My BIL had the same experience. He used to be a high flyer in a company but left due to toxic office politics. But he was prepared. He bought in his semi D many years ago which he bought cheap. So when he left he sold it for a big profit, he then downgraded to a penthouse unit. He had cash balance after all the transactions. He then invested in high dividend yield stocks and now earn enough passive income for his family. His wife's income supplements his passive income. Now he is actively investing and generate good income from his investments. He is a smart guy. I always seek his views on investements and he has been right almost all the time.
Quote:
Originally Posted by Unregistered
This is good advice. I myself can attest to this. I lost my job last year and sold my landed property for $2m and downgraded to a Bukit Timah condo, paying $1.2m in full. I am now debt free. I also sold my German car and stopped employing a maid. I could not get a replacement full time job and now do some contract work, earning only $60k pa. Luckily my spouse is still working, earning $90k pa. We manage to survive by managing our expenses. We manage to cut our expenses to a minimal $100k pa. We now only save a meagre $50k pa, a far cry from our past annual savings. Life is tough in this modern world.
|