You have much to be thankful for. Living in a condo, some more fully paid, is an aspiration for many. If you are able to save some money every month then you should be alright. Financial experts recommended saving 10% pm when just starting out work, but to increase the savings when older (eg 30-40% by late 40s). This is assuming most of the loans are paid up.
For us, we finally achieved our aspiration to live in a condo when we were 50 after years of saving. We didn't want to take loan, which was a big big mistake! We should have bought earlier with loan. But at least we are now enjoying the condo. It was sweet reward after so many years of work and savings.
With our children grown up and no loans, we are now able to save 60% of our income every year. Having tasted the good life of living in a condo, we are eyeing buying another. Just waiting for the market correction. Depending on the magnitude of the correction, we might not even need to take loan for the 2nd condo. Waiting.....
Quote:
Originally Posted by Unregistered
I was a corporate executive a year ago, earned $200k pa. Unfortunately due to restructuring, I was retrenched. Now at 45, I only managed to secure a $80k pa job. It is less stressful but paying much lower. Luckily I have paid off my condo's mortgage. My wife now goes back to work, earning $70k pa. Now, we manage to survive with an annual income of $150k pa. Life is tough. To own a condo and maintaining a car in Singapore is not easy, but we manage, out of sheer determination.
|