How much are you earning per annum?

Originally Posted by Unregistered

. Today, we have paid off our mortgage and totally debt free. Our condo has also appreciated and now worth $1.8m.
.

Home prices seen dipping further for rest of 2014, and no one knows untill when... Only if you sell it now, also provided you found a buyer now, then it worths $1.8M.

Not sure why people still bother to respond to that arrogant pr-ick.

Originally Posted by Unregistered

Not sure why people still bother to respond to that arrogant pr-ick.

Cause he is seriously out-of-tune with the majority.... when all of us think he is a crazy, he is just wasting his time tell us he is wiser....

Originally Posted by Unregistered

Now, I think this is the real deal.

Good for you and your family, well done and you had prepared yourselves a comfortable life ahead due to prudence.

Great job! Mind asking which industry do you 2 belong to? I am sure many forum readers are interested to know? Good to share your success stories with many serious and keen learners here

Thanks. We have done pretty ok I guess. Like I said, we are just simple average workers working in the commercial sector (consumer products) in Singapore, not in high finance, not doctors nor lawyers.

The secret to our success is timing and prudence. While some like to show off by driving big flashy new conti cars, we are contented with an old small normal car. Had we bought a brand new big car instead of spending the money on downpayment of a condo, we would not be where we are today. Our condo appreaciated in value over the years whereas cars will just be scraps eventually.

48, income $160k pa. Spouse, 45, income $105k pa.
I save $50k pa. Spouse saves $30k pa.
Current spending includes groceries, condominium mortgage payments, car loan installments, related car expenses, condo fees, insurance, taxes, parents allowance, kids fees and tuition, holidays, donations, utilities, entertainment, fine dining, luxury clothes and accessories, etc.
We hope to grow our net worth to $2.5m by the time we retire at 65.

Originally Posted by Unregistered

48, income $160k pa. Spouse, 45, income $105k pa.
I save $50k pa. Spouse saves $30k pa.
Current spending includes groceries, condominium mortgage payments, car loan installments, related car expenses, condo fees, insurance, taxes, parents allowance, kids fees and tuition, holidays, donations, utilities, entertainment, fine dining, luxury clothes and accessories, etc.
We hope to grow our net worth to $2.5m by the time we retire at 65.

With so high income, i am surprised you save so little. I think you should able to reach your target much earlier. I am at similar age and income range and already with net worth of 2.7M.

Originally Posted by Unregistered

I read the comments here and ROFL.

Come on, living in a condo = high social status?

Yes, that used to be the case from 1990s and earlier. In the 90s and earlier, only the rich can afford landed and condos. HDB were the main home for many.

Fast forward to today, with the abundance of suburban shoebox size condos + some resale HDB flats priced at above 500k, you are daft to still deem ALL condos as high status. Only D9/D10 condos are worth the social status. The rest are just mass market condos to entice HDB upgraders.

I have known people with household income of 200k and above staying in 5 room HDB and also people with household income of 120k and below squeezing in shoebox condos.

Would you want to stay in HDB and drive BMW or would you want to stay in condo and take bus/MRT? And no, the reason for not buying a car is not because of convenience but because of budget.

Would you want to stay in HDB and go on 2 weeks holiday or would you want to stay in condo and go MY/Batam/Bintan for a 3D2N holiday?

Would you want to stay in HDB with money in the bank or would you want to stay in a condo with not much money in the bank?

Please open your eyes big and look around. Don't be envious of all people living in mass market condos. Some are really rich, some are just slapping themselves on the face to make themselves look fat.

Really funny, this is what I feel also. In fact, I believe the original poster that posted about him being a condo "owner" means he's part of the "elite" of Singapore (hahahaha) is eating home cooked food everyday. The reason why I say this is because I know someone personally, local grad, never lived anywhere else before, went to neighborhood sec school (St Pats) and then poly, and now is so tua kong, he signed a mortgage to upgrade his HDB flat to a landed property (99 year I think) and he had to buy second hand furniture from resellers on the Internet (craigs' list hahahahah) and told me ever since he moved to his "landed property" his spoilt wife who normally loved to eat out all the time, has to stop eating out. The family has to eat home cooked meals 7 days a week and can't even go to Sushi Tei or any other cheap ass local eateries hahahhahahahahhaaha. Any Tom Dick or Harry American or Canadian citizen buy a landed property as their first house. LOL LOL LOL

Originally Posted by Unregistered

For a 31 year old vp/ad in a investment bank making only 260k, you are talking really big. What you described below in para 1 is a sure fire recipe for revolution in x generations. How many houses do you think there are in Europe that every single person can do what you said, buying a house every generation. There has to be a redistribution of wealth at some point in time, which a 99 year leasehold system does.

ARE you sure? Haha. Are you sure? I'm laughing so hard.

Think about what you just claimed. I'm laughing so hard at your post.

IF you third world bumpkin immigrants from Southern China that moved to a small microstate that has zero history and no influence on the world ever and now, and which is Are you claiming that people in France have problems securing a mortgage? Go and look at where your country is and how far you have developed and who you THINK you are vs France's development. I think it is utterly hilarious that you are trying to save your skin by claiming that the average French man has a harder time than YOU, somebody from Singapore a mini micro state that is third world and not even in the OECD and whose economy is non-existent in the world economy to make a DENT, has a harder time getting a mortgage approved than you and bettering his life. In fact, your post single-handedly shows me the depth of the delusion that Singaporeans have. This is the dept of the ignorance of the Singapore frog in the well. I knew that you people are deluded. I didn't know how serious it was. LOL. You actually are questioning on the fluidity and liquidity of France for the past 80 years. Maybe somebody should refresh this Frog In the Well a history of his own Microstate and what it is like just 10 years ago. Nasty. I wanna puke just recalling it from JUST 10 years ago what your restrooms looked like. And how your entire "country" still looks like and all the "public housing projects" aka ghetto..
Out of everybody reading here, I believe that you're the only one that retorted this way because everybody else actually KNOWS because they're educated and though never lived overseas, knows what I'm talking about because they belong to a higher class here and know some rich people here and there in SG...whereas you.........RMAO

Originally Posted by Unregistered

And for you to criticize those who use leasehold condos as a status symbol sounds real funny to me compared to yourself using 260k pay as a similar status symbol. You could be working like a dog to get that pay while the really rich ones (like those you described as buying house after house for last few generations are shaking their leg).

What Pee-Sai are you on? I did not bring up my salary to show off. It was in response to the "elite condo" topic.

Money = Me more.
Property = you 99 year, worthless after 15 years.
Citizenship= Me off to the real world in five years.

Let me tell you, there is no "revolution", not in the last 100 years at least,not least the one that had Marie Antoinette's head chopped off. It might surprise a local frog in the well like yourself. But yes, LOL, most people in these countries that you MIGHT HAVE heard of , say France, Germany, blah blah, yes, we have had no problems securing mortgages to own one house per generation. LOL.

You must be one of those people who would say in Singlish "Ah, but the buildings are not meant to last so long anyway ah". LMAO. LOL.