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How much are you earning per annum?

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  #6111 (permalink)  
Old 04-12-2014, 01:39 PM
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LOL, it was not too long ago people were complaining they were asset rich and cash poor. So now they are cash rich also?

I think generalisation is very misleading. We must recognise that there are different groups of people here. For eg. we hear of people protesting in Hong Lim Park asking for their minimum sum to be returned to them. But this group is a very small group of highly vocal people. The vast majority here are actually happy to have their money in the CPF earning the 4-5% interest guaranteed. I believe there are those who secretly wished the gahmen would further increase the minimum sum requirement so that they can put in more to earn the interests. Where can you find this kind of interest with guarantee from the gahmen?

Then there is this group who complain the COE is too high and swearing that they wont buy cars, yet the strong bookings are still there. One can only conclude that there are 2 different groups of people. One group who thinks cars are still affordable and the other - the vocal group that felt priced out of the market.

Likewise, there are people who are asset rich but cash poor, and others who are both asset and cash rich. Think there are significant numbers of people in each of this group. That's why property and cars prices are still holding up well.

So when you hear a few people complaining, you cannot generalise it to the whole population. And surprise, surprise, usually the quiet group is the majority.


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Originally Posted by Unregistered View Post
Its about affordability. Many people in SG are cash rich and dont know what to do with them. Anyway they cannt bring extra cash into the coffin. Or worst give to some PRC god daughter. So might as well spend on themselves to enjoy life.

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  #6112 (permalink)  
Old 05-12-2014, 12:52 AM
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24yrs old
4 years working exp
male, graduate
just got offered a new job S$85K/pa

previous job was S$72K/pa

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  #6113 (permalink)  
Old 05-12-2014, 07:42 AM
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54 yo
29 yrs working exp
male, graduate
Still in same job since graduation
Not expecting to move anywhere till retirement at 62
Salary $250k pa last year
Salary $22k pa when first started working

Saved $170k last year or ave $150k pa for last 5 years.
Total net worth $2m incl. small condo.
Happily single.

Quote:
Originally Posted by Unregistered View Post
24yrs old
4 years working exp
male, graduate
just got offered a new job S$85K/pa

previous job was S$72K/pa

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  #6114 (permalink)  
Old 05-12-2014, 01:14 PM
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COE seems to be holding high for a long time. I am wondering is it because we have the Pioneer generation and Baby boomers who have benefited from the large proceeds from the sale of properties? Now that they are retired, they would have excess cash to buy cars which they couldn't enjoy last time. Does anyone have friends in that age group and is this phenomena generally true?
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  #6115 (permalink)  
Old 05-12-2014, 01:44 PM
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Quote:
Originally Posted by Unregistered View Post
COE seems to be holding high for a long time. I am wondering is it because we have the Pioneer generation and Baby boomers who have benefited from the large proceeds from the sale of properties? Now that they are retired, they would have excess cash to buy cars which they couldn't enjoy last time. Does anyone have friends in that age group and is this phenomena generally true?
This is true. Last time the older generation bought 5 room HDB flat for less than $100k. Now they retire, they can sell their flat for $700k easily and buy a studio HDB flat for $70k. They can make profits of $500k or more easily. So they can buy a brand new car for $100k paid in cash and still have money for their retirement.

The younger generations also benefitted by flipping their BTO flat. Ten years ago, they can buy a 4 room flat for less than $200k. Today they can sell their flat at $500k and then buy another cheap BTO flat. They use their cash profits to buy brand new cars. Our cheap BTO flats are fueling demand for new cars as many people flip their first BTO flats, make big profits and then buy another cheap BTO flat.
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  #6116 (permalink)  
Old 05-12-2014, 02:17 PM
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Quote:
Originally Posted by Unregistered View Post
54 yo
29 yrs working exp
male, graduate
Still in same job since graduation
Not expecting to move anywhere till retirement at 62
Salary $250k pa last year
Salary $22k pa when first started working

Saved $170k last year or ave $150k pa for last 5 years.
Total net worth $2m incl. small condo.
Happily single.
Your network seems to be a little on the low side for someone with such a high salary. Care to share why?
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  #6117 (permalink)  
Old 05-12-2014, 02:18 PM
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Quote:
Originally Posted by Unregistered View Post
This is true. Last time the older generation bought 5 room HDB flat for less than $100k. Now they retire, they can sell their flat for $700k easily and buy a studio HDB flat for $70k. They can make profits of $500k or more easily. So they can buy a brand new car for $100k paid in cash and still have money for their retirement.

The younger generations also benefitted by flipping their BTO flat. Ten years ago, they can buy a 4 room flat for less than $200k. Today they can sell their flat at $500k and then buy another cheap BTO flat. They use their cash profits to buy brand new cars. Our cheap BTO flats are fueling demand for new cars as many people flip their first BTO flats, make big profits and then buy another cheap BTO flat.
Thats bad new for the younger generation. The pioneer gen can easily afford the cash down. I belong to the new generation and looks like I cannot fulfill my dream to own a car.
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  #6118 (permalink)  
Old 05-12-2014, 03:19 PM
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Quote:
Originally Posted by Unregistered View Post
Thats bad new for the younger generation. The pioneer gen can easily afford the cash down. I belong to the new generation and looks like I cannot fulfill my dream to own a car.
Sure you can. Have you flipped your BTO flat?
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  #6119 (permalink)  
Old 05-12-2014, 05:43 PM
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Quote:
Originally Posted by Unregistered View Post
54 yo
29 yrs working exp
male, graduate
Still in same job since graduation
Not expecting to move anywhere till retirement at 62
Salary $250k pa last year
Salary $22k pa when first started working

Saved $170k last year or ave $150k pa for last 5 years.
Total net worth $2m incl. small condo.
Happily single.
When old, do you expect anyone to take care of u? I mean no offense, but whats your plan by then? Go nursing home?
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  #6120 (permalink)  
Old 05-12-2014, 05:53 PM
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Quote:
Originally Posted by Unregistered View Post
Sure you can. Have you flipped your BTO flat?
You can only "flip" a property that you are not staying in. Otherwise after selling need to buy another one, right?

And pls lah, go back to your car show room... How can ask people to sell away their roof in order to buy consumption item? Tau now Bo Ho say
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