Quote:
Originally Posted by Unregistered
Well, we have to wait for the people who bought their cars when the COE was very low to scrap their cars. With the present high COE, hopefully many will give up owning another car after they they scrap their cars.
The roads are just too jammed up, not to mention the full car parks. I can't wait to go back to the days when driving was smooth and enjoyable. |
Don't worry, I am one of those guys who will scrap their cars. I plan to retire next year when I reach 50. I am not in the best of health due to the long hours of work, frequent overseas travel, and all the bad habits. I will not live long if I continue with my current lifestyle.
Since the property market is expected to fall drastically over the next two years, I will sell my terrace house now. I will sell it at $2.5m, pay off the $500k mortgage, and have $2m in cash. I will use $400k cash to buy a resale 4 room
HDB flat, and invest $1.6m to buy stocks to give me dividends of $64k pa. Without a car and a maid, I will save $3k pm. My household expenses will then drop to $60k pa. My wife, 40, will work part time to take care of me, she can earn $30k pa, so our income will be $94k pa while our spendings will be $60k pa and we can save $34k pa. We will also clear all our loans. Luckily I have bought medical insurance in my early working years to take care of the bulk of the medical bill. I can also your my Medisave.