How much are you earning per annum?

Originally Posted by Unregistered

We wish it will drop to $10k like during the good old days but we don't think that will happen. Anyway, after we sell our flat we will have the cash to buy a new car. It is like free money to us. We buy cheap new flat and sell at high price. Easy money. Many people already doing this.

Will you regret it if you pay $70k for the COE now, but you realize it will drop to $30k in a years time? You will be in negative asset for your new car very soon within a year. Why don't you wait like me?

Think he was not looking at income, but household net worth in the classification. In other words, a retiree household with no more income but has net worth of $8m would be in the upper middle class. On the other hand, a young power couple earning $200k pa each but have only $500k net worth will be in the lower class until their net worth catches up.

Think you mistakenly taken the income comparison to conclude that you are in the 5% of household net worth. Top 5% of income earners maybe, but certainly not in the top 5% of household net worth.

There are many retiree households with assets more than $3m, and more for those who had bought landed properties in their younger days, especially before 1990s.

Another thing, I often read with amusement why people claimed they have staying in luxury condos and yet the condos are worth only $1m, $1.5m etc. You guys obviously don't know luxury condos.

Originally Posted by Unregistered

We are both working professionals, 48/49 years old. Our combined income is $200k pa. We live in a luxury condo worth $1.5m, fully paid. Our other assets is worth $500k. Our total net worth is $2m. Based on your theory, we are in the lower middle class group.

Is this correct? If what you say is correct, then 95% of Singaporeans are poor and destitute.

There are many idiots in this forum who make statements without checking the facts.

Who are in the middle class? This is a large group from the 20th to 80th percentile. The HH income in the 20th percentile is a gross income of $2,800 pm. So if your HH income is more than $2800, then you are in the middle class. The median HH income is $7,800 pm. This is the 50th percentile. So if you HH income is $12,000 pm, you are likely to be in the 80th percentile. A HH with income of $200k pa or $16.6k pm would be in the top 20% of households.

So if you are earning $200k pa as a HH and has a combined net worth of $2m, you are definitely in the top 10% of households. Only insecure, stupid people don't know this.

A typical median middle class households:

1. HH income of $94k pa. Dual income family.
2. Lives in a 4 room HDB flat, still on loan.
3. May own a small, used car, still on loan.
4. Two children.
5. Goes to holidays twice a year to neighboring countries.
6. Owns a flat panel TV and other common electrical appliances.
7. Owns notebooks or PCs at home, each per family member.

Retired upper middle class couple, 57 & 58 years old. Owns a fully paid condo worth $2.5m. Passive income $150k pa. Kids are working overseas as expat talents.

We are enjoying our retirement after working hard for so long. We will go for holidays once every 3 months during off peak seasons to enjoy cost savings. We love driving our car during weekends to explore new places and malls.

We don't worry about food as our maid does the marketing and cooking. Our condo is near a mall with many amenities. Our household expenses is $80k pa, including holidays expenses. We cleared all our debt a long time ago.

Originally Posted by Unregistered

Retired upper middle class couple, 57 & 58 years old. Owns a fully paid condo worth $2.5m. Passive income $150k pa. Kids are working overseas as expat talents.

We are enjoying our retirement after working hard for so long. We will go for holidays once every 3 months during off peak seasons to enjoy cost savings. We love driving our car during weekends to explore new places and malls.

We don't worry about food as our maid does the marketing and cooking. Our condo is near a mall with many amenities. Our household expenses is $80k pa, including holidays expenses. We cleared all our debt a long time ago.

You are my idol. So will you buy a new car with $70k+ COE?

Originally Posted by Unregistered

You are my idol. So will you buy a new car with $70k+ COE?

Sure why not. It's just a small amount out of my wealth. Anyway, still a long way to go to change car. My current car is only 2 years old. I usually budget $200k for a car even though I can afford more expensive ones. I always remind myself that cars are depreciating assets and I shouldn't buy costly models. After ten years, it will just be a piece of junk metal.

Originally Posted by Unregistered

Sure why not. It's just a small amount out of my wealth. Anyway, still a long way to go to change car. My current car is only 2 years old. I usually budget $200k for a car even though I can afford more expensive ones. I always remind myself that cars are depreciating assets and I shouldn't buy costly models. After ten years, it will just be a piece of junk metal.

I looked at what you mentioned in post 6184 and also the above and I find a funny contradiction. You retired quite early and have a passive income of 150k pa from investments. What this implies is that you are not only a hard worker but also probably a smart one..

Here comes the contradiction.
You implied that you are willing to spend up to 200k- 30k (let's say this is the residual value of the car after 10 years). This implies an annual value of 17k. This implies a monthly value of 1.42k. This implies a daily value of $47.

Have you, in your wiser investing hat, thought about getting chaffeur taxi to enhance your lifestyle? With a $47 budget DAILY I think you probably can go anywhere "chauffeured" in a cab. To get it just download a booking app from iTunes store or Google play!

There in lies the fallcy of car ownership. We have not even talked about cost of petrol road tax and etc. how about the stress of looking for car park, having to pay attention on the road while talking to wife, watching out foreed traps and etc? True luxury and convenience lies in moving around in cabs OR full time chauffered car..

The ability of posting anonymously does allow big cannons to proliferate...... exercise some discretion in believing what you read.

Originally Posted by Unregistered

The ability of posting anonymously does allow big cannons to proliferate...... exercise some discretion in believing what you read.

It never fails to amuse me when reading all these BS. 哈哈

Originally Posted by Unregistered

It never fails to amuse me when reading all these BS. 哈哈

Its the same person replying to his own threads so forget this thread. Just look at his writing method. Probably some jobless dude day dreaming and playing different roles each day eg today I am a retire 50s couple with 2.5 mil, next say I am a young 30s annual income of 200k driving an Audi hahaha. Anyway go read another thread where its more job related specific.

This thread " how much you earn per annum" is really full of ****.