Hi dear members,
The following idea came to mind with regards to funding for the next watch after witnessing all the great pieces shown on the GTG thread, and this feeling or urge to get the next target grows stronger and stronger.
Assuming the following:-
1) you have a flexi housing loan, whereby withdrawal can be done if there is an excess in balance.
2) you have been under employment before and there is a substantial amount in your epf account 2.
3) you have no confidence in the management of your money by the government, observed from the various non secured loans made out by epf to several entities.
Wink. Wink.
Is it time for a withdrawal to 'invest' in our hobby.
Would you do it provided that this money is not needed critically for other important matters, e.g. Child's education, retirement savings and such.
I think Hanz is right.
Let me start by saying how one manages his finances and credit facilities is entirely his own business. But since you ask, I think one is courting financial disaster doing what you proposed above. If there is any mismanagement of EPF funds by KWSP, withdrawing your A/c 2 savings to purchase watches is probably far worse. Digging into your housing loan mortgage facilities will just prolong the repayment period. Remember, the number of years in which all of us are at our maximum productivity is not that long, so the sooner we discharge our mortgages, the better it is for us and our family.
I know there has been lots of talk (and if you check, they are mostly just talk
) in the recent days in maybe 3 threads about acquiring really high end timepieces like PP and these talks seem to have affected the sanity of some members.
PP are fabulous watches for the fabulously rich. If one has to cull his entire present collection and bust / squeeze from his other lifelong saving accounts + pension fund just for that transient pleasure of walking into a PP boutique, attended by the SA like an aristrocrat and purchasing a PP, then I say you are just not in the PP league as yet.
Again, how you deal with your money is entirely your own business.
I know some members will come after me with a flame thrower for saying this, but that's better than knowing later that some people go bust after being influenced by these talks.