Quote:
Originally Posted by networth
age: 36+
annual base salary: $200K, bonus $30K
wife age: 34+
annual base salary: not working now (previously $90K)
house: 2-storey freehold terrace (cost $2.2M over 2 years back, current value $2.7M with $850K loan remaining)
cash in bank: $570K
stocks: $210K (annual dividend of $11K)
SRS and insurance cash value: $100K
car: bmw 5 series ($15K loan left)
doing relatively well compared to my peers with an engineering degree, but still a long away from getting out of the rat race
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So you are holding on to an engineering degree?
Also same as the previous guy, I am curious why don't you pay off your loans when you have the means to do so. You have $570k, just a fraction can pay off the car. And the house too, you can use half of the savings to pay house loans.
I'm really curious why people like to continue paying installments and interests when they have the means to pay in full with their savings. My friend who has a $200k+ loan chose to pay only $30k for car down payment and take up $80,000 loan(before
MAS policy stepped in). I'm really dying of curiosity.
Perhaps the previous guy is saving for his marriage and honeymoon, for your case, I'm honestly confused.
Care to explain why?