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How much are you earning per annum?

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  #5941 (permalink)  
Old 16-11-2014, 06:29 AM
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If you have a passive income of $1m, assuming your returns from investable assets is 4% pa, then your investable asset is worth $25m. Wow! You're a multi millionaire. You are the richest among us in this forum! You must be living in a Nassim bungalow?

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I hope readers realize this poster is not being wise about how to spend. They have a net worth of 2.5m and he thinks that 100k is considered small and nothing. Assuming they have only 1 property they stay in and it is worth 2m and leveraged 50%, minus misc assets, this means their investible asset is about 1m or so. So a car which cost about 200k all in is about 20% of investible asset. This is not nothing by any measure. Probably 3-4 years return? Buying the car probably set them back a few years in terms of retirement goal.

My point is that net worth of 2.5m should not view 200k expense as nothing. It is a sizable portion! Only if they earn income say 300-400k per year, then perhaps they can feel it is something they can do every 3-5 years. Even then, I would rather save until net worth about 10m before feeling that I can afford easily a 200k car. Btw, I am speaking as someone whose passive income is >1m. I don't even view 100k as nothing!

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  #5942 (permalink)  
Old 16-11-2014, 07:37 AM
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Next week COE bidding will be exciting as prices will shoot up due to the high pent up demand by many people. The demand for COE and new cars will come from:

1. Current drivers who are scrapping their cars. Every year in 2015 & 2016, there will be 100,000 drivers scrapping their cars so this means every year in 2015 & 2016, there will be demand for 100,000 COEs each year!

2. Those who can't afford 10 years ago but now can afford. For instance, 10 years ago, a family has annual income of $80k pa and they can't afford to buy a car. Now this family as an annual income of $200k pa. This family can easily afford a Cat A car.

3. Young graduates who earn big bucks. They want to buy a car to show off to their friends and colleagues to show that they are successful. This is also a big group as every year, there are thousands of young graduates.

4. BTO flat flippers. This group bought their HDB BTO flat for less than $200k ten years ago. Today, they can sell their flat and make profits of $300k - $400k. They can use $100k to buy a brand new Cat A car easily. No problem.

5. Property investors. This group has made tons of money over the last ten years. The good ones can make $1m in profits over the last ten years. They can easily buy a Cat A car costing $100k plus, not nay for themselves but one for the wife, one for the son and one for the daughter. So, there will be 4 cars in their household. This family typically stays in a big bungalow that can accommodate 4 cars or stay in a condo with many empty car lots.

So, expect Cat A COE to hit $68k next week. Cat B COE will hit $75k. They will continue to go higher in Dec and Jan 2015. By Jan 2015, Cat A will hit $75k while Cat B will hit $90k.

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  #5943 (permalink)  
Old 16-11-2014, 10:02 AM
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Quote:
Originally Posted by Unregistered View Post
Next week COE bidding will be exciting as prices will shoot up due to the high pent up demand by many people. The demand for COE and new cars will come from:

1. Current drivers who are scrapping their cars. Every year in 2015 & 2016, there will be 100,000 drivers scrapping their cars so this means every year in 2015 & 2016, there will be demand for 100,000 COEs each year!

2. Those who can't afford 10 years ago but now can afford. For instance, 10 years ago, a family has annual income of $80k pa and they can't afford to buy a car. Now this family as an annual income of $200k pa. This family can easily afford a Cat A car.

3. Young graduates who earn big bucks. They want to buy a car to show off to their friends and colleagues to show that they are successful. This is also a big group as every year, there are thousands of young graduates.

4. BTO flat flippers. This group bought their HDB BTO flat for less than $200k ten years ago. Today, they can sell their flat and make profits of $300k - $400k. They can use $100k to buy a brand new Cat A car easily. No problem.

5. Property investors. This group has made tons of money over the last ten years. The good ones can make $1m in profits over the last ten years. They can easily buy a Cat A car costing $100k plus, not nay for themselves but one for the wife, one for the son and one for the daughter. So, there will be 4 cars in their household. This family typically stays in a big bungalow that can accommodate 4 cars or stay in a condo with many empty car lots.

So, expect Cat A COE to hit $68k next week. Cat B COE will hit $75k. They will continue to go higher in Dec and Jan 2015. By Jan 2015, Cat A will hit $75k while Cat B will hit $90k.
Please don't scare me. I am one of those who have been waiting patiently for COE to drop like a rock. I should have went in when Cat B was $65k last July. But alas, after the new C-class and Macan came in, the Cat B COE shoot back to $72k. I hope it don't continue to climb back to $80k. I will be shooting my foot for waiting.

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  #5944 (permalink)  
Old 16-11-2014, 10:18 AM
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Please don't scare me. I am one of those who have been waiting patiently for COE to drop like a rock. I should have went in when Cat B was $65k last July. But alas, after the new C-class and Macan came in, the Cat B COE shoot back to $72k. I hope it don't continue to climb back to $80k. I will be shooting my foot for waiting.
You don't have to buy expensive Cat B car. Just buy an affordable Cat A car within your means. There are many Cat A cars selling at $80k, $90k, $100k plus. Be prudent, don't be a fool in overspending on a piece of metal which will have almost no value after ten years.
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  #5945 (permalink)  
Old 16-11-2014, 10:25 AM
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You don't have to buy expensive Cat B car. Just buy an affordable Cat A car within your means. There are many Cat A cars selling at $80k, $90k, $100k plus. Be prudent, don't be a fool in overspending on a piece of metal which will have almost no value after ten years.
I need to get CatB bcos I need a MPV to transport my family and parents and in laws... How?
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  #5946 (permalink)  
Old 16-11-2014, 10:32 AM
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I need to get CatB bcos I need a MPV to transport my family and parents and in laws... How?
Just get a cheap MPV, only $130k plus. Or just call two taxis.
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  #5947 (permalink)  
Old 16-11-2014, 11:11 AM
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A word on prudence and living within our means.

Cars are ridiculously expensive in sg. If we have 1m spare cash, why not invest it in bonds and stocks and get back a 4-5% return annually? Live with our 5 year old jap car. In another 3 years time, you will have collected 150k to buy a new jap car and have your principal unchanged at 1m. We should always invest first before upping allocation to a depreciable asset like cars. Don't even buy a 234k Lexus! It is actually too much of asset for someone with 1m to invest.

So who can prudently buy a 500k sports car? It should be someone who has accumulated a networth in excess of 15m. Which means probably have 10-12m invested generating passive income of about 500-600k. This person should still be working and earning maybe another 500k-1m.

Btw, this person can't afford to live in gcb. Usually his house is worth 3-5m. Semi d or nice condo. The guy who lives in gcb has to be worth about 30m and up and even then it is slightly misallocated to live in a property worth half or more of his net worth.
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  #5948 (permalink)  
Old 16-11-2014, 11:13 AM
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Quote:
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Please don't scare me. I am one of those who have been waiting patiently for COE to drop like a rock. I should have went in when Cat B was $65k last July. But alas, after the new C-class and Macan came in, the Cat B COE shoot back to $72k. I hope it don't continue to climb back to $80k. I will be shooting my foot for waiting.
The new Lexus NX and Jaguar XE shall push it up further
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  #5949 (permalink)  
Old 16-11-2014, 11:21 AM
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A word on prudence and living within our means.

Cars are ridiculously expensive in sg. If we have 1m spare cash, why not invest it in bonds and stocks and get back a 4-5% return annually? Live with our 5 year old jap car. In another 3 years time, you will have collected 150k to buy a new jap car and have your principal unchanged at 1m. We should always invest first before upping allocation to a depreciable asset like cars. Don't even buy a 234k Lexus! It is actually too much of asset for someone with 1m to invest.

So who can prudently buy a 500k sports car? It should be someone who has accumulated a networth in excess of 15m. Which means probably have 10-12m invested generating passive income of about 500-600k. This person should still be working and earning maybe another 500k-1m.

Btw, this person can't afford to live in gcb. Usually his house is worth 3-5m. Semi d or nice condo. The guy who lives in gcb has to be worth about 30m and up and even then it is slightly misallocated to live in a property worth half or more of his net worth.
Isnt Lexus a Japanese car?
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  #5950 (permalink)  
Old 16-11-2014, 01:01 PM
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I agree. A person with a net worth of $2m should just buy a $100k Korean car. He should invest his $1m in a dividend stocks portfolio generating 5% dividend to get $50k pa dividend. He can then buy the Korean car after two years ($100k dividend in total). He then use the Korean car (Korean cars nowadays are very good quality and car last many years) for 10 years. He can save $400k of dividends over 8 years and after that can buy another $100k Korean car. This way his $1m will remain intact or even grow as the value of his stocks grow over 20 years.

I see many lower income group HDB dwellers wasting their precious money on expensive continental cars and they like to complain money not enough or cannot retire, bla bla bla. These HDB dwellers should not even own cars in the first place. They should just take the MRT.


Quote:
Originally Posted by Unregistered View Post
A word on prudence and living within our means.

Cars are ridiculously expensive in sg. If we have 1m spare cash, why not invest it in bonds and stocks and get back a 4-5% return annually? Live with our 5 year old jap car. In another 3 years time, you will have collected 150k to buy a new jap car and have your principal unchanged at 1m. We should always invest first before upping allocation to a depreciable asset like cars. Don't even buy a 234k Lexus! It is actually too much of asset for someone with 1m to invest.

So who can prudently buy a 500k sports car? It should be someone who has accumulated a networth in excess of 15m. Which means probably have 10-12m invested generating passive income of about 500-600k. This person should still be working and earning maybe another 500k-1m.

Btw, this person can't afford to live in gcb. Usually his house is worth 3-5m. Semi d or nice condo. The guy who lives in gcb has to be worth about 30m and up and even then it is slightly misallocated to live in a property worth half or more of his net worth.
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