How much are you earning per annum?

Originally Posted by Unregistered

Mods should require registration to post on this/any forum. A large number of poorly thought and senseless comments. Clearly car dealers are trying to provoke sales with talk of COE skyrocketing in the future etc.

Since this is a salary forum, allow me to share. 31 year old, business development in an MNC currently posted overseas on a work assignment. Earning 290k p.a. wages, plus separate investment income from property and equities. I really encourage Singaporeans looking for higher wages to find positions overseas.. relatively limited job market in Singapore.

Strongly support Mods with members password login to make this a more credible forum. To much rubbish talking on COEs and properties in Jurong, Msia Thailand by you know whooo...

Originally Posted by Unregistered

Discussing about spending is as relevant as about salaries. You can earn $300k pa but if you spend $400k pa (due to buying a $5m property on mortgage, buying a $500k car on instalment, partying every other night, overspending on your credit cards, expensive holidays, women, gambling, drinking, etc), then you will be in big trouble. A person earning $60k pa but owns a paid up small car, a paid up 4 room hdb flat and saves $20k pa is much better financially.

So, discussing about COE is relevant in this forum.

Very good advice indeed.
So Which car agency are you from? Might as well provide yr contact number here.

Originally Posted by Unregistered_101

You people damn funny is it low self esteem that makes you write this? We buy car don't say anything then call us idiot. If we say something you will call us guai lan.

COE low or COE high if you need just buy, if you need to think so much means you don't really need it or can't really afford it. My COE cost 70K if COE really drops to 30K I don't really care so long as the roads remain clear and not jam packed.

Truth is 1.5K per month is a lot to some people and nothing to others, my car is paid for in cash and why is because I have cash lots of it, my portfolio will include property, stocks, gold the whole enchilada. One thing I don't have much of is a lot of debt.

Generally I don't like to write like this because everyone starts of differently in life. But if you want to go around calling everyone idiots then you're just asking for it, if all of us lived like you life would be so goddamn miserable.

Yes, of course everyone is free to have his opinions. But to call others an idiot just because you cannot afford and others can is pretty miserable.

Everyone's perception of what's required in life is different, do you have kids? Aging parents to bring to hospital for checkups regular dialysis treatments? How about driving them to Malaysia to visit their loved ones?

I have a divorcee friend living from paycheck to paycheck, he drives and for a good reason too, he has 3 kids of varying ages he needs to drop off at various childcare, schools. Maybe he should give them to the orphanage so he can save on the car and spending money on them. Wah 4K plus saved!

What about people who work at Jurong island? And these are people who need to use their cars for regular life. Maybe they should learn to find a job centrally and let the FT's take over those jobs

I know! The guy living at 2 Ridley Park must be the biggest idiot by your standards, got more then 10M worth of cars on the driveway and don't even use them.

Just by your examples I can say people living in Singapore are idiots, why not rent house to foreigner and rent a place in JB and commute daily. Can make 2K plus a month, buy cheap car, maid cheap cheap.

Everyone has a different perception of luxury, security, convenience and time cost and that does not make them idiots. Not everyone is as fortunate (or unfortunate) as you to not need a car as part of family obligations. Just because you met some buggers who cannot really afford a car yet have one and somehow step on your toes don't run around blaming everyone.

Wanna be respected, watch how you label people in general. Then we might take your words more seriously.

Originally Posted by Unregistered

Let me be more explicit (btw I am the "don't buy a cow" poster.

The truth of the matter is that for a 1.5k consistent outflow, a person can get a whole lot more utility.

Eg,
if one is an Ah Beng cheong geyland type - one can cheong 10 x pm. More than enough to satisfy the very basic need for sex.
If one is a person who cares a lot for others, 1.5k monthly donation to any charity in or out of singapore can do a whole lot. It can probably pay for 5or 6 kids in special schools.
If one loves luxury, one can buy a Hermes bag once every 5 months for the wife.
If one loves comfortable domestic life, one can hire 2 domestic helpers.
If one wants to increase one's wealth further, a monthly RSP of 1.5k into a decent equity fund can probably get you about 5-6%.
OR one can get a lousy car.

The point is, unless you have done all of the above and still have a 1.5k cash flow looking for an outlet, the marginal utility of that 1.5k outflow is actually quite low.

That's why I said almost all are idiots. For the very few who are truly wealth eg, regular Hermes purchases, regular charitable donations, regular RSP and etc, then they will NOT be idiots who buy cars. These are the people who can and should buy a car...

Originally Posted by Unregistered

Yes, of course everyone is free to have his opinions. But to call others an idiot just because you cannot afford and others can is pretty miserable.

You said it bro!

Basically the problem is that this thread has been cornered by some self serving people.

My suspicion is that there are at least a few car dealers here.

A reminder to myself to consciously avoid this thread or maybe even this whole forum. For quality and good discussion, this place cannot remain a post for anonymous posters.

For all we know, the actual no of individuals posting in this thread may be no more than 3 or 4!

Totally support for a registered forum. In this aspect, HWZ Or even sammyboy is far superior!

38, $280k pa
Wife, 36, $110k pa
Home is a terrace, valued at $2.6m. Loan $500k.
Cash & stocks: $800k.
Unit trusts & CPF: $300K
Car net value: $50K

Total net worth $3.25M

How are we doing?

48, $80k pa
Wife, 42, $60k pa
2 kids in school
Our savings, $40k pa
Home is a 5 room HDB flat, valued at $650k. Fully paid.
Cash & CPF, $370k
Car (2 years old) market value, $80k
No debt.
Total net worth $1.1m

How are we doing financially?

Prediction Mar COE bidding

Cat A $62k
Cat B $68k

You are debt free and this is a big achievement. You can retire very well. Here's how:

Retire at 65. Your savings of $40k pa will grow by $680k. Invest in 5% dividend yield blue chips and you get $34k pa. Rent out your two spare rooms at $1k pm per room and you will get $24k pa. Put $241,500 into your CPF Life at 55 (both of you) and you will each get $1750 pm or $3500 pm ($42k pa) as a couple. Your kids will each give you & wife $1k pm (note: only in 17 years time when you're 65). So you get $2k pm (or $24k pa). In total your passive income will be $124k pa. With this amount, you can easily enjoy your retirement.

Originally Posted by Unregistered

48, $80k pa
Wife, 42, $60k pa
2 kids in school
Our savings, $40k pa
Home is a 5 room HDB flat, valued at $650k. Fully paid.
Cash & CPF, $370k
Car (2 years old) market value, $80k
No debt.
Total net worth $1.1m

How are we doing financially?