Ahtong 1st Gear February 8, 2011 Share February 8, 2011 Link RETIRE at 55 and enjoy what life has to offer. William (not his real name) had it all worked out. But his son's gambling debts has scuttled everything he had worked for. The 60-year-old once dreamt he would be kicking back by age 55. But now, by his own calculations, even retiring at 67 might be a stretch. His son owes $40,000 in credit card debts and $2,000 in loans from licensed moneylenders. These arose from gambling losses, part of which were incurred at a local casino. William, an administrator in the education industry, is among those suffering from the effects of problem gambling. He is still lending his son, an executive in the IT industry in his 30s, money to pay the minimum sum on his credit cards. William and his wife, a 60-year-old housewife, live with their bachelor son in a condominium unit. William, who requested anonymity, told The New Paper on Sunday over the phone: "In this situation, because my son still comes to me for financial help... I might be able to retire only at 65 or 67. "I need to continue working to build up my retirement fund. It has been depleted because I lent (my son) moneyto pay off his debts over many years." William said that his son David (not his real name) lost $10,000 at the Resorts World Sentosa (RWS) casino after just six weeks of its opening here last year. David spent most his weekends at RWS, lured by the spinning wheels and rolling dice. He would take the light rail system there. And if he was impatient to hit the tables, he would take a taxi. William, who does not gamble, said: "It was very convenient. My son just needed to cross the bridge to Sentosa." The daily levy of $100 was no deterrent. Instead, it encouraged David to stay overnight in the casino to make full use of the levy's 24-hour validity. His losses led to arguments at home when he asked his parents for help. William said: "As parents, we will help in any way we can, but my son and I often ended up arguing for hours. "Casinos create a vibrant, beautiful and colourful environment that entices gamblers. Although the target is tourists, some locals have become collateral damage." After his six weeks of losses, David decided that it was best to self-exclude himself from the casinos. ↡ Advertisement Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 8, 2011 Share February 8, 2011 I dont understand.... I simply dont understand... It's only bloody $42k !!! not even the price of a watch something is terribly wrong ridiculous. Link to post Share on other sites More sharing options...
Longg8 Clutched February 8, 2011 Share February 8, 2011 I dont understand.... I simply dont understand... It's only bloody $42k !!! not even the price of a watch something is terribly wrong ridiculous. yeah man. and they live in a condo unit? something is missing in the report.... Link to post Share on other sites More sharing options...
Whathefish 5th Gear February 8, 2011 Share February 8, 2011 $43k to u might be nothing but to other is more than 3.5k per month...some families has house hold income of only $1k per month... IT Exe might earn only $2.5-3k or even less..worse if he had no savings Link to post Share on other sites More sharing options...
Evillusion Supersonic February 8, 2011 Share February 8, 2011 aiyoh!! sibei atas Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 8, 2011 Share February 8, 2011 $43k to u might be nothing but to other is more than 3.5k per month...some families has house hold income of only $1k per month... IT Exe might earn only $2.5-3k or even less..worse if he had no savings You are missing the point. Link to post Share on other sites More sharing options...
Creative_tec 2nd Gear February 8, 2011 Share February 8, 2011 I dont understand.... I simply dont understand... It's only bloody $42k !!! not even the price of a watch something is terribly wrong ridiculous. And they are living in a condo.. Even the lousiest condo would be worth at least half a million. He can jolly well downgrade for retirement. 42k and the eldest man got to delay retirement by 10 yrs?!? Link to post Share on other sites More sharing options...
Mockngbrd Supersonic February 8, 2011 Share February 8, 2011 i wld hav kicked the son out Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 8, 2011 Share February 8, 2011 yeah man. and they live in a condo unit? something is missing in the report.... Thats what I thought.... better sell the condo. a case of slap face swollen to look fat? moreover, the old man is suppose to retire? retire with what when $43k also dont have? maybe he wants to retire with his useless son supporting him? sorry for him Link to post Share on other sites More sharing options...
Vextan 1st Gear February 8, 2011 Share February 8, 2011 this casino thing ha, is beginning to rear its ugly head liao. more and more people are losing money there and the problem will only worsen. all my frens who gambled there, all lost money from several to tens of thousands of dollars since. i have yet to hear of any who actually has a nett winning. some of them tells me that initially the $100 levy still has some deterence, but after once or twice, they dont feel it anymore. Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 8, 2011 Share February 8, 2011 And they are living in a condo.. Even the lousiest condo would be worth at least half a million. He can jolly well downgrade for retirement. 42k and the eldest man got to delay retirement by 10 yrs?!? yah...ridiculous right? Link to post Share on other sites More sharing options...
Donut Supercharged February 8, 2011 Share February 8, 2011 i would have call the loansharks and tell them my son's whereabouts so that they can poke his sorry ass so hard that he can't walk to casino ever again...... Link to post Share on other sites More sharing options...
Ahtong 1st Gear February 8, 2011 Author Share February 8, 2011 The son is really screwed up Before the casinos opened, David was a regular on cruise ships, usually on weekends, his father said. William recalled occasions when David called him for help after borrowing money while on board and was prevented from leaving the ship when he couldn't pay up. But William added that the local casinos make it easier for him to gamble whenever he has the urge. David had his first experience with casinos at 16, after William sent him overseas to study. He gambled so often, cutting so many classes that his student visa was revoked, forcing him to return to Singapore. When David was 18, William sent him to Malaysia on a university training programme. Again, David was tempted by the casino at Genting and didn't do well in school. William said: "He seemed to spend his allowances quite rapidly. No matter what he won, it would eventually be lost." His son's gambling habits started in his teens, first by betting in the billiard saloons he frequented. David, who has an older brother, then started betting on football and 4-D. When he started working, he began frequenting cruise ships, gambling away thousands in a weekend. As a result, he chalked up debts on his credit cards and with loan sharks and licensed moneylenders. David started attending counselling sessions at the National Addictions Management Service (Nams), at the Institute of Mental Health, last July. He also started attending weekly support group meetings for problem gamblers last December. Link to post Share on other sites More sharing options...
Tjkbeluga 5th Gear February 8, 2011 Share February 8, 2011 I dont understand.... I simply dont understand... It's only bloody $42k !!! not even the price of a watch something is terribly wrong ridiculous. I think what the father meant was he has helped his son cleared an unspecified huge amount of money lost in the casino and still have outstanding 42K of debt uncleared. This is the only scebario that makes sense to me.... Link to post Share on other sites More sharing options...
Creative_tec 2nd Gear February 8, 2011 Share February 8, 2011 yah...ridiculous right? Say the elderly managed to retire at 55 with 43k saving. He live 20 yrs and die at the age of 75 years old. That would be 43k over 20 years. That's not even enough to put himself in nursing home.. Hmph... There must be some missing figures in the report and the obviously, the person writing this report seriously lack of logical thinking.. Link to post Share on other sites More sharing options...
Whatisthis04 Neutral Newbie February 8, 2011 Share February 8, 2011 It's fake la...dun belif anything in it....juz wan us to retire at age of 67? Or justify the retirement age at 67? Casino r gd to hv...it makes the richer Bcum poorer n balance out on the rich n poor gap. No? Link to post Share on other sites More sharing options...
Tedlhw 5th Gear February 8, 2011 Share February 8, 2011 yah...ridiculous right? I had exactly the same thought as you. If 42K is going to fund your retirement for the next 10 years... wah... good luck with that! But still poor thing lah, probably lost 6-9 months of his income due someone else gambling... Link to post Share on other sites More sharing options...
Tedlhw 5th Gear February 8, 2011 Share February 8, 2011 Think we all never read properly.. Quote: "I need to continue working to build up my retirement fund. It has been depleted because I lent (my son) moneyto pay off his debts over many years." ↡ Advertisement Link to post Share on other sites More sharing options...
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