How much are you earning per annum?

40yo single PR. 120k pa. No outstanding loans. 150k cash.
I'm thinking of getting a 850k condo as not eligible to get hdb.
Not sure if I should jump in and buy condo or just keep paying rent. Rent is about 1.4k. The mortgage will work out to about 2.5-3k per month. What do you guys think?

Originally Posted by Unregistered

40yo single PR. 120k pa. No outstanding loans. 150k cash.
I'm thinking of getting a 850k condo as not eligible to get hdb.
Not sure if I should jump in and buy condo or just keep paying rent. Rent is about 1.4k. The mortgage will work out to about 2.5-3k per month. What do you guys think?

Why not rent a one bedroom condo for only $1500 pm? Quite near an MRT station.

You can invest your savings in high quality stocks which give you 5% dividends.

If you lose your job, you don't need to worry about paying the huge condo mortgage. Worse, if you lose your job and the condo price crash. If you rent, you can just leave after the lease ends. Nowadays, you can't guarantee that you won't be jobless.

What do you think of this couple's profile (52 & 50 year old)?

Combined HH (husband & wife) income = $130k pa
Savings = $30k pa
5 room HDB flat fully paid up
Car paid up
Debt free
Two well brought up children

Combined HH (husband & wife) net worth (includes HDB flat, CPF & cash) = $1 mil

Can afford to enjoy good food at nice restaurants, twice a week
Can afford to go for overseas holidays, once a year
Can afford to give parents allowance = $1400 pm
Happy family, enjoy work life balance

Considered successful or not?
When can this couple retire?
Can the experts here comment?
Thank you.

Originally Posted by Unregistered

What do you think of this couple's profile (52 & 50 year old)?

Combined HH (husband & wife) income = $130k pa
Savings = $30k pa
5 room HDB flat fully paid up
Car paid up
Debt free
Two well brought up children

Combined HH (husband & wife) net worth (includes HDB flat, CPF & cash) = $1 mil

Can afford to enjoy good food at nice restaurants, twice a week
Can afford to go for overseas holidays, once a year
Can afford to give parents allowance = $1400 pm
Happy family, enjoy work life balance

Considered successful or not?
When can this couple retire?
Can the experts here comment?
Thank you.

Looking at the statistics, this couple is probably considered lower middle class in Singapore. Can be considered to be moderately successful, and on track to retire by 62.

I can share the profile of another couple that I know of. Age 45 couple, combined HH income $500k, condo paid up, luxury car paid up, also two excellent brought up children in top IP schools, current net worth (Excluding stay in property) is about $2 Mil. I know they are waiting to enter property market for second unit for rental. I would consider this couple as upper middle class, and they looks to probably retire earlier, example at age 55.

so many rich people in singapore trying to show off their money

Originally Posted by Unregistered

40yo single PR. 120k pa. No outstanding loans. 150k cash.
I'm thinking of getting a 850k condo as not eligible to get hdb.
Not sure if I should jump in and buy condo or just keep paying rent. Rent is about 1.4k. The mortgage will work out to about 2.5-3k per month. What do you guys think?

Part of the mortgage goes towards principal repayment and the rest towards interest. What is the interest repayment? If it's less than your rent, there's good reason to consider buying a property. Of course, another thing to consider is whether property prices will go up or down. In this, no one is none the wiser and you will need to make your own assessment.

The median HH income in Singapore is about $8846 pm or $106,152 pa.

Median net wealth per adult in Singapore is about US$101k or S$140k.

The couple's income is S$130k pa.

Their net wealth is S$500k per person (Total net wealth is S$1m).

They own fully paid up most expensive assets (car and property).

They should be in the mid or upper middle income group.

They are considered successful as they are debt free and have well brought up children. They also have work life balance. The most important they are a happy family.

Originally Posted by Unregistered

What do you think of this couple's profile (52 & 50 year old)?

Combined HH (husband & wife) income = $130k pa
Savings = $30k pa
5 room HDB flat fully paid up
Car paid up
Debt free
Two well brought up children

Combined HH (husband & wife) net worth (includes HDB flat, CPF & cash) = $1 mil

Can afford to enjoy good food at nice restaurants, twice a week
Can afford to go for overseas holidays, once a year
Can afford to give parents allowance = $1400 pm
Happy family, enjoy work life balance

Considered successful or not?
When can this couple retire?
Can the experts here comment?
Thank you.

Originally Posted by Unregistered

Why not rent a one bedroom condo for only $1500 pm? Quite near an MRT station.

You can invest your savings in high quality stocks which give you 5% dividends.

If you lose your job, you don't need to worry about paying the huge condo mortgage. Worse, if you lose your job and the condo price crash. If you rent, you can just leave after the lease ends. Nowadays, you can't guarantee that you won't be jobless.

Thinking of renting in the mean time. But planning on starting a family soon. Hence, thinking of getting own condo as my gf is only on e pass.

Originally Posted by Unregistered

Part of the mortgage goes towards principal repayment and the rest towards interest. What is the interest repayment? If it's less than your rent, there's good reason to consider buying a property. Of course, another thing to consider is whether property prices will go up or down. In this, no one is none the wiser and you will need to make your own assessment.

The interest will be around 1.1k a month. Less than our monthly rent. Those are the 2 things on my mind. If property prices will go down and job security.

My fren have this scenario:

Husand Income: $120k pa (44 yrs)
Wife income: $110k pa (41 yrs)

Savings = $30k pa
Car paid up
5 room HDB flat fully paid up
2 bedrm private condo: loan $600k (intend to rent out)
Two schooling children around 10 yrs old

Combined HH (husband & wife) savings (CPF & cash) = $650k

Is it sufficient?