How much are you earning per annum?

You are very lucky indeed. Can live in a condo despite earning so little.

Originally Posted by Unregistered

We are a low income graduate couple in our late fifties, we earn only $117k pa combined. We are lucky to own and live in a condo, which I inherited from my parents. We have a grown up teenage son. We don't own a car as our condo provides a shuttle service to an MRT station, very convenient to our work places. We lead a simple life. We try our best to save as much as we can for old age. We are now learning to invest our savings in dividend stocks to give us dividends.

Originally Posted by Unregistered

Haha, u are already wise for your age, to start thinking about investments and property at only 20.

When I was 20, all I thought about was getting a good grade in school and my looks

Anyway, its much easier nowadays to learn about investing with many free resources.
- Moneysmart blog is v entertaining and mostly good advice on property, saving money, credit. Plenty of other good blogs talking about property investment.
- Be willing to spend a bit of money on buying books, or go to the NLB to borrow them for free. I like reading local authors writing on the property market (residential and commercial) as they write with the SG market in mind.
- I was terrible at stocks and trading, being far too emotional to keep hold of greed and fear. But its logical that a new investor start with the STI. I should have done that years ago....
- If u have a wise, rich, trusted relative. Talk to him and find out how they made it. Having wise friends and a good spouse also helps. They won't derail you from your financial goals by blowing $ or laughing at your millionaire dreams, they will support u emotionally and offer tips or practical help.
- Other than getting a good job, think of other sideline income streams u could develop.

Thanks for the tips! I checked out MoneySmart, it's great. Should have started reading that earlier, heh.

Hmm I have only US securities (all equities, actually), because I didn't have enough to accommodate to the lot-based system of SGX. But now I'm considering investing in an STI ETF

Would you mind if I add you as a contact on like Facebook or even just on my phone? I think it'd be great to have someone experienced to consult. Don't worry, I'm not the type who needs spoonfeeding. Heh.

Originally Posted by Unregistered

Well done, enjoy while it last.

I'm like you, don't earn much. Only $200k pa. I drive a Porche.

Many girlfriends.

It's really sad looking through all these lines of comments from people who r at this chat.
I seriously think that most of you are lying, and trying to compete one another like owning a BM, Porsche or whatsever...

Originally Posted by Piz2a

Hi, can I just ask how you managed to afford 3 properties with a 127k/annum job? I'm 20 this year, haven't started working, but I'm curious as to the "right steps" to take for financial success in the future.

Currently, I'm invested in stocks.

Totally agreed with you, some people just lie for the seek of satisfying themselves. And these lot of people are pathetic, living in agony and in their own imagined world.
I'm 33 this year and my wife 30 we earn a total of 350k per year, one HDB and one condo. And without any help of our parents.. I think we are already above average. Unless that liar has got parental support if not i don't believe he could afford so many properties. Or unless he tio the cny 10 million dollars toto..

Originally Posted by Unregistered

To be honest if you like driving and want a car and have the finances for it then just go ahead, why so concern about what others think or image etc. You're only young once and just do what you like so long as its within financial reason.

From your income I don't really see how you can acquire that many properties thru the cost save of one car (unless you wanted to buy a Lambo). Did you coinvest with others or with relatives or have other sources of income?

Ps Like you I'm similar aged, hold a regular job 100Kish job, multiple property with parents assist. I got a car cause I like driving. My colleagues don't even know what I drive unless out of good will I give them a lift.

I will say your current asset base for your age is something to be proud of. But I don't agree with the part you mention about not driving though. To me its no connection.

Bro, this guy is a total liar! There are only 2 possibilities; 1 he tio cny $10 million toto, 2. Parental support!

Originally Posted by Unregistered

Totally agreed with you, some people just lie for the seek of satisfying themselves. And these lot of people are pathetic, living in agony and in their own imagined world.
I'm 33 this year and my wife 30 we earn a total of 350k per year, one HDB and one condo. And without any help of our parents.. I think we are already above average. Unless that liar has got parental support if not i don't believe he could afford so many properties. Or unless he tio the cny 10 million dollars toto..

Care to tell us what is your occupation and your wife's. Otherwise we are having another liar in this forum!

Originally Posted by Unregistered

(reply from the 33 yr, 127K job person)

How I acquired 3 properties despite not earning that much

- Upon getting married, I stayed with parents for a few years. This enabled us to save. Yes, we sacrificed some privacy, endured some nagging. But at the end, they are Parents and they meant well in their own way. So I put my pride aside, and thought long term of the good start to the finances, with the added advantage of keeping a close r/s with the parents. They won't be around forever, and parental love is the strongest force in the world that is mostly unconditional unlike romantic love, which can be unreliable.

- Never bought a car, despite strange looks from friends/ colleagues, some who are earning much less or more junior in the job but already have cars. Never bought a car despite parents nagging (image issues) either. Just keep walking and bus and MRT. Endure it for the long term financial health. Think about how much $ you will save by not servicing the car loan, insurance, petrol for an item that is yours only temporarily.

- Didn't blow my bonus entirely. Yes I enjoyed annual trips to far away places, and lived a very comfortable life dining out at fine restaurants least twice a week, and I love shopping. But stayed away from the branded stuff (Prada, LV, Gucci are lethal to the wallet), just buy high street stuff and only on sale (Zara etc). At the most, one branded purchase a year amounting to <3K.

- Spouse is more frugal than me. I am a spender as compared to my spouse.

- Timing played an important role for property. Do remember that just a few years ago, 80% LTV is possible for multiple properties. So I was unaffected by LTV problems, as long as I had 20% cash for downpayment (+ extra 10% for stamp duty, agent fees, lawyer fees etc) I am ready to go. Nowdays its certainly more difficult as prices are higher, there are LTV limitations (50% for 2nd residential property?), TDSR limitations, ADSD, and for HDB the MSR.

Actually, I am nothing compared to some of my acquaintances of the Same age, who were extremely bold and kept on leveraging up to buy more properties as the market moved up a few years ago. Their net worth is much more than mine.

Other thoughts: In the next few years, the residential property market is going to be much more challenging for landlords. e.g. my tenant wants to renew but is asking for a significant discount from the previous rental despite new amenities opening close by. Certainly the market will correct, but by how much and when, is the question that nobody can give a reliable answer.

So, even if u can buy, Don't Buy until there is solid REAL potential (e.g. future MRT station <200m and <5years time and amenities) and can get a good Return on Equity and convince yourself (mathematically, not emotionally) that there is excellent value in the property purchase. Property can be very dangerous too e.g. no tenant.

Very good post! Model to follow.

There are many liars in this forum. The typical 30 plus couple lives in a HDB 4 room BTO flat, still servicing loan. The typical 40 plus couple lives in a HDB 4 room flat, fully paid up or lives in an EC, still servicing loan. That's all. Those who claim to have more either inherit their wealth or liars.

Just came across this video on internet
Episode 11 - The JB Retirement Plan
Published on Jan 21, 2013 by Channel News Asia
Worth consider

Originally Posted by Unregistered

Question to the 38 year old forumer: how did u accumulate so much cash and stocks ? Despite 3 kids to support. I am amazed

Like what i wrote in the post, i was fortunate to have the opportunity to buy property when prices were lower in 2003, 2009 and 2010 and selling for sizeable profits. Around 40% of our net worth is from savings and gains from stocks, and the rest from property gains. We also had quite good paying jobs which helped us build up savings. Frankly our investing ability is not much better than others but we saved hard in the early years to be able to invest when prices were low.