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How much are you earning per annum?

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  #11161 (permalink)  
Old 01-09-2017, 05:40 PM
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On a HH income of 100k pa, you would need to work 35 years to accumulate 3.5m of income and that's NOT net worth even..... eh.... totally cannot match...
Like I said previously,
"2 overseas. 5 in sg.
There were few years I made 500k per year. But last 3-4 years, not so good. Hope the time will come again but I doubt it."

But all these didn't come easy. A lot of sacrifices. I am slowing down after I became a father.
My Wife too.

I think most of you who came to this site is looking to improve your life. There is no right or wrong way.

I believe luck plays a big part.

Invest within your means. I don't believe in big bets. I don't stomach risk well.

I paid off 4 before buying the current 3.

I have set aside enough to pay off 1.5 of the properties. But main thing is to buffer against economic downturn.

Anyway, good luck everyone in chasing your dreams!

I will update in 5 years time.

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  #11162 (permalink)  
Old 01-09-2017, 06:42 PM
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Like I said previously,
"2 overseas. 5 in sg.
There were few years I made 500k per year. But last 3-4 years, not so good. Hope the time will come again but I doubt it."

But all these didn't come easy. A lot of sacrifices. I am slowing down after I became a father.
My Wife too.

I think most of you who came to this site is looking to improve your life. There is no right or wrong way.

I believe luck plays a big part.

Invest within your means. I don't believe in big bets. I don't stomach risk well.

I paid off 4 before buying the current 3.

I have set aside enough to pay off 1.5 of the properties. But main thing is to buffer against economic downturn.

Anyway, good luck everyone in chasing your dreams!

I will update in 5 years time.
The questions from the other posters are quite valid. The numbers do not add up at all. For a HHI of $100k, how do you support your lifestyle with property loans and other household expenses and children's education? With 5 properties in sg, your property taxes must be quite a bundle, not to mention the maintenance fees, sinking funds contribution and repairs etc..

My children are already working, and we have no more loans, our current household expenses (excluding income tax) is still more than $100k pa. Granted we have a car and maid.

If your HHI is just enough for your yearly expense dont see how you can grow your networth to hit your target, whatever that is.

Our networth growth projection is based on our yearly savings rate, the rate of growth in the savings rate. At this stage of our life, our financial commitments/obligations are next to nothing, while our savings rate is accelerating. It used to take us 6 years to save up $1m, steady decreases to 4 years, then 3 years and is now done in 2.5 years.

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  #11163 (permalink)  
Old 02-09-2017, 01:23 AM
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Sir, you are making 1 million every 2.5 years. I am sure this doesn't come easy. A lot of planning and discipline over many years. This is fantastic. You must be worth 8 mil assuming growing @ 5% per year, 400k per year, 1 mill in 2.5 yrs. I would love if you could share your story. I read quite a few good examples on some of your retirement planning. I like opinions and views from seniors.

I am not here to validate or compare but just to share as I see many like minded people. It is actually quite encouraging.

I am sure I am pretty good with numbers

Of course it does not tally at 100k per annum. I indicated my HHI for 2016.

Before the housing bubble crisis, I made about 500k a year. I supply raw materials for construction. My wife was in the private sector making about 100k.

This went on for about 3-4 years. But lately, 2015, 2016 have not been good. Wife change to less stressful job. I also slow down to take some time off to spend time with my kid.

That's why I google and came to this site as I am curious about current salary jobs.

2017 is still not over but I think it should be the same. I don't anticipate demand for my products to come back like before. But hoping so.

The 4 paid up properties are rented out. So the current 3 are covered. They will pay off by themselves in about 20 yrs.

I am keeping about 1.2 mil in cash/FD as buffer and also waiting for opportunities.

I live a simple life. No maid, no expensive holidays, no expensive hobbies, no enrichment classes, cook at home 4-5 times a week. My expenses are quite low.

I did not include cpf, insurance, stocks, bonds and gold.

In fact I am terrible at stocks, I have a paper lost of 80k. I blame it on myself for not being proactive. Because of this bad experience, I am afraid to buy more and I don't trust other people with my money.

But I love properties. I can manage them myself.







Quote:
Originally Posted by Unregistered View Post
The questions from the other posters are quite valid. The numbers do not add up at all. For a HHI of $100k, how do you support your lifestyle with property loans and other household expenses and children's education? With 5 properties in sg, your property taxes must be quite a bundle, not to mention the maintenance fees, sinking funds contribution and repairs etc..

My children are already working, and we have no more loans, our current household expenses (excluding income tax) is still more than $100k pa. Granted we have a car and maid.

If your HHI is just enough for your yearly expense dont see how you can grow your networth to hit your target, whatever that is.

Our networth growth projection is based on our yearly savings rate, the rate of growth in the savings rate. At this stage of our life, our financial commitments/obligations are next to nothing, while our savings rate is accelerating. It used to take us 6 years to save up $1m, steady decreases to 4 years, then 3 years and is now done in 2.5 years.

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  #11164 (permalink)  
Old 02-09-2017, 09:59 AM
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Sir, you are making 1 million every 2.5 years. I am sure this doesn't come easy. A lot of planning and discipline over many years. This is fantastic. You must be worth 8 mil assuming growing @ 5% per year, 400k per year, 1 mill in 2.5 yrs. I would love if you could share your story. I read quite a few good examples on some of your retirement planning. I like opinions and views from seniors.

I am not here to validate or compare but just to share as I see many like minded people. It is actually quite encouraging.

I am sure I am pretty good with numbers

Of course it does not tally at 100k per annum. I indicated my HHI for 2016.

Before the housing bubble crisis, I made about 500k a year. I supply raw materials for construction. My wife was in the private sector making about 100k.

This went on for about 3-4 years. But lately, 2015, 2016 have not been good. Wife change to less stressful job. I also slow down to take some time off to spend time with my kid.

That's why I google and came to this site as I am curious about current salary jobs.

2017 is still not over but I think it should be the same. I don't anticipate demand for my products to come back like before. But hoping so.

The 4 paid up properties are rented out. So the current 3 are covered. They will pay off by themselves in about 20 yrs.

I am keeping about 1.2 mil in cash/FD as buffer and also waiting for opportunities.

I live a simple life. No maid, no expensive holidays, no expensive hobbies, no enrichment classes, cook at home 4-5 times a week. My expenses are quite low.

I did not include cpf, insurance, stocks, bonds and gold.

In fact I am terrible at stocks, I have a paper lost of 80k. I blame it on myself for not being proactive. Because of this bad experience, I am afraid to buy more and I don't trust other people with my money.

But I love properties. I can manage them myself.

i am also sitting on cash... waiting for the property market to crash big time
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  #11165 (permalink)  
Old 02-09-2017, 11:21 AM
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i am also sitting on cash... waiting for the property market to crash big time
People in 2014 or earlier have been predicting property prices to collapse by 2016 because of the expected deluge of completed property supply, cooling measures, as well as weak economy. But did it happen?

Property prices did not collapse precisely because of the government cooling measures. The measures practically eliminated speculation as well as risky behavior of buyers from the market. The market has never been steadier. The prices did decline over many quarters but in a very controlled manner. And now prices seem to be inching up again.

Unless a war breaks out or the world economy goes into tailspin, the Singapore property market will not collapse like it did in 1997/8. Even in 2008, the price drop was very short lived. Did you feel the price dropped enough to entice you to buy in 2008? If not, then you are likely ending up not buying any property at all!

The pace of enbloc has picked up again, with 3 HUDC estates already successfully sold this first half of the year. This shows that developers are bullish of the market demand. At the same time those people who enjoyed windfalls from the enblocs are chasing up the prices looking for replacement homes.

So waiting for the property prices to collapse might be futile. If you are not that young (say in your late 40s or in your 50s), the window to purchase your investment property might be closing up. Before you know it, you will probably be retired and investment in property will be the last thing on your mind.

We bought 4 properties and none of the purcahse was based on the economic conditions. Our considerations were affordability (ie whether we could handle the payments), locations, and need. If we were to wait for the "right" economic conditions, we would still be waiting.
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  #11166 (permalink)  
Old 02-09-2017, 11:35 AM
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Originally Posted by Unregistered View Post
Sir, you are making 1 million every 2.5 years. I am sure this doesn't come easy. A lot of planning and discipline over many years. This is fantastic. You must be worth 8 mil assuming growing @ 5% per year, 400k per year, 1 mill in 2.5 yrs. I would love if you could share your story. I read quite a few good examples on some of your retirement planning. I like opinions and views from seniors.

I am not here to validate or compare but just to share as I see many like minded people. It is actually quite encouraging.

I am sure I am pretty good with numbers

Of course it does not tally at 100k per annum. I indicated my HHI for 2016.

Before the housing bubble crisis, I made about 500k a year. I supply raw materials for construction. My wife was in the private sector making about 100k.

This went on for about 3-4 years. But lately, 2015, 2016 have not been good. Wife change to less stressful job. I also slow down to take some time off to spend time with my kid.

That's why I google and came to this site as I am curious about current salary jobs.

2017 is still not over but I think it should be the same. I don't anticipate demand for my products to come back like before. But hoping so.

The 4 paid up properties are rented out. So the current 3 are covered. They will pay off by themselves in about 20 yrs.

I am keeping about 1.2 mil in cash/FD as buffer and also waiting for opportunities.

I live a simple life. No maid, no expensive holidays, no expensive hobbies, no enrichment classes, cook at home 4-5 times a week. My expenses are quite low.

I did not include cpf, insurance, stocks, bonds and gold.

In fact I am terrible at stocks, I have a paper lost of 80k. I blame it on myself for not being proactive. Because of this bad experience, I am afraid to buy more and I don't trust other people with my money.

But I love properties. I can manage them myself.

Sorry to say, the details you provided are very sketchy at best. With combined $600k pa income, even if you were to save every single cent, over 3 to 4 years (ok give you four years), thats only $2.4M. Unfortunately, even if we dont eat, the IRAS will want to take back some of your income. At $600k pa income, the income taxes wont be low.

For eg., we are already paying over $40k pa in income taxes and we don't earn $600k pa.

Can you tell how much you pay in income taxes during those glory years, property taxes for your 7 properties, conservancy fees, sinking funds, etc. household expenses, housing loan payments etc...
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  #11167 (permalink)  
Old 02-09-2017, 12:43 PM
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Originally Posted by Unregistered View Post
People in 2014 or earlier have been predicting property prices to collapse by 2016 because of the expected deluge of completed property supply, cooling measures, as well as weak economy. But did it happen?

Property prices did not collapse precisely because of the government cooling measures. The measures practically eliminated speculation as well as risky behavior of buyers from the market. The market has never been steadier. The prices did decline over many quarters but in a very controlled manner. And now prices seem to be inching up again.

Unless a war breaks out or the world economy goes into tailspin, the Singapore property market will not collapse like it did in 1997/8. Even in 2008, the price drop was very short lived. Did you feel the price dropped enough to entice you to buy in 2008? If not, then you are likely ending up not buying any property at all!

The pace of enbloc has picked up again, with 3 HUDC estates already successfully sold this first half of the year. This shows that developers are bullish of the market demand. At the same time those people who enjoyed windfalls from the enblocs are chasing up the prices looking for replacement homes.

So waiting for the property prices to collapse might be futile. If you are not that young (say in your late 40s or in your 50s), the window to purchase your investment property might be closing up. Before you know it, you will probably be retired and investment in property will be the last thing on your mind.

We bought 4 properties and none of the purcahse was based on the economic conditions. Our considerations were affordability (ie whether we could handle the payments), locations, and need. If we were to wait for the "right" economic conditions, we would still be waiting.
Looks like you are highly leverage but well covered .. Good luck.
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  #11168 (permalink)  
Old 02-09-2017, 08:25 PM
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Properties which your parents buy for you dont count leh.

Quote:
Originally Posted by Unregistered View Post
Like I said previously,
"2 overseas. 5 in sg.
There were few years I made 500k per year. But last 3-4 years, not so good. Hope the time will come again but I doubt it."

But all these didn't come easy. A lot of sacrifices. I am slowing down after I became a father.
My Wife too.

I think most of you who came to this site is looking to improve your life. There is no right or wrong way.

I believe luck plays a big part.

Invest within your means. I don't believe in big bets. I don't stomach risk well.

I paid off 4 before buying the current 3.

I have set aside enough to pay off 1.5 of the properties. But main thing is to buffer against economic downturn.

Anyway, good luck everyone in chasing your dreams!

I will update in 5 years time.
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  #11169 (permalink)  
Old 03-09-2017, 11:27 PM
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Default Questions you wanted to ask but dare not

How many of you ever wondered how rich your colleagues, neighbours or even your relatives are but dare not ask?

When you see your neighbour upgrade his car to a new BMW 5 series, do you wonder whether he got a big pay raise, strike the toto or if he is really rich? When you see your colleague upgrade to a landed property from a HDB flat, do you wonder if he is really that rich or is he taking on a big loan to live the high life? It is very awkward to ask people what their networth is even if they are your relatives. So a lot of times, we are left to imagine or speculate how wealthy they are.

Well, there are however certain yardsticks we can use to estimate a person's wealth at certain ages of his life. The salaries of civil servants were once publicly available and these can be used as a good benchmark. Some of the stat boards and polytechnics still occasionally publish their staff salary scales. The government has declared that civil servants pay would not lead private sector pay and neither would it lag too much behind. So using civil service pay would be a good reference point to estimate the wealth of a person - or at least how much he would have earned at certain age during his career.

Using the above basis, a degree graduate or anyone emplaced on the graduate payscale would earned a cumulative total amount of $4M by the time he hit 55 yo., $5.25M by 60 yo and $6.5M by 65 yo (including bonuses)

If that person is single, and frugal, saving 50% of salary is not difficult. That would mean his networth at 55 yo would be $2M, at 60 yo would be $2.6M and at 65 yo would be $3.25M

The figures get more interesting if he is married to a working wife. At 55 yo, the couple would have a networth of $6M! At 60 yo, they would have $8M networth and by 65, they would have $10.5M networth (if they work till 65)

So now you should have a sense of how rich your neighbor or relative is - just ask them how old are, and how long they have been working.

Is it too high or too low as compared to the pay in your industry?
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  #11170 (permalink)  
Old 04-09-2017, 05:38 PM
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Nonsense. 80% live in HDB flats. Assuming most live in four room HDB flats worth $400k, at 55, a typical couple's net worth would be at most $1m. Just ask those staying in HDB flats.


Quote:
Originally Posted by Unregistered View Post
How many of you ever wondered how rich your colleagues, neighbours or even your relatives are but dare not ask?

When you see your neighbour upgrade his car to a new BMW 5 series, do you wonder whether he got a big pay raise, strike the toto or if he is really rich? When you see your colleague upgrade to a landed property from a HDB flat, do you wonder if he is really that rich or is he taking on a big loan to live the high life? It is very awkward to ask people what their networth is even if they are your relatives. So a lot of times, we are left to imagine or speculate how wealthy they are.

Well, there are however certain yardsticks we can use to estimate a person's wealth at certain ages of his life. The salaries of civil servants were once publicly available and these can be used as a good benchmark. Some of the stat boards and polytechnics still occasionally publish their staff salary scales. The government has declared that civil servants pay would not lead private sector pay and neither would it lag too much behind. So using civil service pay would be a good reference point to estimate the wealth of a person - or at least how much he would have earned at certain age during his career.

Using the above basis, a degree graduate or anyone emplaced on the graduate payscale would earned a cumulative total amount of $4M by the time he hit 55 yo., $5.25M by 60 yo and $6.5M by 65 yo (including bonuses)

If that person is single, and frugal, saving 50% of salary is not difficult. That would mean his networth at 55 yo would be $2M, at 60 yo would be $2.6M and at 65 yo would be $3.25M

The figures get more interesting if he is married to a working wife. At 55 yo, the couple would have a networth of $6M! At 60 yo, they would have $8M networth and by 65, they would have $10.5M networth (if they work till 65)

So now you should have a sense of how rich your neighbor or relative is - just ask them how old are, and how long they have been working.

Is it too high or too low as compared to the pay in your industry?
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