How much are you earning per annum?

Originally Posted by Unregistered

I was hunting for condo recently, have seen some older ones, noticed the facilities were quite run down, the house need a complete overhaul... but some newer HDB appeared better in condition...

Forget about looking at condos more than 2 years old. Look at those newer ones, there are many cheap condos that just obtained TOP. Many in the OCR. Go for these.

Originally Posted by Unregistered

Forget about looking at condos more than 2 years old. Look at those newer ones, there are many cheap condos that just obtained TOP. Many in the OCR. Go for these.

If forget about all the older than 2 years condo, than many people here who wish to retire by selling their old condo will see problem... who will buy...

Originally Posted by Unregistered

If forget about all the older than 2 years condo, than many people here who wish to retire by selling their old condo will see problem... who will buy...

Those old condos must go for enbloc. That's why you need to buy only those very attractive condos that developers interested to enbloc in future, like those condos located next to mrt stations.

Originally Posted by Unregistered

Those old condos must go for enbloc. That's why you need to buy only those very attractive condos that developers interested to enbloc in future, like those condos located next to mrt stations.

There are so many fellows here who are so happy now about living in condo and thinking to downgrade to smaller studio when retire, I think likely most of them aren’t owner of those Enbloc potential condo, cause these home are either super run down or very costly due to the size.
There is no excitement, owning condo now but cannot hold on to it after retirement. Selling it will be a problem later on, as buyers mostly eyeing at newer ones and cheaper or smaller ones due to CMs.

Many posters here are very high income earners. Those low income earners may be ashamed to share. I'm a low income earner by the standards set in this forum. I earn only 60k pa and I am already 47 years old. Are there any brave low income souls out there willing to share your story?

Originally Posted by Unregistered

Many posters here are very high income earners. Those low income earners may be ashamed to share. I'm a low income earner by the standards set in this forum. I earn only 60k pa and I am already 47 years old. Are there any brave low income souls out there willing to share your story?

nothing to be ashamed of, rather it is how you manage your saving relative to your earning power which is more important. I know of people who earn excess of 300k but have very little saving, ie expensive holiday, luxury cars - not uncommon to see youngsters driving BMW or Lexus, fine dine, branded stuff. When life turns south, these people will have nothing to fall back and some have to downgrade to 3 room HDB. You hear of taxi driver who was formerly high earners, bankers, executives etc?

If you know how difficult it is for those who are out of job at 40s and have family to support, then it is indeed a blessing to have one that paid 60k.

Originally Posted by Unregistered

Can a couple in their 40s afford to upgrade to a condo (from a paid up hdb flat) if their combined income is $10k pm or $120k pa?

If yes, what should their budget be? Assuming can sell flat at $500k? Is a $2m luxury condo too expensive? Is a loan of $1.5m too high? Assume no other loans.

Any gurus here can advise? tyia.

I bet Suzy Orman will say "You are denied!"

Are you happy with your life? Are you healthy? If yes to both questions, you are better off than many people already because good health and happiness are priceless!

Of course having said that, life is a lot more complicated than that. It is human nature to compare ourselves with others. When we see others earning more we get jealous, which affect our happiness.

You know, long ago before we were resettled to HDB flats, we were staying in a kampong in the northern part of Singapore. In that kampong everyone was equally poor, but we were contented and happy. But when we were moved to live in HDB flats, we started to "open" our eyes and saw what our neighbours have. They renovated their homes nicely, with big TVs, they have cars and they boasted about their overseas holidays. We lost our contentment and happiness and we haven't found them to this day even though we have 2 condos currently, 2 cars and annual overseas holidays.

Somehow that magic of living simply in contentment is gone. But admittedly once in while whenever I looked at our net worth, I do get a lot of comfort from it.

Originally Posted by Unregistered

Many posters here are very high income earners. Those low income earners may be ashamed to share. I'm a low income earner by the standards set in this forum. I earn only 60k pa and I am already 47 years old. Are there any brave low income souls out there willing to share your story?

Originally Posted by Unregistered

Many posters here are very high income earners. Those low income earners may be ashamed to share. I'm a low income earner by the standards set in this forum. I earn only 60k pa and I am already 47 years old. Are there any brave low income souls out there willing to share your story?

Income is only part of the story I think. If you are happy, with no worries of basic necessities and have no major medical bills or debts, it is really ok.

To be honest. I earn about 120k pa. That's after 10+ years if working life. Started from 30k pa as fresh grad. Nothing to shout about, and likely low by the standards of many who post in this forum. But I am proud of myself, I earn my honest living, take care of my parent, provide for my children, have time to guide them as they grow up. There are more and more rich people in SG, the income gap is also growing fast. I don't see meaning to compare with others anymore. I do used to compare when I was just starting work and young. But with my own children now, I grew out of that mindset and feel so much happier. Life is too short to fret over such things!

Cheers!

Originally Posted by Unregistered

Are you happy with your life? Are you healthy? If yes to both questions, you are better off than many people already because good health and happiness are priceless!

That's absolutely true. Especially so if one is married with children. I am one of those "high income households" I.e. Nearly 300k pa HH.

BUT I have a special needs boy whom I am not sure whether he will ever be able to have a 5 min verbal communication with me... Anyone wants to trade his/her 60k pa HH income with mine and swap the children's health ? Of course that is just a hypothetical question but just a reminder that there are son many things that one can get afflicted with that staying health and alive plus health children is already a feat...