Quite similar profile to ours when we were in our 30s. We too had 2 properties, only that both were small private properties. Salaries about the same. Two small kids too.
What I can say is, it is going to be some journey ahead but at the same time, time can pass really fast, especially if you are happy in your jobs and have a happy family life. Our children are now grown ups!
All the while, we always have 2 properties, one to stay, the other to earn rental income. Even till today, we still own 2 private properties (condos) - our 4th and 5th respectively. Only big difference is both are fully paid.
As both of you are only 37, I see a lot of upside in terms of career progression, salary increases and savings! If you don't have any gap in your work career, I don't see any problem for you as a family to accumulate your networth to over $5m when you hit 55, like we did.
Enjoy your journey!
Quote:
Originally Posted by Unregistered-working hard
Both myself and wife are 37 years old, both are employees with combined annual income S$190k (12 mth salary).
Staying in a fully paid up 5 room HDB (now worth around $650k)
Own a condo and rent out to earn monthly rental income of $3.5k (valued at around $1.5mil, outstanding loan $1mil)
Combined CPF balance (OA) and cash savings $180k
Have two children still in pre-school - monthly expenses $2.6k
Parents monthly allowance - $2k
Monthly insurance premiums - $1.5k
Monthly combined savings - $5.6k
Any Variable bonuses will be saved for rainy days and children's university
We don't own a car and seldom eat in restaurants unless with parents and children. We both come from humble families and understand the importance of saving $$, we don't own any shares/bonds.
Are we doing fine? Appreciate any advice on safe investings tips. |