How much are you earning per annum?

I totally disagree with your conclusion about the lack of opportunities for the younger generations.

Every generation has its challenges and opportunities. When looking back at the past, everyone has perfect vision. Going forward, it all boils down to how gutsy and resourceful you are in seeking out opportunities.

In the 1980s, property prices were a steal compared to today's prices. And you know why? Because the wages were low. The economic condition was uncertain. I remembered when we graduated the economy was gloomy and we were happy to grab jobs that paid a measly $1.5k to $1.8k pm. I recalled my accountancy friend got a job that paid $1k pm and he was glad. With that kind of pay, who can afford private property? I was not able to even apply for a credit card after 3 years of work, because my annual pay was below $24k!

Another thing, the interest rate for housing loans was also very high - like 7 - 8 %! Who dares to take large loans then? In M'sia the rate was above 10%!

Those "braver" ones and those like me, no choice cannot wait for HDB, then went into private properties and gained from the rapidly improving economic conditions.

The situation now, as in the past, there are always uncertainties. And there are 2 types of people. One type when faced with uncertainties (eg economy downturn, share price collapse) see doom and gloom and retreat. The other type facing similar situation will only see opportunities and pick up the "bargains".

just have to look at the 2008 sub-prime crisis (only 4 years ago), many people screamed disaster and share prices were hammered down day after day. But there were opportunists who came out to scoop up bargains -- on properties and shares. I myself bought my present condo during that period at $700k. Now it is $1.6M helped in part by the economy turnaround and the opening of the MRT station and line.

Which type do you belong to? Type 1 - kiasu, kiasi or Type 2 -- opportunist and resourceful?

Originally Posted by Unregistered

....

I'm sure many here remember the days when you could put just 5% down a property and over-leverage on multiple properties. Hell, you could even sign and otp and flip it a day later for a hundred K profit. With a good eye for property you didn't even need a proper job.

Those were the glory days I guess. No more free lunch for us younger generations.

- Nominal income since then has gone up 2-3 fold, but property prices have gone up almost 10 fold. Paychecks, while indeed higher these days, haven't kept pace with the rate of property price growth.
- LTV ratios used to be 95%. Now, they are 20% for a first property and 50-60% (can't remember) for a second property. ABSD is 10% on a second property. It is impossible for a young couple to purchase an investment property without some powerful financial backing.
- Interest rates are lower now, but they are a percentage of a much higher base quantum.

That said, many of us (but not all) in the younger generation do have one key advantage - the financial support from a financially far stronger pioneer generation. That is something our parents did not have.

Originally Posted by Unregistered

I totally disagree with your conclusion about the lack of opportunities for the younger generations.

Every generation has its challenges and opportunities. When looking back at the past, everyone has perfect vision. Going forward, it all boils down to how gutsy and resourceful you are in seeking out opportunities.

In the 1980s, property prices were a steal compared to today's prices. And you know why? Because the wages were low. The economic condition was uncertain. I remembered when we graduated the economy was gloomy and we were happy to grab jobs that paid a measly $1.5k to $1.8k pm. I recalled my accountancy friend got a job that paid $1k pm and he was glad. With that kind of pay, who can afford private property? I was not able to even apply for a credit card after 3 years of work, because my annual pay was below $24k!

Another thing, the interest rate for housing loans was also very high - like 7 - 8 %! Who dares to take large loans then? In M'sia the rate was above 10%!

Those "braver" ones and those like me, no choice cannot wait for HDB, then went into private properties and gained from the rapidly improving economic conditions.

The situation now, as in the past, there are always uncertainties. And there are 2 types of people. One type when faced with uncertainties (eg economy downturn, share price collapse) see doom and gloom and retreat. The other type facing similar situation will only see opportunities and pick up the "bargains".

just have to look at the 2008 sub-prime crisis (only 4 years ago), many people screamed disaster and share prices were hammered down day after day. But there were opportunists who came out to scoop up bargains -- on properties and shares. I myself bought my present condo during that period at $700k. Now it is $1.6M helped in part by the economy turnaround and the opening of the MRT station and line.

Which type do you belong to? Type 1 - kiasu, kiasi or Type 2 -- opportunist and resourceful?

I may say I am privileged.

Graduated recently (also obtained professional qualifications) and earning 120k annum salary. I have a talent/skill that many big firms/companies want, and have been furiously headhunted.

Getting married late next year.
Wife-to-be is going to earn similarly when she obtains her professional qualifications.
Fully paid D9 Condo as wedding gift from my parents.
BMW X5 as wedding gift from my in-laws.

I wish I have more personal time.

Originally Posted by Unregistered

I may say I am privileged.

Graduated recently (also obtained professional qualifications) and earning 120k annum salary. I have a talent/skill that many big firms/companies want, and have been furiously headhunted.

Getting married late next year.
Wife-to-be is going to earn similarly when she obtains her professional qualifications.
Fully paid D9 Condo as wedding gift from my parents.
BMW X5 as wedding gift from my in-laws.

I wish I have more personal time.

Are you sure you dont have personal time? Then what are u here posting this statement for? 120K annum salary in rupiah? BMW X5 bought from Toy R Us?

Ya the only skill and talent that you have is that you sure can talk big like a cannon fairy hahahah

Originally Posted by Unregistered

Are you sure you dont have personal time? Then what are u here posting this statement for? 120K annum salary in rupiah? BMW X5 bought from Toy R Us?

Ya the only skill and talent that you have is that you sure can talk big like a cannon fairy hahahah

Get real dude. "Real" rich ppl dont come here to post all these. "Real" rich ppl doesn't flaunt their wealth around esp in forums coz they are trying to hide their riches from the public.

In fact they wont even share how they get rich in the first place. If you dont believe, ask the "real" rich ppl and hear what they say. Most of them will just give the standard answer Oh I work hard and invest properly. BUT is it really that simple? If so simple, the whole world will be flooded with rich ppl lol.

Most of these so call "rich" forumers in here are at best upper middle. I admit they r lucky once in a while to invest in the right property etc, but get real thats before the financial crisis (2009 - 2013) and property boom (2010 - 2012). Ask them do it now and they will keep quiet.

In fact I suspect alot of these "rich" forumers here are either property agents or insurance salesman trying to sell gullible ppl dreams.

Damn this forum is losing its integrity..sad....

PS: You are not rich if you include your other spouse wealth. You mean to say your wife is just a wealth generating tool and she doesn't need money to retire also?

How do you define rich?

Nowadays, you are nothing with $1m networth.

I read somewhere in this forum that there was an attempt to categorise the different wealth level in Singapore. I think there were roughly 5 tiers (family or HH networth):

Tier 1: > $250m (think there were 50 families)
Tier 2: $100m - $250m
Tier 3: $50m - $100m
Tier 4: $10m - $40m
Tier 5: <$10m

As you can see, the bandwidth gets narrower at the net worth gets lower. Even then there was a lot of debate in this forum to further subdivide tier 5 as follows:

Tier 5a : $5m - $10m
Tier 5b : $3m - $5m
Tier 5c : $1m - $3m
Tier 5d : <$1m

As far as I am concerned, only tier 4 and above people are rich. Tier 5 people are the middle and lower classes.

Originally Posted by Unregistered

Get real dude. "Real" rich ppl dont come here to post all these. "Real" rich ppl doesn't flaunt their wealth around esp in forums coz they are trying to hide their riches from the public.

In fact they wont even share how they get rich in the first place. If you dont believe, ask the "real" rich ppl and hear what they say. Most of them will just give the standard answer Oh I work hard and invest properly. BUT is it really that simple? If so simple, the whole world will be flooded with rich ppl lol.

Most of these so call "rich" forumers in here are at best upper middle. I admit they r lucky once in a while to invest in the right property etc, but get real thats before the financial crisis (2009 - 2013) and property boom (2010 - 2012). Ask them do it now and they will keep quiet.

In fact I suspect alot of these "rich" forumers here are either property agents or insurance salesman trying to sell gullible ppl dreams.

Damn this forum is losing its integrity..sad....

PS: You are not rich if you include your other spouse wealth. You mean to say your wife is just a wealth generating tool and she doesn't need money to retire also?

We downgraded from our condo to a flat a few months ago to cash out from the gains we made in our condo. We bought it for $500k in 2001 and sold it for $1.4m. We bought the flat for $450k fully paid up. Now we have cash of $1.6m which we plan to invest in blue chips to get 5% dividend yield or $80k pa. We will retire once our children got married and living in their own BTO flat. With just two retired persons with no debt, we will just need $50k pa.

Thanks for sharing.

I came from a poor family and I know the value of every single cent. I worked hard in school, uni and at work and excelled. I made a lot of money and now a millionaire at the age of 50. I have decided to quit my job to devote full time in doing charity work to feed the poor and needy. It is time for me to give back. With my fortune, I don't have to worry about money as my passive income is a lot to feed my own family.

Originally Posted by Unregistered

We downgraded from our condo to a flat a few months ago to cash out from the gains we made in our condo. We bought it for $500k in 2001 and sold it for $1.4m. We bought the flat for $450k fully paid up. Now we have cash of $1.6m which we plan to invest in blue chips to get 5% dividend yield or $80k pa. We will retire once our children got married and living in their own BTO flat. With just two retired persons with no debt, we will just need $50k pa.

If the property prices retreat, it is still not easy to get another property nowadays. Due to the LTV, ABSD, TDSR. Those with an existing property loan will have to come up with a lot of cash as the allowable LTV is only 50%.

For a S$1M condo that is S$500K cash.
By the time I can save S$500K cash the property bust would have passed

Originally Posted by Unregistered

If the property prices retreat, it is still not easy to get another property nowadays. Due to the LTV, ABSD, TDSR. Those with an existing property loan will have to come up with a lot of cash as the allowable LTV is only 50%.

For a S$1M condo that is S$500K cash.
By the time I can save S$500K cash the property bust would have passed

Why get a second property? Just invest in stocks.