How much are you earning per annum?

We were fortunate to upgrade from a HDB flat to a condo in 2003. Back then we sold our flat and bought a condo for only $700k. Today, the condo's market value has appreciated, thanks to a well managed economy and good market timing on our part. It is now valued at $1.3m at least and we managed to pay off the mortgage. We feel blessed and lucky since we are able to live in a nice condo and own a car. We are now 48 & 49 years old and have a total combined income of $160k pa and debt free. We enjoy going for overseas holidays with our kids once a year. Our net worth in total is about $1.9m.

Originally Posted by Unregistered

We were fortunate to upgrade from a HDB flat to a condo in 2003. Back then we sold our flat and bought a condo for only $700k. Today, the condo's market value has appreciated, thanks to a well managed economy and good market timing on our part. It is now valued at $1.3m at least and we managed to pay off the mortgage. We feel blessed and lucky since we are able to live in a nice condo and own a car. We are now 48 & 49 years old and have a total combined income of $160k pa and debt free. We enjoy going for overseas holidays with our kids once a year. Our net worth in total is about $1.9m.

Well done!

Despite your relatively modest HH income, your HH net worth is commendable.

But you do have to think about how to realise the value of your condo in the next 10-15 years as you approach retirement as it is your only property..

Originally Posted by Unregistered

Well done!

Despite your relatively modest HH income, your HH net worth is commendable.

But you do have to think about how to realise the value of your condo in the next 10-15 years as you approach retirement as it is your only property..

We will retire in our condo.

We plan to retire at 65 and since we save $60k pa, we will be able to save $960k cash by 65. We will then invest this in a 5% dividend yield stocks hence giving us $48k pa or $4k pm of dividends. Our CPF Life will give us $3.5k pm ($1.75k each), so in total we will have $7.5k of passive income in retirement or $90k pa. This is more than enough for food, utilities, public transport fees and some overseas holidays. We will not have a maid nor a car anymore as we find these a big waste of money for a retired couple.

Reading this thread I honestly dont know what to feel. People here are making so much money in a such a short span of time. My dad has worked in the petrochemical industry for about more than 20 years. He sort of designs and builds oil refineries in Jurong Island for a living. He earned 130k last year with bonus and TONS of overtime. He basically runs the whole show in the refinery he is in even though he is not at the top. I would say we are living comfortably, 5 room flat, car and he can even afford to send us to a cushy independent school (RI,ACSI).
Yes he was from India, yes his degree was from an Indian University but I dont understand why he is paid this little, if I ASSUME what is in this thread in true. I think he is getting ripped off for all the hard work he puts in. (He goes to work at 7 and comes back only at 8). Gosh his boss even had the goddamn guts to tell him if his skin was white he would be earning 5 times as much as he was now. I honestly feel like crap for my dad now.

FYI: He was born a singaporean citizen but my grandfather decided it would be best to let my father and uncle study in India staying with my grandma while he worked in singapore, since he couldnt afford it.

Originally Posted by Unregistered

Reading this thread I honestly dont know what to feel. People here are making so much money in a such a short span of time. My dad has worked in the petrochemical industry for about more than 20 years. He sort of designs and builds oil refineries in Jurong Island for a living. He earned 130k last year with bonus and TONS of overtime. He basically runs the whole show in the refinery he is in even though he is not at the top. I would say we are living comfortably, 5 room flat, car and he can even afford to send us to a cushy independent school (RI,ACSI).
Yes he was from India, yes his degree was from an Indian University but I dont understand why he is paid this little, if I ASSUME what is in this thread in true. I think he is getting ripped off for all the hard work he puts in. (He goes to work at 7 and comes back only at 8). Gosh his boss even had the goddamn guts to tell him if his skin was white he would be earning 5 times as much as he was now. I honestly feel like crap for my dad now.

FYI: He was born a singaporean citizen but my grandfather decided it would be best to let my father and uncle study in India staying with my grandma while he worked in singapore, since he couldnt afford it.

Your post only talked about your dad. This implies that your mum is not working.

Financially, this is a mistake. An airplane with two engines should use two engines when it is flying. If it flies with only one, of course the ride is rocky. If you look carefully, many of the numbers look I pressive because they are the HH income of families with BOTH dad and mum working.

Although I value stay at home mothers, there is a heavy economic price to pay and as you become an adult and join the working world, bear this in mind.

Also, I ask sorry to say that your grandfather made a mistake for which your dad is paying for it now. I am sorry to say that it is probably true that an Indian degree is not as well regarded even compared to local singapore universities.

Well, what you can do best is to learn from the "mistakes" of your elders... And not repeat them..

Originally Posted by Unregistered

Your post only talked about your dad. This implies that your mum is not working.

Financially, this is a mistake. An airplane with two engines should use two engines when it is flying. If it flies with only one, of course the ride is rocky. If you look carefully, many of the numbers look I pressive because they are the HH income of families with BOTH dad and mum working.

Although I value stay at home mothers, there is a heavy economic price to pay and as you become an adult and join the working world, bear this in mind.

Also, I ask sorry to say that your grandfather made a mistake for which your dad is paying for it now. I am sorry to say that it is probably true that an Indian degree is not as well regarded even compared to local singapore universities.

Well, what you can do best is to learn from the "mistakes" of your elders... And not repeat them..

Yes she is not working. As a matter of fact, she got so bored at home that she decided to go to Uni to study tamil(the funny part is that we are not even tamil) part time. But every cloud honestly has a silver lining. My grandfather was able to buy up tons of property back in India for peanuts back in the day with his income from working here. The property's and homes right now are worth millions. So we can take solace in that fact perhaps. I am pretty sure we would collapse if my brother's NUS med school financial aid stops

I don't know what you expect us to say when you said "Gosh his boss even had the goddamn guts to tell him if his skin was white he would be earning 5 times as much as he was now".

This affected all of us. That's why the industries moved out to south east Asia and other parts of the world where labour costs were lower. Many jobs were outsourced from the US and Europe to us. We, the dark skin, yellow skin and brown skin are doing the jobs of white skins for much lower pay. But I think we shouldn't complain but be thankful instead. Now this phenomenon is happening to us too as our labour costs go up.

Back then our salaries were lower, but then cost of things were lower also, just like they are now in 3rd world countries where our industries are now moving to.

Now we have a new problem. In addition to seeing industries moving out to 3rd world countries, jobs being outsourced, we also see influx of foreigners coming in to work for lower pay.

We, not just the country, but as individuals have to upgrade or die poor!

Originally Posted by Unregistered

Reading this thread I honestly dont know what to feel. People here are making so much money in a such a short span of time. My dad has worked in the petrochemical industry for about more than 20 years. He sort of designs and builds oil refineries in Jurong Island for a living. He earned 130k last year with bonus and TONS of overtime. He basically runs the whole show in the refinery he is in even though he is not at the top. I would say we are living comfortably, 5 room flat, car and he can even afford to send us to a cushy independent school (RI,ACSI).
Yes he was from India, yes his degree was from an Indian University but I dont understand why he is paid this little, if I ASSUME what is in this thread in true. I think he is getting ripped off for all the hard work he puts in. (He goes to work at 7 and comes back only at 8). Gosh his boss even had the goddamn guts to tell him if his skin was white he would be earning 5 times as much as he was now. I honestly feel like crap for my dad now.

FYI: He was born a singaporean citizen but my grandfather decided it would be best to let my father and uncle study in India staying with my grandma while he worked in singapore, since he couldnt afford it.

Given the woes in the global oil market and the rig industry, you dad is lucky to still have a job. I think his degree may be worth less than our local Spore uni. So, best you stop complaining and appreciate what your family have. Work hard and get into the local Spore uni. Our local uni (NUS, NTU) are among the top in Asia.

Originally Posted by Unregistered

Reading this thread I honestly dont know what to feel. People here are making so much money in a such a short span of time. My dad has worked in the petrochemical industry for about more than 20 years. He sort of designs and builds oil refineries in Jurong Island for a living. He earned 130k last year with bonus and TONS of overtime. He basically runs the whole show in the refinery he is in even though he is not at the top. I would say we are living comfortably, 5 room flat, car and he can even afford to send us to a cushy independent school (RI,ACSI).
Yes he was from India, yes his degree was from an Indian University but I dont understand why he is paid this little, if I ASSUME what is in this thread in true. I think he is getting ripped off for all the hard work he puts in. (He goes to work at 7 and comes back only at 8). Gosh his boss even had the goddamn guts to tell him if his skin was white he would be earning 5 times as much as he was now. I honestly feel like crap for my dad now.

FYI: He was born a singaporean citizen but my grandfather decided it would be best to let my father and uncle study in India staying with my grandma while he worked in singapore, since he couldnt afford it.

Originally Posted by Unregistered

For the 2nd April COE bidding starting tomorrow, here's my prediction:

Cat A COE $70k

Cat B COE $82k

If you go to new car showrooms this weekend, you can see big crowds buying to change to new cars. Those who have scrapped their cars and those owning cars more than 5 years old will also want to buy new cars as we can expect the COE for Cat A in 2018-2019 can possibly go to $100k or higher since we don't have any clawbacks now.

The car dealer attempts a come back..... Just like those pesky fellows who thrust their flyers in your face.....

Originally Posted by Unregistered

For the 2nd April COE bidding starting tomorrow, here's my prediction:

Cat A COE $70k

Cat B COE $82k

If you go to new car showrooms this weekend, you can see big crowds buying to change to new cars. Those who have scrapped their cars and those owning cars more than 5 years old will also want to buy new cars as we can expect the COE for Cat A in 2018-2019 can possibly go to $100k or higher since we don't have any clawbacks now.

COEs prices are crashing soon, that is what LTA is hinting to us in the press release. In the next 4 years, more than 100k number of COEs are going to flood the market each year. The massive supply will meet the demand at a lower price.

://.lta.gov.sg/data/apps/news/press/2015/20150416_Motor_veh_pop_Age_Profile_AnnexB.pdf