How much are you earning per annum?

[lazyplane]

Let's get the facts right

You said you wanted to move to M'sia while renting flat
I said how to meet MOP rules and HDB rules

Now you say you want to continue to stay in SG and in the flat with 2 tenants and this is allowed. Yes, i agree but it doesnt answer how you are going to go back to M'sia and still meet HDB rules right ?

You cant be renting the 2 rooms while you are staying M'sia right ?

stop spourting your go m'sia story. If not happy, go back lor.

Originally Posted by Unregistered

Please get your facts right before saying I am a fake poster. SG citizens are allowed to rent out spare rooms within the 5 years MOP. Please check HDB website. Mine is a 4 room flat, I am staying in one room and renting out 2 other rooms. There is NOTHING wrong with that.

If you are not familiar with the HDB rules don't act like you are some expert.

Originally Posted by lazyplane

Let's get the facts right

You said you wanted to move to M'sia while renting flat
I said how to meet MOP rules and HDB rules

Now you say you want to continue to stay in SG and in the flat with 2 tenants and this is allowed. Yes, i agree but it doesnt answer how you are going to go back to M'sia and still meet HDB rules right ?

You cant be renting the 2 rooms while you are staying M'sia right ?

stop spourting your go m'sia story. If not happy, go back lor.

You didn't read my post properly.. I said I plan to go back after I have enough savings.. Not now.

When I am ready financially, I would have met the 5 years MOP. I need at least 5-6 years from now to do that

Originally Posted by Unregistered

Don't be childish - so many different kind of engineers and bankers how to compare? A niche software engineer from Google is paid like 10x that of a small factory mechanical engineer. Same for finance where a investment banker paid 10-20x that of a POSB Jurong branch banker. How to lump them altogether and compare "average"?

This applies to those comments that Bankers earn more than Engineers. Isn't that generalization.

Currently 18 and pursuing a finance diploma. Pretty decent GPA which would probably land me a seat in local uni. Been puzzled about the career route I wanted to take in the future and read about many successful individuals here, care to share more about how specifically which sector of the finance and banking industry will get u a pretty decent high paying job ?

Originally Posted by Unregistered

This applies to those comments that Bankers earn more than Engineers. Isn't that generalization.

Yep most of the comments here are just gross generalization and shows that they don't even know the wide spectrum of engineering and banking. It is akin to asking what is the average CEO pay without knowing the actual job scope and size of company.

A husband & wife couple who are both engineers (they are not high income earners) can still retire at 55 if they are disciplined. They must not upgrade their lifestyle even though their income rises over the years.

Assuming they bought their BTO 4 room HDB flat at a very cheap price (at only $300k) and paid their mortgage off by 55 using their CPF. They also stay in their flat all their lives. Also they don't own a car and don't employ a maid (it costs $2k pm to own a car and $1k pm to employ a maid). They can easily save on average $30k pa over their 30 years of working. This means they can save $900k by the time they retire at 55.

With $900k, they can invest in a 5% dividend yield portfolio of good, blue chip stocks which give them $45k pa in dividends. They can also rent out two of their empty rooms since their children would have been married and staying in their own BTO flat. They can get $700 pm for each room.

In total, their passive income will be $5,150 pm. This is enough for them to buy food and pay utilities for two retired old persons. At 65, their passive income will rise by an additional $3,600 pm from their CPF Life. So it becomes $8,750 pm in passive income!

So, even an engineer married couple can retire at 55 if they don't overspend by upgrading to a condo, owning a car and employing a maid. These luxuries are just for those (eg bankers) who are high income earners.

We are very lucky to have the very cheap BTO HDB flat system, which allows those who are not high income earners to easily afford a home and retire comfortably.

[lazyplane]

Then why the long winded story about your poor health of your parents etc and coming back to SG to retire since this is 5-6 years later .....

I think you are the malaysia poster lah... everyday keep saying about renting HDB flat and going to stay in M'sia to enjoy rental income etc.

In 5 years time, HDB may implement more draconian rules that prevent SC or the family nucleus is not working or not staying in SG from renting out their flat if they are away for more than 2 years. That will plug a big loop hole in our HDB current scheme as HDB was meant for ownership and not rental.
This will also allow the elderly that really need the rental income by renting out rooms get better rental yields. a big win for SG stayers.

Originally Posted by Unregistered

You didn't read my post properly.. I said I plan to go back after I have enough savings.. Not now.

When I am ready financially, I would have met the 5 years MOP. I need at least 5-6 years from now to do that

Dear Lazyplane,

I agreed with you that HDB should plug the big loop hole so this could help to boost up the rental income for the genuine needy owner or elderly.

Originally Posted by lazyplane

Then why the long winded story about your poor health of your parents etc and coming back to SG to retire since this is 5-6 years later .....

I think you are the malaysia poster lah... everyday keep saying about renting HDB flat and going to stay in M'sia to enjoy rental income etc.

In 5 years time, HDB may implement more draconian rules that prevent SC or the family nucleus is not working or not staying in SG from renting out their flat if they are away for more than 2 years. That will plug a big loop hole in our HDB current scheme as HDB was meant for ownership and not rental.
This will also allow the elderly that really need the rental income by renting out rooms get better rental yields. a big win for SG stayers.

Originally Posted by Unregistered

Dear Lazyplane,

I agreed with you that HDB should plug the big loop hole so this could help to boost up the rental income for the genuine needy owner or elderly.

True, quitters who migrate overseas but never give up citizenship should not be allowed to rent out their flat.

But difficult to implement especially when it will also impact those elderly n lower income citizens who move to other places like JB because they cannot afford the high cost of living here

Originally Posted by Unregistered

True, quitters who migrate overseas but never give up citizenship should not be allowed to rent out their flat.

But difficult to implement especially when it will also impact those elderly n lower income citizens who move to other places like JB because they cannot afford the high cost of living here

Your HDB is not just a home but an asset. When you retire, you can rent out your 5 room HDB flat for $2500 pm. You can use this rent to convert to RM7500 pm (S$1 = RM3). RM7500 pm is a lot of money in Malaysia for 2 persons.

You can rent a new 2 bedroom condo in Penang for RM1,000 pm. There is a HUGE OVERSUPPLY of properties in Malaysia, that is why rent there is so cheap.

You can use the rest of your money to rent a car and enjoy eating at restaurants.