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How much are you earning per annum?

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  #6811 (permalink)  
Old 20-02-2015, 06:37 PM
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why did u buy a jap car when ur budget is high at 200K?

With budget of 120K to 150K. I could buy the Volvo at 137K or the Audi at 160K. Why do u suggest a jap car?

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  #6812 (permalink)  
Old 20-02-2015, 07:34 PM
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Quote:
Originally Posted by Unregistered View Post
why did u buy a jap car when ur budget is high at 200K?

With budget of 120K to 150K. I could buy the Volvo at 137K or the Audi at 160K. Why do u suggest a jap car?
He must have gotten a nice Lexus..

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  #6813 (permalink)  
Old 21-02-2015, 01:23 PM
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We are a married couple in our forties, earning a combined household income of $180k per year. We save $30k per year. Like many grad couple, we own and live in a condominium unit (two years old condo), which is now worth $1.1m and we still have a mortgage of $240k left to clear. Here are the list of our assets:

1. Condo - $1.1m (mortgage $240k left)
2. Car - $90k (fully paid)
3. Cash and CPF savings - $600k
4. Investments - $690k

How are we doing financially? Are we in the middle income group?
Can we retire comfortably? When can we retire?
Can the gurus here please help to advise?
Thank you.

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  #6814 (permalink)  
Old 21-02-2015, 02:21 PM
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Quote:
Originally Posted by Unregistered View Post
We are a married couple in our forties, earning a combined household income of $180k per year. We save $30k per year. Like many grad couple, we own and live in a condominium unit (two years old condo), which is now worth $1.1m and we still have a mortgage of $240k left to clear. Here are the list of our assets:

1. Condo - $1.1m (mortgage $240k left)
2. Car - $90k (fully paid)
3. Cash and CPF savings - $600k
4. Investments - $690k

How are we doing financially? Are we in the middle income group?
Can we retire comfortably? When can we retire?
Can the gurus here please help to advise?
Thank you.

any car within 90k ? preferably new.
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  #6815 (permalink)  
Old 21-02-2015, 02:23 PM
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any car within 90k ? preferably new.
Not a new car.
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  #6816 (permalink)  
Old 21-02-2015, 02:26 PM
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Not a new car.
got la. Nissan Note. Small, cheap and good.
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  #6817 (permalink)  
Old 21-02-2015, 03:05 PM
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You can retire now if you retire in KL. Let's assume you have no kids.

1. Sell your condo and pay off your loan. You get $860k cash balance.
2. Sell your car. You get $90k.
3. Combine all your cash and your investments in a 5% dividend yield stocks. The total amount you invest is = $(860+90+690)k = $1.64m. Your annual dividends is $82k pa.
4. Convert your dividend into RM, you get RM213k pa.
5. You will live rich in KL with RM213k pa.
- rent a 3 bedroom condo in the posh Mont Kiara area - only RM3k pm or RM36k pa
- buy a brand new local car RM60k
- food (eating at restaurants) RM3k pm
- lots of savings


Quote:
Originally Posted by Unregistered View Post
We are a married couple in our forties, earning a combined household income of $180k per year. We save $30k per year. Like many grad couple, we own and live in a condominium unit (two years old condo), which is now worth $1.1m and we still have a mortgage of $240k left to clear. Here are the list of our assets:

1. Condo - $1.1m (mortgage $240k left)
2. Car - $90k (fully paid)
3. Cash and CPF savings - $600k
4. Investments - $690k

How are we doing financially? Are we in the middle income group?
Can we retire comfortably? When can we retire?
Can the gurus here please help to advise?
Thank you.
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  #6818 (permalink)  
Old 21-02-2015, 06:10 PM
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Originally Posted by Unregistered View Post
What I don't understand is why those who can qualify for EC not go for EC? The qualifying salary ceiling is $12k pm.

Why stretch your finances unnecessarily and compete out of your league. After taking out a huge loan for the condo, you will be hard pressed to follow through with a car to keep appearances with your neighbors. All these are unnecessary.

Live within your means and your life will be happier. There is enough stress from work already, no need to take on more on the home front!
I agree w your thoughts. Many sgreans are clearly gambling with their retirement and it only takes another crisis for people to wake up again. Property prices in sg are clearly over the roof and I know many who entered in recent years are going with a lot of hope - thats all. The maths does not add up. I am not a sour grape (I've stayed in condo for many years and can do away it anytime), just a realistic grape. Usually people need to go through their life experiences rather than learn from others experiences. As they say, best medicine are bitter.
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  #6819 (permalink)  
Old 21-02-2015, 06:30 PM
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it's about time to have a global financial crisis and reset everybody's expectations.
also good for the next generation to start picking up more affordable housing and cars.
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  #6820 (permalink)  
Old 21-02-2015, 08:30 PM
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it's about time to have a global financial crisis and reset everybody's expectations.
also good for the next generation to start picking up more affordable housing and cars.
Yes, that will be good. I want to buy a GCB but it is now beyond my reach. A GCB in a good location costs at least $10m. If it drop to $1m, then I can buy one.
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