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How much savings do you have?

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  #541 (permalink)  
Old 23-11-2013, 08:50 PM
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So if sell my HDB flat now and retire in Thailand, am I a millionaire?

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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.



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  #542 (permalink)  
Old 24-11-2013, 12:23 AM
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Quote:
Originally Posted by Unregistered View Post
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.

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  #543 (permalink)  
Old 24-11-2013, 06:34 AM
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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

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  #544 (permalink)  
Old 24-11-2013, 09:16 AM
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30, business owner
Annual income $1m pa
Owns 5 condos, all paid up
Aims to own 5 more condos by 40
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  #545 (permalink)  
Old 24-11-2013, 02:05 PM
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the guy you are replying to was just making a jest... he was just being sarcastic as well

Quote:
Originally Posted by Unregistered View Post
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.
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  #546 (permalink)  
Old 25-11-2013, 09:24 AM
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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
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  #547 (permalink)  
Old 25-11-2013, 03:49 PM
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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.
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  #548 (permalink)  
Old 25-11-2013, 08:08 PM
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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

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  #549 (permalink)  
Old 25-11-2013, 08:13 PM
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Seriously, this thread should be rename
"top 3 ******** thread"

Lol..
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  #550 (permalink)  
Old 25-11-2013, 08:21 PM
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Lai lai BS together

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

-_-"

Cummo seriously..
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