Whats your net worth

[RonXi]

25 years old
Cash - 300k
Investment Property - 800k (50% loan)

Just a little thought for all forumer here. What's the point of having million dollar asset when actually in life you only eat 3 meals a day, and sleep in 1 bed every night. You're just wasting your life by collecting rubbish! By the time you die ... where are you going to bring all your wealth? Think about it, and find the answer yourself!

Originally Posted by Unregistered

You reminded me of my situation when I was in my 40s, ten years ago. So I am inclined to agree with you that on the average, a dual income family where both husband and wife are working professionals, will be able to accrue a net worth of around $2.5M by their mid 40s. I am just a little surprise that this amount hasn't gone up much from a decade ago.

Then my wife and I set ourselves a target to save $1m each (excluding our home) by 55 at which point we will retire. We achieved that last year at 53. We raised the bar to $1.5m each. At our current savings rate we are confident to reach the target next year at age 55. Including our home, our net worth will then be $4.5m

In your case, you can achieve $5m, if you can accrue over $200k savings per year till you reach 55. It is very possible especially if you have other sources of income eg dividends from stocks, rental etc..

48, owns a HDB flat worth $400k, paid up fully.
Just joined Singapore's millionaire group (the 101,000 th person) with US$1m of investable funds. Invested in stocks and bonds, earning $40k of annual passive income.
Planning to retire next year. Since we have no debt, we can live comfortably with a $40k of passive income. I can't believe I am actually a millionaire, feels like just an ordinary Singaporean uncle.

Originally Posted by Unregistered

48, owns a HDB flat worth $400k, paid up fully.
Just joined Singapore's millionaire group (the 101,000 th person) with US$1m of investable funds. Invested in stocks and bonds, earning $40k of annual passive income.
Planning to retire next year. Since we have no debt, we can live comfortably with a $40k of passive income. I can't believe I am actually a millionaire, feels like just an ordinary Singaporean uncle.

If your wealth is combined with wife's, you're just a "half millionaire".

Having peace of mind is priceless. Every night I go to sleep with a smile on my face. This is possible because of the $m I have earned, and saved through my own hard work.

I used to be stressed and not able to enjoy the finer things in life because I was constantly worried about keeping my job, about my housing loan, about not having enough money to last my retirement years. But now with about $4m in savings (properties, stocks, cash and insurances), I am able to look at life differently. I can even tell my younger colleagues to take it easy, but In my heart I know what they are going through, as I did when I was their age.

Now I really have a choice. I can even retire now. Having options in life is only possible when you have enough money. Interestingly, I now look at work differently from before. I look forward to the challenges, meeting my colleagues (not my bosses) and getting up everyday with something to do. Before, I was stressed, worried about my promotion, and dread going to work. Now I dare say no to "sai kang".

I actually have simple needs, as I came from poor background. I used to tell (console) myself that I don't need much to survive. But looking at the cost of living in S'pore, and the many old people still working, cleaning tables at food courts etc.., I started to worry and saved and invest. I am glad I did.

Without the $4m, I can still try and tell myself that money is not important. But I know I will never feel at ease knowing that I will be just fooling myself. Yes money is important as long as you are alive. You don't have to worry about it when you are no longer around. So don't waste energy to worry about that. Worry about not having enough when alive.

Originally Posted by Unregistered

Just a little thought for all forumer here. What's the point of having million dollar asset when actually in life you only eat 3 meals a day, and sleep in 1 bed every night. You're just wasting your life by collecting rubbish! By the time you die ... where are you going to bring all your wealth? Think about it, and find the answer yourself!

This report I believe is not showing the full picture. There are many more millionaire couples not included because they chose to live in expensive condos and landed homes. For eg, our money is tied up in our landed home ($2m) leaving us about $1m in CPF, Stocks and cash. If we bought and stayed in an HDB, we would have increased the tally of millionaires by 2 more.

Are u single? If not, you have to divide that US$1m by two. Then you are still far being from a millionaire.

Originally Posted by Unregistered

48, owns a HDB flat worth $400k, paid up fully.
Just joined Singapore's millionaire group (the 101,000 th person) with US$1m of investable funds. Invested in stocks and bonds, earning $40k of annual passive income.
Planning to retire next year. Since we have no debt, we can live comfortably with a $40k of passive income. I can't believe I am actually a millionaire, feels like just an ordinary Singaporean uncle.

39 this year making 14k monthly.

Currently staying in a studio apartment fully paid and keeping another codo worth 2.2 mil (about 900k loan left) for passive income. Also have about 600k cash, thinking of diversifying into bonds, stocks and gold.

40 years old.
Work Income p.a.: 120k
Passive income p.a.: 80k p.a.
Net worth @ current property + car prices: About 900 k. (Only on paper, alas!)
Don't own any assets fully (except one depreciating 7 year old car). Up to the hilt in debt.

Originally Posted by Unregistered

40 years old.
Work Income p.a.: 120k
Passive income p.a.: 80k p.a.
Net worth @ current property + car prices: About 900 k. (Only on paper, alas!)
Don't own any assets fully (except one depreciating 7 year old car). Up to the hilt in debt.

Is the passive income from the rental of your property?

Originally Posted by Unregistered

40 years old.
Work Income p.a.: 120k
Passive income p.a.: 80k p.a.
Net worth @ current property + car prices: About 900 k. (Only on paper, alas!)
Don't own any assets fully (except one depreciating 7 year old car). Up to the hilt in debt.

What's your net income after deducting the yearly total of your up-to-the-hilt debt repayments?