How much are you earning per annum?

[QUOTE=Unregistered;56880]In Singapore, there are 2 big things that the government is giving you as big gifts:

1. BTO flat - This is the cheapest property which is sold so cheap that it will make you laugh so hard. You can clear the mortgage in just a few years if you earn a decent salary and not a spendthrift (buy cars, employ maids, go expensive holidays, gambling). After MOP, you can sell at big profit. You have 2 chances to buy BTO flats. EC is also another big present because it is sold so cheap, compared to PC.
QUOTE]

Brainless comment, obviously this guy is still in school... and merely good at giving nonsense statement

BTO is cheap and you make a lot by selling it, <300k and sell at 480-500k but with the amount of money +-500k, you can only buy back a same spec flat at a better location.. that's all, meaning to say, you are not able to upgrade yourself to a better house/condo after selling your BTO..

Originally Posted by Unregistered

Condos in Singapore are overrated. We are all still stacked on each other.

Over here, if you are living in a condo, you feel so contented...
A big laugh, condo for neighbouring countries are for medium income earner unless those high end condo..

and every flat can be a condo.. very often you see flats which are "intentionally" designed to make it a flat. eg. the layout.. the unit layout is squarish, but the design of the kitchen is elongated, as well as the living room, and the common toilet is inside the kitchen... it could be design as a condo layout..

Originally Posted by Unregistered

I think not to worry too much as both of you are still young. As you already know, wealth is not everything, but having sufficient wealth is important. So you have to know what that "number" is and aim to make sure you achieved it before you reach retirement age.

To know what that "number" is, you need to know the lifestyle you want to lead in retirement. Do you have or plan to have kids? Let's say you worked out that both of you together needs $80k a year in retirement and you retire at 60, and spend 25 years in retirement, you will need minimally $80k x 25= $2m. I said minimally because I have not factored in inflation.

Engineers are versatile, by virtue of the degree engineering courses and training. I know as I am one. Most engineers will move on to become managers by age 35 and lead big projects and teams. Those staying on in the technical should also progress up the technical skill ladder and earn more.

I am not yet 50, but my net worth is above $5m combined with my wife. So you will get there and retire in comfort. Don't worry.

Engineers don't know the "number" . If they need $80k a year in retirement and they retire at 60, and spend 25 years in retirement, they will need minimum $80k x 25= $2m.

What type of logic? No wonder they have to work till they kick bucket!!!

Originally Posted by Unregistered

Can you define what is rich? Is it $5m, $10m, or what?

If it is $5m net worth, believe me, many engineers or those with engineering background would achieve this amount as a couple by 55.

If it is $10m then not many professionals will be able to achieve this. But the engineers would not be at the bottom either.

Bottomline is not what others earn. It is important what you are earning now. No point always referring to this or that top earner when you are not the one earning the big bucks. Engineers are practical and versatile people. You will see engineers in finance, tuition, lawyers etc... whereever our passion takes us.

Oh I see. High flyers will quit engineering profession sometime during their career.
Wait a minute, do you imply those retire as engineers are leftovers?

Originally Posted by Unregistered

Oh I see. High flyers will quit engineering profession sometime during their career.
Wait a minute, do you imply those retire as engineers are leftovers?

The cream of the crop engineers (top 1%, from Ivy League Uni) will leave the engineering field to be investment bankers. The leftover 99% remain in the field or become insurance agents or property agents or tuition teachers. Those retrenched may also become taxi drivers. They will work until their 70s as they cannot afford to retire. Nothing wrong with that. Just a fact of life.

Good analysis. I agree COE prices will drop.

Originally Posted by Unregistered

There are many factors that will crash COE prices in 2015 & 2016:

1. 10 years ago, many in their 50s bought brand new cars, these folks are in their mid to late 60s now and retired. It is stupid for them to own cars when they are retired as they will need to spend $2k per month to own and maintain a car. This $2k per month is better utilized for them to spend for their retirement, savings or holidays.

2. TDSR - Most people who want to buy a property avoid taking loan for a car as it negatively affects their TDSR. They would rather buy an older car and lay in cash. So, not many younger people who are buying their first property would want to buy a new car as it means they would take a loan. This is especially so if they want to buy a condo.

3. Opening of DTL2 and then Thomson Line and many other lines after that. This makes traveling to work in the CBD much easier and faster. So demand for cars will plunge.

4. Most important of all, supply will increase by a huge amount with 100,000 cars deregistered next year.

So, with supply rising up high and demand crashing, COE prices will crash in 2015 & 2016.

This makes everyone happy. Good news for all.

Excellent observation. Only the TOP lawyers, bankers and surgeons are the really rich.
Engineers just fantasise to be rich ......

Originally Posted by Unregistered

Nowadays, $5m combined net worth (each $2.5m) is no big deal at all.
Semi-D (fully paid) already worth $3.5m.
Semi-Ds are average type of housing for professionals.
CPF combined, maybe $600k.
Balance for investments, $900k.
$900k investments with 4% yield can only give you $36k pa dividends.
If $10m combined net worth (each $5m), then can be considered rich.
You have $5.9m to invest, gives you $236k pa dividends.

Originally Posted by Unregistered

The cream of the crop engineers (top 1%, from Ivy League Uni) will leave the engineering field to be investment bankers. The leftover 99% remain in the field or become insurance agents or property agents or tuition teachers. Those retrenched may also become taxi drivers. They will work until their 70s as they cannot afford to retire. Nothing wrong with that. Just a fact of life.

Just wondering if all engineers leave their field to join other profession, then where people will invest, who will take loan from bank. There will be no new product, new technology, new company, new business, no growth in existing business. Stocks will collapse. How, many other professionals will be surviving?

Everyone talking about investment bankers, who will employ them to invest?
There will be no new property without engineer, how to become property agent?
There will be no property, new industry, how to grow insurance revenue?

Originally Posted by Unregistered

Engineers don't know the "number" . If they need $80k a year in retirement and they retire at 60, and spend 25 years in retirement, they will need minimum $80k x 25= $2m.

What type of logic? No wonder they have to work till they kick bucket!!!

So you are a banker? Finance ppl?
Finance ppl do best in writing financial articles, analyse and predict the market...
But failed most of the time... because they know numbers too well, just theory.. by calculating and charting... but they forgot 1 thing, this is not an ideal world. I always hear these financial products sellers making statement like guarantee return of 4 or 5%... what is guarantee?? and many here can teach you how to retire at 38 years old, by leverage and mortgage your house to invest in this and that and finally invest in 4% yield equity for passive income, can travel around the world... they can really talk.. but cannot realise it..
Most of them work till midnight standing in front of banks or MRT or anywhere.. giving out leaflets for financial products or insurance... hard selling, pestering and some even con the old ppl... how great they are.. and 6 months later, changed to property line..

Originally Posted by Unregistered

Just wondering if all engineers leave their field to join other profession, then where people will invest, who will take loan from bank. There will be no new product, new technology, new company, new business, no growth in existing business. Stocks will collapse. How, many other professionals will be surviving?

Everyone talking about investment bankers, who will employ them to invest?
There will be no new property without engineer, how to become property agent?
There will be no property, new industry, how to grow insurance revenue?

There will be no IPHONE, computers, internet.... so many.. even the MBS..