|
|
30-09-2013, 06:02 PM
|
|
Doing a reality check 2 years on now that I'm 28 years old:
Shares & cash = $200K
CPF (OA only) = $80K
Still no debt, property or car.
Not exactly pleased with my progress considering that I'm still "asset-less" at this age.
Quote:
Originally Posted by JustAGirl
26 years old, graduate with no honours, worked for 3 years in banking industry
1st job 2.6K/mth + Bonus
Current job 4.5K/mth + Commission
Networth:
Shares and cash = $110K
CPF (OA only) = $40K
Some insurance, not sure what's the value
No debts - I take public transport and properties prices are too out of reach for me now.
Accumulated most of my wealth through good investments during the 2008/2009 stock crash, bonuses and commissions.
Not the best among my peers but I think I'm doing okay.
|
|
30-09-2013, 06:31 PM
|
|
Quote:
Originally Posted by Unregistered
I'm planning to retire soon. I have passive income of $300K/year so its not really an issue. However, I worry about being bored. So, I'm going to take a leave of absence for 6 months-1 year and rethink then. I'm not close to retirement age yet but the children are already finished or away at university and those funds have already been allocated to an education account.
To prepare for retirement, I haven't been investing for the past 12 months or so at all. All my passive income and salary have been going to my retirement FUN account. By sometime next year, I hope to have saved S$1m in that account. Then, I'm going to burn through it traveling and living in luxury and having fun as if there is no tomorrow. I'm actually curious whether I'll be able to spend it all since I've lived most of my life saving and being extravagant has never been my style. Plus since about $25K still comes flowing in each month from passive income, I'll probably have to spend something like$50-60K per month to even make a dent in the account. At $60K per month spend, I would go on for 3 years before I have to slow down. Seems obscene to spend so much money....
|
If you are telling the truth, you are really a very lucky person. I am above 30 and after I work for the whole year I get around $60K. Depressing because you plan to spend $60k every month.
For me, every month I get around $3.5k take home. I save between $1k to $1.5k per month. Do you have any suggestion on how to earn passive income?
|
30-09-2013, 08:05 PM
|
|
It depends on which side of the fence you sitting on. If you are a potential buyer, like myself, all these signs are not good enough until they translate to real price decline. When you are waiting, it seems like a long wait. Sometimes you think, aiyah just go in lah, since the price seems to be going up every month.
IMO, if the gahmen wants the price to come down, they will let the below situation develops further to let the over supply take effect. But I also think they are not going to let it go down too much considering that many people may be hurt. Remember they have all the cooling measures to play with. If the price drops too much, they can always withdraw the measures and may even introduce expansionary measures in the worse case scenario.
With almost full employment, sometimes you think the price is not going to drop. The overwhelming response to the Sky Vue last Saturday was a surprise to me. I mean where the money come from man?
Quote:
Originally Posted by Unregistered
Will the market crash? Will foreigners buy our properties at 50% discount?
Many Singaporeans home owners will suffer if the market crash. Foreigners will be very happy buying cheap.
Slow population growth may lead to housing oversupply
Sep 30, 2013 - PropertyGuru.com.sg
Singapore could face an oversupply in the private residential market as a consequence of its population growth, which increased at its slowest pace in nine years reaching 5.4 million in June 2013, up 1.6 percent from 5.31 million during the same period last year.
Notably, the non-resident population rose just four percent compared to 15 – 19 percent over 2007 and 2008. This comes after employers hired fewer foreign workers in the non-construction sectors, according to the annual Population in Brief Report from the National Population and Talent Division (NPTD) of the Prime Minister's Office.
Excluding foreign domestic workers, foreign employment growth in the non-construction sector fell to 3.5 percent from 7.1 percent in the previous year.
The slowdown in population growth combined with the more than 100,000 private homes to be completed between 2H2013 to 2017 could lead to higher vacancy rates, and, consequently, a decline in prices and rents, noted a Religare Capital Markets report.
“Simply put supply will continue to outstrip demand over the next few years resulting in a higher vacancy rate, which will pressurise rents and prices. As per our estimates, population per private unit will be below its long-term average by 2014-2015 and at its lowest, since at least 2000, by 2016, thus, suggesting a grim outlook,” the report added.
Religare “continues to remain negative on Singapore developers as rising vacancy rates combined with eventual fall in rents and prices could lead to lower new home sales going forward”.
“We continue to maintain our SELL call on City Development as the company remains highly exposed to Singapore residential market (35 percent of GDV), and will thus, bear the brunt of fall in prices and volumes.”
|
|
30-09-2013, 09:08 PM
|
|
Family income $205k pa
Family savings $45k pa
Family net worth $2.4m
Family home - condo
Family car - 5 series
Hubby, 45
Wife, 40
2 kids
Hope to retire by 68
|
30-09-2013, 11:24 PM
|
|
Quote:
Originally Posted by Unregistered
Will the market crash? Will foreigners buy our properties at 50% discount?
Many Singaporeans home owners will suffer if the market crash. Foreigners will be very happy buying cheap.
Slow population growth may lead to housing oversupply
Sep 30, 2013 - PropertyGuru.com.sg
Singapore could face an oversupply in the private residential market as a consequence of its population growth, which increased at its slowest pace in nine years reaching 5.4 million in June 2013, up 1.6 percent from 5.31 million during the same period last year.
Notably, the non-resident population rose just four percent compared to 15 – 19 percent over 2007 and 2008. This comes after employers hired fewer foreign workers in the non-construction sectors, according to the annual Population in Brief Report from the National Population and Talent Division (NPTD) of the Prime Minister's Office.
Excluding foreign domestic workers, foreign employment growth in the non-construction sector fell to 3.5 percent from 7.1 percent in the previous year.
The slowdown in population growth combined with the more than 100,000 private homes to be completed between 2H2013 to 2017 could lead to higher vacancy rates, and, consequently, a decline in prices and rents, noted a Religare Capital Markets report.
“Simply put supply will continue to outstrip demand over the next few years resulting in a higher vacancy rate, which will pressurise rents and prices. As per our estimates, population per private unit will be below its long-term average by 2014-2015 and at its lowest, since at least 2000, by 2016, thus, suggesting a grim outlook,” the report added.
Religare “continues to remain negative on Singapore developers as rising vacancy rates combined with eventual fall in rents and prices could lead to lower new home sales going forward”.
“We continue to maintain our SELL call on City Development as the company remains highly exposed to Singapore residential market (35 percent of GDV), and will thus, bear the brunt of fall in prices and volumes.”
|
1.6% increase is about 80,000. If I remember correctly, the SC and PR pool increases by 20,000. This is probably the segment that would be interested to buy a property. If this reduced rate of increase is maintained, the local population would still increase by 100,000 in 5 years, in which case, the housing supply in the pipeline would be absorbed comfortably. Is this analysis too simplistic?
|
01-10-2013, 01:01 PM
|
|
How do ppl accumulate so much net worth? So many posts of net worth in around 3 - 5m mark but with income of less than 250k. I am in my mid 30s earning around 400k a year. Savings around 200k a year. Income only reached this level about 4 / 5 years ago. Hence net worth is only around 1m. Feel that I'm stuck in the rat race sometime as I don't have enough to retire yet I can't quit as it took a lot of hardwork and sacrifice to reach where I am despite the fact that I never like my job. Such a chore sometime to wake up in the morning and drag myself to the office.
|
01-10-2013, 01:51 PM
|
|
Quote:
Originally Posted by Unregistered
If you are telling the truth, you are really a very lucky person. I am above 30 and after I work for the whole year I get around $60K. Depressing because you plan to spend $60k every month.
For me, every month I get around $3.5k take home. I save between $1k to $1.5k per month. Do you have any suggestion on how to earn passive income?
|
When I was your age, I also earned about $60K per year, but it was worth more then. I was then in the education industry. I switched to working in finance. You can try changing careers, but all well paid industries make you work extremely hard.
I actually don't currently know how to spend $60K a month, but I plan on having fun.
You are saving a lot of your income so it shows you have discipline and should be well taken care of by the time you retire.
|
01-10-2013, 02:01 PM
|
|
Quote:
Originally Posted by Unregistered
How do ppl accumulate so much net worth? So many posts of net worth in around 3 - 5m mark but with income of less than 250k. I am in my mid 30s earning around 400k a year. Savings around 200k a year. Income only reached this level about 4 / 5 years ago. Hence net worth is only around 1m. Feel that I'm stuck in the rat race sometime as I don't have enough to retire yet I can't quit as it took a lot of hardwork and sacrifice to reach where I am despite the fact that I never like my job. Such a chore sometime to wake up in the morning and drag myself to the office.
|
It's largely from property investment. However, property prices are now among the highest in the world rivaling London and New York so the future in property investment may not be as lucrative. I started earning $400K in my late 30s, but by the time I was near 50, I had $15m in assets, a mixture of escalating salary earnings (reached $1m) and rising passive income (over $300K now). My primary residence and other assets like cars etc are worth $8m, so my income generating assets are only around $7m. The key thing is being able to sustain in your lucrative job by dragging yourself into the office every day. Don't give up as all high paying jobs are difficult and painful. Hang in there for 10 years like me and you will be well taken care of. Keep investing your savings. When I earned $400K, I saved $200K like you, but when I hit $1m, I saved $700K. I just ploughed it into properties, high yield blue chip stocks and bonds. I've now sold all my properties in Singapore and spare cash is all in the market. Overall yield is about 5%
Primary School English Grammar and Vocabulary Drills
SG Bus Timing App - the best bus app - available on iOS and Android
Bursa Stocks [Android] App - check latest share prices on the go
SGX Stocks [Android] App - check latest share prices on the go
SGX Stocks [iPad] app | SGX Stocks [iPhone] app
|
01-10-2013, 02:03 PM
|
|
Curious how you are able to command such high income without financial / investment knowledge. What profession are you in?
Also, if you know basic math, you will see that with $200k savings per year, in 10 yrs when you are 45, you will have another $2M saved up. Add that to your current $1M you will have $3M at 45. No magic just basic math.
Quote:
Originally Posted by Unregistered
How do ppl accumulate so much net worth? So many posts of net worth in around 3 - 5m mark but with income of less than 250k. I am in my mid 30s earning around 400k a year. Savings around 200k a year. Income only reached this level about 4 / 5 years ago. Hence net worth is only around 1m. Feel that I'm stuck in the rat race sometime as I don't have enough to retire yet I can't quit as it took a lot of hardwork and sacrifice to reach where I am despite the fact that I never like my job. Such a chore sometime to wake up in the morning and drag myself to the office.
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|