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Whats your net worth

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  #1341 (permalink)  
Old 08-09-2013, 02:29 PM
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Thanks very much Whizzard for the detailed reply.

Indeed, I had to disengage myself from the business world due to the unhealthy lifestyle. I am now healthier and I am a much more at peace with myself. My blood pressure plunged, my cholesterol level has improved and I laugh more often.

It is a big adjustment for my family, but they understood. The love me a lot and hence agreed with my decision. They had to make sacrifices, no more nice ride in the 5 Series, no more biz class seats for US/Europe holidays. But they are thankful I still keep the condo as they love the pool, gym and tennis court. We now have to travel by Economy to Australia, NZ for our holidays.

I wish you the best in your quest towards retirement. Hope you could join my club sooner rather than later. You too keep healthy and take care man!


Quote:
Originally Posted by whizzard View Post
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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  #1342 (permalink)  
Old 08-09-2013, 10:54 PM
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I have 2 condos rented out and choose to live in our HDB with my wife. We are easily contented and wants to simply, just not to simply live. We are between 35 to 40 yrs old.
No kids yet but planning for one.

Total property valued at $3 mil
Outstanding loan $1.5 mil
Net worth including cash and CPF about $2.2 mil

Gross Rental Income $7k
Monthly Housing Loan Instalment $5k
Working Household Income $12k
Monthly Expenditure $9k
Monthly Savings $5k

We bought the typical term insurance and critical illness coverage, medishield plus and riders.

Is our retirement plan secure say around 50 yrs old? Given that we keep the properties for passive income? Really sincere in hearing from wise people who have walked the path before. Thanks!

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  #1343 (permalink)  
Old 08-09-2013, 11:49 PM
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I heard of people leveraging heavily, and I guess you are one of them. For a couple with just $12k income to take on $1.5m loan is quite an eye opener for a conservative person like myself.

You belong to the vulnerable group that our gahmen is trying to stop from growing too big to prevent them from financial meltdown should the economy tank and / or interest rates shoot up. Do you sleep well at night I wonder? Your $5k per month savings is really not much buffer should interest rates creep up. What happens when you cannot get tenants?

IMO, I would suggest diversifying. Sell one of the condos and use the profit to go into equities which have declined from its peak.

We only bought our 2nd condo after we fully paid for our first condo which we are staying in. And then we only took 50% loan. And our combined income is $22k pm. We also have $1m in equities earning about $60k dividends pa.



Quote:
Originally Posted by Unregistered View Post
I have 2 condos rented out and choose to live in our HDB with my wife. We are easily contented and wants to simply, just not to simply live. We are between 35 to 40 yrs old.
No kids yet but planning for one.

Total property valued at $3 mil
Outstanding loan $1.5 mil
Net worth including cash and CPF about $2.2 mil

Gross Rental Income $7k
Monthly Housing Loan Instalment $5k
Working Household Income $12k
Monthly Expenditure $9k
Monthly Savings $5k

We bought the typical term insurance and critical illness coverage, medishield plus and riders.

Is our retirement plan secure say around 50 yrs old? Given that we keep the properties for passive income? Really sincere in hearing from wise people who have walked the path before. Thanks!

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  #1344 (permalink)  
Old 08-09-2013, 11:57 PM
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Quote:
Originally Posted by Unregistered View Post
I heard of people leveraging heavily, and I guess you are one of them. For a couple with just $12k income to take on $1.5m loan is quite an eye opener for a conservative person like myself.

You belong to the vulnerable group that our gahmen is trying to stop from growing too big to prevent them from financial meltdown should the economy tank and / or interest rates shoot up. Do you sleep well at night I wonder? Your $5k per month savings is really not much buffer should interest rates creep up. What happens when you cannot get tenants?

IMO, I would suggest diversifying. Sell one of the condos and use the profit to go into equities which have declined from its peak.

We only bought our 2nd condo after we fully paid for our first condo which we are staying in. And then we only took 50% loan. And our combined income is $22k pm. We also have $1m in equities earning about $60k dividends pa.
Thanks for the advice. Ha ha, I do sleep well as I am not really too obsessed with money or losing it. Just felt 2008 - 2010 crisis time was the right time to leverage that's all. I have already sold one property and would probably invest the returns in equities to diversify. I think I am taking steps (one at a time) to improve my risk position, hence would like to hear the views of others. Really appreciate.
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  #1345 (permalink)  
Old 09-09-2013, 06:21 AM
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Quote:
Originally Posted by Unregistered View Post
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.
Seem ok to me. Have similar net worth as him when I'm 42, owned two condos. Now at 55, owned 2 landed and 2 condos, net worth $15 mil.
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  #1346 (permalink)  
Old 09-09-2013, 08:38 AM
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IMO, highly overleveraged. You are living dangerously. Take care.


Quote:
Originally Posted by Unregistered View Post
I have 2 condos rented out and choose to live in our HDB with my wife. We are easily contented and wants to simply, just not to simply live. We are between 35 to 40 yrs old.
No kids yet but planning for one.

Total property valued at $3 mil
Outstanding loan $1.5 mil
Net worth including cash and CPF about $2.2 mil

Gross Rental Income $7k
Monthly Housing Loan Instalment $5k
Working Household Income $12k
Monthly Expenditure $9k
Monthly Savings $5k

We bought the typical term insurance and critical illness coverage, medishield plus and riders.

Is our retirement plan secure say around 50 yrs old? Given that we keep the properties for passive income? Really sincere in hearing from wise people who have walked the path before. Thanks!
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  #1347 (permalink)  
Old 09-09-2013, 08:43 AM
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Since the HDB market is going to collapse, as predicted by many analysts, it is better for you to sell your HDB flat. Then use the sales proceeds to pay down the loan on your two condos. Live in one condo and rent out the other one. Don't be greedy. As mentioned by other forumers, you are highly overleveraged, you are one of the overleveraged families mentioned in the papers. You risk losing all your properties if market collapses. Don't feel hurt by our harsh comments. The truth hurts.


Quote:
Originally Posted by Unregistered View Post
I have 2 condos rented out and choose to live in our HDB with my wife. We are easily contented and wants to simply, just not to simply live. We are between 35 to 40 yrs old.
No kids yet but planning for one.

Total property valued at $3 mil
Outstanding loan $1.5 mil
Net worth including cash and CPF about $2.2 mil

Gross Rental Income $7k
Monthly Housing Loan Instalment $5k
Working Household Income $12k
Monthly Expenditure $9k
Monthly Savings $5k

We bought the typical term insurance and critical illness coverage, medishield plus and riders.

Is our retirement plan secure say around 50 yrs old? Given that we keep the properties for passive income? Really sincere in hearing from wise people who have walked the path before. Thanks!
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  #1348 (permalink)  
Old 09-09-2013, 09:01 AM
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Default poor bloke

27, net worth:

12,000 in bank
iphone 5 white 16gb
Macbook air 13 inch (2011 model)
CPF 6, 000
Cash in hand 100.
Cash in childhood bank 500.

a job which pays me 2, 900 a month
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  #1349 (permalink)  
Old 09-09-2013, 09:08 AM
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Quote:
Originally Posted by Unregistered View Post
Since the HDB market is going to collapse, as predicted by many analysts, it is better for you to sell your HDB flat. Then use the sales proceeds to pay down the loan on your two condos. Live in one condo and rent out the other one. Don't be greedy. As mentioned by other forumers, you are highly overleveraged, you are one of the overleveraged families mentioned in the papers. You risk losing all your properties if market collapses. Don't feel hurt by our harsh comments. The truth hurts.
Have those who walked the path before also been at a similar risk position at one time or another during your journey?

I calculated I have 200k buffer to meet any increase in interest rates and since we are still working and all rental excesses are saved, if rental market soften, we have no issues renting on the cheap since my breakeven rent is pretty low. I think we can be very very competitive in rental rate if that happens as we bought the properties before the period of escalating prices.

I think if the following happens we can get caught out:

Interest Rates to be above 5% from current
Rental drop by more than 50%
Property price remaining for long sustained period of time (say > 5 years)

Otherwise should not we take this manageable risk and build our wealth?
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  #1350 (permalink)  
Old 09-09-2013, 09:12 AM
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Quote:
Originally Posted by Unregistered View Post
Have those who walked the path before also been at a similar risk position at one time or another during your journey?

I calculated I have 200k buffer to meet any increase in interest rates and since we are still working and all rental excesses are saved, if rental market soften, we have no issues renting on the cheap since my breakeven rent is pretty low. I think we can be very very competitive in rental rate if that happens as we bought the properties before the period of escalating prices.

I think if the following happens we can get caught out:

Interest Rates to be above 5% from current
Rental drop by more than 50%
Property price dropping and remaining low for long sustained period of time (say > 5 years)

Otherwise should not we take this manageable risk and build our wealth?
"Mistype"
Property price dropping and remaining low for long sustained period of time (say > 5 years)
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