How much are you earning per annum?

Depending on how you look at it, ignorance is not always bliss.

My early impression has always been that people who lived in big houses, drive big and fancy cars and lead expensive lifestyles are up to their necks in debt. When I tried to buy my first car after one year of work, my parents dissuaded me saying better not to get into debt. They said "dont think those people driving big and nice cars are happy. They are probably stressed out very month trying to repay their loans". From then on, I had this impression that people are overstretching themselves buying condos, big cars etc.

That impression quickly changed when you get to know these "people" better. I found that many of them who lived in landed homes, condos and drive big cars actually paid for them and do not have debts. Some chose to have loans (eg housing loans) because the interest rates are low, and they can better deploy their money elsewhere to earn bigger returns.

Yes, there will be wannabees who try to live the lifestyles of the rich, but there are many rich people who can well afford their lifestyles.

Originally Posted by Unregistered

Was looking at the very first post in this thread started by "Avatar" in Jan 2010. Imagine that, 4 years have already passed!

Avatar, who stated he was a a senior software earning $70k pa, wanted to know where he stood in terms of salary. I have not seen any more post from him since. I can only imagine that he was rudely woken up by the many posters here with their few hundred thousand dollar salaries and their multi-million dollar assets.

Sometimes it is good not to know. We can go on living happily with what we earn and save. But once we opened up our eyes and see that our neighbour is driving a bigger car, going for expensive holidays, wearing nice clothes and what not, we begin to feel envy and our happy blissful life is no more. I was once like that. As a new entrant into the job market, many years ago, I was very pleased with my pay of around $3k pm. With bonuses, I was bringing home $40+k pa. Was pleased as pie. But when I found out that older colleagues were bringing home 3 to 4 times what I was earning, envy sets in. I became a different person.

I wonder what Avatar is doing now? Is he still working in the same line or industry? Has he moved into a more lucrative job?

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

Originally Posted by Unregistered

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

NO. You are just playing the catching game. Once you buy a condo, you will see them buy Terrace House. And then what?

I would suggest you to jump this game and buy a Terrace house first. Let your friends be the ones who will need to catch up to your status.

Originally Posted by Unregistered

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

Yes, your loan repayment is well within the TDSR.

I will take this as a troll post.

Information on the TDSR is easily available on the web. Only you can answer if you can meet the TDSR requirements. Who knows what other loans you are currently servicing? Car loan, student loan, credit card loans and what have you?

Also, I find it stupid to try and keep up with your neighbours/friends. You should only acquire things that are beneficial for your well being and which are within your means.

Having said that, living in a condo has been a quantum leap in terms of quality of life for me as compared to living in a HDB. You need to note that not all condos are made the same, and some newer HDBs are actually very good except they dont have facilities.

My regret was that I upgraded to a condo too late in life (in my early 50s). I should have done so in my early 40s once I could afford it rather than wait. I didnt realise my life could be so much better living in a condo. I see my younger neighbours with their young children thoroughly enjoying themselves in the pool and playground. My children are older and dont have that much time to enjoy the facilities, but still they sometimes have barbeque parties in the condo.

Do your own sums properly, and upgrade only if you can afford it, not because your friends and neighbours are doing it.

Originally Posted by Unregistered

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

Originally Posted by Unregistered

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

Your combined income is very high. Spore's median household income is about $7k plus, yours is a huge $11k. Now is a good time to upgrade, sell your hdb, get your profits and use it as downpayment for your condo.

Once you upgrade to condo, your social status will go up and people will look up to you. You become an example of success. Don't get old condos even though they are FH. Get those condos that just TOP, there are many going TOP soon. The newer condos are modern looking with nice design n they don't smell.

Originally Posted by Unregistered

37, $6k pm.
Wife, 35, $5k pm.
Can we upgrade to a condo and take loan of $1m?
Our friends are now living in a condo, so we must also upgrade from our HDB flat.
Is it advisable?

I'm only 30 and I already live in a condo. I sold my Bukit Merah HDB flat and got a lot of money since I bought the flat cheap. I use the money to buy a condo in Chua Chu Kang with loan of only $300k since the condo is cheap. Our combined salary is only $8k. We are smart to sell overvalued HDB flats in Bukit Merah and buy undervalued condo in CCK.

Actually, nowadays, for a grad couple, to own a condo is no big deal. Many of them bought BTO flat very cheap, eg $200k and after 5 years MOP, they sell at $600k. Maybe after MOP they finish paying $100k, so they get $500k. Then they buy a $1m condo, loan only $500k. Easy to service the loan. By 30, their combined income should be $150k. So no problem at all.

BTO flats make many people very rich. Government give people easy money by selling these BTO cheap.

Originally Posted by Unregistered

Actually, nowadays, for a grad couple, to own a condo is no big deal. Many of them bought BTO flat very cheap, eg $200k and after 5 years MOP, they sell at $600k. Maybe after MOP they finish paying $100k, so they get $500k. Then they buy a $1m condo, loan only $500k. Easy to service the loan. By 30, their combined income should be $150k. So no problem at all.

BTO flats make many people very rich. Government give people easy money by selling these BTO cheap.

i'm 34 and earn 8k+ as a civil servant. Still living in hdb flat. Some of my colleagues live in condos while some in hdbs, but it has never been a subject of discussion among us.

In fact, i dont see this whole point of upgrading to a condo. We have good neighbours, all the amenities/facilities we need are nearby and close to school. MRT/bus stop is close too. I feel living in HDB is more comfortable compared to condo. What we need is what we get here.

Condo - chances are what you need is not what you get. And what you get is not what you need.

Originally Posted by Unregistered

i'm 34 and earn 8k+ as a civil servant. Still living in hdb flat. Some of my colleagues live in condos while some in hdbs, but it has never been a subject of discussion among us.

In fact, i dont see this whole point of upgrading to a condo. We have good neighbours, all the amenities/facilities we need are nearby and close to school. MRT/bus stop is close too. I feel living in HDB is more comfortable compared to condo. What we need is what we get here.

Condo - chances are what you need is not what you get. And what you get is not what you need.

Agree. Just stay where you feel most comfortable. I am earning closed to $30k a mth but am happy with staying in hdb flat, swimming pool just downstairs, two expressways (aye and pie), mrt station less than 10mins walk, central location, gd view , gd neighbours etc....i am 41.