Not quite the kind of stuff that gets me up in the morning all excited and raring to go, right?
But the interesting thing is that I get to see how differently people behave when it comes buying their homes, often the biggest purchase of their lives. And it IS very interesting, because those who have more money to spend on this and those who have less behave very differently.
For the benefit of the non-Singaporeans reading this, Singapore has a forced savings system called the CPF. Deductions are made from the working Singaporean’s salary and put into his or her CPF account, and that sum of money is set aside for either retirement or paying for housing.
The typical Singaporean couple, when purchasing a flat to live in, will have to take a bank mortgage, make an initial payment from the CPF towards that loan and then continue to service that loan with the regular deductions from their CPF account (maybe with payments from their salary). Since the prices of the flats are so high, buying a flat involves using large sums of money from CPF and coordinating it with one’s salary in order to pay for a very heavy mortgage.
So when they came in the lawyers to work out all the legal details of the purchasing, I got see the difference between those who have more money and those who have less!
Most people would buy the flat as joint-tenants, which meant that the ownership of the flat would automatically pass to the spouse if they die before they finish paying for the flat. The richer, however, were more willing to go as tenants-in-common – each spouse had a pre-decided percentage ownership of the flat. That allowed them to will away their share of the flat to their heirs (and might make it easier to divide the property in the event of a divorce?).
I haven’t had the time or energy to research into which was a better option. I’d suspect it depends largely on the couple’s specific situation. But what I am certain of is this: the richer went to the lawyer’s table having already thought through and discussed such issues. I sensed no uncertainty whatsoever on this from either the husband or the wife.
It also shows a willingness to think through and plan estate matters, how their possessions will be divided should either person die an untimely death. Morbid topic, but the richer face up to it more willingly.
Proverbs 13:22 (ESV) - A good man leaves an inheritance to his children's children…
Another thing also: the richer tended to have their insurance agents on call, and they would call their agents in the middle of meeting with the lawyers. They knew how much they were covered for and expected their insurance agents to be able to give them good advice on how to coordinate their insurance coverage with the mandatory insurance required by CPF.
Here’s a good tip for insurance agents – if you want to have wealthier clients, you had best be prepared to advise them well on such important matters. Why should they get insurance from you if you can’t give them better advice, specific to their situation, than the next agent waiting in line for their business?
When I noticed all this, I first thought, “Of course the wealthier can afford to be fussy and meticulous about insurance and estate planning, they have enough money for it!”
Luke 16:10 (ESV) - One who is faithful in a very little is also faithful in much…
And that is the point, right? If I am not serious about such things now, even if I have more money I won’t be serious with them either. I’ll just be lazy and try to hire someone to settle all these matters for me. The richer consulted the professionals, discussed the pros and cons with their spouses, then made up their own minds and took the final responsibility for their own decisions.
They didn’t just hand the money over to some stranger and put it out of mind!
Proverbs 27:23-24 (ESV) - Know well the condition of your flocks, and give attention to your herds, for riches do not last forever; and does a crown endure to all generations?
Finally, the clincher: husband and wife were in agreement. They already came to the meeting prepared to service the mortgage as partners. Both of them knew they had to work together in paying off their home.
This was the case even if the wife wasn’t working (rare, in Singapore, but it happens). As long as she has worked before, she would have money in her CPF account, and the wives in the more affluent marriages wanted to make their contribution also. That is even if she did not have the earning power or as much savings as her husband.
I don’t see wives trying to get away with doing less just because their husbands can do more!
As a side note, I will strongly discourage men from marrying any woman who has no working experience, who goes from school or college straight into marriage and wants to be a home-maker. If that happens she will have no idea of the working world, as well as no inkling of what it really takes to make a living in the real world. She may end up as someone who knows the price of something, but not its value.
Proverbs 31:10, 16 (ESV) - An excellent wife who can find? She is far more precious than jewels… She considers a field and buys it; with the fruit of her hands she plants a vineyard.
Proverbs 31 paints a picture of the biblical super-woman, an excellent wife. Notice how she gets involved with property and real estate investments? That is what I got to see in person so far.
Conclusion:
All the above came from me observing the upper-middle class people. I know that there are the really rich, who in Singapore will buy landed property or condominiums. Do they have different rules or different practices, so that they will preserve and even grow their wealth? Maybe. But I suspect God just wants me to learn from the upper-middle class for now. And if I am faithful with learning and practicing those lessons, maybe then God will entrust me with the wisdom of the really wealthy?
Be blessed!
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