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How much are you earning per annum?

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  #3311 (permalink)  
Old 25-12-2013, 02:20 PM
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I'm an executive in a MNC, $120k pa. Spouse, $80k pa. Drives a newly bought conti car. Just upgraded from a exec flat to a brand new condo. Annual commitment and expenses, $170k. Big holidays twice a year. Life is great. Will retire at 70 in 30 years time.
There many households with 200k income (combined) still living in HDB flats. But to each his own.

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  #3312 (permalink)  
Old 25-12-2013, 03:37 PM
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There many households with 200k income (combined) still living in HDB flats. But to each his own.
Yes, Singaporeans are a rich bunch. We are very lucky.

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  #3313 (permalink)  
Old 25-12-2013, 10:33 PM
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As we approach the end of the year, it is a good time to reflect our past year's achievements and shorcomings. For me, 2013 was a year when I changed my job. While my pay dropped from $150k pa in my previous job to only $119k pa, I am now happier in my new job as it is less stressful and my colleagues are much more friendly and cooperative. My stocks investments did well as my portfolio increased by $200k in value. My wife had a good year as her pay rose from $90k to $105k. Our combined income of $224k is reasonable.

We now plan to upgrade from our 4 room HDB flat which we have lived in for the past 15 years to a condo. This is our dream.

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  #3314 (permalink)  
Old 25-12-2013, 11:27 PM
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Originally Posted by Unregistered View Post
As we approach the end of the year, it is a good time to reflect our past year's achievements and shorcomings. For me, 2013 was a year when I changed my job. While my pay dropped from $150k pa in my previous job to only $119k pa, I am now happier in my new job as it is less stressful and my colleagues are much more friendly and cooperative. My stocks investments did well as my portfolio increased by $200k in value. My wife had a good year as her pay rose from $90k to $105k. Our combined income of $224k is reasonable.

We now plan to upgrade from our 4 room HDB flat which we have lived in for the past 15 years to a condo. This is our dream.
can you share more on your stocks portfolio? an increase of $200k for 2013 is very impressive, given that STI is only up single digit %. how much was your investment?
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  #3315 (permalink)  
Old 26-12-2013, 12:37 AM
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can you share more on your stocks portfolio? an increase of $200k for 2013 is very impressive, given that STI is only up single digit %. how much was your investment?
I have a global stocks portfolio, mainly US stocks, esp Nasdaq stocks


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  #3316 (permalink)  
Old 26-12-2013, 12:56 AM
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I have a global stocks portfolio, mainly US stocks, esp Nasdaq stocks
I am now cashing out all of my stocks due to the huge gains, so that I can upgrade to the condo. I aim to buy a new $1.5m condo. I will sell the flat for $500k and get $1m cash after selling all my stocks. I will have no loan. The condo will give us great pleasure as we will enjoy the many facilities and we feel our social standing will also improve. To own a fully paid up condo in Singapore is a big success. Being debt free feels good.
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  #3317 (permalink)  
Old 26-12-2013, 07:45 AM
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How old are you? Unless you are in your mid 30s to early 40s it is not wise to move from an investor mind set to a consumer mind set. An investor mind set is one who make their money work for them, while a consumer mind set work for their money. When younger you got a lot of time to build up another pile of money to invest but not when you are above 50.

Having said the above, it good to balance between saving and enjoying the fruits of our hard work. They are people who saved all their lives and never got the chance to enjoy their wealth.

Agreed that condo living is fantastic, but you must find the right condo (well managed, convenient location, adequate car park lots, full facilities, good security, spacious grounds, good neighbourhood, reasonable maintenance fees).

Also living in a fully paid up condo is only part of the success criteria. The other part is to earn a good salary. The average household income among condo dwellers is $19,500 pm.

Quote:
Originally Posted by Unregistered View Post
I am now cashing out all of my stocks due to the huge gains, so that I can upgrade to the condo. I aim to buy a new $1.5m condo. I will sell the flat for $500k and get $1m cash after selling all my stocks. I will have no loan. The condo will give us great pleasure as we will enjoy the many facilities and we feel our social standing will also improve. To own a fully paid up condo in Singapore is a big success. Being debt free feels good.
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  #3318 (permalink)  
Old 26-12-2013, 08:00 AM
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If you are the type who likes to compare yourself with others, and currently not earning a high salary, moving into a condo may make your life miserable instead.

Unlike in an HDB estate where you find a very wide spectrum of income, in condos, you will have richer neighbours mostly. You will have to contend with neighbours whose units are bigger than yours, have not 1, but 2 big conti cars. And many would have another property either locally or overseas.

So unless you are "there", it would be like being a small fry in the sea. Sometimes it is better to be a big fish in a pond.

Quote:
Originally Posted by Unregistered View Post
I am now cashing out all of my stocks due to the huge gains, so that I can upgrade to the condo. I aim to buy a new $1.5m condo. I will sell the flat for $500k and get $1m cash after selling all my stocks. I will have no loan. The condo will give us great pleasure as we will enjoy the many facilities and we feel our social standing will also improve. To own a fully paid up condo in Singapore is a big success. Being debt free feels good.
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  #3319 (permalink)  
Old 26-12-2013, 08:57 AM
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I don't think its unreachable to get a decent place around Upper Bukit Timah for 1.2M however that said as one forum member said realistically that price will get a place around the Hillview area (some argue its Upper BT some argue its Bukit Panjang).

For instance this condo here is not too shabby in facilities and is about 15 years old, I seen it before and the maintenance of it is great, much better than some of the younger condo's I have in my portfolio. Its a 1300 sq feet @ 1K psf and these old condo's have a ton of land spread out across for kids to play.

Though personally I believe if one times the market carefully they might be able to get one unit around the 700 - 850 range maybe lower? That's if the HDB upgrader really knows how to time the market well. (i.e Sell high, rent and wait - a lot of co-ordination and stress on the family)

Condominium For Sale - Hillbrooks, 88 Hillview Avenue, 669590 Singapore, CONDO, 3BR, 1238sqft, #16049820
At only 1k psf it's hardly even middle class, let alone "upper class Bukit Timah"
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  #3320 (permalink)  
Old 26-12-2013, 09:41 AM
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The property that is self-occupied is not an investment but a consumption. It is a asset but it cannot be monetized.
Liquidating all investment to buy a self-occupied condo doesnt sound like a good idea.
You can liquidate part of your investment to pay for downpayment, and get a mortgage loan. Rent out your hdb and use it to pay your condo mortgage installment.

I stay in a river valley condo bought for 1.5mm during 09 with 80% financing and 40yr mortgage. My hdb rental fully covers the condo installment. I also have a shophouse in malaysia where rental covers installment. I maintain 200k for liquidity in case of no rental income.

I keep 500k in diversified stocks which earns 4% dividend. This year is a good year for stocks with 15% appreciation.
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