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How much are you earning per annum?

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  #10331 (permalink)  
Old 31-07-2016, 10:17 AM
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As we looked back, we realised how lucky and blessed we are. We came from low income families and used to live in small flats sharing with many people. Fast forward, we now earn a good living, making a total income of $150k pa, which is 50% above the median annual household income in Singapore. We are also blessed with two intelligent, filial and well brought up children.

We are also lucky and blessed to be able to upgrade to a condo at the right time. We have cleared the condo mortgage and now fully own the condo. This is a big achievement for us, given our past circumstances. To fully own a condo while still in our forties is a big achievement.

We enjoy a comfortable, middle income lifestyle. We can afford a condo, a car, overseas holidays twice a year, meals at restaurants, etc. We could not imagine such a luxurious lifestyle when we were young.

We plan to work hard and save for another ten years and then retire at 55. By then we will have enough cash savings to fund our retirement. Our children will be working, married and living with their spouses in their own homes.

From age 55 to 65, we will spend on average $3500 pm (taking inflation into consideration), spending $420k in total over the ten years. At 65, we will get $3600 pm from our CPF Life and $1000 pm from our children, giving us passive income of $4600 pm or $55k pa. We will spend $4000 pm or $48k pa. We have medical insurance to fund any big medical expenses.



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  #10332 (permalink)  
Old 31-07-2016, 02:10 PM
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Are you really in your mid 40s or a teenager?

The median household income is measured across all household types meaning all the young households were included. Young households will be those in their late 20s to mid 30s whose incomes have still some way to go up.

For those in their mid 40s, they should be comparing their incomes with those in the same age group. Don't say I say, a $150k HH would rank below the median HH income for those in this age group.

If I were in your shoes, I would choose to stay in a HDB and save up for my retirement. Or if my family really wanted to enjoy condo facilities and privacy I would take advantage of the EC, which with a HH income of $150k pa I would easily qualify.

It doesn't make any sense why would anyone earning $150k pa want to stretch themselves out to stay in a condo and forgo all the subsidies that HDB dwellers enjoy?

For this reason alone, I suspect you are a teenager who does not know anything about bringing up a family and condo dwelling expenses.

Quote:
Originally Posted by Unregistered View Post
As we looked back, we realised how lucky and blessed we are. We came from low income families and used to live in small flats sharing with many people. Fast forward, we now earn a good living, making a total income of $150k pa, which is 50% above the median annual household income in Singapore. We are also blessed with two intelligent, filial and well brought up children.

We are also lucky and blessed to be able to upgrade to a condo at the right time. We have cleared the condo mortgage and now fully own the condo. This is a big achievement for us, given our past circumstances. To fully own a condo while still in our forties is a big achievement.

We enjoy a comfortable, middle income lifestyle. We can afford a condo, a car, overseas holidays twice a year, meals at restaurants, etc. We could not imagine such a luxurious lifestyle when we were young.

We plan to work hard and save for another ten years and then retire at 55. By then we will have enough cash savings to fund our retirement. Our children will be working, married and living with their spouses in their own homes.

From age 55 to 65, we will spend on average $3500 pm (taking inflation into consideration), spending $420k in total over the ten years. At 65, we will get $3600 pm from our CPF Life and $1000 pm from our children, giving us passive income of $4600 pm or $55k pa. We will spend $4000 pm or $48k pa. We have medical insurance to fund any big medical expenses.


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  #10333 (permalink)  
Old 31-07-2016, 02:54 PM
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Are you a primary 1 school kid?

He said he has fully paid up his condo. He must have bought it years ago when prices were lower. If he bought it during the 2009 crisis or during the 2003 SARS period, he could have got it very cheap. Not surprising why he could clear his mortgage fast. So he need not stay in a HDB flat. He is also saving for his retirement.

Read carefully, if you understand English.


Quote:
Originally Posted by Unregistered View Post
Are you really in your mid 40s or a teenager?

The median household income is measured across all household types meaning all the young households were included. Young households will be those in their late 20s to mid 30s whose incomes have still some way to go up.

For those in their mid 40s, they should be comparing their incomes with those in the same age group. Don't say I say, a $150k HH would rank below the median HH income for those in this age group.

If I were in your shoes, I would choose to stay in a HDB and save up for my retirement. Or if my family really wanted to enjoy condo facilities and privacy I would take advantage of the EC, which with a HH income of $150k pa I would easily qualify.

It doesn't make any sense why would anyone earning $150k pa want to stretch themselves out to stay in a condo and forgo all the subsidies that HDB dwellers enjoy?

For this reason alone, I suspect you are a teenager who does not know anything about bringing up a family and condo dwelling expenses.

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  #10334 (permalink)  
Old 01-08-2016, 10:43 AM
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He was providing very good advise. But good advise is often hard to accept.

$150k pa is not a lot. We should live within or better still, below our means. Living in HDB is not a loss of face. Many families with much higher incomes are happily living in HDBs.



Quote:
Originally Posted by Unregistered View Post
Are you a primary 1 school kid?

He said he has fully paid up his condo. He must have bought it years ago when prices were lower. If he bought it during the 2009 crisis or during the 2003 SARS period, he could have got it very cheap. Not surprising why he could clear his mortgage fast. So he need not stay in a HDB flat. He is also saving for his retirement.

Read carefully, if you understand English.


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  #10335 (permalink)  
Old 01-08-2016, 11:27 AM
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Quote:
Originally Posted by Unregistered View Post
He was providing very good advise. But good advise is often hard to accept.

$150k pa is not a lot. We should live within or better still, below our means. Living in HDB is not a loss of face. Many families with much higher incomes are happily living in HDBs.
He did not provide good advice. He is either stupid or jealous.

$150k pa is not a lot but the point is, the guy has no more condo mortgage. His mortgage service ratio is ZERO. So he is totally ok financially to enjoy living in his condo, which offers prestige, facilities and security. His $150k pa household income still allows him to save every year. Not forgetting, his CPF can grow because no more mortgage to pay. So, what's the problem? There is no problem.

He is better off financially that those with income of $250k pa but burden with $1m mortgage!
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  #10336 (permalink)  
Old 01-08-2016, 01:10 PM
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Quote:
Originally Posted by Unregistered View Post
He did not provide good advice. He is either stupid or jealous.

$150k pa is not a lot but the point is, the guy has no more condo mortgage. His mortgage service ratio is ZERO. So he is totally ok financially to enjoy living in his condo, which offers prestige, facilities and security. His $150k pa household income still allows him to save every year. Not forgetting, his CPF can grow because no more mortgage to pay. So, what's the problem? There is no problem.

He is better off financially that those with income of $250k pa but burden with $1m mortgage!
You must be one of those who caused Singapore's financial literacy score to drop drastically last year.

The guy with 250k pa and 1m mortgage is clearly better off. In 10 years time his condo will be fully paid and every year he has an extra 100k which is 2/3 of that guy's pa income.

That said, some people are satisfied with a simple life and we should applaud them for that. It takes a matured individual to know your place in society and to be contented with what you have, rather than striving to own more and more worldly possessions.
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  #10337 (permalink)  
Old 01-08-2016, 01:30 PM
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Quote:
Originally Posted by Unregistered View Post
You must be one of those who caused Singapore's financial literacy score to drop drastically last year.

The guy with 250k pa and 1m mortgage is clearly better off. In 10 years time his condo will be fully paid and every year he has an extra 100k which is 2/3 of that guy's pa income.

That said, some people are satisfied with a simple life and we should applaud them for that. It takes a matured individual to know your place in society and to be contented with what you have, rather than striving to own more and more worldly possessions.
This is a stupid comment. The guy will have to pay interest. Also the 250k income will come with higher personal income tax. He can't clear his mortgage in 10 years time for sure. In 10 years time, the guy with 150k pa income would have grown his CPF and retire by 55.

Your financial literacy is worse than a primary school kid.
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  #10338 (permalink)  
Old 01-08-2016, 09:25 PM
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Quote:
Originally Posted by Unregistered View Post
As we looked back, we realised how lucky and blessed we are. We came from low income families and used to live in small flats sharing with many people. Fast forward, we now earn a good living, making a total income of $150k pa, which is 50% above the median annual household income in Singapore. We are also blessed with two intelligent, filial and well brought up children.

We are also lucky and blessed to be able to upgrade to a condo at the right time. We have cleared the condo mortgage and now fully own the condo. This is a big achievement for us, given our past circumstances. To fully own a condo while still in our forties is a big achievement.

We enjoy a comfortable, middle income lifestyle. We can afford a condo, a car, overseas holidays twice a year, meals at restaurants, etc. We could not imagine such a luxurious lifestyle when we were young.

We plan to work hard and save for another ten years and then retire at 55. By then we will have enough cash savings to fund our retirement. Our children will be working, married and living with their spouses in their own homes.

From age 55 to 65, we will spend on average $3500 pm (taking inflation into consideration), spending $420k in total over the ten years. At 65, we will get $3600 pm from our CPF Life and $1000 pm from our children, giving us passive income of $4600 pm or $55k pa. We will spend $4000 pm or $48k pa. We have medical insurance to fund any big medical expenses.
Another high probability fake post spotted. Let me explain why....

The Maths does not add up....

Total income of 150k pa in 2015/16 at 45 years old.... Assuming this fellow and possibly imaginary spouse bought at the LOWEST in 2003, they would have been 32 yo. Assuming a 4% yearly compound increment and working backwards for 13 years, the annual income of The HH in 2003 would be $70k. A 99 LH condo would have cost around $500 psf then. If get a 1200sf (there were no shoe boxes BEFORE 2009), the condo would have cost $600k. A loan of 80% would mean approx $500k. Mortgage financing (20 year loan @ 2.5%) would have meant a mortgage payment of about $3k per month or $36k per month.

$70k minus cpf contributions ($14k) minus children (He said children therefore more than 1) expenses minus HH expenses can afford yearly $36k in mortgage payments? Unlikely unless parents help out or he got a Nigerian windfall.... Lol ..... BUT he already said parents are poor....
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  #10339 (permalink)  
Old 01-08-2016, 09:33 PM
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I read your reply with disbelief and sadness that you could be so cocky and arrogant when someone is kind hearted enough to point out your blind spot in financial matters.

It just go to confirm that people are arrogant and boastful not because of their wealth but because of character flaws.

Your HH income of $150k pa when divided into 2 means that each of you only earns $75k pa which after deducting bonuses gives you about $5k pm. This is the figure that the government considers as borderline case for housing subsidies if you were single.

I have come across people like you who are dense and have foolish pride. Hard to help, but sad to see them suffer.

Quote:
Originally Posted by Unregistered View Post
He did not provide good advice. He is either stupid or jealous.

$150k pa is not a lot but the point is, the guy has no more condo mortgage. His mortgage service ratio is ZERO. So he is totally ok financially to enjoy living in his condo, which offers prestige, facilities and security. His $150k pa household income still allows him to save every year. Not forgetting, his CPF can grow because no more mortgage to pay. So, what's the problem? There is no problem.

He is better off financially that those with income of $250k pa but burden with $1m mortgage!
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  #10340 (permalink)  
Old 01-08-2016, 09:40 PM
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I totally agree. He is behind many similar childish posts. That's why I concluded he is just a teenager with no knowledge of financial matters. posting for the sake of generating page counts.

He is one of the key reasons the standard of this forum has gone to the pits.

Quote:
Originally Posted by Unregistered View Post
Another high probability fake post spotted. Let me explain why....

The Maths does not add up....

Total income of 150k pa in 2015/16 at 45 years old.... Assuming this fellow and possibly imaginary spouse bought at the LOWEST in 2003, they would have been 32 yo. Assuming a 4% yearly compound increment and working backwards for 13 years, the annual income of The HH in 2003 would be $70k. A 99 LH condo would have cost around $500 psf then. If get a 1200sf (there were no shoe boxes BEFORE 2009), the condo would have cost $600k. A loan of 80% would mean approx $500k. Mortgage financing (20 year loan @ 2.5%) would have meant a mortgage payment of about $3k per month or $36k per month.

$70k minus cpf contributions ($14k) minus children (He said children therefore more than 1) expenses minus HH expenses can afford yearly $36k in mortgage payments? Unlikely unless parents help out or he got a Nigerian windfall.... Lol ..... BUT he already said parents are poor....
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