How much are you earning per annum?

HDB BTO flats are very cheap. You can get a 4 room BTO flat in Sengkang for only about $223k (including grants). We are very fortunate as BTO flats are highly subsidised. After MOP, the open market flat price is higher than that the purchase price.

My advice is for young people to get married and apply for BTO flat. Then can have children who will take care of you in old age if you raise them well.

The value of a 4 room HDB flat is actually about $2.3 mil but you are only paying $223k.

How should a 4 room HDB flat be valued? By looking at the value of the total rent you can potentially collect over 99 years, ie $ (2x12x99) = $2.3 mil. This assumes a rent of $2k per month you can collect. Should be even more due to inflation over 99 years.

So, don’t complain about your HDB flat going to zero value. You are already getting a surplus of $2 mil over 99 years ($2.3 mil - $223k). You are very lucky.

There are people who argue that HDB flat value should not go to zero value. These people are greedy. They buy BTO flat so cheap (only $200k plus), subsidised by taxpayers and still want to have their flat go up in value after many years. They then compare with private condos. How to compare? Private condos in similar location is a lot more expensive.

The reason why private condos is more expensive than HDB flat is because they are private properties, not public housing. The private condo owner pay a lot more to get some privileges such as the ability to go enbloc in the future, but there is no guarantee that all private condos can go enbloc as these properties may not be attractive to developers due to their poor location. 99 years leasehold private condos which are not enbloc will technically also go down to zero value after 99 years. Private condos owners pay more for the option to go enbloc in the future. This is fair.

The best private condos to buy which has the potential to go enbloc after 40 years are those condos located next to an MRT station.

Very impressive.

Originally Posted by Unregistered

I grew up in a low/mid middle class family.

I have moved from the low/mid middle class to the upper class. I am very grateful to our system which rewards meritocracy, hard work and diligence.

I have achieved the Singapore Dream.

1. I no longer need to trade my precious time to earn a salary. My investments generate healthy returns and good passive income.
2. I was successful in my high flyer, high income career in the financial sector and was able to retire 6 years ago at the age of 44.
3. I have no mortgage on my home and no car loan.
4. I have a happy family and good friends.
5. I am TIME RICH.
6. I have time to spend with my loved ones.
7. I have time to exercise and take care of my health.
8. I have time to volunteer at charities to help the poor and needy.
9. I have time to read and pursue other interests.
10. I am happy, grateful and contented with the many blessings I receive.
11. I live in a 3 bedroom MODERN luxury condo located in a good district.
12. I drive a big luxury European car.
13. I enjoy overseas holidays.
14. I sleep peacefully at night.
15. I am now in the upper class.
16. I am a millionaire.

Secret of my success?

1. Studied very hard at TOP schools.
2. Chose the right high income career in a TOP industry. Worked at TOP companies.
3. Worked very hard in my career. Long hours and overseas travel.
4. Contributed back to society. I am generous with my time and material wealth for the less fortunate. Hence, I am very blessed.
5. Saved a lot from my BIG bonuses.
6. Invested wisely. I made HUGE profits from my investments.

True success is not defined by how materially rich you are. While material wealth is one indicator of success, it is not the only one. Wealth of time is another yardstick. How you spend your material wealth and time matters too.

If you spend a good portion of your material wealth and time volunteering to help the poor and needy, then you are truly successful.

We only live ONCE in this temporary world. Make a difference to the world. We won’t be taking our material wealth to the next world.

Leave behind a legacy.

Be known for being a rich, generous and kind person, whose contributions towards humanity is countless.

If the world mourns your passing away, then you are truly a successful person who has led a meaningful life.

Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. Our combined net worth is currently at S$1.4 mil.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 persons (excluding our children who will be working, married and staying in their own flats by then) and we will no longer be paying personal income taxes from work. We will only go holidays once a year. We will also not own a car (don’t need anymore) and will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?

Originally Posted by Unregistered

Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. Our combined net worth is currently at S$1.4 mil.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 persons (excluding our children who will be working, married and staying in their own flats by then) and we will no longer be paying personal income taxes from work. We will only go holidays once a year. We will also not own a car (don’t need anymore) and will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?

Is the condo part of the $1.4M net worth? Also, could you shed more light on your upper middle income lifestyle?

Originally Posted by Unregistered

Is the condo part of the $1.4M net worth? Also, could you shed more light on your upper middle income lifestyle?

Net worth is inclusive of condo market value. Upper middle class lifestyle is as shared - holidays, eating at restaurants, condo living, holidays, car, etc.

Originally Posted by Unregistered

Net worth is inclusive of condo market value. Upper middle class lifestyle is as shared - holidays, eating at restaurants, condo living, holidays, car, etc.

Sounds like a good plan, for the S$400K savings
Will you be keeping in CASA or fixed deposit or SG bonds?

This is an excellent retirement plan. To be able to retire in a condo means you are wealthy since you don’t have to downgrade to a HDB flat to retire. Many have to sell their condo to get cash for their retirement. Well done. You have achieved the Singapore Dream.

Originally Posted by Unregistered

Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. Our combined net worth is currently at S$1.4 mil.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 persons (excluding our children who will be working, married and staying in their own flats by then) and we will no longer be paying personal income taxes from work. We will only go holidays once a year. We will also not own a car (don’t need anymore) and will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?

Originally Posted by Unregistered

Today is a blessed day. It is raining. Rain is a blessing.

As I look out the window, I feel blessed as I can afford to enjoy the morning, lying on my bed. I recalled my earlier days as a high flying corporate executive. Those days were crazy days, rushing early in the morning, stuck in traffic, rushing from one meeting to another, flying from one city to another, rain or shine.

But it was worth it as the hard work enables me to earn a fortune. I had plenty of cash to invest. My many years of investments paid off extremely well. I'm now happily retired, my passive income from investments easily sustains my family. They are enjoying a good life too - living in a nice condo, going overseas holidays, driven around in a car, enjoying good food at restaurants, etc.

As a multi millionaire, I'm still busy, busy managing and growing my wealth, busy pursuing the many interests I had no time for previously, busy taking good care of my family, busy spending time with my very old parents and busy volunteering at charities and non profit organisations. Life is more meaningful and fulfilling. I'm healthier and happier.

In life, you have to make tough choices. Choose the wrong career and you can be working all your life. There are many people who did not enjoy a single day of retirement. They died before they retired. That's sad.

Choose the right high paying career, work hard, be the best in your field and become a multi millionaire. You can then afford to retire early and enjoy a full life.

I am envious. am 41 now and nowhere close to what you are doing.
savings, shares and cpf of 1.6m when combined with wife
no debts, has a hdb, car, 2 daughters
how many more years do u think i need to slog if my cash increases 200k per year?

Five years should be enough to increase by $1M and retire

Originally Posted by Unregistered

I am envious. am 41 now and nowhere close to what you are doing.
savings, shares and cpf of 1.6m when combined with wife
no debts, has a hdb, car, 2 daughters
how many more years do u think i need to slog if my cash increases 200k per year?