How much are you earning per annum?

Your problem is actually not financial but more of emotional in nature. Assuming you own the condo in full and it is worth say $2m, then with your investment portfolio, your net worth is at least $3m. Not many people has such high net worth. What you need to overcome is your low self esteem. Don't think too much about it. Tell yourself that you are retired or semi-retired. Your wife is working not because she has to but she wants to. She can stop working is she wants to but she just have to adjust. Tell her that you are a millionaire with $3m net worth and if she stops working, you need to sell your condo and live in a 4 room HDB flat costing $500k. You can then have $2.5m of investment portfolio and with a conservative return of 5%, you can earn a passive income of $125k pa. So, if she still wants to live in a condo, she has to continue working to contribute to family income.

Originally Posted by Unregistered

Need advice. What should I do?

Hi, I used to be a corporate executive, earning $200k pa. But I was let go due to down sizing. I had a good severance package and with my savings all these years, I am able to invest, earning me a passive income of $40k pa. However I feel inadequate as my wife earns more at $120k pa. As a man, I felt that I should earn more or at least on par with my wife.

Should I liquidate my investment and set up a food business? I have no experience but my friend is willing to partner with me. This option potentially can give me an earning of $150k pa, but the risk is there. I could lose all my money if response for my products is not good.

As for searching for a job, I have done this for many months but not successful. I am either too old or overqualified. I thought of driving a taxi but my wife is against it as she feels embarrassed with our neighbors and relatives. My wife said that she is actually ok with me not working as I do still bring in income of $40k pa and I have paid off our condo mortgage and car loan. Also I have a $1m investment portfolio which will fund both our retirement. Her investment portfolio is only $100k. She said what I can do is to stop the maid's service and then I do most of the household chores and also ferry her and our kids around and coaching the kids. By not having a maid, our household expenses in total will drop to $100k pa. So as a couple, we can still save $60k pa.

What should I do? Follow my ego and do the food business - potential higher income for me but higher risk or follow my wife's idea - lower income for me but lower risk, become house husband (ego down the drain). What should I do? What would you do?

Originally Posted by O&E Proj Engineer

Hi all, I am a mechanical engineer graduated from NUS working as a project engineer in O&G upstream EPC Company. My annual compensation package is 47k+ including bonus and AWS. My basic is extremely low, less than 3 k but bonus is fairly heavy. I am actually okay with the package as I think I am a fresh grad and I am realistic enough to know that I dont worth too damn much at this moment. What I am more concerned of actually is my future in this industry.

I would like to consult all O&E engineers who has been there/done that and walked through the oil and gas corporate path here on what route should I take to ensure I can climb not just high but fast in the corporate O&E upstream ladder. I wanted to take a masters to upgrade myself but it seems like my colleagues with masters or phD degrees in my company are more or less at the same level and status as me even though they have been here for years. That means it wouldnt really make a difference to me and it would be meaningless to do postgrad at all. I also thought of getting myself certified as a P.E but it is equally meaningless as I cannot endorse anything here due to offshore nature.

So what should I do to equip myself for success if postgrad and P.E is not useful. I really to make a 5 figure salary before I reach 35(10 years goal). Please dont tell me things like switch to banking or finance, I want to make 5 figure in oil and gas, if its not possible can just let me know the truth I can take it.

cannot make it. you will require 15 years of experience plus mba.

This is absolutely true. A responsible man will ensure he provides for the family but sometimes luck may not be on his side. In this case, I'm sure he is a good guy who got retrenched because company wants to hire cheap workers. Just too bad, this is the fact of corporate life. But all is not lost. He still has a high net worth. The wife must be understanding and must stand by him when he is down. He has provided for her and kids for a long time, paying for the condo and car. She must appreciate this and not just demand.

If she is a good wife, she should be supportive. She must appreciate the many good things he has provided for. Anyway, he is a multi millionaire. If she still wants to live in the condo, she must be happy with his passive income of $40k. The fact is his $1m investment portfolio and his condo's value will surely go up in the long run, so he has provided her with retirement certainty. So, in the mean time, she should just be happy to spend a bit more for the family until the kids are grown up and independent. It is just a small sacrifice which all good wives will do for her husband and family. No big deal.

Originally Posted by Unregistered

Your problem is actually not financial but more of emotional in nature. Assuming you own the condo in full and it is worth say $2m, then with your investment portfolio, your net worth is at least $3m. Not many people has such high net worth. What you need to overcome is your low self esteem. Don't think too much about it. Tell yourself that you are retired or semi-retired. Your wife is working not because she has to but she wants to. She can stop working is she wants to but she just have to adjust. Tell her that you are a millionaire with $3m net worth and if she stops working, you need to sell your condo and live in a 4 room HDB flat costing $500k. You can then have $2.5m of investment portfolio and with a conservative return of 5%, you can earn a passive income of $125k pa. So, if she still wants to live in a condo, she has to continue working to contribute to family income.

My wife and I will be 63 this year. We plan to sell our HDB flat for $800k and then buy an elderly studio unit for $100k. I will ask my son to invest for me the balance $700k to get 5% per year. He said can be done. This gives me dividend of $35k per year. My 3 children will give us $1k per month in total, so my total income will be $47k per year. Enough for me and my wife. I will sell my car and take public transport. I estimate we just need $36k per year for food and utilities. I'm lucky to own a good flat, good children.

[lordlad]

Originally Posted by Unregistered

My wife and I will be 63 this year. We plan to sell our HDB flat for $800k and then buy an elderly studio unit for $100k. I will ask my son to invest for me the balance $700k to get 5% per year. He said can be done. This gives me dividend of $35k per year. My 3 children will give us $1k per month in total, so my total income will be $47k per year. Enough for me and my wife. I will sell my car and take public transport. I estimate we just need $36k per year for food and utilities. I'm lucky to own a good flat, good children.

i'm sorry...did your child gave you 1k EACH or 3 child gave you 1k total?

We sold our fully paid Queenstown HDB flat for $900k and then upgraded to a $1m condo in Upper Bukit Timah, paid in full. We finally got our dream condo, thanks to our HDB flat asset, which is our best investment ever. We now have no mortgage loan, only a $30k car loan. No other debt. Our household income is $100k pa combined. We have no maid. We are both 46 years old and have two secondary school children. They love swimming in the condo pool and they play tennis every weekend. Sometimes, we have family BBQs. We feel like living in a holiday resort hotel everyday. Our family social status has now been upgraded since we stayed in the Upper Bukit Timah condo. Friends, family, colleagues and bosses look up To you and give you lots of respect now. They say we now got class.

Originally Posted by Unregistered

We sold our fully paid Queenstown HDB flat for $900k and then upgraded to a $1m condo in Upper Bukit Timah, paid in full. We finally got our dream condo, thanks to our HDB flat asset, which is our best investment ever. We now have no mortgage loan, only a $30k car loan. No other debt. Our household income is $100k pa combined. We have no maid. We are both 46 years old and have two secondary school children. They love swimming in the condo pool and they play tennis every weekend. Sometimes, we have family BBQs. We feel like living in a holiday resort hotel everyday. Our family social status has now been upgraded since we stayed in the Upper Bukit Timah condo. Friends, family, colleagues and bosses look up To you and give you lots of respect now. They say we now got class.

i feel sad for you that u get so caught up in chasing material gains and fame that u resort to buying class.

Originally Posted by Unregistered

We sold our fully paid Queenstown HDB flat for $900k and then upgraded to a $1m condo in Upper Bukit Timah, paid in full. We finally got our dream condo, thanks to our HDB flat asset, which is our best investment ever. We now have no mortgage loan, only a $30k car loan. No other debt. Our household income is $100k pa combined. We have no maid. We are both 46 years old and have two secondary school children. They love swimming in the condo pool and they play tennis every weekend. Sometimes, we have family BBQs. We feel like living in a holiday resort hotel everyday. Our family social status has now been upgraded since we stayed in the Upper Bukit Timah condo. Friends, family, colleagues and bosses look up To you and give you lots of respect now. They say we now got class.

Haha! Household income only 100k pa at 46 with 2 schoolgoing children think your social status has been upgraded and people look up to you just cos you live in a $1m condo in Upper Bukit Timah? How small is your condo unit? 1 or 2 room? I seriously hope that whoever wrote the above is joking! Even if you do not spend any of your 100k pa income until you retire at 62, you will only be able to save $2.6m. When you retire, most probably have to downgrade again? So wats the use of buying a condo when in the end, you can't afford to keep it? I really wonder, are there really people who think they have made it just because they own a condo? Btw, me and my wife are in our very early 30s and our income is more than double yours. However, we bought a 5 room flat as our first home and are slowing building up our assets thru stock market and unit trust investments. When the time is right, most probably will invest in another property after we clear the HDB loan. Will probably retire at 55 to enjoy life. So, does this mean that you have more class and enjoy a better lifestyle cos you live in a condo? I seriously doubt so! Anyway, I still think its a troll who wrote the above. If it was, nice one, I had a good laugh! ;p

Originally Posted by lordlad

i'm sorry...did your child gave you 1k EACH or 3 child gave you 1k total?

Obviously u have seriously reading problem.
He said 1k In total.

total 47k.

47k-35k = 12k

12k per month total up from his kids.

Kudo!s well done! thumbs up!
Once you attain 5Cs, it always feel good. I got my 5Cs at age 35, now at 43 with fully paid self occupied condo + hdb rented out at $2.5 per month.
I gave all stock dividend and hdb rental income in total 4k a month to my wife for her housewife income. I pay for maid and kids expenses. Every year we try to save 80k for investment and any excess we take an overseas holiday. Life is good

Originally Posted by Unregistered

We sold our fully paid Queenstown HDB flat for $900k and then upgraded to a $1m condo in Upper Bukit Timah, paid in full. We finally got our dream condo, thanks to our HDB flat asset, which is our best investment ever. We now have no mortgage loan, only a $30k car loan. No other debt. Our household income is $100k pa combined. We have no maid. We are both 46 years old and have two secondary school children. They love swimming in the condo pool and they play tennis every weekend. Sometimes, we have family BBQs. We feel like living in a holiday resort hotel everyday. Our family social status has now been upgraded since we stayed in the Upper Bukit Timah condo. Friends, family, colleagues and bosses look up To you and give you lots of respect now. They say we now got class.