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Whats your net worth

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  #2001 (permalink)  
Old 06-03-2014, 11:30 AM
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What an elitist mindset you have. Earning $130k pa equals to poverty???!!!
Obviously you are the kind who look down on poor people. Shame on you!!!!!!!!!!!!!!!

This is poverty

Hunger in Africa - (MUST WATCH) - YouTube


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If your spouse earned $500k pa 10+ years ago, you should have retired anyway. Its quite different from the other guy whose household income drops from $230k to $130k. He's literally going into poverty in some gamble on his children. Many kids who do badly early in school buck up and do well later. Many kids who are pushed too hard resent it and rebel against their parents later, often turning into delinquents.

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  #2002 (permalink)  
Old 07-03-2014, 04:51 PM
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Quote:
Originally Posted by Unregistered View Post
What an elitist mindset you have. Earning $130k pa equals to poverty???!!!
Obviously you are the kind who look down on poor people. Shame on you!!!!!!!!!!!!!!!

This is poverty

Hunger in Africa - (MUST WATCH) - YouTube
And you have a very literal mindset and can only understand simple English.

If your African example is poverty then you are saying that there is no poverty in Singapore. Shame on you!!!!!!!!!!!!!

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  #2003 (permalink)  
Old 12-03-2014, 07:08 AM
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How come this thread full of posts which are relatively unrealistic in the real Singapore? I know of a real Singaporean, 66 years old and working as a construction supervisor, He has practically no savings and his done doesn't earn enough to support him, he said if death comes sooner the better, he does not have enough to survive on the moment he stops working and hopes to die early. So sad and yet people here seem to make it a big deal if their earnings fall from $800k per annum to $500k.

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  #2004 (permalink)  
Old 12-03-2014, 07:10 AM
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How come this thread full of posts which are relatively unrealistic in the real Singapore? I know of a real Singaporean, 66 years old and working as a construction supervisor, he has practically no savings and his son doesn't earn enough to support him, he said if death comes sooner the better, he does not have enough to survive on the moment he stops working and hopes to die early. So sad and yet people here seem to make it a big deal if their earnings fall from $800k per annum to $500k.
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  #2005 (permalink)  
Old 12-03-2014, 07:54 AM
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It is all relative. For eg. if you have all the while been driving to work, and suddenly you have to take public transport, you will feel the difference. I think it similarly applies when all the while you have been taking only MRT to work and suddenly have to switch to taking buses only.

The other issue is about empathy. Many of us are so caught up living our own lives that we forget to notice our less fortunate neighbors. It gets worse when there is tendency for the different income classes to congregate together. Most of us started off living in HDB, then when our income and wealth grow, we upgrade to condos or landed properties. So when you are living in a high end condo or landed estate, what you see and who you mix with daily are your similarly wealthy neighbors. And rich people tend not to take the public transport, so their exposure to the general public is even less.

You know what's worst? Many of the rich think everyone else is similarly rich, likewise for the poor, they also think that other people are the same as them - poor. So the net effect of this phenomenon is the poor would readily help a fellow neighbour, while the rich are less willing to do so, thinking that the guy can probably take care of himself.

A study in the US done on the incomes of rich and poor neighborhood noted this observation: that the rich tended to overestimate the income of the poor, while the poor tended to underestimate the income of the rich. The study also noted that many people whether rich or poor saw themselves as middleclass. The explanation given for this behavior was that people tended to stay in a neighborhood of similar income class. Rich people stay in richer neighborhood, see that they are similar to their neighbors and concluded that they must be average or middle class. Likewise for the poor.




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Originally Posted by Unregistered View Post
How come this thread full of posts which are relatively unrealistic in the real Singapore? I know of a real Singaporean, 66 years old and working as a construction supervisor, he has practically no savings and his son doesn't earn enough to support him, he said if death comes sooner the better, he does not have enough to survive on the moment he stops working and hopes to die early. So sad and yet people here seem to make it a big deal if their earnings fall from $800k per annum to $500k.
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  #2006 (permalink)  
Old 13-03-2014, 10:27 PM
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My spouse and I are in our early 50s and earn a total of only $170k pa. Our combined income is actually very little, we have friends and relatives whose combined income are more than $350k, some more than $500k. We consider ourselves as in the lower middle income group.

Nevertheless, we are contented with what we have. We are lucky enough to buy a condo in 2006 for only $500k and now it is fully paid up and valued at $1.2m. Our purchase was perfect and we are happy indeed. Our investment in our condo has paid off well.

We also have some cash and CPF savings over the years and this amount to about $500k in total. Our current total net worth is about $1.7m, including our condo. We are debt free.

Our retirement plan is to sell our condo and buy a small HDB 3 room flat. We will our invest our cash balance in strong blue chips to get 5% dividends. If we invest $1.4m, we will get an annual dividend of $70k pa. We will also get from CPF Life about $24k pa ($12k pa each). Our children should give us $12k pa in total ($6k pa each). So we will have $106k pa, more than enough for a retired couple. We will get a flat near an MRT station so that we will not need a car to travel.
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  #2007 (permalink)  
Old 13-03-2014, 11:07 PM
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Originally Posted by Unregistered View Post
My spouse and I are in our early 50s and earn a total of only $170k pa. Our combined income is actually very little, we have friends and relatives whose combined income are more than $350k, some more than $500k. We consider ourselves as in the lower middle income group.

Nevertheless, we are contented with what we have. We are lucky enough to buy a condo in 2006 for only $500k and now it is fully paid up and valued at $1.2m. Our purchase was perfect and we are happy indeed. Our investment in our condo has paid off well.

We also have some cash and CPF savings over the years and this amount to about $500k in total. Our current total net worth is about $1.7m, including our condo. We are debt free.

Our retirement plan is to sell our condo and buy a small HDB 3 room flat. We will our invest our cash balance in strong blue chips to get 5% dividends. If we invest $1.4m, we will get an annual dividend of $70k pa. We will also get from CPF Life about $24k pa ($12k pa each). Our children should give us $12k pa in total ($6k pa each). So we will have $106k pa, more than enough for a retired couple. We will get a flat near an MRT station so that we will not need a car to travel.
And I think you're more like middle middle. There aren't so many millionaire households in Singapore.
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  #2008 (permalink)  
Old 14-03-2014, 08:21 AM
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I think you have done extremely well financially. In Singapore, you are among the top 20% of Singapore society as 80% of Singaporeans live in HDB public housing. Since you live in a private condo, you are in the top 20%.

If you compare yourself globally, you would be in the top 0.5% of the world's population. Globally, only a very, very small % of couples are considered millionaire couples. Your combined net worth is about US$1.3m, this is a lot, from a global perspective. Thanks to our strong and capable government, strong economy, strong Singapore dollar and strong property market over the past 10 years.

Singapore is the best place to be in the world to grow rich.

Congratulations to you and your wife. You have made it.


Quote:
Originally Posted by Unregistered View Post
My spouse and I are in our early 50s and earn a total of only $170k pa. Our combined income is actually very little, we have friends and relatives whose combined income are more than $350k, some more than $500k. We consider ourselves as in the lower middle income group.

Nevertheless, we are contented with what we have. We are lucky enough to buy a condo in 2006 for only $500k and now it is fully paid up and valued at $1.2m. Our purchase was perfect and we are happy indeed. Our investment in our condo has paid off well.

We also have some cash and CPF savings over the years and this amount to about $500k in total. Our current total net worth is about $1.7m, including our condo. We are debt free.

Our retirement plan is to sell our condo and buy a small HDB 3 room flat. We will our invest our cash balance in strong blue chips to get 5% dividends. If we invest $1.4m, we will get an annual dividend of $70k pa. We will also get from CPF Life about $24k pa ($12k pa each). Our children should give us $12k pa in total ($6k pa each). So we will have $106k pa, more than enough for a retired couple. We will get a flat near an MRT station so that we will not need a car to travel.


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  #2009 (permalink)  
Old 14-03-2014, 03:34 PM
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Finally a realistic story in this thread.
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  #2010 (permalink)  
Old 14-03-2014, 06:14 PM
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We all have a choice. We can choose to believe or not. But no matter what, we relate best to things we can understand or are familiar with. That is, we have tendency to treat things that are out of our expectations to be untrue/unbelievable.

But will shutting out things we dont believe help us? Does it make us feel comforted, better?

I was looking at through the internet for discussions on how much one will need for retirement, and found a few discussion threads- mostly by Americans and British people, and the amount they said they need for retirement can be from $500K to $10M.

In one thread, the ordinary folks said that $500k should be enough to see them through retirement, and yet many are not able to see themselves saving that amount even though they are already in their 50s and still working.

In another, posters are whining that with $5M in savings, they will not be able to retire at 55 and have to slog on till 65 in order to sustain their dream lifestyle of carefree travelling, eating at fine dinings etc..

I thought maybe that's what we need here. Two separate threads for the different income class.



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Finally a realistic story in this thread.
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