Whats your net worth

Your net worth should be more than $1m if you include your home equity. So assuming your house is worth $5m and your outstanding mortgage is $1m, then your home equity is $4m. So your net worth is $5m. Congrats.

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.

Why not buy the 2 rooms BTO for singles? Many singles buying not for stay but to flip after MOP. Look at the high demand from singles. The BTO flats priced so cheaply.

Originally Posted by Unregistered

I going to buy my first property resale HDB. currently living at parents house.
I ask my parent they forgot all payment timelines and procedure.

can someone tell procedure how much cash to get ready and when i get the loan and any grants. property i look at is priced $445k.

Originally Posted by Unregistered

Why not buy the 2 rooms BTO for singles? Many singles buying not for stay but to flip after MOP. Look at the high demand from singles. The BTO flats priced so cheaply.

dun wan to wait for 2.5 year more.
buy resale - rent 1 room ,stay in 1 room. can get back more orredy.

but care tell me the time line how much money to prepare. The property price $445k. only help get from parent is keep telling get loan from hdb more stable.
i check bank got low interest. how??

My retirement plan is simple. In 10 years time, I will reach 65. I will rent out my HDB exec flat for S$4k a month. I bought the flat at $300k many years ago and now it is worth $700k and fully paid up. I will then retire in KL, where I have many friends and family members. My rental income in RM will be about RM10k. I can easily rent a studio condo unit in KL for RM2k per month. The balance of RM8k is more than enough for food, transport and entertainment. In fact, I can save at least RM3k per month.

So, you don't need to be a multi millionaire to retire. Your HDB flat asset is good enough. Just need to think outside the box. I am a Singaporean. I support the government's asset appreciation policy. Good for many people who are retiring. Our HDB flat is a very important retirement asset.

Originally Posted by Unregistered

My retirement plan is simple. In 10 years time, I will reach 65. I will rent out my HDB exec flat for S$4k a month. I bought the flat at $300k many years ago and now it is worth $700k and fully paid up. I will then retire in KL, where I have many friends and family members. My rental income in RM will be about RM10k. I can easily rent a studio condo unit in KL for RM2k per month. The balance of RM8k is more than enough for food, transport and entertainment. In fact, I can save at least RM3k per month.

So, you don't need to be a multi millionaire to retire. Your HDB flat asset is good enough. Just need to think outside the box. I am a Singaporean. I support the government's asset appreciation policy. Good for many people who are retiring. Our HDB flat is a very important retirement asset.

You are not thinking out of the box but thinking the poor people way..
renting your house, your asset and compromise your retirement life into a rented unit is a good idea, but doesn't mean you are successful in investment. unless you say I rent out my hdb and upgrade to a landed, then yes, you did well in the past. imagine at age 65, you have to face your landlord, pay rental every month, yes, you can afford it, but it is terrible feelings.

What are you talking about? I'm not the high flier who earn a lot and can own multiple properties. I only earn $60k pa. A landed property is definitely out. With my salary, I can only afford a HDB flat which becomes not only a home while I'm working in Singapore but also a retirement asset in the future. My HDB flat is my only meaningful asset. I have some cash and CPF but they are not that much. Yes, I am not rich but at least the government gives me hope of retirement, never mind if it is not in Singapore.

Originally Posted by Unregistered

You are not thinking out of the box but thinking the poor people way..
renting your house, your asset and compromise your retirement life into a rented unit is a good idea, but doesn't mean you are successful in investment. unless you say I rent out my hdb and upgrade to a landed, then yes, you did well in the past. imagine at age 65, you have to face your landlord, pay rental every month, yes, you can afford it, but it is terrible feelings.

Originally Posted by Unregistered

What are you talking about? I'm not the high flier who earn a lot and can own multiple properties. I only earn $60k pa. A landed property is definitely out. With my salary, I can only afford a HDB flat which becomes not only a home while I'm working in Singapore but also a retirement asset in the future. My HDB flat is my only meaningful asset. I have some cash and CPF but they are not that much. Yes, I am not rich but at least the government gives me hope of retirement, never mind if it is not in Singapore.

Even I am happy with HDB flat. I treat it as my retirement asset. Just like you, I earn a little less than $60k pa.

Originally Posted by Unregistered

Even I am happy with HDB flat. I treat it as my retirement asset. Just like you, I earn a little less than $60k pa.

Our HDB flat is the most valuable asset. I don't understand why people complain about high resale HDB flat. For many Singaporeans, they already own their HDB flat (bought direct from HDB at very low prices) and so rising HDB flat price is good. For first timers, they get to buy very cheap BTO flat and those who are buying resale HDB can get grant. So people who are complaining are actually not Singaporeans but PRs who want to buy our resale HDB flat cheap. A lot of complains in the Internet is misleading as those who complain on the Internet are actually non Singaporeans (i.e. PRs) who pretended to be Singaporeans. We should introduce capital gains tax on PRs who are selling their HDB flat so that they don't profit so much. There are PRs who made so much money after selling their HDB flat that they can retire back in their villages in their home country after just working a few years in Singapore.

Originally Posted by Unregistered

Our HDB flat is the most valuable asset. I don't understand why people complain about high resale HDB flat. For many Singaporeans, they already own their HDB flat (bought direct from HDB at very low prices) and so rising HDB flat price is good. For first timers, they get to buy very cheap BTO flat and those who are buying resale HDB can get grant. So people who are complaining are actually not Singaporeans but PRs who want to buy our resale HDB flat cheap. A lot of complains in the Internet is misleading as those who complain on the Internet are actually non Singaporeans (i.e. PRs) who pretended to be Singaporeans. We should introduce capital gains tax on PRs who are selling their HDB flat so that they don't profit so much. There are PRs who made so much money after selling their HDB flat that they can retire back in their villages in their home country after just working a few years in Singapore.

You probably don't have any kids? Of cause we can always apply for BTO, but do you know how long to wait for a flat? And it is not always the location/area you want. That's why some still go for resale, near MRT, markets, parents place... and these group are usually young couples, that's why price is an issue.. Care to share how old you are? Things you said doesn't really make sense unless you are 12 years old. I never seen PRs selling of HDB and make a lot of money to the extend able to retire in their hometown with only a few years working in Singapore.

Originally Posted by Unregistered

You probably don't have any kids? Of cause we can always apply for BTO, but do you know how long to wait for a flat? And it is not always the location/area you want. That's why some still go for resale, near MRT, markets, parents place... and these group are usually young couples, that's why price is an issue.. Care to share how old you are? Things you said doesn't really make sense unless you are 12 years old. I never seen PRs selling of HDB and make a lot of money to the extend able to retire in their hometown with only a few years working in Singapore.

You must be another PR disguising as Singaporean.

There are indeed many PRs who become very rich after selling. You are ignorant or pretend to be ignorant. Let's introduce capital gains tax for PRs selling HDB flats to prevent abuse. In fact they should be banned from buying HDB flat. They can always rent from Singaporeans.