How much savings do you have?

[lazyplane]

Originally Posted by lazyplane

I dont doubt your post on your net worth.
But you are not disclosing how you arrive there completely.

You stated you & spouse 32/31. Between you and your spouse, you have average of max 8-10 yrs working. Meaning to achieve a networth of 800+k in those 8-10 yrs, you had to save approx 100k savings per year.

that around 50k per person. accompanied with the expense of reno, kids.

think you must had some help... or i will have to agree with the others that u r not the average middle income...

By the way, you said u paid your house of 400k with CPF.. Thats 200k CPF per pax with the max contribution at 5k in current CPF context... Somewhere, i think u missed stating a few key points on how u arrived.

I only say my house value is worth around $400k (based on house prices in the area) now, but i nv say i paid $400k. I only paid $230k for the flat when property prices are still low which i did mentioned earlier. So its not surprising to pay in full? Btw, not just salary, your bonus will also go into your cpf contribution.

So far we are glad we dont need any help from anybody cos we will just save whatever we have. Wedding & reno was just $70k, we definitely can absorb it in full. We are the type that dun really care about appearance, clothes torn already also can wear for years. No car, no maid to show off. live within your means & nothing is impossible.

Originally Posted by lazyplane

By the way, you said u paid your house of 400k with CPF.. Thats 200k CPF per pax with the max contribution at 5k in current CPF context... Somewhere, i think u missed stating a few key points on how u arrived.

[lazyplane]

Originally Posted by Unregistered

I only say my house value is worth around $400k (based on house prices in the area) now, but i nv say i paid $400k. I only paid $230k for the flat when property prices are still low which i did mentioned earlier. So its not surprising to pay in full? Btw, not just salary, your bonus will also go into your cpf contribution.

So far we are glad we dont need any help from anybody cos we will just save whatever we have. Wedding & reno was just $70k, we definitely can absorb it in full. We are the type that dun really care about appearance, clothes torn already also can wear for years. No car, no maid to show off. live within your means & nothing is impossible.

Yep.. And like i said, there is something missing in your post. Ok. Lets do the maths again .

230k for flat.Not sure how much you paid with cash/cpf. but assume 100% CPF. That means 115k per person.

Using max contribution to CPF now is around 34k based on your age and based 5000*17 mths * 20% * 2 (ur share and employer) so that brings to around payment period of 4 yrs if both of u are actively reducing your housing loan... i know there is OA/MA/SA spilt but lazy to do all the maths

Possible ? Yes...cos u have been working around max 8 ~ 10 ys.

Knowing you spent 70k on reno, and figuring around 8-10k delivery expense per kid... plus your +300k savings for 10 yrs.... that works to around 40k non CPF related savings per year since u worked. Of course these savings may not all come from your salary but due capital appreciation of stocks , etc..


Based on this data , I should think u r a good saver/investor since you are achieving a saving rate of above 30% of your current net cash salary.

If u continue this way, you should hit millionaire status or be close to it before 40 as a couple.

Good job !

Employee cpf contribution 20% & employer cpf contribution 16%, total 36%. out of which, around 66% goes to OA. Hmm. You only quoted 20%

Its probably those 1 time lump sum bonus that helps alot in building up the savings plus appreciation of stocks & stock dividends. No matter what, as compared to most pple in this forum, our savings are still far off from ideal. There seems to be alot of millionaires here. LOL. Currently we still have 2 more years to complete the hdb 5 yr min occupation period. Hope we can save enuff to pay 2nd property downpayment in 2 years time. Still praying hard for property crash. If dreams come true, we can have extra rental income too

Originally Posted by lazyplane

Yep.. And like i said, there is something missing in your post. Ok. Lets do the maths again .

230k for flat.Not sure how much you paid with cash/cpf. but assume 100% CPF. That means 115k per person.

Using max contribution to CPF now is around 34k based on your age and based 5000*17 mths * 20% * 2 (ur share and employer) so that brings to around payment period of 4 yrs if both of u are actively reducing your housing loan... i know there is OA/MA/SA spilt but lazy to do all the maths

Possible ? Yes...cos u have been working around max 8 ~ 10 ys.

Knowing you spent 70k on reno, and figuring around 8-10k delivery expense per kid... plus your +300k savings for 10 yrs.... that works to around 40k non CPF related savings per year since u worked. Of course these savings may not all come from your salary but due capital appreciation of stocks , etc..


Based on this data , I should think u r a good saver/investor since you are achieving a saving rate of above 30% of your current net cash salary.

If u continue this way, you should hit millionaire status or be close to it before 40 as a couple.

Good job !

Currently turning 26, working for 3 years savings from 15k becomes 2k (took a break from work for studies for about 6 months). enjoying life these few years, traveled to UK Japan etc, also paid for my degree (part time). too late to start now?

Early 30ies, single local male, started with less than 1K on graduation, saver more than spender
Stock $270k+ at cost
Mutual funds $10K
Other illiquid investments >$100K not sure exact
CPF ord $120-130K
Cash - $20K? not sure exact

After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.

[Hermit]

Originally Posted by Unregistered

After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.

That was some digging. Most of us don't really go through the numbers unless and until forced by circumstances such as a divorce or death. In the latter case, someone else will do it !

Originally Posted by Unregistered

After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.

must be a high earner....CPF hardly touched

Good observation.

For our primary residence we did use quite a fair bit of our CPF over many years (15 - 17 years?)

For our investment property, we did not use our CPF money. This was possible because we had been able to save above $250k pa. for several years.

We have also been enjoying the benefit of compounding returns. Our passive income have been re-invested increasing our stock holdings steadily.

But we know stock and property prices go up and down in cycles, so that's why we left the CPF money untouched (as our fall back funds) to earn on average 3% interest from the gahmen. The money will be available to us once we hit 55. But if we are still working, we will leave the money there to earn the interest with full capital protection by the gahmen.

However, we are game to snap up another property should the price go down south further.

Originally Posted by Unregistered

must be a high earner....CPF hardly touched