The below poster is a real fool. People like them usually sit in a corner and suck their thumbs and occasionally come out and make foolish remarks. See how he asked you to compare with people who earned $250k pa and are saddled with debts? Why don't he ask you to compare your yearly savings with these people, and their net worth. People who are astute know how to make their money work for them. Housing loans have the lowest interest rates around, and smart people deliberately do not pay up their loans because they can make more more by investing their money than to pay up their housing loans.
But bottom line is, to live within one's means. The survey by salary.sg showed that people who stay in condo do typically earned over $16k pm and that was based 2011 dollars. Many earned more. So don't blindly follow the Lims and Tans. It is better to live within one's means.
At 50/52, you don't much time horizon to grow your savings.
Quote:
Originally Posted by Unregistered
Since you are debt free and both your home & car loans are cleared, you are actually better off than couples who earn $250k pa but still saddled with housing and car loans. Don't listen to fools.
Enjoy staying in your condo until you retire at 65. Then you can downgrade to a studio condo unit and sell your car. Your retirement payout of $1200 per month for you and wife each would be useful. If you eat simply and don't lavish on employing a maid and spending on unnecessary things, you should be ok.
|