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06-02-2015, 10:18 PM
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46, earning $5k pm.
Wife, 42, earning $6k pm.
Our home is a 5 room HDB flat, paid up. Latest valuation $500k.
We plan to sell our flat now and then stay with my wife's parents. They welcome the idea.
Then we will apply for a new EC, costing $700k. With the cash from the flat's sale, we can pay a downpayment of $500k and take a small loan of $200k.
We always wanted to stay in a condo. It has always been our dream.
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07-02-2015, 04:40 AM
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Quote:
Originally Posted by Unregistered
41 yrs old uni grad $130k pa
Wife 38 yrs old uni grad $130k pa
2 kids
Fully paid 4 room HDB
2 fully paid cars 6-7 years old
Condo with mortgage loan of $600k
Savings $400k combine
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Do you plan to change both of your old cars?
The COE is plunging soon with the huge release of COE quota.
It's time that you change both as we will see cheap COEs again soon.
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07-02-2015, 08:44 AM
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Quote:
Originally Posted by Unregistered
Originally Posted by Unregistered View Post
41 yrs old uni grad $130k pa
Wife 38 yrs old uni grad $130k pa
2 kids
Fully paid 4 room HDB
2 fully paid cars 6-7 years old
Condo with mortgage loan of $600k
Savings $400k combine
Do you plan to change both of your old cars?
The COE is plunging soon with the huge release of COE quota.
It's time that you change both as we will see cheap COEs again soon.
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You two really should get a room at Fragrance Hotel...
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07-02-2015, 03:43 PM
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Couple, 48 yr old and 47 yr old.
Total combined income $170k pa.
Our condo home is currently valued at $1.5m.
We have $400k in mortgage left to pay.
Our car is 2 yr old, paid up.
Our children are in JCs.
Our combined net worth is $1.7m.
Our assets are just our condo, cash and CPF savings.
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07-02-2015, 03:51 PM
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Quote:
Originally Posted by Unregistered
How much is your combined net worth?
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Abt $1.4 mil
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07-02-2015, 04:12 PM
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Quote:
Originally Posted by Unregistered
Abt $1.4 mil
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That's great. Do you mind sharing the breakdown of your combined net worth by items?
Home equity of HDB flat $
Home equity of condo $
CPF savings $
Cash savings $
Stocks $
Cars $
Others $
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07-02-2015, 06:41 PM
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Quote:
Originally Posted by Unregistered
That's great. Do you mind sharing the breakdown of your combined net worth by items?
Home equity of HDB flat $
Home equity of condo $
CPF savings $
Cash savings $
Stocks $
Cars $
Others $
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The breakdown is good to judge your financial standing.
Are you asset rich but cash strapped?
Are your assets income generating or draining?
Do you have to lower your standard of living when you retire?
How much do you intend to spend for your children's education?
Do you intend to lend a helping hand for your children purchase of first car or property when they start their family?
Not providing a helping hand means unlikely they will provide financial assistance when you get old.
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07-02-2015, 11:03 PM
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That's an interesting perspective :- "How much do you intend to spend for your children's education?
Do you intend to lend a helping hand for your children purchase of first car or property when they start their family?
Not providing a helping hand means unlikely they will provide financial assistance when you get old"
If your argument was based on the fact that the children will only reciprocate your financial help, then it is a sad day indeed. However if your argument was premised on the fact that if you dont lend them a helping hand, and they ended up not doing well in life, then that's a different story.
My parents were unable to help us financially because they were lowly educated and thus were not holding well paying jobs. But they helped us in other ways. Their encouragement for us during our days of schooling was enough for us. My parents are now staying with us in our 4 bdroom condo and all their needs are taken care of by me.
I dont expect my children to take care of me financially when I am retired, but if they chose to, it will be a bonus. My wife and I have been preparing for our retirement for sometime now and we have built up 3 sources of passive income streams. Our target cash flow when we are finally retired is $150k pa. We are not there yet, but getting close.
Now that CPF allows top of the retirement amount to $241K, we will also take advantage of that. This will then add to our cash flow of another $3.6K pm or $43K pa (combined for the two of us) when we reach 65. This will bring our cash flow at 65 yr old to $193K pa. More than what we will need.
Quote:
Originally Posted by Unregistered
The breakdown is good to judge your financial standing.
Are you asset rich but cash strapped?
Are your assets income generating or draining?
Do you have to lower your standard of living when you retire?
How much do you intend to spend for your children's education?
Do you intend to lend a helping hand for your children purchase of first car or property when they start their family?
Not providing a helping hand means unlikely they will provide financial assistance when you get old.
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08-02-2015, 09:12 AM
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Since you have a big family, why don't you upgrade to a bungalow? Now is a good time to buy cheap bungalows, you can get a bungalow for only $8m. Very cheap.
Quote:
Originally Posted by Unregistered
That's an interesting perspective :- "How much do you intend to spend for your children's education?
Do you intend to lend a helping hand for your children purchase of first car or property when they start their family?
Not providing a helping hand means unlikely they will provide financial assistance when you get old"
If your argument was based on the fact that the children will only reciprocate your financial help, then it is a sad day indeed. However if your argument was premised on the fact that if you dont lend them a helping hand, and they ended up not doing well in life, then that's a different story.
My parents were unable to help us financially because they were lowly educated and thus were not holding well paying jobs. But they helped us in other ways. Their encouragement for us during our days of schooling was enough for us. My parents are now staying with us in our 4 bdroom condo and all their needs are taken care of by me.
I dont expect my children to take care of me financially when I am retired, but if they chose to, it will be a bonus. My wife and I have been preparing for our retirement for sometime now and we have built up 3 sources of passive income streams. Our target cash flow when we are finally retired is $150k pa. We are not there yet, but getting close.
Now that CPF allows top of the retirement amount to $241K, we will also take advantage of that. This will then add to our cash flow of another $3.6K pm or $43K pa (combined for the two of us) when we reach 65. This will bring our cash flow at 65 yr old to $193K pa. More than what we will need.
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