How much savings do you have?

Irresponsible stupid fool. We need prudence in our financial matters.

Originally Posted by Unregistered

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

Are you currently employed? Do you know how economies work? Do you know how businesses are started?

It is because people dared dream big and take loans to start businesses that ordinary people like you are employed. Same goes for people who buy properties whether for own stay or investment. Very few can afford to buy a home outright, loans in this case are essential. All these help oil the economy and keep people employed.

And one more thing, when you want to argue, argue with facts and words. Shallow insults don't add to knowledge sharing.

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

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.

How did you arrive at the conclusion? You don't even know what and how much are his assets? His assets are probably worth more than $2m. If he could generate $80K passive income pa, that is more than enough to sustain any spike in interest.

Originally Posted by Unregistered

How did you arrive at the conclusion? You don't even know what and how much are his assets? His assets are probably worth more than $2m. If he could generate $80K passive income pa, that is more than enough to sustain any spike in interest.

Doesn't matter. He is simply overleveraged. Period.

Originally Posted by Unregistered

Doesn't matter. He is simply overleveraged. Period.

Thanks, everyone, for your rather varied advice.

Am inclined towards the argument that I may not be able to get such leverage again, so may hold on to the loans. (Not to mention the new tax regime on things like SSD and ADSD).

Of course, the key risk is that those assets against which the loans were taken could depreciate in bad times, so gotta make sure I have holding power.

(So, yes, even the guy who says I am in deep s**t does have a point, even if not made elegantly).

Thanks, again. Will have to mull over this carefully.

Cheers,

Average Joe

Hi Average Joe,

You are already in deep ****. Propery prices are sliding. Soon you will receive a call from the banker. Wish you luck!

Depends, you have not revealed a very critical part and that is your overall net worth.

I won't go to exact figures but my level of debt is slightly more then yours and I have savings which amount to half the debt. My salary level is the roughly the same as yours. So if I portrayed it as you did it would seem that I am in some serious doo doo

However my assets which the debt is secured against enough to pay the debt of 2x over.

So without revealing your asset worth its hard to make a decent judgement on your situation.

Anyone who makes a judgement prior to knowing that is merely making an assumption.

Originally Posted by Unregistered

Thanks, everyone, for your rather varied advice.

Am inclined towards the argument that I may not be able to get such leverage again, so may hold on to the loans. (Not to mention the new tax regime on things like SSD and ADSD).

Of course, the key risk is that those assets against which the loans were taken could depreciate in bad times, so gotta make sure I have holding power.

(So, yes, even the guy who says I am in deep s**t does have a point, even if not made elegantly).

Thanks, again. Will have to mull over this carefully.

Cheers,

Average Joe

Average Joe,

Honestly, you're DOOMED.
You better deleverage now!
Don't say we gurus never warn you.
Deleverage now before everyone rushing out.
We have too much oversupply, don't know why there is this big miscalculation of the demand and supply situation. Property prices will crash if we do not bring in lots of FTs to rent the empty condo blocks.
Also, there are those who illegally rent out their BTO flats.

Go sit in a corner and suck thumb. Idi**

Originally Posted by Unregistered

Average Joe,

Honestly, you're DOOMED.
You better deleverage now!
Don't say we gurus never warn you.
Deleverage now before everyone rushing out.
We have too much oversupply, don't know why there is this big miscalculation of the demand and supply situation. Property prices will crash if we do not bring in lots of FTs to rent the empty condo blocks.
Also, there are those who illegally rent out their BTO flats.

Originally Posted by Unregistered

Go sit in a corner and suck thumb. Idi**

The truth hurts, isn't it? Panicking? LOL !!!!!!!!!!!!