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How much are you earning per annum?

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  #2761 (permalink)  
Old 04-09-2013, 01:15 PM
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I earn $4k pm, my wife earns $5k pm. We have sold our flat and plan to buy a resale condo. Got profit of about $200k. My agent tells me now is a good time to upgrade. I can use the profit and my cash savings as downpayment for a condo. With the new cooling measures, we will look for a 2 bed room condo which cost less than $1m. We are looking at condos which have just TOP so that we can move immediately. Any suggestions? Must look beautiful and near MRT station. We don't drive.

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  #2762 (permalink)  
Old 04-09-2013, 04:39 PM
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Quote:
Originally Posted by Unregistered View Post
I earn $4k pm, my wife earns $5k pm. We have sold our flat and plan to buy a resale condo. Got profit of about $200k. My agent tells me now is a good time to upgrade. I can use the profit and my cash savings as downpayment for a condo. With the new cooling measures, we will look for a 2 bed room condo which cost less than $1m. We are looking at condos which have just TOP so that we can move immediately. Any suggestions? Must look beautiful and near MRT station. We don't drive.
you can afford a $1m condo on $9k/month? i suppose u have to cut back a lot on other expenses.. if u don't have motherfathergentleman funding.

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  #2763 (permalink)  
Old 04-09-2013, 08:17 PM
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$9k pm if not including bonus can be $144k pa assuming 3 months bonus.

For couple without children, the amount is about borderline case to buy and stay in a 2 bedroom condo. If got children, best to wait till salary goes up to about $8k each. There is a reason why the gahmen have upped the salary ceiling to $12k pm for exec condo.

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you can afford a $1m condo on $9k/month? i suppose u have to cut back a lot on other expenses.. if u don't have motherfathergentleman funding.

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  #2764 (permalink)  
Old 04-09-2013, 10:20 PM
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If you believe your agent then you're probably not really in tune with the market. Lets put this question to you instead

You buy a 2 bedroom condo near an mrt, cost you 1 Million. Downpayment 230K + stamp, borrow 800K from bank. (maybe more if need renovation)

Monthly repayment 2800 at 1.5% interest @ 30 years
MCST 300
Property tax 200
Monthly outgoing 3300 (property only, you include other expenses)

Scenario 1
Property market takes a dive 10%, Newly TOP properties will be the first to take a hit price wise (since they were already sold at inflated values). Bank comes and ask you to top up 100K, can you pay that out?

Scenario 2
Wife or you lose your job, funds become even tighter, you can imagine what happens then

There are many other scenarios that can happen you decide how safe you wanna play it, given the current market sentiment and your profile I reckon its quite a risky play



Quote:
Originally Posted by Unregistered View Post
I earn $4k pm, my wife earns $5k pm. We have sold our flat and plan to buy a resale condo. Got profit of about $200k. My agent tells me now is a good time to upgrade. I can use the profit and my cash savings as downpayment for a condo. With the new cooling measures, we will look for a 2 bed room condo which cost less than $1m. We are looking at condos which have just TOP so that we can move immediately. Any suggestions? Must look beautiful and near MRT station. We don't drive.
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  #2765 (permalink)  
Old 05-09-2013, 01:59 AM
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Quote:
Originally Posted by Unregistered View Post
Hi,

I am a young retiree, 48 years old. I was a high flyer in the global finance industry, worked very hard for more than 20 years. I made good $$$ and also did well in my personal investments. I have decided to retire last year to smell the roses.

I have built up enough assets to generate a passive income of $70k pa. My wife is still working and she earns $120k pa. Our household annual expenses is about $80k pa. Our Bukit Timah condo is paid up and we are debt free.

I am now training for a marathon and also volunteers for a charity. About time I live life.
Wow envy. I feel like killing myself after reading past few pages of income levels.
36y/o
2009 - 120k p.a
2013 - 72k pa plus 1 mth aws

FML!!!
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  #2766 (permalink)  
Old 05-09-2013, 08:43 AM
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What happened bro?

Why the drop in income from 120k to 72k? Are you in commission based profession?


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Originally Posted by Junkie View Post
Wow envy. I feel like killing myself after reading past few pages of income levels.
36y/o
2009 - 120k p.a
2013 - 72k pa plus 1 mth aws

FML!!!
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  #2767 (permalink)  
Old 05-09-2013, 09:17 AM
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Quote:
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you can afford a $1m condo on $9k/month? i suppose u have to cut back a lot on other expenses.. if u don't have motherfathergentleman funding.
I don't see why you need to put people down.

It's all about cashflow.

He's already got the deposit from the profit he made selling.

He just needs to make sure he can service the 800k loan, which works out to about 3 k a month. That's just one third of their income. (Not even counting their CPF and annual bonuses.)

Just need to make sure they have some cash savings to buffer for emergencies. Say about 50 k. Then should be fine.

Price drop etc is academic. It's their home - as long as they can service the mortgage etc. No issue. Plus I am assuming their income will grow somewhat over the years.
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  #2768 (permalink)  
Old 05-09-2013, 12:14 PM
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I'm 27 years old in PR industry, drawing 4000 a month take-home with poor prospect of significant increments.

I live with my parents and rent out a private condo (mortgaged under my name). The yield is 7%. If I sell it off, it will net around 1.3 Million. I intend to retire in Bangkok (yes, you read that right) after the mortgage is paid by my tenants in about 9 years time.

How much do you think is a comfortable base in order to make a big move? I expect to get a job teaching English, drawing local equivalent of 2000 SGD monthly.

I either intend to sell the condo or continue leasing out to supplement my allowance there. My lifestyle needs are average and I do not intend to have kids/family ever. The reason for the move is that Singapore has gotten too expensive and I've grown tired of struggling.
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  #2769 (permalink)  
Old 06-09-2013, 11:04 AM
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I earn $50k pa, my wife $45k pa. We are both 46 years old.
Luckily our 3 room flat is fully paid and because it is in the central region, it is worth $500k.
We hope to sell the flat at $700k when we retire at 75 years old. We can then buy a new HDB studio unit for $70k. We can then use the balance of money for our retirement.
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  #2770 (permalink)  
Old 06-09-2013, 11:06 AM
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IRAS reported that in 2012, there are 4,222 taxpayers who earned more than S$1M each. And another 12,921 earned between S$500K to $1M. As of 2012, the population of Singapore is 5.312 million people. Therefore, only 0.0032% of the population earns above S$500K. There you go, this is a good perspective when we compare salaries.
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