will be surprised with the coverage on ILP compare to other insurance products. I have to admit, investing on s&p can get higher return, but in reality still a large group of people are not investing in anything and just save money in the bank.

[@zackt6337]

so if they are not investing in anything, they should invest is iLP? If they are gonna invest in iLP, then why not invest in anything else?

[@kenschmittat1934]

“There is this thing called good debt and bad debt” - do I hear a Rich Dad Poor Dad reference? Love it

[@kenneth.lim3390]

I go to the gym cos I paid for it and cos I will bring my gym bag to the office so if I don't go, I still need to bring it home. This becomes a money and effort sunk cost, which worked well. However, Covid and working from home (with no option to go office due to recent changes) plus the fact that my gym is in the CBD has screwed it up for me for the last month.

[@michaelweber3836]

Nice discussion, you have good enegry

[@xlben10]

Always looking forward for another cafe money video

[@ariadamonda3025]

I am very grateful for this video. Thanks for bringing clarity on the subject!

[@Klanches]

Omg the amount of value in this video. Thanks for putting out such high quality content, please keep them coming. :D

[@realcafemoney]

More to come!

[@ChiongZ]

The amount of money for annual gym membership is enough to get a decent home gym set-up. Granted, not everyone has the luxury of space but there is no excuse to just getting a set of weights / resistance band to kickstart the habit. It's another story if you are signing up for their tailored classes, that could be justifiable on the amount well spent.

[@huhhuhhuh4069]

I think i would rather get rid of the mortgage debt and forgo the opportunity cost of investing that lump sum. Being debt-free offers you a lot of emotional and life freedom.

[@carlossp6211]

When I saw there was a new video I clicked faster than Qiuyu dropping going to the gym. :D Big fan!

[@realcafemoney]

Hope you enjoyed it!

[@petrknize620]

Yes. I bought because of the Chicken Genius very direct shouting. Otherwise I would be still hesitating.

[@kehoongluah9817]

Membership and bundling are just price discrimination strategy use by almost all the firms in the world. They allow people to choose their own "bundle" base on their own consumption needs. We thought we got a good deal out of the bundle but actually we have become the victim of the price discrimination tactic. So, be a mindful consumer! :)

[@Stealthwealth4321]

You guys are awesome! This is a dreamteam cast!

[@WhatTheHypeBro]

well done! keep it up sharing more insights on investment related knowledge! :)

[@MarcusChaiT_T]

My day is made everytime I see Cafe Money upload a new episode

[@valval5606]

Is it better to invest mthly in endowment than dca index fund ??

[@frjuy]

so qiao, was thinking about you, searched for you and here i am, first! XD

[@davidscz]

If not mistaken, I believe most health insurance (medical card) nowadays are packaged into investment linked policy nowadays, although you can opt to put the most minimum allocation into the investment portion while the majority. I agree it is crap, the investment return is shitty and they hire not so bright people to keep insisting their ROI is 15% when the statement clearly showed otherwise (

[@clarencechan835]

Hi as a fresh grad, should I pay off my student loan asap? or pay it off slowly? I would love to hear about your thoughts!

[@ojq19993]

Should you pay off HDB loan with cash to lower the accredited interest when selling the property in the future?

[@Jaysjobsite]

OMG where's my popcorn gang at!? 🍿

[@samlow1607]

Haha you are guys are right about Australia parking fee but that high fee is only in the CBD area. Best to avoid parking in the city :)

[@realcafemoney]

Thanks for the info!

[@wallstreetlegends]

I pay gym, I go. Resistance training is important for your health.

[@mikeb5030]

Id buy my own equipment and workout home.

[@wallstreetlegends]

@@mikeb5030 That could be viable option. But I travel so no go for me.

[@Vapour85]

Good investment as long as you use it! Most don't..like me haha

[@Elizabeth-nb5xn]

will u guys also cover more about property debt ? about how is it a "good debt"? It's mentally daunting to have huge amount of debt for some people

[@kankikan8584]

great episode! thanks!

[@jcleu351]

Personally, ILP is not a fair comparison in this case on an investment channel. Nobody buys ILP hoping to be a millionaire someday. The only investment factor is just choice of funds,giving the possibility of breaking even and adding on into your retirement fund later. If not, as compared to a ILP, traditional life plan is pretty much dead in terms of ROI and etc. So it really boils down to intention of picking it up. Just my 2¢ worth. TGIF guys!

[@realcafemoney]

Yup.. i think we have similar perspective on this. The intention and what is the better option within your knowledge n comfort is important :) I started from ILP too n i think many people too.. LOL -Qiuyu

[@eightfoldsg]

Gym is a health investment for me, not for pretty body. For stress reduce and better sleep and health. Cars = liability but a 'necessity' for me saves commute time for better things. Love 🐔

[@khenglism]

hi, what do you think about selling off my endowment plans to a 3rd party? reps holdings for example.

[@RogerGoldtoei]

Never owned a car, always found a way around it. I’d be poor now if I did. The Vast majority of people in my life who bought a car in their early 20’s is now poor or dead(rip). Best money trap ever created. They would always say, “but i need it”. I always just paid more in rent and move into the closest city. Not rich, but way better off on average than them 🤷🏻‍♂️

[@brandonna4333]

Just being plain lazy

[@HagakureJunkie]

WTF? I've drive audis and I've never had your money problems. Make more money. It's not honorable to be poor and cheap. They sell used cars, you know that right? You just people are literally dead because they owned a car? That's the stupidest crap I've ever heard.

[@RogerGoldtoei]

@@HagakureJunkie LOL. I have always made enough to own a car, I chose not to. And yes, the facts are quite clear. Car ownership = more risk, which is why there's insurance, Good for you though, everyone's circumstance is different

[@RogerGoldtoei]

@@brandonna4333 How is that being lazy? My friends and all people who have worked with me, admire my work ethic and have looked up to me many times bc of it. I grew up poor.lol

[@TS-ws8mh]

I just bought an investment linked plan via prudential three months ago, when is a good time to change my plan? Do you have a recommendation of which plan I should change to?

[@chungkhaishi3033]

Cut the loss now and start investing into index ETF like s&p or VT are much better for long term investment

[@tslaEnglish]

My biggest money trap is my wife, who never remember how much she spent an hour ago. And whenever I confront her with money spend issue, she'll think I don't love her anymore and gets a bit emotional. I guess I'll just accept the fact and work harder and smarter in my investment to offset her spending a little bit.

[@InvestwithDarren]

Love this podcast! 🔥🔥

[@realcafemoney]

thank u :)

[@vazquezcarlos]

But TSLA and DOGE were so high. It went up to $900 /share to less than $600 in a couple months. DODG was $0.75 and went to $0.25 in a month. I rather wait for something to drop and buy it cheaper. If you miss that opportunity, there are more out there. Don't live in a scarcity mindset. Don't FOMO into investments, especially when they run up so much. High prices is higher risk, less reward. Lower prices for same asset, are lower risk, increased reward. Buy low, sell high.

[@sushisin377]

Before using credit card, stop and think asking yourself is this want or need. Don't spend unnecessary end up in debt and stress yourself. Pay credit card bill in full before due date.

[@DanielLee89501]

I was into the car/loan trap for years. Happiest, the day I paid them all off. Started buying used cars. Oldest car now is 29 years old. My advice. Save up a payment then pay cash for a used car. Let someone else take the depreciation hit.

[@jarrett2556]

Can you guys do an episode on what factors and which credit cards is the best ?

[@willie3911]

I am like Ken! The only membership i maintain is my gym membership and i utilize it well. 🤭

[@piagetsam]

Is netflix a good subscription?

[@realcafemoney]

hahah I have it too.. I think if u subscribe n u use it n watch it then yes ok la... if subscribe already never use then......

[@JunToad]

Really like this episode, keep up the good work!

[@henggor2753]

You should buy term life to cover life and hospitalization.

[@nicholasteo8000]

Agree with many points but disagree with the comments on ILPs. I’m not a financial advisor but so I can unbiasedly comment that generalising ILPs as bad is unfair and inaccurate. ILPs serve many purposes. Being regular premium products, they force average millennials to get invested in the market regularly. It builds a habit to regularly set aside monies for future use, instead of spending it all today. It’s easy to say throw some money into SP500. But very few can discipline themselves to do so every single month, especially when the markets appear bearish. I’ve also noticed that some ILPs are able to do waiver of premiums and offer sizeable benefits , in the event death or disabilities occur. It serves different functions for different use cases. Of course if time horizon is too short, then bad surrender charges would hit. But if one has a long extended time horizon like 10 or 20 years, and one stays invested all the way, his returns could be as much or if not more than the person to throws money into the SP500 only when things look up. Let’s be honest, not many have the courage to go into the market when things look bearish.

[@dendi1076]

u sound like financial advisor saying ur not

[@chesterlimys]

If a commitment that you promised yourself to commit but failed, pls reflect yourself, your actions and think back about the episode of “millionaire habits”.

[@heehaahoo]

my girl fren is team qiu yu absolutely

[@MancoDeLepanto]

#TeamQiuyu! Buy membership, realise it does not work, cancel it :(

[@realcafemoney]

LOL.. hee hee..

[@nelsonang3534]

What do you think about ocbc robo invest ?

[@khaiclashroyale4252]

Ilp is crap because ur forced to accept the investment they offered. But term insurance are offered without fixed cost over time. At least in Malaysia, ILP is our only choice because there just isn't a term insurance that is good.

[@theendermanfromyt]

Started off with the same mentality like Ken but ended up like Qiuyu.... haha.

[@kluangorian199]

Ken look guilty when they talk about car money trap. lol

[@Kennethhong91]

lol as a millionaire who has been driving van for quite some time, he deserve the new model 3 performance hahaha

[@geekroute]

Benny, DCP will only be approved if outstanding debt is more than 12 times your monthly salary. Just FYI

[@gerardtx291]

My money are always trap in crypto, Cake DeFi and stocks. Investing is a money trap too 😆😆

[@adriankohtk99]

What to do with the ILP that has past 7 years ?

[@jasonlim4512]

Can we (or rather I) hear from Ken, how he manage to own and drive a van? Are there ways to buy a 2nd hand van for personal use? TIA

[@LifeHacksProducts]

I am a FF gym member for close to 6 years? I only went to the gym for about a combination of 2 months (with all days i went combined). My weight is higher than my weight 6 years ago. Probably double the size. Thanks for the video! Time to revisit the thought of canceling the membership again. lmao

[@simonleo4197]

Spent $5K on True Fitness and really end up not able to go. This is definitely a money trap.

[@dawnnbaby]

Qiyu finally change her clothes haha. But I think white makes you look better

[@realcafemoney]

hahahahaha. Thanks!

[@PeWangYolmo]

Delayed gratification doesn't mean that.

[@Deedeeeannn]

There was a snack seller who came regularly to my ex company selling keropok in a bundle of 3 for $10. She charged $3 for 1. My colleagues bought the bundle 😂

[@cheeweichan3676]

Is CPF voluntary contribution a "money trap"?

[@nicholasloh3653]

Why is ILP a money trap? The cost of insurance is the lowest in this instance as compared to other whole life plans where they predicts your life expectancy first before stating the cost. Unless you mean insurance is generally a money trap. I've bought into full ILP without the insurance portion though, the benefits from the insurers are worth it, with 100% of your money invested on day 1. If you believe in ILPs, you will never look at endowments plans. Gym memberships - at the end of they day as long as it makes someone feel good on their general well being its still worth it, regardless how long they commit per week etc. I feel buying a car is the biggest money trap, especially.... where can you go now since the past year? At the end of the day the word 'convenience' is the biggest money traps - as highlighted in much in this video. Thanks for video guys - love it! shed some lights to the alot people out there.

[@samsonseah74]

omg in sydney australia, there will be people who purposely park illegally because the fine they get is AU$78 and a full day of parking can easily be more than AU$120. i do join calisthenics and exercise groups and buy resistance bands that have no brand to not pay for gym memberships. I also try to cycle everywhere thats within 10km, there is a park connector in most parts of central and east. I got burned by insurance linked plans before, they promised 20 percent within 3 years but i got back negative returns haha.

[@gasohwjchen]

Qiuyu laughter is damn cute

[@realcafemoney]

LOL. ThankS for appreciating! hhaha