Retrenchment In Singapore

Originally Posted by Unregistered

Huh u got retrenched, I assume u got no $ since you jobless so where u got the money from to flip? Which bank willing to lend you for flipping without any income unless u tell me you inherited large amount of wealth or u r so successful in your early life which doesnt seem logical coz u wont even bother to search for a job as u can just retired back then?

Sorry but your story is full of missing bits and pieces here and there and they dont add up to present a convincing case.

Ever since someone posted on how property seems to be able to earn you passive income even in the midst of retrenchment, the whole thread seems to divert into property investment etc.

I seem to smell some kind of property marketing here. Are u a property agent trying to hype the market since there are no sales around?

I only say I got retrench, when did I say I have no money from other sources? A lot of assets can be collatorised if need be.

I know it might be hard for people like you to understand, but there are many people out there who still work despite being financially independent. Life is more than just sitting around the beach doing nothing everyday. This is a misconception of many who are stuck in the rat race.

If you reach a position of wealth, you will understand better. And also we are just here to share retrenchment experience, if you happy listen dun believe also can, but no need to start getting paranoid with conspiracy theories about property agents manipulating the thread to affect nation-wide property trends. This is so illogical I dont even know where to start.

Originally Posted by Unregistered

I only say I got retrench, when did I say I have no money from other sources? A lot of assets can be collatorised if need be.

I know it might be hard for people like you to understand, but there are many people out there who still work despite being financially independent. Life is more than just sitting around the beach doing nothing everyday. This is a misconception of many who are stuck in the rat race.

If you reach a position of wealth, you will understand better. And also we are just here to share retrenchment experience, if you happy listen dun believe also can, but no need to start getting paranoid with conspiracy theories about property agents manipulating the thread to affect nation-wide property trends. This is so illogical I dont even know where to start.

Ok my bad. How about sharing with us what other assets u possess and how to go about striking that pot of gold i mean u cant blame me for being suspicious right based on your wonders hahaha

The data was just out that we just grow 0.2% in the first quarter.

With this anaemic growth, there isn't enough jobs creation for the new graduates that will be entering the market. This is from broad view perspective.

Anybody has number for number of job creation for each percent that our GDP grow? And how many jobs need to be created to absorb the number of graduates that is entering market each year? each year

My cousin was retrenched from a $6,000 per month manager job. He tried looking for another job but found it difficult. So he decided to drive a cab and that allows him to earn $3,000 per month. His wife took up a part time job, earning $1,000 per month. They sold their 5 room flat, paid off the outstanding mortgage and bought a 3 room flat fully paid from the net receipt. They remain positive and happy. He could even send his kids to school everyday. Life goes on. I respect him for his positive attitude and willing to lower himself from a manager to a cabby.

[Retrench SG]

Originally Posted by Unregistered

My cousin was retrenched from a $6,000 per month manager job. He tried looking for another job but found it difficult. So he decided to drive a cab and that allows him to earn $3,000 per month. His wife took up a part time job, earning $1,000 per month. They sold their 5 room flat, paid off the outstanding mortgage and bought a 3 room flat fully paid from the net receipt. They remain positive and happy. He could even send his kids to school everyday. Life goes on. I respect him for his positive attitude and willing to lower himself from a manager to a cabby.

Thank you for sharing sir. NOW this is what I called sharing..not some bitter complaining about FT and whatnot ****.

I was a high flying executive in the financial sector while my wife is a civil servant. I used to earn $300k pa in total compensation, including bonuses. My wife earns $100k pm. We were the dream couple, high income, living in a penthouse house condo and drives a 5 series. Life was great till I got the pink slip. I got a shock of my life. I quickly reviewed our financial situation and took a few steps. We sold our penthouse condo and got a net receipt of $1.7m. I used $1m to buy a 2 bedroom condo in Jurong and used the $700k balance to buy a rental condo, fully paid up. The condo gave me $35k of net rental per year. Sold our 5 series and bought a small Korean. Our annual income now is about $135k while we reduced our expenses to $100k.

Originally Posted by Unregistered

I was a high flying executive in the financial sector while my wife is a civil servant. I used to earn $300k pa in total compensation, including bonuses. My wife earns $100k pm. We were the dream couple, high income, living in a penthouse house condo and drives a 5 series. Life was great till I got the pink slip. I got a shock of my life. I quickly reviewed our financial situation and took a few steps. We sold our penthouse condo and got a net receipt of $1.7m. I used $1m to buy a 2 bedroom condo in Jurong and used the $700k balance to buy a rental condo, fully paid up. The condo gave me $35k of net rental per year. Sold our 5 series and bought a small Korean. Our annual income now is about $135k while we reduced our expenses to $100k.

Quick check with you, whats your age now? I guess should b in the 50s? Are you consider retiring soon? Thanks

Originally Posted by Unregistered

Quick check with you, whats your age now? I guess should b in the 50s? Are you consider retiring soon? Thanks

I'm 54. I think I will just retire. Will do some stocks trading for extra income.

Originally Posted by Unregistered

I'm 54. I think I will just retire. Will do some stocks trading for extra income.

ic not bad can retired at age 54. Quite an inspiration to me at least. But I think you should treasure your wife. She is your support pillar coz I think w/o her you wont have made it this far I guess she is your best investment ever, not the condo, not the $$ hahah

Originally Posted by Unregistered

ic not bad can retired at age 54. Quite an inspiration to me at least. But I think you should treasure your wife. She is your support pillar coz I think w/o her you wont have made it this far I guess she is your best investment ever, not the condo, not the $$ hahah

Yes, I appreciate my wife very much. She is a good wife. She understands my situation and willing to adjust our lifestyle. She said I have been a good, faithful husband who had showered her and my kids with an enjoyable life for so long - nice, big condo, big car, expensive holidays to Europe, Americas twice a year, branded bags, jewelry, etc. With her pay, all these would not have been possible, it was my big pay check that funds our luxurious lifestyle. But now it is time for us to normalize to the lifestyle of the average Singaporean. We don't see each other as investments but if we do, I would be her greatest investment and wealth generating asset any woman would love to marry (before my retrenchment that is).