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How much are you earning per annum?

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  #6001 (permalink)  
Old 20-11-2014, 12:01 PM
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If you are not trolling, I would suggest you read up on Malaysia My Second Home program. Through this program, you will be given something like a PR status to enable you to stay on a long term basis. If not, you cannot stay long term. That would mean you would still need a place to stay in Singapore.

To qualify for the program, you would need to invest or put into a FD in a Malaysian bank an amount of RM350K. In addition, you need to show you will have a steady income of RM10,000 a month. Think for spouse, they need a further amount. Go and read up on the conditions.

Thailand, same thing. They are now clamping down on transient foreigners who dont have long term visas.

Good luck

Quote:
Originally Posted by Unregistered View Post
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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  #6002 (permalink)  
Old 20-11-2014, 12:21 PM
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I don't need to be in the program. Many Singaporeans already staying in JB and don't need to be in this program. Just need to go back to Singapore once in a while to check our letters and meet some friends.

I need advice on cost of living in JB. Do you know?



Quote:
Originally Posted by Unregistered View Post
If you are not trolling, I would suggest you read up on Malaysia My Second Home program. Through this program, you will be given something like a PR status to enable you to stay on a long term basis. If not, you cannot stay long term. That would mean you would still need a place to stay in Singapore.

To qualify for the program, you would need to invest or put into a FD in a Malaysian bank an amount of RM350K. In addition, you need to show you will have a steady income of RM10,000 a month. Think for spouse, they need a further amount. Go and read up on the conditions.

Thailand, same thing. They are now clamping down on transient foreigners who dont have long term visas.

Good luck


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  #6003 (permalink)  
Old 20-11-2014, 12:53 PM
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Quote:
Originally Posted by Unregistered View Post
I don't need to be in the program. Many Singaporeans already staying in JB and don't need to be in this program. Just need to go back to Singapore once in a while to check our letters and meet some friends.

I need advice on cost of living in JB. Do you know?
Why dont you need to be on the program ? u mean u still want to maintain a house here in Singapore to stay ?

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  #6004 (permalink)  
Old 20-11-2014, 06:16 PM
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How the hell would anyone know how much you need to live in JB without knowing the kind of lifestyle you and your wife would be leading?

Will you be playing golf all the time?
Will you be driving a big conti car?
Will you be travelling to and fro Singapore every weekend? every month? since you will not have long term stay permit.

Will you be eating at restaurants all the time?
Will you be hiring body guards?
Will your wife be shopping for branded stuff all the time?
Will you be travelling all the time?


Quote:
Originally Posted by Unregistered View Post
I don't need to be in the program. Many Singaporeans already staying in JB and don't need to be in this program. Just need to go back to Singapore once in a while to check our letters and meet some friends.

I need advice on cost of living in JB. Do you know?
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  #6005 (permalink)  
Old 20-11-2014, 08:29 PM
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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.
In Dec 2014 1st bidding, Cat A should go up to $72k and Cat B will go to $75k. In the 2nd bidding, Cat A will go to $75k and Cat B will go to $78k. In Jan 2015 1st bidding, Cat A will go to $77k and Cat B will go to $80k. In the 2nd bidding, Cat A will go to $80k and Cat B will go to $82k. Both Cat A and Cat B should go back to $90k plus by end of 2015 or in 2016.

There are billions of dollars in bonuses to be paid to workers in Dec 2014. This money has nowhere to go but to the new car market as 100,000 car owners will be changing to new cars in 2015. Another 100,000 car owners will be changing to new cars in 2016.

It is best to secure your COE and buy new cars now. Those who have listened to this advice earlier and bought their new cars earlier have saved a few thousand dollars already.
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  #6006 (permalink)  
Old 20-11-2014, 09:41 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).
Pleasure, I just came across it on Google, I was curious of the varying differences anyway. Giving it some thought this is how I would class the varying rich in Singapore '

- Billionaires - this is easy no need to explain

- Multi-Millionaires - Individuals who can make 10 Million dollar long term single investments / purchases varying number of times.

- Millionaires - Exceeding 2 million in cash excluding residence

If you review the varying levels, for a millionaire to buy a car in Singapore even a conti would require a bit of thought but not out of range of course.

Multi-millionaires on the other hand buying a conti car is a afterthought, more thought would be needed for a super car, richer ones usually consider a Yacht too (starts at 20M Euros for a nice one.)

We know a couple of families in the multi-millionaire , least 70% of the founders didn't have much education. But they had grit and tenacity. Ultimately if you are hungry enough you will get rewarded Look at Koh Wee Meng, secondary school education and he did quite well for himself.
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  #6007 (permalink)  
Old 20-11-2014, 10:22 PM
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Quote:
Originally Posted by Unregistered View Post
In Dec 2014 1st bidding, Cat A should go up to $72k and Cat B will go to $75k. In the 2nd bidding, Cat A will go to $75k and Cat B will go to $78k. In Jan 2015 1st bidding, Cat A will go to $77k and Cat B will go to $80k. In the 2nd bidding, Cat A will go to $80k and Cat B will go to $82k. Both Cat A and Cat B should go back to $90k plus by end of 2015 or in 2016.

There are billions of dollars in bonuses to be paid to workers in Dec 2014. This money has nowhere to go but to the new car market as 100,000 car owners will be changing to new cars in 2015. Another 100,000 car owners will be changing to new cars in 2016.

It is best to secure your COE and buy new cars now. Those who have listened to this advice earlier and bought their new cars earlier have saved a few thousand dollars already.
I should have followed your advise. I have been waiting for my Cat B and saw it creep up from $65k to now $73k. I think I better head to the showroom soon; if not, I will be damn if it hit back $90k!
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  #6008 (permalink)  
Old 21-11-2014, 07:13 AM
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52, 53, ordinary middle class couple, total earnings, $185k pa. Owns a condo, worth $1.5m, now fully paid up. Drives a one year old Jap car, fully paid up. Kids are in secondary schools. We don't have much savings as we spend a lot on the kids for tuition, enrichment, etc as well as giving our parent allowance to support them financially. Our net worth in total is only a small $2m in total.

We worry about our retirement. How can we retire? Do we need to downgrade to public housing? This worries us a lot.
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  #6009 (permalink)  
Old 21-11-2014, 08:56 AM
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One way to address your worries is to identify what exactly is it that you are worried about and to address them.

As you know, worrying only leads to stress, and too much stress leads to ill health. Which will then lead to more worries. You can thus see how silly worrying about things can be.

So why dont you start to list down the things that worry you and you will probably realise that most of the things are things either you can do nothing about and things that you can handle.

To say that you worry about retirement is too broad a statement. So lets break it down.

1. Is it you worry about having to downgrade your lifestyle? -- can downgrade to smaller condo
2. Is it about not having enough savings to last your retirement? -- solution downgrade to HDB, and/or work longer, give up your car (too many cars on the road anyway)
3. etc....
4. Ill health? Then dont worry so much.
5. Children's future? This is probably beyond your control, so no point worrying

Why dont you share what exactly worries you and you will get more suggestions on how to overcome them


Quote:
Originally Posted by Unregistered View Post
52, 53, ordinary middle class couple, total earnings, $185k pa. Owns a condo, worth $1.5m, now fully paid up. Drives a one year old Jap car, fully paid up. Kids are in secondary schools. We don't have much savings as we spend a lot on the kids for tuition, enrichment, etc as well as giving our parent allowance to support them financially. Our net worth in total is only a small $2m in total.

We worry about our retirement. How can we retire? Do we need to downgrade to public housing? This worries us a lot.
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  #6010 (permalink)  
Old 21-11-2014, 10:51 AM
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Worried about the prospects of having to downgrade to public housing. Not sure whether I will be happy to move from a prestigious and nice condo development to public housing. I love the lifestyle, prestige, security and safety that a condo offers. I suppose I could downgrade from my 3 room unit to a studio condo unit and use the cash balance for retirement. I can also stop driving to save on transport cost. Will therefore need to find a condo next to an MRT station for convenience.

Quote:
Originally Posted by Unregistered View Post
One way to address your worries is to identify what exactly is it that you are worried about and to address them.

As you know, worrying only leads to stress, and too much stress leads to ill health. Which will then lead to more worries. You can thus see how silly worrying about things can be.

So why dont you start to list down the things that worry you and you will probably realise that most of the things are things either you can do nothing about and things that you can handle.

To say that you worry about retirement is too broad a statement. So lets break it down.

1. Is it you worry about having to downgrade your lifestyle? -- can downgrade to smaller condo
2. Is it about not having enough savings to last your retirement? -- solution downgrade to HDB, and/or work longer, give up your car (too many cars on the road anyway)
3. etc....
4. Ill health? Then dont worry so much.
5. Children's future? This is probably beyond your control, so no point worrying

Why dont you share what exactly worries you and you will get more suggestions on how to overcome them
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