Net worth? Mine is negative.

[Hermit]

Originally Posted by Jimmy1978

Yup agreed. Thanks for sharing your story and life lessons. Personally I always think that you can't go wrong if you live well within your means. Car, luxury brands etc i have no need for them. So I will definitely be more prudent in my expenditure from now on, and do some investment with my singapore funds on top of having a rainy day fund.

Wow Jimmy, you working hard to do backlinks to DBS. I hope they are paying you well.

(P/s: I also spotted your work in a few other local forums.)

[Hermit]

Originally Posted by debt

After reading the post by the many people here, I really feel ashamed of myself, but I am facing up to it.

My story :

Started work at 21 in a stat board since 15 years ago.
When I started out, I did not know how to manage my money, and end up in a debt trap with all the credit lines and cards.

Now, after struggling with the debts for 10years now, I am finally seeing light, as I am now able to clear them all by next year end.

Marriage, two kids, in-laws staying with us in our executive flat, and a car for the family prolonged my debt clearing misery. I did not want my wife to get involved in my debt, and I am doing everything on my own.

I did not go for credit counselling, clearing my debts in a determined and disciplined manner made me a better person. My IR8E said I earn slightly over 100k last year, and I need till Dec 2012 to clear my remaining 50k of debt.

I am a shame, and I deserve your mockery, but going through all these takes a fair bit of mental strength, 10 years at that.

I am envious of your net worth, I know I am lagging far behind, but I am surviving this ordeal, with a happy family behind me.

Hi there Mister Debt. If you have a happy family, you are in a much better place than many men. Treasure that. Your debt will eventually be repaid. No choice, you made the mistakes and you have to pay for it. The challenge is to stay out of the financial troubles from now on. Net worth doesn't really mean that much. After a while, it is just a number to feed the ego.

Mr Debt,

I assume you started working as diploma in stat board. How did you manage to earn 100k now?

I started to recount my savings journey when I overheard my younger colleagues lamenting about how difficult it was to save money with so many demands / expense to meet. These included housing loans, car loans, parents' allowance, maid salary and fees, childrens' needs etc...

I guess every young family has to go through this journey. It can seem daunting at times.

For my wife and I, our savings journey can be grouped into the following stages:
1. Starting out as a family: 1 - 5 yrs of our marriage
Saving : 0 to $15k a year.

2. Yr 6 to yr 10
Saving : $25k to $50k a year

3. Yr 11 to yr 15
Saving : $50k to $75k a yr

4. Yr 16 to yr 20
Saving : $75 to $150k a year

5. Yr 21 to now
Saving :$150k to $200k+ a year.

I told them it can only get better with higher salaries, loans being paid off, and the compounding effect of investment returns.

Last year, we achieved our highest savings ever! $330k, including a passive income of $60k!

Originally Posted by Unregistered

I started to recount my savings journey when I overheard my younger colleagues lamenting about how difficult it was to save money with so many demands / expense to meet. These included housing loans, car loans, parents' allowance, maid salary and fees, childrens' needs etc...

I guess every young family has to go through this journey. It can seem daunting at times.

For my wife and I, our savings journey can be grouped into the following stages:
1. Starting out as a family: 1 - 5 yrs of our marriage
Saving : 0 to $15k a year.

2. Yr 6 to yr 10
Saving : $25k to $50k a year

3. Yr 11 to yr 15
Saving : $50k to $75k a yr

4. Yr 16 to yr 20
Saving : $75 to $150k a year

5. Yr 21 to now
Saving :$150k to $200k+ a year.

I told them it can only get better with higher salaries, loans being paid off, and the compounding effect of investment returns.

Last year, we achieved our highest savings ever! $330k, including a passive income of $60k!

i am in year 14 now (wife 2 years younger), our average savings is 80K per year for the last 3 years (this amount includes dividend and stock gains, but not capital gains from property which are lumpy in nature depending on when we bought and sold).

knn how come the threads here always end up digressing to people hao lianing their net worth

[lordlad]

i will share my story then...though i am not negative net worth due to my obsession of always main zero debt....i did took a loan for 20k about 2 years ago due to impulse to buy shares...

although i did not got burnt by it...in fact, i doubled my earnings.....however, it is due to this windfall that i spent it on cruises, trips and whatnot...when this 20k can be saved, i spent it. After realising the foolishness of my action, i sold of my remaining shares that is still giving me profits and clear of all the remaining 20k debt from the bank in 3 days (no joke, the bank has to call me why i so desperately wanted to clear it).

Now i am debt free and light as a feather.....

Originally Posted by Unregistered

knn how come the threads here always end up digressing to people hao lianing their net worth

Because

they have no idea what is negative net worth.

they do not know part of their net worth come from luck such as having rich family, working as front line investment banker or other high income industry. They are top 10% and do not understand the rest of the population as they are surrounded by the same kind of people in their daily life.

[RYRR]

It is fortunate that one realises the bad situation of being in heavy debt than those who do not realise and keep blaming everyone else but oneself on the situation. . .

Originally Posted by Unregistered

Tin pei ling, you'll be a millionaire in 5 years. Just remember to save up your additional 15k/mth part-time MP allowance. Use your day job pay to buy your Kate spades and don't upgrade to LV hor...

Haha don't be so mean to a useless MP la.