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How much are you earning per annum?

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  #3231 (permalink)  
Old 13-12-2013, 05:08 PM
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Yup, lazyplane you are quite right with your analysis. Wife only quit since 1.5 yrs ago so our savings were much higher last time. The car was bought b4 the Coe spike and only after the kid arrived. Condo was brought in 2008 at slightly below 1 mil with SOME inheritance money and also made some money from gold, silver and stock investment over the last 10 years. Actually by not buying a car the moment we started work really helped us saved a lot of unnecessary expenses over the years. HDB was not resale so only cost us about 400k. We hardly go for holidays and most holidays we dun spend a lot cos air tickets were free.


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Originally Posted by lazyplane View Post
I dont disagree with your analysis,but it is clear that there are unstated assumptions in both cases

TS never say his wife didnt work at all. maybe wife stopped working when child came ? TS also did not state what kind of hdb or investment condo. can be very small.

Having said that, i assume (and i also making assumption) u are referring to those "self made" millionaire cases where they have minimal savings, with maybe some education and then became where they are .

Well, the thing here is that in SG, i think many now have a leg up. Seriously, look around us, how many parents are splurging on kids education , gadgets , school tours and even buying a small overseas property (instead of renting) for their kids when they are overseas uni .

Having said all that, i think there r self made millionaires in SG. Not many, but meeting those can be a true inspiration to rest of us.

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  #3232 (permalink)  
Old 13-12-2013, 09:19 PM
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My spouse and I (45, 43 years old) have a combined income of $183k pa. We live in a condo, now worth $1.6m (bought at $600k in 2003. Mortgage loan outstanding $250k). We own a conti car, fully paid up. We save $34k pa. We will retire at 60. We will sell our condo and downgrade to a cheaper 1 bedroom condo.

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  #3233 (permalink)  
Old 14-12-2013, 12:12 AM
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Quote:
Originally Posted by Eaglet777 View Post
Yup, lazyplane you are quite right with your analysis. Wife only quit since 1.5 yrs ago so our savings were much higher last time. The car was bought b4 the Coe spike and only after the kid arrived. Condo was brought in 2008 at slightly below 1 mil with SOME inheritance money and also made some money from gold, silver and stock investment over the last 10 years. Actually by not buying a car the moment we started work really helped us saved a lot of unnecessary expenses over the years. HDB was not resale so only cost us about 400k. We hardly go for holidays and most holidays we dun spend a lot cos air tickets were free.
Eaglet, you must have had a substantial inheritance. Im guessing $500K to $600K? Else it would be unlikely that you and your wife would have been able to pay off the condo and still have $450K savings

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  #3234 (permalink)  
Old 14-12-2013, 06:30 PM
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Can we comfortably afford a $2m condo?

Wife and I, both 40, have $1m in cash, $300k in stocks and a half-paid HDB EA which we may keep (we are aware of the ABSD, but it's another topic).

Jobs are semi-stable. Both of us made a combined $500k this year, but we got higher than usual payouts this year. I would say its safer to assume a $300k income.

Or should we lower our condo budget to $1.5m?

Thanks in advance.
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  #3235 (permalink)  
Old 14-12-2013, 06:42 PM
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You are both 40, which means there is a high chance of retrenchment for both of you next year onwards. You should assume this as your base case. So you should just sell your HDB flat, get the net cash proceeds (eg $300k) and plus your $1.3m, you have $1.6m. Under this scenario, just buy a $1.2m condo. You will then be debt free, assuming you have no other debts. So if both of you get retrenched, you still have a fully paid up home. Then you can take up taxi driving to pay for your food and utilities.


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Originally Posted by Unregistered View Post
Can we comfortably afford a $2m condo?

Wife and I, both 40, have $1m in cash, $300k in stocks and a half-paid HDB EA which we may keep (we are aware of the ABSD, but it's another topic).

Jobs are semi-stable. Both of us made a combined $500k this year, but we got higher than usual payouts this year. I would say its safer to assume a $300k income.

Or should we lower our condo budget to $1.5m?

Thanks in advance.
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  #3236 (permalink)  
Old 14-12-2013, 10:52 PM
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Quote:
Originally Posted by Unregistered View Post
You are both 40, which means there is a high chance of retrenchment for both of you next year onwards. You should assume this as your base case. So you should just sell your HDB flat, get the net cash proceeds (eg $300k) and plus your $1.3m, you have $1.6m. Under this scenario, just buy a $1.2m condo. You will then be debt free, assuming you have no other debts. So if both of you get retrenched, you still have a fully paid up home. Then you can take up taxi driving to pay for your food and utilities.
This forumer gives good advice. I went through it two years ago, at the age of 43. I was earning more than you. I had to sell my terrace house, cleared the outstanding mortgage and then downgraded to a condo unit, which I paid in full. I also paid off my car and personal loans. I am debt free. The balance of cash plus savings was then invested in stocks which now gives me $50k plus per year in stocks dividends and capital gains. My wife earns $90k per year and so we are now surviving on our combined family income of $140k per year. I am now a full time stocks trader. I have given up searching for a job that fits my high qualifications and deep experience. I am a threat to the hiring managers who are simply young fools.
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  #3237 (permalink)  
Old 15-12-2013, 12:01 AM
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I am an optimist, as you will see from my view which is also based on my path. Your combined net worth is around $2m including your CPF. At 40, my wife and I had about the same amount, but our combined income was just above $200k pa. Our expenses was $100k pa allowing us to save $100k pa (including CPF).

We upgraded to a 4bedroom condo at 45, capitalized on the gains of the HDB, and took a loan to cover the shortfall. In the meantime our income grew to $300k pa, while we kept our expenses at $100k - $120k pa. We save $180k - $200k pa.

At 53, our income grew to $400k pa, we bought another condo for rental income. Currently, although our income has stagnated, we are able to save well above $300k pa including rental and dividend income.

I do not know what profession or business you are in, only you can best assess your situation, but I would say that at 40, you have a lot of time and upside on your side.

Quote:
Originally Posted by Unregistered View Post
Can we comfortably afford a $2m condo?

Wife and I, both 40, have $1m in cash, $300k in stocks and a half-paid HDB EA which we may keep (we are aware of the ABSD, but it's another topic).

Jobs are semi-stable. Both of us made a combined $500k this year, but we got higher than usual payouts this year. I would say its safer to assume a $300k income.

Or should we lower our condo budget to $1.5m?

Thanks in advance.
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  #3238 (permalink)  
Old 15-12-2013, 12:25 AM
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26 years old. Wife 25 years old
Self employed
Me and my wife make around 1m pa

CCurrently own 5rm hdb on hbd loan
Just purchased 3m condo paid 20% cash, balance taking loan
Both drive conti car 50% paid
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  #3239 (permalink)  
Old 15-12-2013, 01:21 AM
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Quote:
Originally Posted by Unregistered View Post
26 years old. Wife 25 years old
Self employed
Me and my wife make around 1m pa

CCurrently own 5rm hdb on hbd loan
Just purchased 3m condo paid 20% cash, balance taking loan
Both drive conti car 50% paid
Hi,
Thought the current rule is that if you have a HDB loan not fully paid off, u can take only 50% loan?
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  #3240 (permalink)  
Old 15-12-2013, 08:20 AM
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I don't see why not. You have almost enough liquid assets and other assets (hdb) to cover the cost of the condo, so even if you were to take a loan you would have little net debt, even if the worst were to happen

Quote:
Originally Posted by Unregistered View Post
Can we comfortably afford a $2m condo?

Wife and I, both 40, have $1m in cash, $300k in stocks and a half-paid HDB EA which we may keep (we are aware of the ABSD, but it's another topic).

Jobs are semi-stable. Both of us made a combined $500k this year, but we got higher than usual payouts this year. I would say its safer to assume a $300k income.

Or should we lower our condo budget to $1.5m?

Thanks in advance.
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