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Whats your net worth

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  #1331 (permalink)  
Old 05-09-2013, 06:12 PM
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I'm a sole breadwinner, 50, earning $100k pa. Passive income $40k pa.
Expenses including holidays $110k pa. Savings $30k pa.
Lives in a 2 bedroom condo worth $1.2m, paid up. Drives a 2 liter car, paid up.
Family covered by medical and life insurance.
Net worth including condo and stocks $2m.
Am I doing ok towards retirement?

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  #1332 (permalink)  
Old 05-09-2013, 08:04 PM
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Don't waste time / energy arguing. If you think property prices coming down just prepare to pounce. Easier if you have war chest to sweep up investment properties. But if need to sell off your present home to upgrade, it will be very tricky. Timing it right is very crucial. You may want to sell off your current home now and rent while waiting for the fall. Danger is you won't know how long to wait and whether it will fall by the quantum you expected. Or will it even fall at all!

My war chest ready, I am ready to pounce!

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Oversupply or undersupply is depending on policies. Is not up to market to decide.. got it?


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  #1333 (permalink)  
Old 06-09-2013, 08:51 AM
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Don't waste time / energy arguing. If you think property prices coming down just prepare to pounce. Easier if you have war chest to sweep up investment properties. But if need to sell off your present home to upgrade, it will be very tricky. Timing it right is very crucial. You may want to sell off your current home now and rent while waiting for the fall. Danger is you won't know how long to wait and whether it will fall by the quantum you expected. Or will it even fall at all!

My war chest ready, I am ready to pounce!
True, best thing to do now is wait and see with cash.

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  #1334 (permalink)  
Old 06-09-2013, 02:50 PM
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Originally Posted by Unregistered View Post
I'm a sole breadwinner, 50, earning $100k pa. Passive income $40k pa.
Expenses including holidays $110k pa. Savings $30k pa.
Lives in a 2 bedroom condo worth $1.2m, paid up. Drives a 2 liter car, paid up.
Family covered by medical and life insurance.
Net worth including condo and stocks $2m.
Am I doing ok towards retirement?
If you spend $100K pa now, it looks impossible for you to live on your passive income of $40K.

If you retire at 55, you can sell your condo for $1.2m, which can generate $60K of passive income. Together with your stocks, you would have $100K of passive income. Perhaps you can either rent a HDB or live with your children, but you should be fine.
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  #1335 (permalink)  
Old 08-09-2013, 08:10 AM
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Originally Posted by Avatar View Post
I am 35, working in IT for over 10 years, and accumulated a net worth of $370k ( cpf, savings, cash), how do I fare among fellow Singaporeans?
I'm 45, net worth $1.6m. How am I doing? What's the average net worth for my age group?
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  #1336 (permalink)  
Old 08-09-2013, 09:30 AM
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I'm 45, net worth $1.6m. How am I doing? What's the average net worth for my age group?
You are below average. Most Singaporeans in their 40s have net worth of about $2 million plus. Most also live in condos. If you live in public housing and has a net worth of below $2 million, you need to work harder and save more.
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  #1337 (permalink)  
Old 08-09-2013, 12:03 PM
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I was a high flying banker. After working hard for so long, I decided to quit the rat race. The stress and unhealthy lifestyle were no longer bearable. I now own 3 condos, all fully paid for. I am staying in one condo and renting out the other two. My net worth today is $2.8m. I sold my car, stopped having a maid and my family lives a simple, humble life. My passive income is $80k pa and family expenses $70k pa. Totally debt free. I'm now 46. In my retirement, I help the old and needy.
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  #1338 (permalink)  
Old 08-09-2013, 12:25 PM
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Quote:
Originally Posted by Unregistered View Post
I was a high flying banker. After working hard for so long, I decided to quit the rat race. The stress and unhealthy lifestyle were no longer bearable. I now own 3 condos, all fully paid for. I am staying in one condo and renting out the other two. My net worth today is $2.8m. I sold my car, stopped having a maid and my family lives a simple, humble life. My passive income is $80k pa and family expenses $70k pa. Totally debt free. I'm now 46. In my retirement, I help the old and needy.
All the best to you! That's a brave decision. Stay healthy and stay happy in your retirement.
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  #1339 (permalink)  
Old 08-09-2013, 12:59 PM
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All the best to you! That's a brave decision. Stay healthy and stay happy in your retirement.
Thanks man! Why "brave"? I thought it was the most rational decision I have made in my life. Is my financial profile lacking? Would you have done the same if you were in my situation? Btw, can share your income and net worth? Appreciate your comments.
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  #1340 (permalink)  
Old 08-09-2013, 01:39 PM
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Thanks man! Why "brave"? I thought it was the most rational decision I have made in my life. Is my financial profile lacking? Would you have done the same if you were in my situation? Btw, can share your income and net worth? Appreciate your comments.
I mentioned brave (in the positive sense of the word) because of the following:-
(1) Disengagement from the business world;
(2) Rebuilding of a new lifestyle;
(3) No more employment income;

The above are reflective of my own perspectives and may not coincide with the perspective of others. I find it difficult to let go of my engagement with colleagues and business associates as well as the forced discipline of having a career. Secondly, I haven't the faintest idea what I would do to meaningfully occupy my time and contribute if I were to retire. Lastly, the absence of a regular employment income would mean I have to think twice about my spending.

However, health is certainly a very important matter and if you really need to disengage because of that, it is a pretty rational decision. Money can't buy health, as the saying goes.

I wouldn't want to go into specific details on my income or networth if you don't mind. I stay in a landed property and own 2 other condos in D9 for investments. I have managed to sell off all of my overseas properties a few months ago and I am looking to deploy the cash when the appropriate opportunities present themselves. I also invest in a portfolio of bonds and equities and have some money in different managed funds (which haven't been performing). Lastly, I also invest in ST esoteric products for yield enhancements. My aim is to achieve a level of passive income where I can comfortably finance my retirement lifestyle with some leftover for capital accumulation.

I would like to enroll in a university course when I retire solely to learn something e.g. Philosophy or History, etc. I also see myself traveling extensively for trekking, diving, golfing, etc, health and energy level permitting.

The 2 main factors which I am working towards resolving are (1) my passive income and (2) disengagement from the business world. I know I will get there but I don't know when at this stage.

Once again, congrats on your choice. Staying healthy is very important and staying positive/happy is the other goal. Cheers!
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