|
|
11-08-2013, 12:34 PM
|
|
Quote:
Originally Posted by Unregistered
48 & 50 yo couple, earning S$150k pa combined. Net worth including home S$2.4m. Drives a 6 yo European car. We consider ourselves below average. Many people in our age group has net worth of S$4m or more. But we are contented if compared to billions of poor people in the world, even those in US, Europe. Just look at Greece. We are very fortunate, very happy living in Singapore.
|
Around the same as ours ( combined salary $250K, net worth $2.7M and 7.5 year old bmw ) except we are younger ( 37 and 35 this year).
|
11-08-2013, 02:31 PM
|
|
Quote:
Originally Posted by Unregistered
Around the same as ours ( combined salary $250K, net worth $2.7M and 7.5 year old bmw ) except we are younger ( 37 and 35 this year).
|
How much is condo now worth? Any loans left? How much is your investment fund?
My condo is fully paid, worth $1.5m. The rest of our net worth comprise investment funds, CPF and savings.
|
14-08-2013, 07:53 AM
|
|
Hi,
I need comments from readers here whether I can retire. I'm 50 years old and not feeling so healthy. I own 3 old condos, bought 10-15 years ago, all fully paid up. I am staying in one condo, while I rent out the other 2 condos. The rental condos give me a net income (after deducting maintenance fees and property taxes) of $60k pa. My annual expenses is $45k pa. I have no loans. Total net worth (3 condos, CPF, cash) is about $3.5m. Can I retire now?
|
14-08-2013, 10:48 AM
|
|
Quote:
Originally Posted by Unregistered
Hi,
I need comments from readers here whether I can retire. I'm 50 years old and not feeling so healthy. I own 3 old condos, bought 10-15 years ago, all fully paid up. I am staying in one condo, while I rent out the other 2 condos. The rental condos give me a net income (after deducting maintenance fees and property taxes) of $60k pa. My annual expenses is $45k pa. I have no loans. Total net worth (3 condos, CPF, cash) is about $3.5m. Can I retire now?
|
What is the yield on each condo? (monthly rental x 10)/current market value
Trying to figure out if it would be better for you to sell one condo and put it into higher yielding funds. Sometimes old condos have poor yield.
|
14-08-2013, 01:26 PM
|
|
Quote:
Originally Posted by Unregistered
When you retired at 44, what was your net worth? How much was passive income? Where were you staying? HDB flat or condo. Why did you want to retire so young?
|
Retiring at this age is lunacy. There's more to life than just feeling comfortable and work is good for the soul. Remember, the mind is a devil's workshop, so you'd better keep it active
|
14-08-2013, 01:52 PM
|
|
Quote:
Originally Posted by Unregistered
Hi,
I need comments from readers here whether I can retire. I'm 50 years old and not feeling so healthy. I own 3 old condos, bought 10-15 years ago, all fully paid up. I am staying in one condo, while I rent out the other 2 condos. The rental condos give me a net income (after deducting maintenance fees and property taxes) of $60k pa. My annual expenses is $45k pa. I have no loans. Total net worth (3 condos, CPF, cash) is about $3.5m. Can I retire now?
|
Why not, since your net income is more than your annual expenses? Health is more important than money.
|
14-08-2013, 02:38 PM
|
|
Quote:
Originally Posted by Unregistered
Why not, since your net income is more than your annual expenses? Health is more important than money.
|
Thanks for the assurance. Yes, I thought so too. My health is getting worse due to the high stress and unhealthy lifestyle.
I'm happy with the yield of my two condos as they are more than 10% based on my purchase price. The locations of these condos are excellent and their value will only appreciate further due to the location. In 10 years time, I expect them to go en bloc. By then my investment fund should be about $5m or more.
I will need to slowly hand over my projects and retire in 6 months time.
Thanks a lot for the advice.
|
15-08-2013, 09:39 AM
|
|
Quote:
Originally Posted by Unregistered
Thanks for the assurance. Yes, I thought so too. My health is getting worse due to the high stress and unhealthy lifestyle.
I'm happy with the yield of my two condos as they are more than 10% based on my purchase price. The locations of these condos are excellent and their value will only appreciate further due to the location. In 10 years time, I expect them to go en bloc. By then my investment fund should be about $5m or more.
I will need to slowly hand over my projects and retire in 6 months time.
Thanks a lot for the advice.
|
You are welcome. I hardly gave any advice, actually. One biggest unknown though is unexpected medical expenses, which may eat into your capital and dent your passive income. I've no solution to that. Insurance would help I suppose. Another way is to take on a part-time or lower paying but less stressful job, when your health is better, to build up a contingency fund, so to speak. This is what I intend to do when I retire. But if you're confident about the appreciating value of your assets, then this is probably not necessary.
|
15-08-2013, 02:20 PM
|
|
What assurance are you talking about? How can he or anyone give you assurance on your financial viability over your plan to retire?
Think you posted a few times saying the same thing over and over.
If your health is bad, do the right thing. Remember, you cannot bring anything with you when you go. Don't know why you need to ask for advice for such things.
Quote:
Originally Posted by Unregistered
Thanks for the assurance. Yes, I thought so too. My health is getting worse due to the high stress and unhealthy lifestyle.
I'm happy with the yield of my two condos as they are more than 10% based on my purchase price. The locations of these condos are excellent and their value will only appreciate further due to the location. In 10 years time, I expect them to go en bloc. By then my investment fund should be about $5m or more.
I will need to slowly hand over my projects and retire in 6 months time.
Thanks a lot for the advice.
|
|
16-08-2013, 10:25 AM
|
|
Thanks for all your comments.
I have discussed with my family members and they agreed I should just retire. My funds should be sufficient to generate returns that more than cover our expenses. We may have to reduce our spendings further to provide more savings buffer. I will be sourcing for food and groceries where the poor folks go. I will use BMW (bus, MRT, walk).
In a worst case scenario, I will sell off my investments gradually to fund my retirement until I die, the max at the age of 90 years old.
|
|
|
Posting Rules
|
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» 30 Recent Threads |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|