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How much are you earning per annum?

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  #5991 (permalink)  
Old 19-11-2014, 07:59 PM
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Everyday many people take a long time to drive from east to JURONG for work and from JURONG back to the east to home. There are just too many cars on the road. We need to cut the number of cars on the road. We should have a negative growth of cars for the next 10 years to reduce this big congestion.

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  #5992 (permalink)  
Old 19-11-2014, 08:34 PM
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Thanks for the great link to forbes millionaire report.

Yes, the millionaire and multimillionaires I know are like what the report says. Professionals.

Recently, there was a class reunion for my secondary school (the best school in the history of singapore aka "the Ivy League machine". Started thinking about all the high flyers. 1 or 2 entrepreneurs but loads of lawyers, accounting firm partners, CEO of 2 major pte hospitals, a rear admiral of navy, several people in the civil service AO scheme etc...

These are the typical millionaires in singapore. And these people don't drive fancy cars (by that I mean Porsche or Ferrari).

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  #5993 (permalink)  
Old 19-11-2014, 08:38 PM
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COE up again. How?

COE will hit $85k by end 2015 for Cat A and $95k for Cat B.
You can dream all you want, but the truth is it will drop like a rock to $50k by end Dec 2015.

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  #5994 (permalink)  
Old 19-11-2014, 09:25 PM
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You can dream all you want, but the truth is it will drop like a rock to $50k by end Dec 2015.
Don't be a fool. Those who listened to you would have missed getting their COEs at $63k.

Next bidding Cat A will hit $70k and then continue to go higher.

In 2015, 100,000 car owners will scrap their cars and will need to get a new COE to buy a new car. In 2016, another 100,000 car owners will also change to new cars. And this is demand from just the existing car owners. There are also pent up demand from new buyers comprising new additions to the population, rich young graduate couples, HDB flat flippers who made lots of money flipping their BTO flats, etc. The additional demand for new cars is very high compared to just the 0.25% growth in COE supply. So when demand is higher than supply of COE, price of COE will surely rise. If you study economics you would know.
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  #5995 (permalink)  
Old 19-11-2014, 10:29 PM
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Traffic congestion is quite bad during peak periods, so very likely the gahmen will trim the growth further to 0.1% for 2016. They will spread out the bumper COE over a longer period to stabilize the supply of COE. Plus they are opening up more MRT lines, so I don't think they would more cars on the roads.

Think in time to come, the status from owning cars will come back because fewer people will be able to own cars because of high COEs.

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You can dream all you want, but the truth is it will drop like a rock to $50k by end Dec 2015.
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  #5996 (permalink)  
Old 19-11-2014, 11:46 PM
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Quote:
Originally Posted by Unregistered View Post
Thanks for the great link to forbes millionaire report.

Yes, the millionaire and multimillionaires I know are like what the report says. Professionals.

Recently, there was a class reunion for my secondary school (the best school in the history of singapore aka "the Ivy League machine". Started thinking about all the high flyers. 1 or 2 entrepreneurs but loads of lawyers, accounting firm partners, CEO of 2 major pte hospitals, a rear admiral of navy, several people in the civil service AO scheme etc...

These are the typical millionaires in singapore. And these people don't drive fancy cars (by that I mean Porsche or Ferrari).
The rear admiral, AO, lawyers. CEOs are the boring millionaires or what people call the millionaires next door. Usually professionals and when aged late 30s to 40s, earn about 500k. Net worth is from 2-5m. Not quite rich enough to drive 500k to 1+m cars.

For that we need the ultra rich and glittering rich (usually Ibankers, hedge fund owners, entrepreneurs, specialists, inherited) are the ones who drive 500k to 1+m cars with networth >>10m. Not that many from raffles aged 30-50. I think more from hwa chong and neighborhood schools since mostly entrepreneurs.
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  #5997 (permalink)  
Old 20-11-2014, 06:06 AM
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Shucks. Looks like I miss the boat. Anyone can advise if the COE will drop back $60k for Cat A? I will be contented and willing to buy then....
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  #5998 (permalink)  
Old 20-11-2014, 06:13 AM
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In Jan 2013, Cat A and Cat B COE was in the $90k+ range. Now in Nov 2014 (2nd bidding), Cat A is about $68k and Cat B is about $70k. So today's COE prices still considered cheap in comparison. COE prices still have room to rise by $20k+ from today's prices to reach back to the $90k+ range. You will witness prices continue to rise. By end 2015, Cat A will reach $85k while Cat B will reach $95k AT LEAST. If you need to change your car, best is to buy now.


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  #5999 (permalink)  
Old 20-11-2014, 06:34 AM
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Quote:
Originally Posted by Unregistered View Post
In Jan 2013, Cat A and Cat B COE was in the $90k+ range. Now in Nov 2014 (2nd bidding), Cat A is about $68k and Cat B is about $70k. So today's COE prices still considered cheap in comparison. COE prices still have room to rise by $20k+ from today's prices to reach back to the $90k+ range. You will witness prices continue to rise. By end 2015, Cat A will reach $85k while Cat B will reach $95k AT LEAST. If you need to change your car, best is to buy now.
I felt cheated now. Government said that next year there will be a bumper crop of COE. However, they never tell us that there will be a bumper side if demand as well since those people who de-register will need to replace their car. I think I cannot wait anymore. Better grab the COE at current price to avoid paying $90k in next year.

Thanks to Mr Unregistered advise!
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  #6000 (permalink)  
Old 20-11-2014, 11:12 AM
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Hello,

We need some advice and opinion from this forum.

My wife and I are both retired and our son is now working overseas (likely to be away for many years as he plans to marry and settle down there). We are thinking of staying in JB. We plan to rent out our fully paid 5 room HDB flat for S$3,000 per month (RM7,500). We are able to rent a brand new 3 bedroom condo in JB for RM1,000 per month (many new condos renting out at this price due to big property oversupply in JB).

Is our RM7,500 per month passive income enough for us to retire on?

Hope to hear from those who are already retired in JB or knows about the living costs in JB.

How much do I need to set aside for food, utilities and transport?

Thank you for your help.
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