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Your Money: What was a teacher thinking!

Drizzt:

I got to know this story through Wealth Buch and he gave an account about what he thought about this news. People will comment that he should have thought better.

While I refrain from thinking along that line, I question the system in general for this problem we are facing:

  1. A Teacher is suppose to educate the next generation and part of their job is to instill the right values. If a teacher cannot even evaluate the odds of winning and losing properly then how do we expect our children to be able to do that since they are teaching our children?
  2. This is a prime example to show that when presented a problem that is pressing enough, even the most obscure possibility becomes a valid method of solving the problem in itself. The teacher (I dunno if its really his true motive) wants to get more money to get married, that becomes the impetus to defy most logic and choose this route. I need to say this: I am no saint and I dunno how I will react if I were in his position, but this goes to show that you push someone to a corner they will fight hard and fight irrationally for what they want
  3. I talk quite a fair bit with my colleagues on this and they seem to be rational whenever some of them bets. Betting can work if you know the odds and know the system. If not how do professional speculators make money consistently?
  4. Hmm, last point. Get more money to get married. What’s the problem here? Is getting married in Singapore that expensive?

Teacher in $130,000 debt over World Cup bets

By MAUREEN KOH

HE was thrilled when Germany beat Australia 4-0 in the Group Stage match at the World Cup last month.

In just under two hours, the first-time bettor made $6,000 – the equivalent of two months’ salary for the secondary school teacher.

But by the time Brazil suffered a quarter-final defeat by Holland, John’s thrill had turned into shock and fear.

He had chalked up nearly $130,000 losses in bets with three different illegal bookmakers.

The only way for him to pay off his debts was to sell his car.

He started with "small bets between $2,000 and $4,000" for the first two matches, but upped the stakes to as high as $10,000 for each bet.

At his request, we are not using his real name as he risks losing his job.
In the hour-long interview with The New Paper on Sunday earlier this week, John, 28, who has been teaching for two years, pleaded repeatedly: "Please, please don’t name the school too.

"I can’t afford to lose my job now – my future will be gone."
While he has "deeply regretted" his folly, he admitted: "I realise it’s too late."
He added: "I was blinded by greed."

Only his girlfriend, a 26-year-old primary school teacher, knows about his debts.
John said: "I’ve already let my parents down – I can’t hurt them further."
It was his cousin who had introduced him to football betting, he claimed.
John follows the English Premier League and the European Championships.
But he had never placed any bets on the matches, even legally, until last month, when his cousin bragged about how much money he had made in the World Cup four years ago.

John said: "I was tempted, especially since my girlfriend and I were planning to get married next year. My cousin said it was a golden chance for me to make extra cash."

He added: "If not for him, I wouldn’t be in this mess."

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Foxtrot

Wednesday 14th of July 2010

"My cousin said it was a golden chance for me to make extra cash. He added: "If not for him, I wouldn’t be in this mess."

I believed "greed" is the culprit leading to these mess. Reflecting on a personal flaws (which we all have..)is always difficult - easiest way to comfort yourself is to point fingers. I wished him all the best though. Cheers!

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