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How much are you earning per annum?

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  #10041 (permalink)  
Old 29-05-2016, 12:06 PM
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Well said. In Spore, the COE is valid for only 10 years. Cars are depreciating assets. We should not spend good money on things which depreciates in value. The worst are buying sports cars worth millions. You should donate your money to the poor, needy, destitute and orphans rather than splurging on expensive cars.

I'm a millionaire. I own 2 fully paid condos but I choose to buy cheap cars. I plan to retire when I reach 55. I may not even own a car when I retire as my condo is near an MRT station. My condo is also near amenities such as shopping centres. If I need to use a car, I can just call Uber or Grab. If I own a car and if I seldom use, I will just waste money. I would rather donate my money and invest to let my money grow.


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Originally Posted by Unregistered View Post
Why pay $40k more? You can invest the $40k and this will grow multiple folds over the long term if you're good at investing.

What prestige? All cars are the same. Prestige is you own and live in a luxury condo. That's prestige.

If you own expensive cars but live in public housing, where's the prestige?

The difference between living in a luxury condo and public housing is a million dollar. But the difference between a cheap car and expensive car is a few ten thousand dollars. So no big deal. I know of people who drive a cheap car but own 3 luxury condos. That's high class.

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  #10042 (permalink)  
Old 29-05-2016, 02:07 PM
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Originally Posted by Unregistered View Post
There are big crowds at car showrooms now.

Don't believe? Go there and see for yourself.

COE PRICES WILL RISE NEXT WEEK DUE TO THE HUGE DEMAND !!!!!!!!!!!

HUAT AH !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Serious or not?

I was still hoping for it to drop to $38k

Looks like now I have to wait longer. Sob sob.

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  #10043 (permalink)  
Old 29-05-2016, 05:59 PM
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Serious or not?

I was still hoping for it to drop to $38k

Looks like now I have to wait longer. Sob sob.
It will NOT drop to $38k ever again unless there is another global economic crisis (which is not likely to happen).

If you want to buy a new car, buy NOW. If you can't afford a new car, buy an old car.

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  #10044 (permalink)  
Old 29-05-2016, 11:33 PM
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If you cannot buy a car, please steal from someone to buy one. Better still beg from your mom or sister snd quickly go and buy one. If at the end of this week you still cannot afford to buy a car, please commit suicide as you are not fit to be a Singaporean.
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  #10045 (permalink)  
Old 30-05-2016, 05:39 PM
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Middle class family, 48 & 49 year old.

Our expenses

Condo mortgage $2150 pm or $25,800 pa
Car loan $800 pm or $9,600 pa
Car petrol, road tax, car insurance, parking, etc $700 pm or $8,400 pa
Groceries, restaurants & utilities $2000 pm or $24,000 pa
Medical Insurance $1700 pm or $20,400 pa
Holiday travels $800 pm or $9,600 pa
Children $500 pm or $6,000 pa
Parents allowance & gifts $1600 pm or $19,200 pa
Others $500 pm or $6,000 pa
Total expenses $10,750 pm or $129,000 pa

Total income, including bonuses $164,000 pa
Total savings $35,000 pa

Net worth

Condo equity $800k
Cash & CPF $650k
Stocks $50k
Total net worth $1.5mil

How are we doing? How do we fare compared to our contemporaries?
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  #10046 (permalink)  
Old 30-05-2016, 10:59 PM
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Default $5m is the new $1m

Not so many years ago, having $1 million may have been enough for someone or household to be labeled wealthy. Not anymore.

According to a recent survey of investors by UBS Investor Watch, it now takes $5 million in investable assets (with about 20 percent of that in cash -- or highly liquid investments like FDs or money market funds -- for emergencies) for a person/household to feel wealthy and enjoy "no financial constraints."

But what does it take to actually get there?

Having both husband and wife working in professional fields helps. Spending well within your income is an important factor. Are you able to save more than 50% of your income? If your combined income is $350k pa, a 50% savings is $175k pa.

Healthy savings must be combined with consistent investment (stocks, property, unit trusts and bonds) throughout your working career.

Have a long working career without any breaks or fall in income at any time

That was pretty much what we did throughout our working life. We hit the $5m target at 53

So what kind of assets can $5m buy you?
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  #10047 (permalink)  
Old 30-05-2016, 11:18 PM
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You have S$5mm or US$5mm? People out there talking US$5mm, ok? If you have S$5mm, dun come and hao lian lah! Still far from being 'there'... Keep on working, you'll get there eventually. LOL.

Quote:
Originally Posted by Unregistered View Post
Not so many years ago, having $1 million may have been enough for someone or household to be labeled wealthy. Not anymore.

According to a recent survey of investors by UBS Investor Watch, it now takes $5 million in investable assets (with about 20 percent of that in cash -- or highly liquid investments like FDs or money market funds -- for emergencies) for a person/household to feel wealthy and enjoy "no financial constraints."

But what does it take to actually get there?

Having both husband and wife working in professional fields helps. Spending well within your income is an important factor. Are you able to save more than 50% of your income? If your combined income is $350k pa, a 50% savings is $175k pa.

Healthy savings must be combined with consistent investment (stocks, property, unit trusts and bonds) throughout your working career.

Have a long working career without any breaks or fall in income at any time

That was pretty much what we did throughout our working life. We hit the $5m target at 53

So what kind of assets can $5m buy you?
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  #10048 (permalink)  
Old 31-05-2016, 07:34 AM
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You dumb or retarded? That's exactly what he was saying. That $5m nowadays is like only $1m. Nothing to shout about.

He asked what can $5m buy. Not much. Maybe just enough to by 1,700sft condo in CCR. Then continue working to earn spending money.

Quote:
Originally Posted by Unregistered View Post
You have S$5mm or US$5mm? People out there talking US$5mm, ok? If you have S$5mm, dun come and hao lian lah! Still far from being 'there'... Keep on working, you'll get there eventually. LOL.
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  #10049 (permalink)  
Old 31-05-2016, 01:27 PM
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i spend about $10k per month in expenses. most of it is car related, have many vehicles at home, erp, road tax, coe etc.


have loan commitments of about 80k per month, mostly housing loans. no car loans, no credit card debt.

only drive 2nd hand cars.

did not read any personal finance books, but so far i think i didnt do anything excessively.

not yet financially free though. should have been free about 10 years ago but made some poor decisions.

my plan is to get some kind of passive income of 15k per month.
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  #10050 (permalink)  
Old 31-05-2016, 01:48 PM
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$10k a month in expenses is not excessive. This is about our household expense too.

What is networth now?

To achieve $15k per month (or $180K pa) in passive income, and with say 10% return on investment, you will need an investment capital of $1.8m.
At 5% ROI, you will need a capital of $3.2m.
At 3% ROI, you will need a capital of $6m.

All the above is not including your home!

What I advise people is - continue to use your human asset to earn money. That is, continue working. Together, (with work income and passive income) you will achieve your financial target much much faster.



Quote:
Originally Posted by Unregistered View Post
i spend about $10k per month in expenses. most of it is car related, have many vehicles at home, erp, road tax, coe etc.


have loan commitments of about 80k per month, mostly housing loans. no car loans, no credit card debt.

only drive 2nd hand cars.

did not read any personal finance books, but so far i think i didnt do anything excessively.

not yet financially free though. should have been free about 10 years ago but made some poor decisions.

my plan is to get some kind of passive income of 15k per month.
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