Reflections on Life

First and foremost let me offer my deepest condolences to the family of Dr Marcus Lim . I wish that they'll have the strength and courage to overcome this devastating triple loss of a son, husband and father. Life will be different, but life will go on.

I saw the news today ("Eye specialist drowns while on diving trip", The Straits Times, 26/10/2009), and I was sadden by the sudden loss of such a promising person. There was so much to be accomplish in his life in terms of his career (he had recently been awarded a National Medical Research Council fellowship by the Health Ministry) and family (he has a 3-year-old son and his wife was expecting their second child). But all these goals will have to be completed by those he left behind.

The news made me reflection upon life, and these are some thoughts that surfaced:

1) Never underestimate the Uncertainty of Life.

People always think that if one is doing something repeatedly, then the risks involved will diminished. For example, if you swim regularly then you can be considered a good swimmer and the chances of you drowning will be lesser. However, 42-year-old Mr Lee Wee Sing, whom is said to be a good swimmer, died after he competed in the swim leg of the OSIM Singapore Triathlon ("42-year-old man dies after competing in triathlon", The Straits Times, 02/08/2009). Similarly, Dr Lim was a competent diver, having had 7 years of diving expereince.

2) Always plan adequately for your family. Never assume that you'll always have the chance to do so.

When one pass away, it is your depedents whom will bear the greatest impact of the loss. Who else is going to care for your aging parents, and to look after the spouse and children that you leave behind? What sort of lifestyle changes are your family going to face? Did you give your spouse the option to spend time with the children to help them overcome the grief, instead of worrying about getting a job fast so as to feed them?

3) Always know where to go for help. Never assume that you'll never need them. Maybe you don't, but someone else you know might.

This article couldn't have been more conicidental. Just 3 days ago there was an article about the Wicare support group, which is a voluntary organisation that serves to help widows and their children ("Lauded for mission sparked by grief", The Straits Times, 23/10/2009). It is important for people know what avenues they can seek help and support from. If Mrs Lim ever chance upon my writings, I would offer to accompany her to Wicare. I hope this helps.

Child Education: When to start and for how much

I was reading the papers today when I came across a very interesting article ("Should pre-schools be 'nationalised'?" The Straits Times, 10/10/2009, Pg A38). The poignant point which was raised in that piece was the glaring disparity of childcare cost in Singapore. The upmarket pre-school establishments command a fee of more than $1000 per month, while the mass market ones charges around $520 per month. That works out to be at least $36,000 ($1000 per month for 3 years)for the former and $18,720 ($520 per month for 3 years) for the latter. The 'investment' in human capital is heavy indeed.

This article brings to mind one aspect of child education that has been routinely ignored by financial planners when discussing about child education. Usually the focus goes straight to saving up for the university education, which is about 18-20 years down the road. But the expense that is that coming in 3 years' time - when the child is going onto pre-school - is not being addressed.

So when should parents start planning for your child's education? The answer is you should start when you already have an intention to have a child. For those parents whom were 'blessed' by an unexpected pregnancy, you should start as soon as the pregnancy is confirmed. Ask yourself what sort of education do you want for your child and plan accordingly. Would you like to set aside $36,000 for the posh pre-schools or just $18,720 for the mid-range? If you start only when your child is born, you'll have 3 years to save.

Of course, not everything is measured by money - there are some parents whom choose to DIY (Do-It-Yourself). While I was doing my honours thesis in NUS, I researched upon a group of parents who do 'homeschooling' ("Homeschooling in Singapore: Education Redefined", Lim, 2009). These parents educate their children at home, and so they need not fork out additional money for pre-school. However, these DIY education aren't necessarily free - it comes with hidden costs, which is at the expense of one of their income. what happens is that usually one of the parents will have to give up their job to be a stay-at-home educator, and if you consider the loss of income then this might be a costly endeavor.