Compare your household income

He is sad for the wrong reason - that his household was categorised as below the median household income group.

There is a more important thing to worry about here - that of increasing median household income.

For those who are retired or planning for retirement, they must ensure that their passive income can catch up with the rising median incomes. With rising incomes, this will translate to higher cost of living. So if your passive income falls below the median income, there is every likelihood that you will need to draw down your principal savings.

Drawing down from your savings will trigger a vicious cycle of reduced passive income and increased draw down of your savings. In time, your savings will run out. On the other hand if your passive income can catch up with the median incomes, the likelihood of not touching your savings is higher, and you can outlive your savings.

Originally Posted by Unregistered

u don't sound sad at all, only sarcastic, and a bit of show off

Which is why you need to invest in the right stocks which gives you good dividends. As the companies grow, the dividends will grow to exceed inflation. Another way is to ensure your passive income exceeds your expenses so that you will have savings to reinvest by buying more dividend stocks and hence giving you higher dividends. For instance if your passive income is $7k pm, then spend only $3k pm in your retirement. Don't be a fool by maintaining a car and having a maid. If you want to maintain your lifestyle while working, then work until you drop dead at your cubicle.

Originally Posted by Unregistered

He is sad for the wrong reason - that his household was categorised as below the median household income group.

There is a more important thing to worry about here - that of increasing median household income.

For those who are retired or planning for retirement, they must ensure that their passive income can catch up with the rising median incomes. With rising incomes, this will translate to higher cost of living. So if your passive income falls below the median income, there is every likelihood that you will need to draw down your principal savings.

Drawing down from your savings will trigger a vicious cycle of reduced passive income and increased draw down of your savings. In time, your savings will run out. On the other hand if your passive income can catch up with the median incomes, the likelihood of not touching your savings is higher, and you can outlive your savings.

Looks like the car salespersons have not come over to this thread lol.

Once they invade a thread, they will "pollute" it with " flip a BTO, make a profit and then buy a car"... One of the stewpigest ideas. How do people flip therapeutic they stay in is beyond me. You can only. Flip an investment property, not the one you are staying in ...

Originally Posted by Unregistered

Looks like the car salespersons have not come over to this thread lol.

Once they invade a thread, they will "pollute" it with " flip a BTO, make a profit and then buy a car"... One of the stewpigest ideas. How do people flip therapeutic they stay in is beyond me. You can only. Flip an investment property, not the one you are staying in ...

* the place*.

40/41, HH income $11,500 pm. Sold our HDB flat for $500k (bought at $200k many years ago and fully paid up). We used the $500k sales proceeds to buy a $860k condo in the OCR. Took a mortgage loan of $380k. Spent about $70k (from our cash savings) to renovate the resale condo.

You don't need a HH income of $19,000 pm to live in a condo. As long as you bought a cheap BTO flat, you can flip it and upgrade to a condo. We enjoy the peace, security, facilities and prestige that a condo offers. We are happy with our upgrade.

So the HH income is include bonus?

Originally Posted by Unregistered

So the HH income is include bonus?

Includes bonus and employer cpf contribution

Congrats! Many people are doing the same thing. Cheap BTO flats allow many families to upgrade to condos. Some even use part of the cash profit from selling their flat for 50% downpayment to buy a new car. Most families staying in condos own cars.

Originally Posted by Unregistered

40/41, HH income $11,500 pm. Sold our HDB flat for $500k (bought at $200k many years ago and fully paid up). We used the $500k sales proceeds to buy a $860k condo in the OCR. Took a mortgage loan of $380k. Spent about $70k (from our cash savings) to renovate the resale condo.

You don't need a HH income of $19,000 pm to live in a condo. As long as you bought a cheap BTO flat, you can flip it and upgrade to a condo. We enjoy the peace, security, facilities and prestige that a condo offers. We are happy with our upgrade.

Nobody said you cannot own a condo until you earn $19K pm. What the IRAS data is saying is that condo owners typically are high earners - earning a combined $19k on average. Likewise for landed owners, the average monthly HH income is reported as $23K pm.

The important thing to note here is the $19K figure is an average figure. This means that families like yours with $11K pm are actually pulling down the figure. So, do not foolishly attempt to keep up with your neighbours in the condo who may be earning way more than you. Dont go and buy a conti car just because your neighbours have 2. You need to be aware that they could well afford it, while it may be a stretch for you.

Originally Posted by Unregistered

40/41, HH income $11,500 pm. Sold our HDB flat for $500k (bought at $200k many years ago and fully paid up). We used the $500k sales proceeds to buy a $860k condo in the OCR. Took a mortgage loan of $380k. Spent about $70k (from our cash savings) to renovate the resale condo.

You don't need a HH income of $19,000 pm to live in a condo. As long as you bought a cheap BTO flat, you can flip it and upgrade to a condo. We enjoy the peace, security, facilities and prestige that a condo offers. We are happy with our upgrade.

Originally Posted by Unregistered

Congrats! Many people are doing the same thing. Cheap BTO flats allow many families to upgrade to condos. Some even use part of the cash profit from selling their flat for 50% downpayment to buy a new car. Most families staying in condos own cars.

Dear car sales person, pls go back to the "how much are you earning per annum" thread lah...
Already spoil 1 thread still not enough?