Quote:
Originally Posted by Unregistered
Hi,
I am a multi-millionaire. If I may, let me share with you my life experience of becoming rich.
It is all about hard work and wisdom. I was and still am conservative when it comes to my finances. I have seen many lower class people who overleverage because they dream to strike it rich. When the tide turns, they are all naked and ended up staying in rented 2 room HDB flats for the destitute.
Looking at your case, I think you are borrowing way beyond your means. When the tide turns, you will definitely be standing naked. You may also lose your job and passive income. Your properties and stocks will all crash in value by 50% or more. |
I am not sure about your generation. I am in my late 30s and I know many people became rich from property and stock, including myself. So far, I have never seen any one who ended up staying in rented 2 room flats except those who earned little and/or gambled their money away foolishly. Overleveraged is when u buy many properties and cannot even afford to take a 20% drop in prices. To assume a 50% drop is like telling people to save at least 50% cash of the property price before buying.