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How much are you earning per annum?

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  #5001 (permalink)  
Old 04-08-2014, 09:21 PM
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What I don't understand is why those who can qualify for EC not go for EC? The qualifying salary ceiling is $12k pm.

Why stretch your finances unnecessarily and compete out of your league. After taking out a huge loan for the condo, you will be hard pressed to follow through with a car to keep appearances with your neighbors. All these are unnecessary.

Live within your means and your life will be happier. There is enough stress from work already, no need to take on more on the home front!

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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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  #5002 (permalink)  
Old 05-08-2014, 11:46 AM
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Originally Posted by Unregistered View Post
What I don't understand is why those who can qualify for EC not go for EC? The qualifying salary ceiling is $12k pm.

Why stretch your finances unnecessarily and compete out of your league. After taking out a huge loan for the condo, you will be hard pressed to follow through with a car to keep appearances with your neighbors. All these are unnecessary.

Live within your means and your life will be happier. There is enough stress from work already, no need to take on more on the home front!
Because one is freehold, the other is only 99 years lease.

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  #5003 (permalink)  
Old 05-08-2014, 01:12 PM
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There is no end to the debate whether the rich or the poor is happier. People on both sides of the debate tended to see things at the extremes and treat wealth and happiness as mutually exclusive. We all know this is not so in real life. The rich can be happy, just as the poor can also find happiness in non fiduciary aspects.

For me, believe it or not, every time I have a bad at the office, I will come home, take a look at my little excel sheet detailing my investments, net worth and passive income, and I will be at peace.

More than a decade ago when I found myself at a cross road in my career, it dawn on me that I better not just depend on my job for income. That was when I started investing in earnest. It helped that my wife was a career woman. Together our combined income allowed us to consistently save and invest every year. Our dividend income was very modest at the beginning and now we are getting $40k per year (give or take a thousand or two year on year).

To spread our risk, we also invested in a condo for rental income generating another $45.6k per year (gross). On top of that, we are also getting interest from our CPF of about $20K per year. We cannot draw out the CPF interest as we are not yet 55, but the thought of having yearly interest coming in has a very calming effect for us.

We were looking forward to retiring by 55, but not so now. Each time we reviewed our net worth and investment income, we get this satisfied and happy feeling that we will be alright. We joked that it has become the anti-dote to office stress.

So I guess my point is, building up your wealth can be a good thing if you take a positive mindset to it, and not be overly obsessed by it.
Why do you not want to retire now? Is it because your expenses are still more than your passive income?

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  #5004 (permalink)  
Old 05-08-2014, 03:05 PM
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In this forum, it is amazing to see to many Singaporean professionals earning big bucks. While our story is not as amazing, we are grateful and happy for what we have. Married couple with two teenage kids, we live in a new condo which we bought at $1m last year. As we like to be debt free we paid in full after we sold our previous property. We live a humble life, earning $150k pa only.

Our combined net worth is just $1.5m. We describe ourselves as a middle class couple in our late forties. We are neither rich nor are we poor. We are contented with what we have achieved so far in our blessed life. Someone mentioned 85% of Singaporeans live in public housing (HDB flats) and we are lucky enough to be among the top 15% of Singapore families who live in a private property. It has always been our Singapore dream to own and live in a condo and we have made it.
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  #5005 (permalink)  
Old 05-08-2014, 03:26 PM
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Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?


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  #5006 (permalink)  
Old 05-08-2014, 04:41 PM
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Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?
Please don't belittle other people's dreams/ambitions or project your materialism onto others.

While I personally don't think that moving to a condo is consider having "made it" either, everyone doesn't have the same resources and same goals.

A family in a 3-room flat without and combined savings of $50k might be contented and thus feel like they have "made it".

A family in a landed property and 2nd hand Japanese car might have considered themselves to have "made it".

A family that has next to no savings, heavily overleveraged, but finally have their 3 storey bungalow and Bentley might consider that they have yet to "make it".


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  #5007 (permalink)  
Old 05-08-2014, 04:42 PM
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Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?
The Singapore dream is

Cash
Condo
Car


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  #5008 (permalink)  
Old 05-08-2014, 05:34 PM
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The Singapore dream is

Cash
Condo
Car
Wrong. It should be

1. Fully paid up condo.
2. Financial independence. Have choice to not work anymore.
3. Fully paid up car.
4. Lots of cash.
5. Millionaire status.

These are the ultimate Singapore dream.
Only the smart ones will achieve this.
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  #5009 (permalink)  
Old 05-08-2014, 05:42 PM
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I wanted to applaud you on your happy life, but there are certain parts in your story I took issue with.

1. Those staying in condos are not necessary the top 15% (neither in wealth nor achievements). For eg, your household income and net worth will be below many HDB dwellers. It would have been enough to just say that you are among the 15% staying in a condo, rather than among the top 15%.

2. You bought a brand new condo last year at $1m -- this must be a MM unit. Last year, the prices for most new condos especially newly TOP ones were still commanding >$1K psf. If that were true, your condo would be smaller than a 5 roomer HDB.

3. It would be more appropriate to describe your lifestyle as simple rather than humble. If you want a humble life you shouldnt have moved to a condo. Your aspiration to own a condo also dont quite jell with living a simple lifestyle.



Quote:
Originally Posted by Unregistered View Post
In this forum, it is amazing to see to many Singaporean professionals earning big bucks. While our story is not as amazing, we are grateful and happy for what we have. Married couple with two teenage kids, we live in a new condo which we bought at $1m last year. As we like to be debt free we paid in full after we sold our previous property. We live a humble life, earning $150k pa only.

Our combined net worth is just $1.5m. We describe ourselves as a middle class couple in our late forties. We are neither rich nor are we poor. We are contented with what we have achieved so far in our blessed life. Someone mentioned 85% of Singaporeans live in public housing (HDB flats) and we are lucky enough to be among the top 15% of Singapore families who live in a private property. It has always been our Singapore dream to own and live in a condo and we have made it.
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  #5010 (permalink)  
Old 05-08-2014, 09:40 PM
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You are a sour grape. He is happy, let him be. You just need to work harder and maybe one day you can afford a condo. Hahaha.



Quote:
Originally Posted by Unregistered View Post
I wanted to applaud you on your happy life, but there are certain parts in your story I took issue with.

1. Those staying in condos are not necessary the top 15% (neither in wealth nor achievements). For eg, your household income and net worth will be below many HDB dwellers. It would have been enough to just say that you are among the 15% staying in a condo, rather than among the top 15%.

2. You bought a brand new condo last year at $1m -- this must be a MM unit. Last year, the prices for most new condos especially newly TOP ones were still commanding >$1K psf. If that were true, your condo would be smaller than a 5 roomer HDB.

3. It would be more appropriate to describe your lifestyle as simple rather than humble. If you want a humble life you shouldnt have moved to a condo. Your aspiration to own a condo also dont quite jell with living a simple lifestyle.
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