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How much are you earning per annum?

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  #4991 (permalink)  
Old 03-08-2014, 10:21 PM
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Well done, you are financially prudent. You should maintain staying in public housing, it may not be safe for you to buy a condo which typically requires a combined income of $400k pa to be safe to buy a condo. Some more, you are the only one working. At your age, you can be retrenched any time since you are expensive. In fact you should consider downgrading to a 3 room HDB flat so that you have more money in hand. So, if you got retrenched, you have enough money to survive. Don't take high risk at your age, it's too late. Be prepared for retrenchment any time.
400k is not enough, only 600k will be safe. Also 3 room flat too dangerous, should go for 2 room flat to have even more money in hand.

Retrenchment not only risk out there. Stock market crash, property market crisis, world war 3 might come. Cannot risk it.

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  #4992 (permalink)  
Old 03-08-2014, 10:35 PM
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Hijack thread to get some advice, please.
Current Situation (all sgd)
Age late 30s, spouse a few years younger
Annual fixed package 240K +/- excl B
Spouse annual package 20K (part time), but can move close to 50K if terms of employment changes
2 young kids
Humble subsidized apartment fully paid (paid 200K+ many years ago, MTM 600K+). Small Asian car also fully paid, with 8 years of COE to go.
Been prudent & has 2M +/- in liquid assets.

Have been working 10+ years in an industry. Right now, feel a little jaded (politics, state of industry, concern about sustainability re layoffs in mid to late 40s later etc)

Have been approached by a small business setup in which a very close family member has some stake in. The other larger shareholders are friends of this family member, whom I also know. This business has been in operation for 30 years, employing about 40-50 people in Spore and has been profitable. Approached me to join as a member of the senior management as they are getting on with age & need young blood, with an eventual aim of taking the MD role if I excel in the job. This industry is new to me, which is a concern, but they do have some seasoned veterans in the rank & file already.

Directionally keen to join as it is something interesting & potentially refreshing but also feel a pity to completely leave an industry which I have been in for last 10+ years.
Will be interested in views from fellow forum folks re this dilemma I am faced with.



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  #4993 (permalink)  
Old 03-08-2014, 11:09 PM
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Good for you. Can share what you invested in?

We are still holding a chunk of our savings in simple FDs earning meager interests. We are not too comfortable to put add more into our stock holdings which gave us the $40k pa dividend. And our CPF money is also not utilized properly just earning $20k interest at 2.5%.

We are thinking of going into bonds. Any suggestions?

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Thanks for sharing. My wife and I both have this ambition not to work our whole lives till 65. When we got married we set our target to be financially independent by the time we hit 50 so that we could retire early. We tried our best and managed to grow our wealth and also our passive income. Today at 54, we have achieved our goal (off by 4 years though). We paid off our penthouse mortgage and cleared our loans. Our portfolio now generates an annual passive income of $145k pa. Our expenses nowadays have stabilised at $90k pa. We will be retiring next year.

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  #4994 (permalink)  
Old 03-08-2014, 11:59 PM
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Well done, you are financially prudent. You should maintain staying in public housing, it may not be safe for you to buy a condo which typically requires a combined income of $400k pa to be safe to buy a condo. Some more, you are the only one working. At your age, you can be retrenched any time since you are expensive. In fact you should consider downgrading to a 3 room HDB flat so that you have more money in hand. So, if you got retrenched, you have enough money to survive. Don't take high risk at your age, it's too late. Be prepared for retrenchment any time.
He's right, don't even put the money in a bank, too much risk. Put them in tin can and hide them under the bed.
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  #4995 (permalink)  
Old 04-08-2014, 12:51 AM
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He's right, don't even put the money in a bank, too much risk. Put them in tin can and hide them under the bed.
Better not put in tin can, wait his father go take and bet on Germany
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  #4996 (permalink)  
Old 04-08-2014, 12:22 PM
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41, single income, $125k pa, supporting housewife wife and two chidlren. Sold flat two years ago, upgraded to an EC. We love our condo. No car, saves $30k pa. Total net worth (includes condo and other assets minus all liabilities), $1.2m.
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  #4997 (permalink)  
Old 04-08-2014, 05:29 PM
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Wife, 48, $6k pm. I'm 42, $4k pm. Total, $10k pm.
Our flat is paid up, now worth $500k. Plan to upgrade to a condo costing $1m.
We will take a loan of only $500k. Will use the sale proceeds of flat to pay for downpayment of $500k.
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  #4998 (permalink)  
Old 04-08-2014, 05:41 PM
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Quote:
Originally Posted by Unregistered View Post
Well done, you are financially prudent. You should maintain staying in public housing, it may not be safe for you to buy a condo which typically requires a combined income of $400k pa to be safe to buy a condo. Some more, you are the only one working. At your age, you can be retrenched any time since you are expensive. In fact you should consider downgrading to a 3 room HDB flat so that you have more money in hand. So, if you got retrenched, you have enough money to survive. Don't take high risk at your age, it's too late. Be prepared for retrenchment any time.
This is good advice. you must be prepared to drive a taxi. start being humble and don't look down at others.
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  #4999 (permalink)  
Old 04-08-2014, 06:53 PM
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Wife, 48, $6k pm. I'm 42, $4k pm. Total, $10k pm.
Our flat is paid up, now worth $500k. Plan to upgrade to a condo costing $1m.
We will take a loan of only $500k. Will use the sale proceeds of flat to pay for downpayment of $500k.
Based on some posting here, need at least 400k to consider condo.
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  #5000 (permalink)  
Old 04-08-2014, 07:05 PM
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Based on some posting here, need at least 400k to consider condo.
If you are buying a $5m condo, you need income of $400k pa.

For $1m condo, if you loan only $500k, your income need only be $100k pa assuming no other loans.
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