How much are you earning per annum?

No worries, at the end of the day we are happy so long as out family is happy too. I would love to stay in a condo too but our property has 3 generations which makes it more sensible to stay landed.

But if I am honest there is nothing much to explain, even the people in HDB have this so called sandwiched class buying BTO and whatnot. Maslow hierarchy of needs.

I would love to share stories I gained from the UHN (ultra high network), why? Its inspirational to a sense and would have people like us who pound the grind inspired. Unfortunately if someone saw the story and it made its way back then well....

That's one of the reasons why I get annoyed at dipsticks who proclaim so much yet deliver so little on advise, I mean you got 10M and are retired by happy with it, why need to come here and talk kok sing song. You don't provide detailed advice on how to progress in life. I know a guy worth 500M with 3000 employees worldwide under him still working hard (that means 3000 families depending on this one guy's decision!). Hence who the F** does this condo swimming dipstick think he is? For example if this asswipe drown in the pool today no one will be impacted nor give a darn.

My advise to you is life is too short, if you are paying off your mortgage review your payment and pay it fast. If you have paid it off then go enjoy yourself (i.e business class exotic places the works), no point pampering the kids. They learn better thru the hard way.

Originally Posted by Unregistered

Thank you for your enlightenment. This makes much more sense. To classify only those in GCBs as upper class and others as not is too simplistic.
BTW, I live in a condo and do not know anyone living in GCB.

Originally Posted by Unregistered

a) Hence who the F** does this condo swimming dipstick think he is? For example if this asswipe drown in the pool today no one will be impacted nor give a darn.

b) They learn better thru the hard way.

2 cents.

a) That fellow could be just another property agent, finding all his ways to put the property business back to life.

b) Time is changing, my grandfather beat up my dad for mistake made, now the kid will call police if happen to them. Now our kids all learn differently, tend to be more rebellious, if you deprive them for what they deserve, they will act against all your advices.

Family income, 165k pa. Expenses, 130k pa.
Condo, worth 900k, mortgage left 200k.
Car, no loan
CPF, cash, 600k.
Total net worth, 1.3m.
Age, 50 & 48.

[Sam Adams]

Originally Posted by Unregistered

We must recognize and accept that we all have our roles to play. We cannot all quit our jobs and do charity. Imagine what the world will become. Just like we cannot all just invest and not work. The world economy will grind to a halt.

So whenever an individual decides to do charity full time, it is enough we recognize and applaud him. But there is no need to chide the rest. Each of us are contributing to society in our own ways.

I live in a condo that employs 2 shifts of 2 guards for each shift, an estate manager, a secretary and a maintenance technician. We also outsource our landscaping and estate cleaning. Imagine if we all decided to live simply in HDB, this group of jobs will be gone and probably we have to add about 10 people who will be in need of charity.

When the gahmen introduced the CM, TDSR, MSR, property transaction volumes tanked causing a lot of hardship to property agents. Many couldn't make ends meet and had to leave the profession. Just like when they cut the COE supply, a lot of car salespeople lost their livelihood.

When people earn a good salary and spend their money, we should therefore not begrudge them. They are creating a chain of events that lead to job creation for you and I.

For an economy to be healthy and to grow, everyone needs to do their part: earn and spend. And I believe, people derive more dignity and pride if they can earn their keep rather than to depend on handout (charity).

trickle down economics has been disproven time and time again.

Late forties, $180k pa combined.
Home is a renovated luxury condo, no loan.
Family transport is a European car, no loan.
Holidays, twice a year.
Combined net worth, only $2.2m.
We are a typical average middle class family.

Originally Posted by Unregistered

Late forties, $180k pa combined.
Home is a renovated luxury condo, no loan.
Family transport is a European car, no loan.
Holidays, twice a year.
Combined net worth, only $2.2m.
We are a typical average middle class family.

Good to be debt free. Don't be hypocrite though
Although this is achievable for a substantial number of people, an even larger number of the population can never reach this. So it is not typical. Count your blessings and don't keep telling people you are average. Saying that is very disrespectful of others who are really average income and struggling to keep up with rising costs each year.

Originally Posted by nasi lemak

Good to be debt free. Don't be hypocrite though
Although this is achievable for a substantial number of people, an even larger number of the population can never reach this. So it is not typical. Count your blessings and don't keep telling people you are average. Saying that is very disrespectful of others who are really average income and struggling to keep up with rising costs each year.

what is the average income? we know the median income for a household is $7900 per month or $95k pa, but what is the average income? median and average is not same thing.
i thought $180k pa is average since many here in this forum earn more than $250k pa household income.

My salary is 400k pa (wife housewife)
Drives a Mercedes fully paid
Lives in landed market value 3.5m
Housing loan 2m
Cash 1m
Cpf 45k

Net worth 2.5m approx
My age is 40 and my wife is 37

My wife, 46, earns $8k pm while I, 43, earns $7k pm. We upgraded from a flat to a condo in 2009 during the crisis, we sold our centrally located flat for $600k and bought the condo for $800k (fire sale). Now our condo is valued at $1.3m. Our loan now is left with $50k.

We bought a car in 2005 and will soon expire in 2015, we will no longer be driving since our chidlren are now in JCs.

Our savings now, including our cpf, is $450k and our net worth is $1.7m. We don't own any stocks or other investments.

Can any experts here advise us how we can prepare for retirement? We plan to retire at 60. Thanks in advance.

Your networth is primarily from your home and without any investment, the only outcome is that you will have to downgrade from your condo in retirement.

Try and work beyond 60. Many people don't realise that it is in the later years of our working career that we save the most. This is because by mid 50, they would have paid off their housing loans, car loan, children would have joined the work force, and acquired most of the things they wanted. In our case, we are now able to save 75 - 80% of our monthly combined salary. And once our passive income streams are established, we could save the full salary and more! In 1 more year!

What kind of lifestyle do you aspire to in your retirement? Is it one where you and your wife would just stay at your HDB flat and watch Korean movies all day, everyday? Meaningless right? Thus, you must first decide what kind of lifestyle you want to lead in retirement, how long you think you live, and estimate for each year in retirement how much you need. This will give you a good feel of how much you need to have to sustain your retirement lifestyle.

Originally Posted by Unregistered

My wife, 46, earns $8k pm while I, 43, earns $7k pm. We upgraded from a flat to a condo in 2009 during the crisis, we sold our centrally located flat for $600k and bought the condo for $800k (fire sale). Now our condo is valued at $1.3m. Our loan now is left with $50k.

We bought a car in 2005 and will soon expire in 2015, we will no longer be driving since our chidlren are now in JCs.

Our savings now, including our cpf, is $450k and our net worth is $1.7m. We don't own any stocks or other investments.

Can any experts here advise us how we can prepare for retirement? We plan to retire at 60. Thanks in advance.