Indeed we are low income. We are ashamed of ourselves.
We are thinking of selling our condo as we feel we dont deserve staying in it since we are low income couple. If we sell at $900k and then pay off the mortgage of $300k left, we will then get $600k. We can then buy a 3 room
HDB flat at $300k and pay in cash. We will then have $300k to invest in stocks which can give us 5% dividend yield or $15k pa. Then our income can increase to $184k pa. By staying in
HDB flat, we can also get rebates for utilities which mean we spend less.
So by selling our condo and living in a 3 room
HDB flat (plus investing), we can increase our current savings of $80k pa to $100k pa. If we sell our car and take public transport, we can save $118k pa.
Is this a good idea? What do you think?
Quote:
Originally Posted by Unregistered
Mid 40s mean that both of you still got promotional opportunities. So just work on.
As you did not say how the $169k is divided between you and spouse, I will assume both of you earn equally at $85k pa or $5.7k pm (assuming 2 months bonus and 13th month pay).
$5.7k pm is low for a mid 40 grad.
While good pay is important, other important factors are work life balance and nature of job. Also if your expense is only $100k pa (like mine) you will be able to save $69k every year. Better than a couple earning $250k pa but can only save $50k.
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