How much are you earning per annum?

It's obviously a troll post. Nonetheless it makes for interesting discussion on the following points:

1. Image and social status. Like it or not, people are always forming impressions of us. We cannot stop what people think of us, but we can try and influence them through our actions, the job we do, salary and of course our possessions.

2. Life is short. To each his own. Some delay gratification, while others live for the moment. I think striking a balance is the way to go. You never know when your time will come.

3. Judging others. We tend to judge others by our own standard whether it is appropriate or not. Eg. Is a 2 bedder condo inferior to a 5 room HDB flat?

4. Showing off. This is in all of us. We need validation and the best way is to compare against your neighbors. Eg "I earn double your income"

Originally Posted by Unregistered

Haha! Household income only 100k pa at 46 with 2 schoolgoing children think your social status has been upgraded and people look up to you just cos you live in a $1m condo in Upper Bukit Timah? How small is your condo unit? 1 or 2 room? I seriously hope that whoever wrote the above is joking! Even if you do not spend any of your 100k pa income until you retire at 62, you will only be able to save $2.6m. When you retire, most probably have to downgrade again? So wats the use of buying a condo when in the end, you can't afford to keep it? I really wonder, are there really people who think they have made it just because they own a condo? Btw, me and my wife are in our very early 30s and our income is more than double yours. However, we bought a 5 room flat as our first home and are slowing building up our assets thru stock market and unit trust investments. When the time is right, most probably will invest in another property after we clear the HDB loan. Will probably retire at 55 to enjoy life. So, does this mean that you have more class and enjoy a better lifestyle cos you live in a condo? I seriously doubt so! Anyway, I still think its a troll who wrote the above. If it was, nice one, I had a good laugh! ;p

You're a sore loser. Even though he earns lesser than you, he is richer than you since he owns a condo in a upper class location, paid up in full. You're still servicing your HDB loan! His family net worth is most probably more than $1m, whereas your family net worth could be just $200k or lesser since you still have plenty of mortgage loan to clear. So please, don't look down on others. Btw, you're still living in public housing, abode for the lower income group. Low class.

Originally Posted by Unregistered

Haha! Household income only 100k pa at 46 with 2 schoolgoing children think your social status has been upgraded and people look up to you just cos you live in a $1m condo in Upper Bukit Timah? How small is your condo unit? 1 or 2 room? I seriously hope that whoever wrote the above is joking! Even if you do not spend any of your 100k pa income until you retire at 62, you will only be able to save $2.6m. When you retire, most probably have to downgrade again? So wats the use of buying a condo when in the end, you can't afford to keep it? I really wonder, are there really people who think they have made it just because they own a condo? Btw, me and my wife are in our very early 30s and our income is more than double yours. However, we bought a 5 room flat as our first home and are slowing building up our assets thru stock market and unit trust investments. When the time is right, most probably will invest in another property after we clear the HDB loan. Will probably retire at 55 to enjoy life. So, does this mean that you have more class and enjoy a better lifestyle cos you live in a condo? I seriously doubt so! Anyway, I still think its a troll who wrote the above. If it was, nice one, I had a good laugh! ;p

Don't believe your post to be true, but if true, I must say I envy you. We only upgraded to a condo when we were 50. That was after we had saved enough (including our flat) money to pay for the condo in full.

Living in a condo (with full facilities) really transformed our life. Our quality of life have gone up. No need to fight over car park lots like in HDB, even for us with 2 cars. No need to pack to go out swimming, no crowds to squeeze with, tennis every week. BBQ and cosy parties to celebrate special occasions can be held at condo with comfort and privacy. Rain? No problem, we will just play squash or work out in the gym.

My regret is that I should have taken the courage to buy a condo earlier then I wouldn't have had to pay what I paid. Money can be earned, but one can never be young again. If we ever downgrade to HDB, it would not be because of money, but because we would no longer be able to enjoy the facilities. When I see my younger neighbors, I am happy for them. They and their children have a long time to enjoy condo living with the facilities and privacy.

Originally Posted by Unregistered

We sold our fully paid Queenstown HDB flat for $900k and then upgraded to a $1m condo in Upper Bukit Timah, paid in full. We finally got our dream condo, thanks to our HDB flat asset, which is our best investment ever. We now have no mortgage loan, only a $30k car loan. No other debt. Our household income is $100k pa combined. We have no maid. We are both 46 years old and have two secondary school children. They love swimming in the condo pool and they play tennis every weekend. Sometimes, we have family BBQs. We feel like living in a holiday resort hotel everyday. Our family social status has now been upgraded since we stayed in the Upper Bukit Timah condo. Friends, family, colleagues and bosses look up To you and give you lots of respect now. They say we now got class.

Originally Posted by Unregistered

You're a sore loser. Even though he earns lesser than you, he is richer than you since he owns a condo in a upper class location, paid up in full. You're still servicing your HDB loan! His family net worth is most probably more than $1m, whereas your family net worth could be just $200k or lesser since you still have plenty of mortgage loan to clear. So please, don't look down on others. Btw, you're still living in public housing, abode for the lower income group. Low class.

You must be the one who posted the initial post. Sore loser? How do you know I have plenty of loan to clear? My flat is worth around $750k - $800k now (conservative estimate) and my outstanding is around $150k. I'm not clearing it as the interest rate is low and I can put my money to better use in my investments. My wife and myself have around $500k of investments in stocks and unit trusts and cash savings of around $150k. My car is worth around $200k and the outstanding loan is around $100k. So if I sell it off, I'll get back say $80k? In total, conservatively my family's net worth is more than $1m. I know this is not much and there are tons of people who have more. To those people, kudos! To the rest, let's work hard together to achieve a peaceful and stress-free retirement!

I'm not looking down on "you" but just wondering why "you" feels "you" have class and people look up to "you" just because "you" own a small condo in a "upper class" location. And btw, "you" and "your" wife are already 46 while me and my wife are 32 and 30 respectively. By the time we reach 46, we would have built up a substantial asset base in addition to the $1m we already have now. I take issue with your last 2 sentences. Dun you insult people who live in HDB flats, many of them are hard working folks who may actually be millionaires but they do not feel the need to put up with false pretences like buying condo or big cars. What's so low class about staying in a HDB. "You" ask me not to look down on people but "you" look down on 80% of Singaporeans. What an arrogant idiot!

Originally Posted by Unregistered

You must be the one who posted the initial post. Sore loser? How do you know I have plenty of loan to clear? My flat is worth around $750k - $800k now (conservative estimate) and my outstanding is around $150k. I'm not clearing it as the interest rate is low and I can put my money to better use in my investments. My wife and myself have around $500k of investments in stocks and unit trusts and cash savings of around $150k. My car is worth around $200k and the outstanding loan is around $100k. So if I sell it off, I'll get back say $80k? In total, conservatively my family's net worth is more than $1m. I know this is not much and there are tons of people who have more. To those people, kudos! To the rest, let's work hard together to achieve a peaceful and stress-free retirement!

I'm not looking down on "you" but just wondering why "you" feels "you" have class and people look up to "you" just because "you" own a small condo in a "upper class" location. And btw, "you" and "your" wife are already 46 while me and my wife are 32 and 30 respectively. By the time we reach 46, we would have built up a substantial asset base in addition to the $1m we already have now. I take issue with your last 2 sentences. Dun you insult people who live in HDB flats, many of them are hard working folks who may actually be millionaires but they do not feel the need to put up with false pretences like buying condo or big cars. What's so low class about staying in a HDB. "You" ask me not to look down on people but "you" look down on 80% of Singaporeans. What an arrogant idiot!

30 plus earning 200k p.a still need to frequent an internet website to boast about your little 'success'? u feel a need to compare with others on the internet?
500k invested? tts a pretty high ratio of investment to liquid networth.
do not make the assumption returns will always go up. sell ur investments then talk. if market turns against you theres no pt in assuming anything.

Originally Posted by Unregistered

I do not see much of an issue for you. In fact, you have already achieved financial success. What you and your wife need to do is to maintain your lifestyle such that you have surpluses every year until you both reach 65 years old.

Your assets:

1. A fully paid condo. Assuming this condo is now worth $1.5m (the average value of a condo in Singapore). This condo will surely appreciate in value over 20 years and will be worth at least $3m in 20 years time.

2. A $1m investment portfolio. This portfolio, if managed carefully, will be worth $2m at least in 20 years time.

3. If your family can save $60k a year, in 20 years time, you will have an extra $1.2m cash.

So your grand net worth total in 20 years time will be about $6.2m.

Better for you to take a lower risk of managing your investments rather than going into high risk business ventures, which will likely make you lose all your hard savings of $1m.

Perfectly alright to be a house husband who takes care of your children to grow up to be scholars.

With $6.2m in 20 years time, if you want to live like a king, you can retire in Malaysia. When you convert $6.2m you will get at least RM15m.

All the best.

the fundamental error in your assumption are 2 pts.
1st, u dont account inflation. 100% return in 20 years probably only cover the high inflation rates
2. u assume everything is linear. tt is investment returns and savings rate. biggest prob pple nowadays is they nv protect themselves from bad market as well as potential layoffs during recessions.
cheers.

As long as you stay in public housing, you're a nobody, no matter how much you claim you earn. I was 25 when I bought my first home, a condo. I got it at only $600k in 2006. Now it is valued at $1.4m. Even though I earn more than you and wife combined, I don't go around looking down at other people. The guy who is earning less than you but owns a fully paid condo is more successful than you as he lives in a condo, whereas you do not. No need to be so defensive, just sell your flat and use your cash to upgrade yourself.

Originally Posted by Unregistered

You must be the one who posted the initial post. Sore loser? How do you know I have plenty of loan to clear? My flat is worth around $750k - $800k now (conservative estimate) and my outstanding is around $150k. I'm not clearing it as the interest rate is low and I can put my money to better use in my investments. My wife and myself have around $500k of investments in stocks and unit trusts and cash savings of around $150k. My car is worth around $200k and the outstanding loan is around $100k. So if I sell it off, I'll get back say $80k? In total, conservatively my family's net worth is more than $1m. I know this is not much and there are tons of people who have more. To those people, kudos! To the rest, let's work hard together to achieve a peaceful and stress-free retirement!

I'm not looking down on "you" but just wondering why "you" feels "you" have class and people look up to "you" just because "you" own a small condo in a "upper class" location. And btw, "you" and "your" wife are already 46 while me and my wife are 32 and 30 respectively. By the time we reach 46, we would have built up a substantial asset base in addition to the $1m we already have now. I take issue with your last 2 sentences. Dun you insult people who live in HDB flats, many of them are hard working folks who may actually be millionaires but they do not feel the need to put up with false pretences like buying condo or big cars. What's so low class about staying in a HDB. "You" ask me not to look down on people but "you" look down on 80% of Singaporeans. What an arrogant idiot!

Originally Posted by Unregistered

As long as you stay in public housing, you're a nobody, no matter how much you claim you earn. I was 25 when I bought my first home, a condo. I got it at only $600k in 2006. Now it is valued at $1.4m. Even though I earn more than you and wife combined, I don't go around looking down at other people. The guy who is earning less than you but owns a fully paid condo is more successful than you as he lives in a condo, whereas you do not. No need to be so defensive, just sell your flat and use your cash to upgrade yourself.

Who is the one looking down on others? Stay in a condo to be "somebody"? What warped and shallow values you have! I state again that I am not looking down on others. If people do well, good for them. If not, just live an honest and meaningful life. Success is not measured by how much you have, but what you do with what you have e.g. like maybe sharing some of your wealth with the less fortunate. I have been giving to various charities since i started working and hope to increase my contributions as the years go by, but that's just me, a nobody living in a flat. I'm sure there are many others out there doing the same to play a small role to help others. Kudos and let's continue to play our part.

In my opinion, a low income worker working honestly to raise and maintain his family is just as successful as the rich guy living in a condo. I just can't understand why people equate living in a condo to class and success. Like you pointed out yourself, I could have bought a condo but I choose not to, at least not at the moment! And even if I eventually buy a condo, I don't have to live in it just so that I have "class" and people can look up to me! You claim you earn more than me and my wife. Good for you, but like what you said, it is just what you claim. Btw, since I don't subscribe to your values, I don't see a need to sell my flat to "upgrade". I'll just be a nobody! Ok, please don't reply to me anymore. I have stated my points and have no wish to further engage in this discussion. To everyone out there, be grateful and glad that we were born in this beautiful land! Peace and happiness to all!

You can babble until the cows come home, the universal fact is living in a condo is definitely of higher social status than living in a flat. Ask your MIL and she will definitely agree.

Originally Posted by Unregistered

Who is the one looking down on others? Stay in a condo to be "somebody"? What warped and shallow values you have! I state again that I am not looking down on others. If people do well, good for them. If not, just live an honest and meaningful life. Success is not measured by how much you have, but what you do with what you have e.g. like maybe sharing some of your wealth with the less fortunate. I have been giving to various charities since i started working and hope to increase my contributions as the years go by, but that's just me, a nobody living in a flat. I'm sure there are many others out there doing the same to play a small role to help others. Kudos and let's continue to play our part.

In my opinion, a low income worker working honestly to raise and maintain his family is just as successful as the rich guy living in a condo. I just can't understand why people equate living in a condo to class and success. Like you pointed out yourself, I could have bought a condo but I choose not to, at least not at the moment! And even if I eventually buy a condo, I don't have to live in it just so that I have "class" and people can look up to me! You claim you earn more than me and my wife. Good for you, but like what you said, it is just what you claim. Btw, since I don't subscribe to your values, I don't see a need to sell my flat to "upgrade". I'll just be a nobody! Ok, please don't reply to me anymore. I have stated my points and have no wish to further engage in this discussion. To everyone out there, be grateful and glad that we were born in this beautiful land! Peace and happiness to all!

shallow ppl. shallow ppl everywhere.