You are doing very well bro. Not many people your age have paid off their condo mortgage. There are those in their forties who just got their EC and they are still on 80% loan! Can be as much as $800k mortgage! If their EC cost $1m, since they can take 80% loan, they would borrow $800k. And their home equity would only be $200k. If they have some savings and
CPF, the most they have is $300k and so their net worth is only $500k. In comparison, your net worth is a HUGE $1.9m!
Quote:
Originally Posted by Unregistered
47, $120k pa. Wife, 40, $50k pa. Our home is a 3 bedroom condo in the OCR, worth $1.4m, totally paid up. One teenage son. We own a 5 year old car, paid up. Our total cash and CPF savings $500k. Total net worth $1.9m.
We hope to retire when we reach 65 years old. By then, our son should be married and living in his BTO flat. We can then buy a small studio condo. We aim to have $1.5m worth of investments to give us a 4% dividend yield or $60k pa. Our CPF Life will give us $3k pm or $36k pa. Our passive income will be $96k pa. We don't need our son to give any allowance, if he does it will be a bonus. We don't think we will need a maid but we will still have a small car for the two of us to do marketing. |