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How much savings do you have?

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  #221 (permalink)  
Old 21-03-2012, 04:07 PM
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I'm in my 50s and have 2 kids at university in the U.S. Their university education will cost me about S$700,000 by the time they are done.

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  #222 (permalink)  
Old 21-03-2012, 04:51 PM
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I'm in my 50s and have 2 kids at university in the U.S. Their university education will cost me about S$700,000 by the time they are done.
Wow, that's a lot of money compared to studying in local U.

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  #223 (permalink)  
Old 21-03-2012, 05:01 PM
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Wow you guys really have so much money

me and my wife both 29

Cash 100K

Stocks 50K

CPF 100k (OA)

Condo worth 1.2 m (40% paid)

Car value 200k (30% paid)

Combined income 200K p.a

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  #224 (permalink)  
Old 21-03-2012, 06:11 PM
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Wow!! What industry and jobs are you both doing?
At just 29yrs old, each already earning $100,000 a year??!!!!

Quote:
Originally Posted by Unregistered View Post
Wow you guys really have so much money

me and my wife both 29

Cash 100K

Stocks 50K

CPF 100k (OA)

Condo worth 1.2 m (40% paid)

Car value 200k (30% paid)

Combined income 200K p.a
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  #225 (permalink)  
Old 21-03-2012, 08:13 PM
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Wow!! What industry and jobs are you both doing?
At just 29yrs old, each already earning $100,000 a year??!!!!
Hi going to 30 later this year, i am in consulting and she is in civil service..

but i feel like wow how come you all can have so much cash!!!!

how do you do it? no expense really?
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  #226 (permalink)  
Old 22-03-2012, 10:36 AM
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Hi going to 30 later this year, i am in consulting and she is in civil service..

but i feel like wow how come you all can have so much cash!!!!

how do you do it? no expense really?

i believe most of the cash savings are from investment capital gains, mainly property and stocks. unlikely to be through salary alone.

i know one lady in her late 30s, probably earning about tee same as you 10 years back but was very shrewd and bought a few properties in the years 2002 leading up to 2006 when property was less than half the prices today. basically she saves to the max, dumping all into property, and using the rental and savings to fund the next property while borrowing to the max. every ounce of her free time was used for viewing property. her net worth is in the region of S$3m now, 80% of that from property gains. really impressive for a single income person to achieve.

of course, not everyone has the timing luck or appetite to take the risk. i did some property punting myself, managed to achived a net worth of S$2.3m now at age 35, 65% of that from property gains. we are now staying out of the market and building up cash reserves (around S$800k currently for me) to re-enter the market at the next financial crisis.
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  #227 (permalink)  
Old 22-03-2012, 12:31 PM
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Hi going to 30 later this year, i am in consulting and she is in civil service..

but i feel like wow how come you all can have so much cash!!!!

how do you do it? no expense really?
don't bull la. 29 y.o couple. wife civil service. pay 40-50K. So u earn 150k a year at 29 y.o consultant. what consulting u do? tokkok lor.
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  #228 (permalink)  
Old 22-03-2012, 03:25 PM
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don't bull la. 29 y.o couple. wife civil service. pay 40-50K. So u earn 150k a year at 29 y.o consultant. what consulting u do? tokkok lor.
Whats there to bull about? wife graduated at 22 with first class honors been working for 7 years already, if you work for 7 years and you dont earn 100 k at least p.a. i think its quite sad. i do mgt consulting. so dont slam people when you do not know the industry facts...
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  #229 (permalink)  
Old 22-03-2012, 03:30 PM
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don't bull la. 29 y.o couple. wife civil service. pay 40-50K. So u earn 150k a year at 29 y.o consultant. what consulting u do? tokkok lor.
Your probably cant earn that much thats why you are slamming others?
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  #230 (permalink)  
Old 22-03-2012, 05:20 PM
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Whats there to bull about? wife graduated at 22 with first class honors been working for 7 years already, if you work for 7 years and you dont earn 100 k at least p.a. i think its quite sad. i do mgt consulting. so dont slam people when you do not know the industry facts...
Agree...I think this is a realistic figure..I am 30 this year..annual income $70K...but considering that I am only 2nd lowers honours and I stopped work for 1-2 years to 'rest' at home.....therefore $100K for someone who has worked 7 years is highly possible!
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