Forums - View Single Post - How much are you earning per annum?
View Single Post
  #1738 (permalink)  
Old 24-07-2012, 03:15 PM
Posts: n/a

Originally Posted by Unregistered View Post
Valid points but already well thought out. When I was about to buy my condo, I was still within income limits of EC.

I'm in banking but not in the high risk functions like IB or sales/trading. Well it does not mean I won't get retrench, but it means that being young, I won't have too much a difficulty getting another job. Being young, it is also less likely I will get retrenched. They usually cut the fat around middle-senior management level.

If it comes to it, I'm sitting on a 10-15% paper gain on the condo. We are still staying with my parents at the moment (waiting for TOP) so its not like we are losing roof over our heads. Also, it is an investment, because I may / or may not move in when TOP. I could sell it and book gains on TOP, then buy another property in less pricey location like Punggol/Pasir Ris which is still cheap (for now).

The continental car is 2 year old already, I agree it is a luxury purchase. But the worse of the depreciatio is already over. It is a 6-year loan, and I have enough cash to pay it off.

The other expenses can be trimmed if necessary.

The only thing that I will need to adjust is if we have our first kid. I will probably cut back on expenses (e.g. sell off my country club or reduce number of holidays)
Speaking as an older guy, we actually need more young people like you to overstretch themselves. This is so that when the crunch comes, we have the cash to buy things at a much lower price (cars, condos, stocks). And when economy recovers, we will then sell them at higher prices back to young people like you.
Reply With Quote