It would be wrong to assume all old timers grew their wealth through property investments. In my cohort of "old timers" (>50 yrs old) I know many of them still have only 1 property, the one they are living in. The advantage we had was, we could buy condos and landed properties at lower prices than now.
We do talk about our net worth and discuss investment. More so now that retirement is nearer. Most of us have worked close to 30 yrs or more. Obviously those with spouses also working tend to have higher net worth around the region of $4m to $4.5m including their properties. (Those whose wives are housewives would have less, probably $2.5m to $3m including their properties). Our main past time pre-occupation is to build up our passive income stream.
For the younger people out there, I would say be patient. Once you established your career, and your family, your net worth will continue to grow. When I was in my early 40s, my net worth (including my home) was just pushing $2m, less than that of the many young posters here. So if they continue to work and progress in their careers, they should be able to accumulate $5m-$6m by the time they reach 60.
My own take is property investment in tiny Singapore is a safe bet for the long run. There will be cycles, but the new peaks will be higher than previous ones due to population growth and inflation.
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Originally Posted by Unregistered
Sorry to interrupt the flow but i noticed that lately, the last few posts were posted
by those in their 40s to 50s who talk about their properties and net worth and retirement plans. Most of you all have experienced the great appreciation of property prices in the last decade and the cash readily available to go into the stock market in 2009 and during the eurozone crisis, the era when you can buy multiple properties, make millions in banking.
I graduated in 2007, at the peak of the financial boom and whatever savings i have, bulk of which, will be used for my housing, reno, wedding (even more expenses for those who choose to have children). My question is, on behalf of those in their late twenties to early thirties, is it possible and how do you make millions again like our seniors in this forum who own multiple private properties going forward in sg?
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