Quote:
Originally Posted by Unregistered
I thank the many people here who share their finances. I'm motivated to share ours to get opinions on how our situation is.
Age: Mid 40s.
Married couple with two children.
We earn $15k pm (total annual income divided by 12). We save $3k pm.
Home: Mass market condo, less than 5 years old, worth $950k. Mortgage outstanding $190k. Mortgage instalment $1200 pm using CPF. MSR (mortgage servicing ratio) = 8% only.
Car is fully paid up in cash.
Cash and CPF savings in total $600k.
Total net worth (condo net asset value + cash + CPF + car) $1.43m.
We are almost debt free, our only loan is the $190k outstanding condo mortgage.
We save $36k pa. Our TDSR (total debt servicing ratio) is only 8%. Current ruling on TDSR is 60%.
How are we doing financially? Any financial experts here? |
In terms of annual income, you are probably the 70th percentile or so.
In terms of housing, you are the 85th percentile or so.
So there is a slight over consumption in housing type but I guess that will be resolved when you sell off your condo and downgrade to
hdb in future.
Based on US' Pew research on the definition of middle class i.e. Between 2/3of median income and 2xmedian income, your family is considered middle income since median HH income is around 100k (from sing stat data)