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How is life as a doctor in Singapore?

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  #8081 (permalink)  
Old 13-10-2024, 10:27 AM
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the issue with being a GP is that it’s barely scalable. Have to keep trading time for money

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  #8082 (permalink)  
Old 13-10-2024, 10:30 AM
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Life as a Sg Dr is great.

Knowing Dr friends and classmates in various specialities helps us a lot.

I got priority treatment in spite of being in subsidised queue for treatment of a serious illness as I know the hospital HOD.

My hubby also got referred to the right subspecialist under subsidised class for his cardiac condition due to me knowing a specialist friend.

And we get free treatment for myself and family members sometimes when we see private specialist friends or even strangers sometimes.

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  #8083 (permalink)  
Old 13-10-2024, 10:34 AM
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the issue with being a GP is that it’s barely scalable. Have to keep trading time for money
Yes, but it guarantees a stable relatively high pay which helped me a lot when taking home loans. Banks love loaning to doctors.

Thanks to that, in spite of not having super high salary, I managed to buy freehold landed twice and profited as a couple at least S$2.3 mil from properties that we bought, lived in, and sold so far.

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  #8084 (permalink)  
Old 13-10-2024, 10:38 AM
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Yes, but it guarantees a stable relatively high pay which helped me a lot when taking home loans. Banks love loaning to doctors.

Thanks to that, in spite of not having super high salary, I managed to buy freehold landed twice and profited as a couple at least S$2.3 mil from properties that we bought, lived in, and sold so far.
you guys must be quite young.

once you go over a certain age , loans get curbed.
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  #8085 (permalink)  
Old 13-10-2024, 10:46 AM
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you guys must be quite young.

once you go over a certain age , loans get curbed.
We r not that young, I am 49 and hubby 52 but we still got a S$1.63 mil loan by using showfunds of S$1.5 mil. Buying a S$3.4 mil freehold terrace valued at S$4mil. My salary now only S$7500 a mth but will rise to S$11k a mth and hubby is unemployed, yet bank still lend us.
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  #8086 (permalink)  
Old 13-10-2024, 10:48 AM
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We r not that young, I am 49 and hubby 52 but we still got a S$1.63 mil loan by using showfunds of S$1.5 mil. Buying a S$3.4 mil freehold terrace valued at S$4mil. My salary now only S$7500 a mth but will rise to S$11k a mth and hubby is unemployed, yet bank still lend us.
Can borrow up till 75 years old but loan will be capped at 55% of house value.
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  #8087 (permalink)  
Old 13-10-2024, 10:51 AM
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Can borrow up till 75 years old but loan will be capped at 55% of house value.
Heard from my lawyer before that there was a Dr who bought and sold like 20 properties till IRAS labelled him a property trader. He profited a lot.
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  #8088 (permalink)  
Old 13-10-2024, 11:02 AM
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We r not that young, I am 49 and hubby 52 but we still got a S$1.63 mil loan by using showfunds of S$1.5 mil. Buying a S$3.4 mil freehold terrace valued at S$4mil. My salary now only S$7500 a mth but will rise to S$11k a mth and hubby is unemployed, yet bank still lend us.
Banks lend you coz of your showfunds not coz of your salary.
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  #8089 (permalink)  
Old 13-10-2024, 11:22 AM
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Banks lend you coz of your showfunds not coz of your salary.
That's true also. But we also wouldn't have accumulated S$1.5 mil without property gains.

Hopefully, we can rollover and buy bigger landed and gain more.

Being a GP doesn't help you save enough for retirement nowadays without investment into stocks and property , not with rising inflation and living In the most expensive city on earth.

With Population White Paper of 6.9 million and Sg attracting the super rich, investment into property is the way to go.

That's my advice for the young Dr's here.
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  #8090 (permalink)  
Old 13-10-2024, 11:31 AM
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Banks lend you coz of your showfunds not coz of your salary.
Thanks to Sg's appreciating property, we have reached financial freedom before 50 years old.

We can actually retire if we want to now.

But kids still studying, I am working for my kids' sake, to build a legacy for them. Especially since they may find buying their own homes difficult next time.
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