Poorest.....
 

32 yrs old, me no job. Partner housewife, 2 young toddlers, 3-5 yrs old.
Bank few k.

Car loan 80k.
Business Debt 250k.
HLE loan 400k.
CPF wiped out paying for downpayment of HDB, out of job, cant pay for instalment.
Heng is HLE loan.

Die lah like that.

Can anyone beat that?

Well, at least you still have eyes, brain, leg, health, etc. You can easily drive a taxi and earn. Don't be lazy.

Since both of you are not working, how do you survive? You got passive income?

Some of the millionaires here are dreaming.

But indeed, your savings are really too little for your age. I guess you must have travelled alot and indulge in good food, gadgets etc.

When I was 31, i have about 100k cash and 20k in stocks.
Then I got married and blew my savings on reno 50k and honeymoon 20k.

Now i'm left with about 50k cash.

Ultimate wealth is not how much material wealth you have. No matter how rich you are, there will be others who are richer than you. True wealth is contentment of the heart, a heart who is at peace with his One Creator. The true success is success in the hereafter.

ah. why so little money? you must be quite sad. i pity you. i got 10m. oni 34 y.o. banker.

you mean you learn that salary.sg got a lot of loser ********ters. haha!

Know where u r, do what u should do.
 

u r who u r at where u are! i have never posted in a forum til i come across this.

Life is what u make out of it.

I am POOR!! know where u r , want any better, do better!

Dun dwell on sadness...

Reno is ur vanity. honeymoon is ur enjoyment.

I just had never much to start with.

dafhgsdfhsfhg
 

Its an outlet for alot of pple.

i agree with u til the point u brought up "One Creator", u dictate ur life, if any at all, The Creator assits in ur mindset.

Statements like these are made by people who cannot make it to console themselves. Both the journey and the destination are important. While getting to the destination, people also want to enjoy the journey.

Type in YouTube "success in this life and the hereafter" for the true meaning of success.

Sad
 

Stocks: 100 million, cash: 5million, thru inheritance. But I still feel poor.

You shouldn't convert those rupiah to S$ and you won't be sad. Better still you should go back to Indo where the cost of living is much lower.

Haha we have sour grapes here.

Majority
 

We need to be sensitive; not the majority of the population is a millionaire. Average middle income is about 3-4k, so go figure how many years will it take to have savings of 1m.

100x richer than other people and still feel poor? Saying that is equivalent to insulting majority of the people, where some are even struggling to feed their families. Sour grapes? I don't think so.

Totally agree. I'm a multi millionaire but I don't go around in forums like this to gloat how rich I am. I'm just a humble guy with a few properties, big stocks portfolio and I don't need to work for people. I spend my time watching my wealth portfolio grow.

I am lucky to be a millionaire too. My 5 room HDB flat (no more loan) is now worth $650k. My CPF (OA + SA + Medisave) has $250k and my cash is $100k. So, my wealth is $1m in total. I am so happy that I am a millionaire now at only 55 years old. My relatives look up to me because I told them I am a millionaire now.

Just to inform you, you are not a millionaire.
Your house, even if it is worth $650k, you cant sell it. It is an essential necessity. Where will you live if you sell it ? What will happen to your children, your wife, also you will be giving up comfort of your place where you might have been living for a long time now. Unless, you are single and will plan to downgrade , even still the net savings (in cash) will be around $200k. So, in summary, dont include worth of house.

Only include investment properties - properties you don't live in. You can sell them if required.

Next, your OA, SA, Medisave is nothing. Can you take it out? No, you cant. Stop dreaming that you will ever be able to use it "YOURSELF". It might pass to your next generation once you say bye bye to the world. You can use some of the money in it for your medical expenses, but remember, there are upper limits to withdrawal. You will never be able to use it to cover your expenses. And since you are a proclaimed "millionaire", god forbid if you are sick, will you stay in Restructured hospital Class C with 12 other people warded? If yes, then good for you as you will be able to withdraw a higher amount and also enjoy higher subsidy but not ALL.

Finally, lets talk about cash. $100K. This is your real net worth now. It is liquid money that you can use when required. And its worth will keep decreasing as inflation rises.

Also, remember, if you think that down the years, you will be able to sell your house and make profit.. you are wrong here. By that time, even though property prices would have increased, the same would mean that inflation increased and your 1 room or 2 room house will be at comparable cost. In short, you will still save around $200k to $250k.

So if sell my HDB flat now and retire in Thailand, am I a millionaire?

for god sake. stop being obsessed with the world millionaire.

If that is the case, go retire in Vietnam.
But then, think about cost of living.

And do you think you dont require house in Thailand? Your family can adjust and live in another country without difficulty? You won't have any expenses?

Seriously, are you a single? From what I see, you dont seem to have a family to take care of.

Me and spouse (37 this yr)
Combined income $450k pa
Passive income $57k pa


Primary residence : Valued $3.5million ($1.9 million O/S loan)
Investment residence : Valued $2 million ($1.3 million O/S loan)
Savings : $300k
CPF : $240k OA
2 cars : O/S loan $100k

30, business owner
Annual income $1m pa
Owns 5 condos, all paid up
Aims to own 5 more condos by 40

the guy you are replying to was just making a jest... he was just being sarcastic as well

45 yo, owned a hk apartment, penang shophouse and two singapore studio condo for investment, these are picked up during sars and 09 financial crisis. They are generating 15k a month. The mortgages will be fully paid in few yeara time.
I have very little stock investments, live in hdb flat, earns 280k /yr in banking, 500k savings

Name: Kong Jiao Wei
Salary: 150k annum
Assets: Multiple properties at Orchard and Holland, few % shareholdings in Apple.
Age: 35
Family: 1 wife, 1 kid
Character: as per name.

Hey, we have same name but different surname.
Name: More Jiao Wei
Salary: 750k annum
Asset: Mulitiple properties in orchard and bukit timah, SSH of google
Age: 33
Family : 2 wife 2 kid
Character : as per name

:p

Seriously, this thread should be rename
"top 3 ******** thread"

Lol..

Lai lai BS together

Annum: 3million
Asset: 150million (properties in Tokyo, London , Beijing and 17 other countries.)

-_-"

Cummo seriously..

I poorest
Age:40
Rent a 2 room hdb.
No bank account
No car
No hp
Cash of 150million in room cupboard.
Take out 5k to spend everyday
Hope to finish spending all by 75yo.

It was quite amusing reading the posts here. I see many just couldn't believe there could be rich people posting here. Of course, you could never tell which of the posts are true. In Sunday Times, an Indian lady was featured sharing her financial investment journey. At aged 41, she and her architect husband have investment properties in several countries. Their average return was reported to be 8% pa. Their target passive income is $250k pa before they will retire. Although she didn't say what the current passive income was, she said it was well on track to reach their goal. I imagined if she had shared her story here, many doubters will immediately cooked up outlandish stories of their own.

This phenomenon is a direct effect of the growing income divide in Singapore. On one side we have the rich getting richer and the poor remaining clueless. The asset class sees their assets appreciating steadily while at the same time deriving passive income yearly. The rich also tend to see their savings accelerate simply because of the compounding effects of their passive incomes if their expenses are held constant.

The poor on the other hand, especially if they are not exposed to rich people, could not possibly imagine or understand how anyone could save or grow their worth upwards of $300k pa, when they themselves don't earn half that amount in a year.

While we cannot be fully equal, I just hoped that we don't reach the state of affairs as in the US where just 400 of the country's wealthiest own half of the nation's wealth!

As a retiree, I do feel shaky about my ability to sustain my lifestyle as inflation steadily erodes the purchasing power of my fixed annuity payout. I have already done away with the maid, the car and other extraganzes. Constantly on my mind is whether I should go out and get myself a job. Mind you, when I retired, I thought I had everything nicely planned out. There was this annuity that will pay me a fixed income for as long as I lived. I didn't bargain for taxi fares increasing, train fares increasing, hawker meal prices increasing, utility bills increasing and what have you.

You need to invest in assets that keep pace with inflation! Property and stocks in dynamic and sound companies are what I should have invested in. The property you stay is not counted as you need somewhere to live. And the older you get, the less you want to uproot and move. What more to a smaller abode among strangers. So to all posters out there, downgrading to a smaller home should not form part of your retirement plan. Only as a last resort.

And yes, coming to this forum and reading all the amusing bull"*****ing" has become a cost free pastime for me. Can't afford those with paid membership.

Her salary as a private banker should be at least 300k, more if she is a executive director or MD level. Assuming her husband earns at similar level, total combined salary is at least 600k.

If they spend 250k and invest 350k a year in past 8 years, their pot can grow to around 5mm easily, especially in past few years when there is huge asset inflation on fed, boj, boe, eub massive money printing.

Earning 5% on 5mm is 250k

Don't rot your life away, do something worthwhile in your life. Go for projects to save the world's poor. There are millions and millions of destitutes waiting for you to save them.

Why worry so much about your retirement. Go to a cheaper country and retire. You have more than enough. Millions survive on $2 per day. Your are the most fortunate people on earth to have assets such as HDB flat. Be happy.

I'm an average Joe, keen on picking the brains of the many successful people here.


Debt= 1.2 mil
Savings= 150k
Income= 120k p.a.
Passive income: 80 k p.a.


I wonder if this is the time to deleverage. As you can see, I'm rather highly geared vis-à-vis my relatively low (work) income.

Don't give up this debt for 2 reasons:

1. That you are making higher returns from it than the interest rate that you have to pay. (If this is not the case, then you should pare it down)

2. It is not easy nowadays to get such leverage of 10x your annual income.

In the current climate of low loan interest rates and high inflation rates, it is the borrowers who stand to gain. A $1m of loan in 10 yrs will only be worth $700k+, just due to inflation.

So if you are able to put that $1.2m in an investment that can minimally keep up with inflation, you would already gain. Stocks and shares are quite easily beat inflation.

Average Joe,

You are in deep sh.it. Who is your stupid financial advisor?
You are super overleveraged. You must sell what ever you have to reduce your debt.
If you are living in a condo, you better sell and buy a 4 room HDB flat.
When interest rates rise, you will be in big trouble.
Don't listen to foolish people.

People like you will sit one corner and wonder why some people are so rich. Clueless.

Ordinary folks work throughout their lives, earn ordinary wages and have average wealth.

Rich people use money to make money. The skillful ones use other people's money (through banks) to make money.

The above responses to the poster who sought advise on whether to cut his debt are very classic examples of the mindsets separating people who will stay ordinary and those who will likely make it big.

The ordinary person will only see risks, negative scenarios and is so paralyzed by his fear, while the positive guy will see opportunities.

For eg., the guy suggesting the poster hold on to the debt knows it is not easy to obtain such loans (10x the annual income), so since he already got it, should take advantage of it to generate more returns. If he can generate a return higher than the loan interest, he already wins on two fronts. The value of the loan will decrease with time just by inflation alone.

The other guy, besides seeing only negative scenarios also displayed typical loser mentality by trying to blame the financial advisor and name calling.

Don't believe? See this: 8 Ways the Rich Differ From the Poor | Code of Living

Stupid fool, who are you? Do you know about risk management? It is people like you who will crash the system with your irresponsible and selfish nonsense. Why does MAS bother to have measures such as TDSR? It is to protect ignorant fools who want to overleverage.