How much are you earning per annum?

Putting some cost to perspective.
My car park is 6K a year, 10 years and that's 60K on parking.
Petrol is about 6 - 7K a year.
Insurance 2 - 3K yearly,
Service throw in another 2K.

That's easy another 100 - 150K just maintaining the damn thing for 10 years (don't mentioned ERP and Roadtax), smaller cc cars maybe save 40 K? This example assumes there is a chap like me who die die must drive wait until COE drop then buy a car park in my office building.

Funny thing is when COE drops, people who already wanted to buy a car will just look a better model. Which means any COE savings just goes into buying a better. Korean car buyers will want Japanese cars etc.

There is really no need to speculate on if the COE is up down, cars are a waste of money in Singapore, they are not investment instruments. Got money go buy, cannot really afford invest wisely and make more then buy. It stupid to use your pot of cash to buy something depreciating when you really should be wealth building.

Need comments from you guys.
I'm quite old, 48, but I'm not progressing much in my career. Earning only $60k pa.
Wife is 42, earning $75k pa.
What should I do? Should I quit my job and start a business so that I can earn like $90k pa?
I have some savings of $200k to start the business.
Comments?

So easy to do business and make money meh?

Don't forget the CPF, insurance, annual and medical leave that you will forgo once you are self employed or do your own business. That can add up to a tidy sum on top of your wage.

What kind of business you have in mind? And why are you limiting yourself to only $90k pa? From $60kpa as an employee to $90k self employed minus all the above benefits is not worth the risk.

Originally Posted by Unregistered

Need comments from you guys.
I'm quite old, 48, but I'm not progressing much in my career. Earning only $60k pa.
Wife is 42, earning $75k pa.
What should I do? Should I quit my job and start a business so that I can earn like $90k pa?
I have some savings of $200k to start the business.
Comments?

Originally Posted by Unregistered

Need comments from you guys.
I'm quite old, 48, but I'm not progressing much in my career. Earning only $60k pa.
Wife is 42, earning $75k pa.
What should I do? Should I quit my job and start a business so that I can earn like $90k pa?
I have some savings of $200k to start the business.
Comments?

At your age, it may not be advisable to take high risks. Forgoing a $60k pa job (this is not low as the median income in Singapore is $47k pa) may not be the best thing to do as the potential gain of $30k above what you are earning is not worth the risk. If you say you can earn $1m pa in pure profits, then it is worth the risk but then which biz with a capital of $200k can guarantee you that? There is a high risk of you losing your hard earned savings of $200k and worse, after your biz failure, you can't get a job except that of a cleaner.

You should just focus on your expenses. You can cut down your expenses by stopping any bad habits such as drinking, gambling, womanising, etc. These are sinful anyways. If you drive, you can also get rid of your car and take the MRT instead. For holidays, don't spend too much, just limit to $1,000 pa.

This way, you can increase your savings. Assuming you have cleared your HDB loan, you can slowly build up your CPF fund. When you retire at 65, you can rent out your HDB flat room at $1,000 per room. In fact, you can even start doing this after your kids got married and move out. We must encourage more FTs to come here to financially support old people like you. Or else, there will be many jobless old people begging on the streets. Our HDB flat is our retirement asset, only if we can get enough FT tenants to rent our rooms.

Originally Posted by Unregistered

Need comments from you guys.
I'm quite old, 48, but I'm not progressing much in my career. Earning only $60k pa.
Wife is 42, earning $75k pa.
What should I do? Should I quit my job and start a business so that I can earn like $90k pa?
I have some savings of $200k to start the business.
Comments?

Start a legal moneylending business with your 200k - charge 4% per month 48% per annum get 96k per year!

It is all for a good cause of course- the poor uncles/ aunties need money to pay for their cigarettes , Tiger beer, toto/ 4d , gambling boat / RWS and batam "leisure" trips! where else are they gonna get money from?

Originally Posted by Unregistered

Next week will be the 2nd Nov bidding of COE. Expect Cat A to go to $67k and Cat B go to $75k.

Look at the numerous Christmas promotion this weekend. Likely to hit high COEs again!

Originally Posted by Unregistered

Look at the numerous Christmas promotion this weekend. Likely to hit high COEs again!

Yup, better secure your COE and new car this weekend. The longer you wait, the higher the COE and car price. If you have cars which are 8 years old and older, then it is the best time to change to a brand new car. You can use your big bonuses to buy.

Many people also save $350k pa, so they can just use the savings to buy a $300k new car and pay in cash. Don't overspend and buy a $500k car, be prudent and spend within your means. A $300k car is cheap if you have saved $350k this year.

Based on many factors such as overall increase in salaries and wealth and profit from flipping BTO flats, COE prices will continue to rise. By Jan 2015, Cat A should go to $70k and Cat B will go to $90k.

Originally Posted by Unregistered

Yup, better secure your COE and new car this weekend. The longer you wait, the higher the COE and car price. If you have cars which are 8 years old and older, then it is the best time to change to a brand new car. You can use your big bonuses to buy.

Many people also save $350k pa, so they can just use the savings to buy a $300k new car and pay in cash. Don't overspend and buy a $500k car, be prudent and spend within your means. A $300k car is cheap if you have saved $350k this year.

Based on many factors such as overall increase in salaries and wealth and profit from flipping BTO flats, COE prices will continue to rise. By Jan 2015, Cat A should go to $70k and Cat B will go to $90k.

You are making me worried. Are you sure Cat b will hit $90k?
I better head for the showroom to book my ride this weekend..

I doubt it will go 90 for cat b but below 50 is also unlikely I mean for now till next year anyway, I got mine at 70. Pay what you are confortable with there is no perfect timing

Originally Posted by Unregistered

You are making me worried. Are you sure Cat b will hit $90k?
I better head for the showroom to book my ride this weekend..

Originally Posted by Unregistered

I doubt it will go 90 for cat b but below 50 is also unlikely I mean for now till next year anyway, I got mine at 70. Pay what you are confortable with there is no perfect timing

70k is cheap in view of inflation over the past 10 years.
How much do you pay for your car overall?