Quote:
Originally Posted by Unregistered
You make it sound like all in the older generation are wealthy and own multiple properties. This cannot be further from the truth!
I think at most, less than 1% of the older generation can be considered wealthy with networth exceeding $2M (including their homes)? You can see around you especially in HDB void decks many retirees sitting idly and many uncles and aunties still working at low level jobs in their lates 60s. These people dont have much savings!
Those who became wealthy through property investments took great risk! No one knows how the market would turn out. The poster who said the father bought a bungalow which grew multifold in value could have gone sour had the government acquired the land for MRT line for example or gone bankrupt had the economy turned south and he could not keep up with the loan repayment.
This, by the way, happened to many hapless property investors in 1997/98, 2008/09 financial crisis. They had to sell at great loss or were made bankrupt.
Those who really made good are the educated ones who had stable jobs, hold senior positions and good incomes (eg $200K - $500k pa) and invested well. These are the people who had holding power and even accumulate more investments during poor economic climate. But like in every generation, there are not many of such people. Then there are the power couples - where both husband and wife are high flyers. Imagine if each earns $200k to $500k pa, then their combined income is anything from $400k to $1m pa.
We are not a power couple, but suffice to say that our annual savings exceed $300k. So can you imagine what the power couples could be saving! |
I didnt say all, but those who have property like
HDB, condos, landed and etc. This is certainly true, if u look at the valuation. However, along the way with their children or unexpected spending or as you say economy crisis, some has lost their property and money for retirement. Which is why we can see older folks continue to work despite their old age.
But u cannot deny the fact that 30 years, 40 years ago the price of a
HDB is around few thousand dollars, and now, it become more than few hundred thousand. But this kind of growth will hardly been seen in the current generation.
saving 300k per year is really really a lot. You are belong to the high tier income earner. Not many people can earn 8k per month, not to say over 10K per month. I certainly can image those power savers. But your illustration of your personal example cannot be applied to most people in Singapore.