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09-12-2013, 07:18 PM
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48, my savings is only $1m. Owns a condo, still paying mortgage.
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10-12-2013, 09:06 AM
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Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.
At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.
For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.
Quote:
Originally Posted by Unregistered
48, my savings is only $1m. Owns a condo, still paying mortgage.
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10-12-2013, 10:53 AM
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Don't just depend on work income to build your wealth, make your money work hard for you. See how AK71 does it with Reits. A Singaporean Stockmarket Investor (ASSI): $120k annual passive income from S-REITs next?
Quote:
Originally Posted by Unregistered
Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.
At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.
For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.
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10-12-2013, 11:35 AM
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Our D10 condo is now worth $2.5m with outstanding mortgage of $200k. By the time we retire at 60, we will sell our condo and buy a cheaper $1m studio condo in the Jurong Lake District. We will have about $3m (plus savings) to invest in stocks, to give us a passive income of $150k pa. Our current expenditure is only $80k pa.
Quote:
Originally Posted by Unregistered
Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.
At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.
For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.
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02-01-2014, 05:33 PM
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Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.
Our 3-room BTO will be ready this year - I have the following questions:
1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)
We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.
As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.
How do you guys feel about our lifestyle and method of saving? Is this realisti?
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05-01-2014, 02:48 AM
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Senior Member
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Join Date: Jan 2014
Posts: 84
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28 yrs old degree holder (actually 29 this year)
60K cash
15K stocks
Working 4 yrs
Annual salary: 36K-37K
I think I can do better......
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18-01-2014, 10:29 AM
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Senior Member
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Join Date: Jan 2014
Posts: 84
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Quote:
Originally Posted by Unregistered
Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.
Our 3-room BTO will be ready this year - I have the following questions:
1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)
We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.
As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.
How do you guys feel about our lifestyle and method of saving? Is this realisti?
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Maybe try to slowly increase up to saving 1K a month?
You and your fiance are really thrifty!
But i think a large chunk of your salary seems to go to paying off your housing loan?
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18-01-2014, 01:53 PM
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Quote:
Originally Posted by darkstar
28 yrs old degree holder (actually 29 this year)
60K cash
15K stocks
Working 4 yrs
Annual salary: 36K-37K
I think I can do better......
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Not bad. Are you married? How old is your hubby?
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18-01-2014, 04:44 PM
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Quote:
Originally Posted by Unregistered
Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.
Our 3-room BTO will be ready this year - I have the following questions:
1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)
We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.
As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.
How do you guys feel about our lifestyle and method of saving? Is this realisti?
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cut down on drinking in pubs. unhealthy. buy good wine and drink at home.
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