How much are you earning per annum?

Originally Posted by Unregistered

As an outsider, I can see your struggle whether to give up HH $500k pa income for less. It will be a major adjustment to your life style.

I don't think it is a big deal. He can adjust his lifestyle easily. My HH income is only $160k pa but we still manage to service our condo's mortgage (only $200k mortgage loan remaining, paying by CPF) and we have no problem buying a new car, paying off in cash.

We chose a cheap car (so that we can fully pay off in cash) and not one of those expensive conti cars. We don't care that it is a cheap car as long as it can bring us from one place to another. There are people who likes to show off driving an expensive conti car but they are heavily in debt.

We are frugal when it comes to spending but generous in our donations to meaningful causes.

Originally Posted by Unregistered

I don't think it is a big deal. He can adjust his lifestyle easily. My HH income is only $160k pa but we still manage to service our condo's mortgage (only $200k mortgage loan remaining, paying by CPF) and we have no problem buying a new car, paying off in cash.

We chose a cheap car (so that we can fully pay off in cash) and not one of those expensive conti cars. We don't care that it is a cheap car as long as it can bring us from one place to another. There are people who likes to show off driving an expensive conti car but they are heavily in debt.

We are frugal when it comes to spending but generous in our donations to meaningful causes.

that's not a true reflection - I drive a conti and have had a few brands. most people in the sales room pay full cash. sales force not that happy about it, since they get a commission for selling a car loan. most people pay off 100% in PML/PA/CnC.

Originally Posted by Unregistered

that's not a true reflection - I drive a conti and have had a few brands. most people in the sales room pay full cash. sales force not that happy about it, since they get a commission for selling a car loan. most people pay off 100% in PML/PA/CnC.

I paid my new car in cash too. I find the COE price today very affordable, in view of rising household incomes.

Me: Earn 70K pa full time + 20K pa part time Age: 34+
Spouse: 45K pa
Owns 1 car
Flat still have 2/3, about 240K to pay off.
My Credit card debts about 40K.
Just started to save.
No kids.
Studying Part time degree.
Not feeling stressful but don't like be bonded by CC debts.
Hope to clear debts in 2 year's time.

Originally Posted by SiaOLiaO

Me: Earn 70K pa full time + 20K pa part time Age: 34+
Spouse: 45K pa
Owns 1 car
Flat still have 2/3, about 240K to pay off.
My Credit card debts about 40K.
Just started to save.
No kids.
Studying Part time degree.
Not feeling stressful but don't like be bonded by CC debts.
Hope to clear debts in 2 year's time.

Part time 20K pa. You referring to those events kind of projects eg wedding photography? Can give some details? I am sure interested to know hehehe

Hubby, 47, $76k pa.
Wife, 44, $70k pa.
Condo, bought for $560k in 2006, fully paid up. Now worth $1m.
Car, 5 years old, fully paid up.
Expenses, $106k pa.
2 children in secondary schools
Total net worth, including condo, cash and CPF, $1.5m.
How are we doing?
Can we retire at 60?

Originally Posted by Unregistered

Hubby, 47, $76k pa.
Wife, 44, $70k pa.
Condo, bought for $560k in 2006, fully paid up. Now worth $1m.
Car, 5 years old, fully paid up.
Expenses, $106k pa.
2 children in secondary schools
Total net worth, including condo, cash and CPF, $1.5m.
How are we doing?
Can we retire at 60?

Tbh, I think you have done quite well considering 2 facts i.e. You have 2 kids and your HH income is about the 60th- 65th percentile.

Given your HH income, you did not have a huge amount to save annually. Adding to that the kids who are, in singapore context, very expensive.

So to have a 1.5million net worth is really quite good

Objectively, you have done well because

1. You own a condo which is fully paid up. You are among the top 15% living in a condo in Spore as 80% live in HDB flats. Assuming only one third of condo owners have fully paid up their condo, hen you are among the top 5% who own and live in a fully paid up condo. There are those who own a condo but rent it out and they live in their HDB flat, these are not considered among the top group.

2. You own a car. This is another big achievement.

You can surely retire by 60 since you would have saved $520k over the next 13 years. This amount is more than you would require between 60 to 65 years old. Then when you reach 65, you will start receiving $1750 pm per person or $3500 pm per couple. If your kids contribute $1000 each in parents' allowance, then you will get $2000 pm as a couple, which means your total passive income as a couple will be $5500 pm. This more than cover your expenses on food, utilities, medical and holidays. So, yes, you can retire at 60.

Originally Posted by Unregistered

Hubby, 47, $76k pa.
Wife, 44, $70k pa.
Condo, bought for $560k in 2006, fully paid up. Now worth $1m.
Car, 5 years old, fully paid up.
Expenses, $106k pa.
2 children in secondary schools
Total net worth, including condo, cash and CPF, $1.5m.
How are we doing?
Can we retire at 60?

[lazyplane]

Dude,
A piece of advice if you are serious about saving.
pls work on your credit card debt as your FIRST priority.

If i am in your shoes, i will work to get rid of this debt by 6 months.... not 2 years. The difference in interest payment can amount 8k for your debt.

I wont even bother to have any extra cash beyond next month expenditure for the next 6 months while i am doing this. You need to really focus on aggressive pay down of this CC debt with ZERO spending of credit card (regardless of the points that you think you may earn) until this debt reached zero.

I will also consider selling the car if i have to unless i really need this car to earn income . Consider getting the electric bike as a mode of transport since u mentioned that you have no kids and if you really need a means of transport for your work.

I know you may think what i am saying is drastic change for you. But if you ever want to break out from being broke to saving and investing , you need to do this basic step.

Originally Posted by SiaOLiaO

Me: Earn 70K pa full time + 20K pa part time Age: 34+
Spouse: 45K pa
Owns 1 car
Flat still have 2/3, about 240K to pay off.
My Credit card debts about 40K.
Just started to save.
No kids.
Studying Part time degree.
Not feeling stressful but don't like be bonded by CC debts.
Hope to clear debts in 2 year's time.

[lazyplane]

Where can i find the statistic that 80% of Singaporeans live in HDB ?
I dont get that impression.

Originally Posted by Unregistered

Objectively, you have done well because

1. You own a condo which is fully paid up. You are among the top 15% living in a condo in Spore as 80% live in HDB flats. Assuming only one third of condo owners have fully paid up their condo, hen you are among the top 5% who own and live in a fully paid up condo. There are those who own a condo but rent it out and they live in their HDB flat, these are not considered among the top group.

2. You own a car. This is another big achievement.

You can surely retire by 60 since you would have saved $520k over the next 13 years. This amount is more than you would require between 60 to 65 years old. Then when you reach 65, you will start receiving $1750 pm per person or $3500 pm per couple. If your kids contribute $1000 each in parents' allowance, then you will get $2000 pm as a couple, which means your total passive income as a couple will be $5500 pm. This more than cover your expenses on food, utilities, medical and holidays. So, yes, you can retire at 60.