How much are you earning per annum? - Page 683 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

Reply
 
Thread Tools
  #6821 (permalink)  
Old 21-02-2015, 09:13 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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.
for me, I am not so ambitious. Just hoping COE to drop to $10k, so that I can buy a bread and butter car to fetch my family for errands.

Reply With Quote
  #6822 (permalink)  
Old 21-02-2015, 10:02 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
for me, I am not so ambitious. Just hoping COE to drop to $10k, so that I can buy a bread and butter car to fetch my family for errands.
and yes, i'm hoping for COE to drop to $10k too so that I can buy my 2nd car, just nice to park two cars at my new GCB porch. Hoping for GCB to drop to $1m and COE to drop to $10k. Huat Ah!

Reply With Quote
  #6823 (permalink)  
Old 21-02-2015, 10:05 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
and yes, i'm hoping for COE to drop to $10k too so that I can buy my 2nd car, just nice to park two cars at my new GCB porch. Hoping for GCB to drop to $1m and COE to drop to $10k. Huat Ah!
Let's pray for a economic crisis then. Huat ah!

Reply With Quote
  #6824 (permalink)  
Old 22-02-2015, 09:09 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Let's pray for a economic crisis then. Huat ah!
Not sure if an economic crisis happens, we are all brave enough to buy. You and wife may both lose your jobs. The last thing on your mind is to buy a new car or a new home. You will not even have banks willing to give you any loan. Your priority would be to have enough funds to buy food. Be careful what you wish for.

My advice to those who are over leveraged (defined as an LTV (loan to value) ratio of more than 30%, in my opinion) to delever. Sell away any excess investment properties you have and pay down the mortgage of your own home, the place you are living in. So, even if property prices crash by 60%, you are still above water. So if your home is worth $1m now, even if price drop by 60% to $400k, you still have a home equity of $100k since your mortgage is $300k. You are still ok provided you and wife still have jobs to service your mortgage. Best is to be debt free now. Clear your home loan now so that you don't worry about a place to stay if you both lose your jobs. Also you need to have lots of cash to buy food if you both lose your jobs.
Reply With Quote
  #6825 (permalink)  
Old 22-02-2015, 09:37 AM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for the advise. You must be a wise financial planner
Reply With Quote
  #6826 (permalink)  
Old 22-02-2015, 09:41 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Not sure if an economic crisis happens, we are all brave enough to buy. You and wife may both lose your jobs. The last thing on your mind is to buy a new car or a new home. You will not even have banks willing to give you any loan. Your priority would be to have enough funds to buy food. Be careful what you wish for.

My advice to those who are over leveraged (defined as an LTV (loan to value) ratio of more than 30%, in my opinion) to delever. Sell away any excess investment properties you have and pay down the mortgage of your own home, the place you are living in. So, even if property prices crash by 60%, you are still above water. So if your home is worth $1m now, even if price drop by 60% to $400k, you still have a home equity of $100k since your mortgage is $300k. You are still ok provided you and wife still have jobs to service your mortgage. Best is to be debt free now. Clear your home loan now so that you don't worry about a place to stay if you both lose your jobs. Also you need to have lots of cash to buy food if you both lose your jobs.
30% LTV??? U are v kiasi...
Even our gov stopped at 50% LTV for second housing loan, and in the old days it was 80%LTV no matter how many properties an individual buys.
In general, banks will allow us to keep the property as long as we can still service the monthly loan, it does not matter to the bank by how much the property value crashes as long as the individual can still service the loan.
Reply With Quote

  #6827 (permalink)  
Old 22-02-2015, 09:57 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
30% LTV??? U are v kiasi...
Even our gov stopped at 50% LTV for second housing loan, and in the old days it was 80%LTV no matter how many properties an individual buys.
In general, banks will allow us to keep the property as long as we can still service the monthly loan, it does not matter to the bank by how much the property value crashes as long as the individual can still service the loan.
Actually my own personal guideline is, for your own home you are living in, you should clear your mortgage as fast as you can. Pay in full if you can, if not buy a home with LTV of 30% or lower. We are lucky that we Singaporeans enjoy very cheap BTO flats, which only cost $150k plus for a 3 room flat. I'm sure you can pay off this mortgage within a few years.

For 2nd property for investment, forget about it. With the huge oversupply of new condos coming and restriction on foreign labour, there is a big risk for your condo to be empty. There are simply not enough tenants. So this will create panic and we will see fire sales everywhere. Best is to keep cash savings to prepare for emergency such as retrenchment, which is very real especially for those in their 40s, 50s and 60s. That is why I say clear your home mortgage by the time you are 40. Then save lots of cash.

Can you guarantee you always have a job? No guarantee even if you think your job is solid. Nothing is for sure. Better be safe than sorry.
Reply With Quote
  #6828 (permalink)  
Old 22-02-2015, 10:08 AM
Unregistered
Guest
 
Posts: n/a
Default

For public sector workers, yes their job is secure.

The 'no guarantee' part is the tenants for the investment property. But this is where the landlord must be wise to buy a property with excellent transport links and amenties (such as next to MRT and shopping mall), and landlord must not be too greedy. The rental has to follow the market rate, if it falls then rental must fall too to ensure the property is Always Always tenanted. If the investor is wise enough to buy good property and to charge a reasonable or attractive rent to the tenant, the risk is manageable.
Reply With Quote
  #6829 (permalink)  
Old 22-02-2015, 10:13 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
For public sector workers, yes their job is secure.

The 'no guarantee' part is the tenants for the investment property. But this is where the landlord must be wise to buy a property with excellent transport links and amenties (such as next to MRT and shopping mall), and landlord must not be too greedy. The rental has to follow the market rate, if it falls then rental must fall too to ensure the property is Always Always tenanted. If the investor is wise enough to buy good property and to charge a reasonable or attractive rent to the tenant, the risk is manageable.
There is no such thing as "job is secure" even for those in the public sector.

The risk of empty condos is real. Don't kid yourself.
Reply With Quote
  #6830 (permalink)  
Old 22-02-2015, 10:17 AM
Unregistered
Guest
 
Posts: n/a
Default

Ever heard of a public sector worker getting retrenched because of the economy?
If they get fired, its because of bad behaviour. Not because of a poor economy.

There will always be empty condo units. In good times and in bad. The important thing is not to let Your condo unit be empty, by buying an attractive unit in an attractive location, and not be overly fussy about the rent.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 23 06-08-2017 05:46 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 02:42 PM

» 30 Recent Threads
Compare civil service salary ( 1 2 3... Last Page)
9,583 Replies, 5,434,284 Views
Please Share DBS Average Months...
7 Replies, 787 Views
Whats your net worth ( 1 2 3... Last Page)
2,708 Replies, 778,765 Views
Lawyer Salary ( 1 2 3... Last Page)
5,611 Replies, 2,367,494 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,151 Replies, 877,242 Views
Career as Teacher ( 1 2 3... Last Page)
2,562 Replies, 1,546,965 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
2,809 Replies, 1,055,268 Views
Q: Management Associate at SGX ( 1 2 3... Last Page)
55 Replies, 10,676 Views
Dsta ( 1 2 3... Last Page)
802 Replies, 532,478 Views
Salary working for SEA FP&A... ( 1 2)
14 Replies, 1,163 Views
High Finance Thread ( 1 2 3... Last Page)
77 Replies, 13,034 Views
Roles in accenture singapore ( 1 2 3... Last Page)
323 Replies, 239,382 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
913 Replies, 737,222 Views
anyone working at NCS ? ( 1 2 3... Last Page)
348 Replies, 273,797 Views
Anyone worked in singhealth/nhg? ( 1 2 3... Last Page)
49 Replies, 68,844 Views
New Job Offer that only match... ( 1 2)
12 Replies, 2,005 Views
DBS Management Associate Program... ( 1 2 3... Last Page)
1,231 Replies, 231,174 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,206 Replies, 1,855,614 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
65 Replies, 60,897 Views
MCI and IMDA ( 1 2 3... Last Page)
44 Replies, 8,178 Views
All about Home Affairs Senior... ( 1 2 3... Last Page)
167 Replies, 168,916 Views
Salary negotiation for fresh grads ( 1 2)
10 Replies, 4,051 Views
Invest in D9 new condo
1 Replies, 1,001 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
1,971 Replies, 914,975 Views
List of Management Associate... ( 1 2 3... Last Page)
179 Replies, 126,200 Views
Local Uni Class of 2020 - COVID19... ( 1 2 3... Last Page)
227 Replies, 43,817 Views
Our Poll Results: 45% Fresh... ( 1 2 3... Last Page)
46 Replies, 20,920 Views
Fresh Grad from local U cant find... ( 1 2 3... Last Page)
54 Replies, 9,800 Views
Do most MNCs pay better than the... ( 1 2 3)
25 Replies, 2,340 Views
Dentist Salary
6 Replies, 5,897 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:03 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2