PMET used to earn $15K now struggling as cab driver
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Is Mike in this forum?
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Dear Dr. Lam (PAP MP),
I, Mike Yeo, stand before you at my wits end.
I used to be a Regional Marketing / Sales and Training Manager for a pharmaceutical company and it was effectively a Regional Director’s position. I was earning about $15,000/month then.
I spent almost 10 years in the industry and company, since January 2005 and was made redundant in March 2013.
I immediately made many changes of lifestyle and even went into a repayment mode with several banks and financial institutions and even got the car finance company to take the car back in and to change the shortfall of the loan into a personal loan.
After being unemployed for almost a year, I managed to join an Indian start up as its Business Development Manager and helped it to connect with the doctors I had contacts with and so on.
But after 6 months. the management said that I was too expensive and got rid of me again/ In my previous company, I was earning at least 15,000 per month, in the Indian company, I was only getting $5,000.
So I was willing to downgrade and even start much lower so that I could try and get back a life. I used most of the $5,000 ($4,000 after CPF) to repay my debts and also to feed my family, but once made redundant again, I had no more income and could not make any repayments and or any other significant financial contribution.
So I immediately got a Real Estate Agent license from CEA and also a taxi vocational license to enable me to bring in some income. However sir, I am now working almost 15 hours a day every day just to be able to feed my family and also to repay some of the more priority debts likes power and gas and marketing and so on.
I do not even have money to put my 5 year old child to school and or to pay for any medications.
I can bring in $200-$250 a day, depending on the day and time I spend on the roads, but on average I am bringing in closer to $220. This is because of not being experienced enough to know where to catch passengers and or being able to drive fast enough to make more trips.
I am sure that as I spend more time on the roads, I will improve my earnings. But my cost is $120 for rental and $50 for fuel and not including food and ERP and so on. So I am only confidently bringing home $50 a day. This is a far cry from my previous pay and an even further cry from my last proper job.
So I am in great financial distress and am also facing great pressure from the various banks and institutions to repay my debt.
I am most happy and willing to do so, but I am not earning enough and I am also unable to respond to them in a timely manner as I am on the road in the morning at 5 am and am driving till 7-8pm each day.
And I am not taking any significant breaks. So I am not able to answer phone calls, sometimes even from my own family like when my daughter was having high fever.
I have discussed with my family and am now in the midst of selling my HDB flat. At least the proceeds will be able to be used to repay my debt of almost $100k and then I am able to breath again. I am also very tempted to self declare bankruptcy, but to do this, I have to pay $1,800. If I had that much money, I would have used it to pay some of my bills and debts. Also becoming a bankrupt is also not a viable option as I have a CEA license and this will be null and voided if I am declared a bankrupt.
As a property agent, if I can sell my home and also a few more, earning enough in commissions to pay off a $100,000 debt is a simple matter.
Being a cab driver, even if I were to earn $100 pure profit a day, it will go no where far in paying down any debts.
So sir, I need your help 1) to see if you can speak to CEA to give me an exemption so that even if I am declared or if I self declare myself a bankrupt, I am able to still work as a property agent so that I can at least bring my life back into line, 2) Help me to find a way to rent a HDB rental flat once I sell my 5 room HDB so that we can have a place to stay and I can then rebuild my life, 3) please introduce to me anyone who can help provide financial assistance to a low income family so that they can send their child to school and also to be able to find the funds for self declaration.
As I am driving almost throughout the day (a simple investigation of my car logs or even Comfort Delgro electronic tracking of my taxi) I am almost unable to speak on the phone at most times and also after each shift,
I am sure that you can understand the pure exhaustion I feel. So if you can help, or if your personnel can help, please lets start a line of communications through this email and please help me if you can sir.
I thank you in advance for your kind consideration and any assistance you can provide me and my humble family henceforth.
Kind regards,
Mike Yeo
* Letter first appeared in Transitioning.org, a support site for the unemployed Singaporeans----------------
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Just curious when u r earning $ 15,000/mth
u nvr save up for rainy days ?
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u got a choice, no one forced u to drive
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I'm wondering how he could have so much debts with the banks... http://www.transitioning.org
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In my own opinion, the politicians will not be able to help him much with his financial difficulties. Mike Yeo, sell off your 5 rooms flat and pay off whatever financial outstandings you have with those banks. About where you and your family are going to live...its simple..you need to think and see..its right infront of you. Then after you have seen it and make your decision, you could choose and decide what profession you think is good for you, for your family maintenance and for your future, either being a property agent or being a taxi driver. After you sold your flat apply for a BTO flat. I knew a taxi driver who had debts with the banks in Singapore before. He sold his 4 rooms flat, paid off the banks then he applied for a new flat. Then he and his whole family rented a house in JB and lived in JB. He continued to drive his taxi and every morning he send his children to school in Singapore and his wife was working in Singapore too. End of the day he fetched his wife and his children then went back home in JB. After 3 years, he got his flat and lived in Singapore again...see.
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what the writer wants is very tricky. can fall either way depends how the decision maker he is appealing to would think 1st way is like what the writer describe his own situation which could be real 2nd way is exact opposite what the write actually is. he could be: - doing very well, then decided to quickly cash out before market crash down - he wants to hide and divert his assets while he wants someone pay for him to declare bankrupt for free - then he even wants that someone to pay for his new children education - then he cash out his house and wants someone to "approve" him a cheap rental flat, jumping over queues of thousands of others like him. these queues could be really genuine problem. or they could be fake like him. anyone saw before merz, bmw, audi park at rental units? some will even horn and glare angrily when they feel blocking them! - then he wants to go into property market not like a regular person, but as a bankrupt without any risk of the liability, burden of responsibility and accountability as he deal with others assets worths hundreds of thousands to millions - then he claim he too busy cannot be reach on any form of actual verbal or face to face communications except email..which he can pretend hire taxi mostly for his own personal use since he now no car..or which he can reply while sunbathing at bali beach.. or which he can assign someone secretary to help him tackle. maybe his wife who is shaking legs as a executive secretary to some foreigner boss who is mostly not in local office. to achieve his dream, he took last 2 weeks holiday to draft out his sad letter. So now we see both sides, should we sympathize him. or sympathize ourselves compared to him?
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some people may think why i think like that? i have my reasons, several of them - i have driven all sorts of people to almost all those different rental apartments estates. places i pick them up from have Sentosa, MBS, Orchard, Ion, Lucky Plaza, Paragon, Demspey..many many Malls and high class restaurants. some will have big small packets and bags. sometimes they give extra tips above the meter if they happy when i talk to them and find out about their "stories"..how they manage snatch a super cheap rental unit, how they this, how they that, some even go across causeway shopping (and other things) every weekend - then driving to these rental estates carparks..i have seen so many continental cars. some big, some sports. some will even horn when you dropping people changing money. because they think nobody must block their way - i know of "Full Time TD" who park their cars 24/7 in estate carparks for days, sometimes even weeks without moving. but nobody come to tow away. i even seenthem drive away with family and things only to come back just a few hours later, then the vehicle never move again over the whole next week. i already test see at many timings to find out. also how to explain the so many brochures and pamphets on windscreen - i also know of TD who do other outside business which i shall not mention in details. some regularly invite others to nightspots and other places which i shall also not mention. how?
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CB lah $15000 a month still like that. Debts $100000? Must be anyhow spend lah. 5 room flat cost how much nia? Cannot afford to pay finish? This kind of asshole no need to pity lah. Confirm wu lui that time anyhow spend. Last time I $5000 also can finish paying off my HDB, pay car in full and downpayment a condo. Phuiii.
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he sure is tonnes of bull-shit!
got hands and legs, just carry on working till your debts fully paid...plus he says he do not have money to send your child go skooll...your wife?
unless you telling me our mike is fully handicapped....then maybe still can talk..
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I dun write him off, when i was earning $2000 , i live quite comfortably. When i was making $4000 a month, i found myself struggling for money and when i was making $7000 a month, i unknowingly was servicing a high credit card expenses. When i was making $15000 a month, i was squandering my wealth in investment I'm not really clear. Eventually, i lost my wealth, then i realised how stupid i am. All people have their up and down, thankfully, i lost everything, but saved my soul. Wealth would have destroyed my character and perspective of life. Now that i have matured as a human, its time to get back my money
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Originally posted by JerryJanice:
Just curious when u r earning $ 15,000/mth
u nvr save up for rainy days ?
He was earning $15k per mth for 7 years 2 months (86 mths). Total he had earned (after CPF) = 86 mths x $15,000 x 0.8 = $1,032,000.
If he had saved 30%, he would have at least $300k today to fall back on.
He is one of those easily given in to temptations to spend on luxury goods, expensive overseas holidays, lost-making investments like shares, funds, stock market.
Once a friend oversaw my POSB balance accidentally, he said to me didn't you invest? I said no. He asked if I invested my CPF? I said no too.
I told him, those are like gambling. Best is to put money into bank account, unless POSB bankrupt. Simple thinking but how many can do it?
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when will i have the chance to owe $100 k? not everybody can owe $100 k..
i not one of them. i cannot manage a team, i cannot even manage myself..
i can only manage to go jb every week.. zzzzzzzz
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Originally posted by Tcsaaa:
when will i have the chance to owe $100 k? not everybody can owe $100 k..
i not one of them. i cannot manage a team, i cannot even manage myself..
i can only manage to go jb every week.. zzzzzzzz
Tcsaaa wa bo jio. manage to go jb bo jio... i go once or twice every month... to buy fooood for babies and something else. haha. sometimes go lonely sibei boring... but no choice.
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Bluewave kaki anyone?
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Originally posted by digimonfan2008:
He was earning $15k per mth for 7 years 2 months (86 mths). Total he had earned (after CPF) = 86 mths x $15,000 x 0.8 = $1,032,000.
If he had saved 30%, he would have at least $300k today to fall back on.
He is one of those easily given in to temptations to spend on luxury goods, expensive overseas holidays, lost-making investments like shares, funds, stock market.
Once a friend oversaw my POSB balance accidentally, he said to me didn't you invest? I said no. He asked if I invested my CPF? I said no too.
I told him, those are like gambling. Best is to put money into bank account, unless POSB bankrupt. Simple thinking but how many can do it?
CPF cap at $5000 nia lah. Last time my time $4500 nia. What ever amount more then that no need contribute de.
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Originally posted by Elginang:
Tcsaaa wa bo jio. manage to go jb bo jio... i go once or twice every month... to buy fooood for babies and something else. haha. sometimes go lonely sibei boring... but no choice.
i go in by motorbike every tuesday.. must try to reach there b4 3pm..
there a thai massage beside lavender bread shop at pelangi..
newly open , got 30 % discount..
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Originally posted by hammerhammer8888:
Bluewave kaki anyone?
paragon also not bad.....
i forgot there's one near the duty free zone... got seaview also, can look across sembawang. haha.
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Give Mike a break. He could be one of the forummers here.
Driving full day and making $50 nett seems very low. Even those doing 12 hr or less shift can do much better. Something is wrong here. Maybe he do propery sideline that's why not enough hours driving.
In this case, he has to concentrate on what works and put more hours in that. Property sales very cold now, not a good idea to cheong in.
Anyway, let's hope Mike gets help and find a way through his mess.
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well i seriously believe he is not genuine to downgrade his life as he seems to be...
indeed he did suffer a pay cut but i believe he still unwillingly to part his wealthy lifestyle...
if really want to help, only he himself can help himself...there's alot of jobs pay around 2k plus with cpf available. can also do part time jobs also...
anyway not for me to judge him, i just pass on this topic of his, just grunting like just any other singaporeans, same goes for me. haha.
still got 8 more months to fully pay off my debts, and i can just say kiss my ass off to all blood sucking cards...
i really appreciate few who gave me advice. thumbs up.
Taxi driving really no easy joke, when moody...similan how to drive, throw rental... when kakis call for kopi...similan pax on the road also dont pick. haha. that's the beauty....
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Ah, of all the MP u go to, you go to Dr Lam, a gynae at KK< MP for sengkang. To me, this is a complete bullshit until no shit letter. Other than telling the world his problem, if you read the letter smartly, it is a direct insult to Taxi driver of Singapore. Telling the public that taxi driver are the lowest job and the lowest earning...bull to him. knn, that time u earn 15k and you enjoy yourself with 2 PRC gals at 6 stars hotel, why never complaint their cheebye smelly??
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If this Mike had incredible selling skill like this chap I didn't think he would be retrenched in the first place : http://youtu.be/1CD6hXHHSmY . Must be belong to these jokers' category like him lah ! : http://youtu.be/T5T4X-pPo-o . Finally if this Mike is smart, he should know that there are always creative ways of making money :
• http://www.superfastbusiness.com
• http://vainstein.com/FreeGift/Internet marketing techniques and methods.pdf
• http://money4you.club/download-page-181-1
• http://www.truthorhypetv.com/opportunity
• http://joelcomm.com/make-money-with-mobile-apps.html
• http://rayhigdon.com/11-tips-make-one-million-dollars
• http://www.amazingacademy.com
• http://buildingabrandonline.com/davidwood/how-to-become-rich-and-free
• http://steveinchina.com/bc/day-1
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In the past before working as a TD, you guys know the pathetic private limo income. Companies like Imperial, C&P etc.
Came across transitioning.sg so I asked Gilbert (owner of the website) for help. But I find he had may have a hidden agenda. His focus is not on solving the problem for people who came to him but on whacking the foreigners & the government. Makes me feel like he is someone like Chee Soon Juan number 2.
Now...how true these articles are is also a question mark. I won't deny the job market is spoilt by the foreigners. But there is a way out to problems. Out of every crisis is an opportunity. You guys may be complaining here & there but I am thankful that I chose to work as a TD. At least it earned me a decent income comparing to those pathetic wages in the job market. The wages are getting from bad to worse in the face of the rising cost of living. LHL nightmare had became true. A nation of agents & drivers.
But at least I am not dumping the skills & knowledges that I had. I am still a FOC automotive service advisor to my network of taxi friends.
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You are not complaining working as TD now is because this job is out of bound for foreigners.
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I am not concerned about foreigners becoming TDs. The bigger problem is foreigners are all in the management and professional positions and Singaporeans are relegated to become TDs, security guards and other so called "low status" menial jobs to serve and get bullied by them. In our own country!!
It took a lot of struggle to get rid of the colonial masters. But it is happening all over again, isn't it? Not politically this time round, but socially and economically as was in the 50s and 60s.
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Originally posted by Taxilim88:
I am not concerned about foreigners becoming TDs. The bigger problem is foreigners are all in the management and professional positions and Singaporeans are relegated to become TDs, security guards and other so called "low status" menial jobs to serve and get bullied by them. In our own country!!
It took a lot of struggle to get rid of the colonial masters. But it is happening all over again, isn't it? Not politically this time round, but socially and economically as was in the 50s and 60s.
A man call Sambath Kannan from indian and Join Deutsche Bank Singapore
as their Vice President。
Then he start getting numbers of his kaki to join Deutsche Bank Singapore as senior post。。。。。。。。
