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How is life as a doctor in Singapore?

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  #921 (permalink)  
Old 11-12-2019, 12:19 AM
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The guy is 69 years old.

I will tell you how he did it. He invested in Property in Singapore.

That's the only way to do it. And in his generation that's how the doctors all got rich. Don't even need to be specialist. GP also can.

I remember an old time GP telling me how every year he would buy a Terrace house in the 80s. By the 2000s he had over 20+ houses. Each bought for about 200-300k. Can sell for 2m each.

The pay of GPs hasnt changed much since the 80s.
Thanks for the enlightenment. Your last sentence is so painful to hear...

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  #922 (permalink)  
Old 11-12-2019, 12:39 AM
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Thanks for the enlightenment. Your last sentence is so painful to hear...
Seriously, all the rich people in Singapore became rich because they were either directly in Property or were involved with Property eg banks lending.

Other than that....suck eggs!

go ask all those baby boomers - those who bought property eg landed property or several condos.......they made more money just from those investments than they did in their ENTIRE WORKING LIFE'S SALARY OR EARNINGS.

seriously.

The richest people in Singapore? Property. Banking.

Sim Wong Hoo is not in that class.

Sadly those days of the property boom are gone.

You might have read about the ENT surgeon who paid $26m for a 104 year lease from Kwong Wai Shiu Hospital. Heard that other developers stayed away because they dont think they can make money. And the ENT surgeon had to borrow quite a hefty sum. Hope he does ok.

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  #923 (permalink)  
Old 11-12-2019, 01:47 AM
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Seriously, all the rich people in Singapore became rich because they were either directly in Property or were involved with Property eg banks lending.

Other than that....suck eggs!

go ask all those baby boomers - those who bought property eg landed property or several condos.......they made more money just from those investments than they did in their ENTIRE WORKING LIFE'S SALARY OR EARNINGS.

seriously.

The richest people in Singapore? Property. Banking.

Sim Wong Hoo is not in that class.

Sadly those days of the property boom are gone.

You might have read about the ENT surgeon who paid $26m for a 104 year lease from Kwong Wai Shiu Hospital. Heard that other developers stayed away because they dont think they can make money. And the ENT surgeon had to borrow quite a hefty sum. Hope he does ok.
Most of the rich people I know personally are businessmen/businesswomen. Even those who dabble in property are the property developers, not so much the property owners. For those with 20 landed property, what do they do with it? Rent out? Doesn't seem to fetch as high a market rate when compared to the opportunity cost of selling it and investing that money.

But you are right. It appears that the older generation has had more success with accumulating wealth than the younger generation.

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  #924 (permalink)  
Old 11-12-2019, 01:59 AM
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Most of the rich people I know personally are businessmen/businesswomen. Even those who dabble in property are the property developers, not so much the property owners. For those with 20 landed property, what do they do with it? Rent out? Doesn't seem to fetch as high a market rate when compared to the opportunity cost of selling it and investing that money.

But you are right. It appears that the older generation has had more success with accumulating wealth than the younger generation.
Older generation the working adults in the 1970s and 80s had it good during the boom years.

things have changed. there was also the en bloc boom that some young bankers managed to catch in 2003 just after SARS.

My wife's best friend's husband works in finance and they bought 2 condos in the Orchard area in 2003. Went enbloc. They made over 6 million dollars. Set for life.

I recall specifically because my wife told me her friend was buying and advised that we buy too. I was a 4th year MO at the time. Surgical BST. Salary was about $4500/month We only had 30k in our total savings and net worth of <50k. How to qualify for million dollar mortgages?

Years later I asked and they told us the husband got like big bonuses from the bank. He was making in excess of 10k a month (modest) but got 15 months bonus for doing well. With the bonus plus the bank's preference for lending to employees he managed to buy those condos over 2 years.
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  #925 (permalink)  
Old 11-12-2019, 11:21 AM
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Older generation the working adults in the 1970s and 80s had it good during the boom years.

things have changed. there was also the en bloc boom that some young bankers managed to catch in 2003 just after SARS.

My wife's best friend's husband works in finance and they bought 2 condos in the Orchard area in 2003. Went enbloc. They made over 6 million dollars. Set for life.

I recall specifically because my wife told me her friend was buying and advised that we buy too. I was a 4th year MO at the time. Surgical BST. Salary was about $4500/month We only had 30k in our total savings and net worth of <50k. How to qualify for million dollar mortgages?

Years later I asked and they told us the husband got like big bonuses from the bank. He was making in excess of 10k a month (modest) but got 15 months bonus for doing well. With the bonus plus the bank's preference for lending to employees he managed to buy those condos over 2 years.
Can attest to this. My dad works in the bank and his highest bonus was 36 months (but this was years ago in the early 2000s).
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  #926 (permalink)  
Old 11-12-2019, 01:07 PM
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Can attest to this. My dad works in the bank and his highest bonus was 36 months (but this was years ago in the early 2000s).
Stupid ppl go med.
Avg ppl go forum.
Smart ppl go bank.
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  #927 (permalink)  
Old 11-12-2019, 01:16 PM
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BTW, waaa ^to the senior who talked about team 1 under dr chao and miss chng.
Couldnt tell that miss chng was a SARS survivor. << She is still she, very much alive and kicking ass in OT
Say Hi to Ms Chng for me! Glad she is fine and doing well.

Dr canuckbub
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  #928 (permalink)  
Old 12-12-2019, 07:58 PM
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Stupid ppl go med.
Avg ppl go forum.
Smart ppl go bank.
Nah, this is not true. In the end, no matter where you start from, the rich will always be business owners. You’ll never be rich working for someone else.

Doctor starting and running a clinic or a chain of clinics = entrepreneur
Lawyer starting and running a law firm employing Lawyers= entrepreneur
Cook starting a restaurant chain = entrepreneur
Teacher starting a tuition centre chain = entrepreneur

The only exception is that you already have a highly sought after set of skills to make your initial investment easier. Eg sick people will definitely need to see a doctor, so it makes it easier to attract customers. Especially with an ageing population, population influx in foreigners and major government HDB projects in our less developed heartlands, the demand of GPs will increase and if you can start a successful chain of clinics then you yourself can also make a huge payoff.
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  #929 (permalink)  
Old 12-12-2019, 11:15 PM
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Nah, this is not true. In the end, no matter where you start from, the rich will always be business owners. You’ll never be rich working for someone else.

Doctor starting and running a clinic or a chain of clinics = entrepreneur
Lawyer starting and running a law firm employing Lawyers= entrepreneur
Cook starting a restaurant chain = entrepreneur
Teacher starting a tuition centre chain = entrepreneur

The only exception is that you already have a highly sought after set of skills to make your initial investment easier. Eg sick people will definitely need to see a doctor, so it makes it easier to attract customers. Especially with an ageing population, population influx in foreigners and major government HDB projects in our less developed heartlands, the demand of GPs will increase and if you can start a successful chain of clinics then you yourself can also make a huge payoff.
Chain of GP clinics? They are already everywhere.

The barrier to entry is high due to the high cost of rental and property and intense competition.

The chains undercut each other when trying to win contracts with insurance companies and employers. Back in 2008 many company or insurance contracts had a cap of $20 per visit inclusive of consult and medication.

A haircut probably costs more.

Tuition centre might be a better bet. But as with all businesses in sinkieland the cost is too high.
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  #930 (permalink)  
Old 13-12-2019, 03:57 PM
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For those exiting without AC position, you might want to consider Hong Kong (although not the best choice in this time). The Hospital Authority website has job offers for specialists without HKMC registration. Pay seems very good. Can get a few years experience, easier to penetrate into Sg private practice in future
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