Whats your net worth - Page 156 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




Whats your net worth

Reply
 
Thread Tools
  #1551 (permalink)  
Old 07-10-2013, 06:45 PM
Unregistered
Guest
 
Posts: n/a
Default

This is the best answer to my brother's problem. Yes, he doesn't need to downgrade to a HDB flat, it will be too big an adverse impact on his social status and esteem. Quite surprised to find that there are still many condos selling below $1m. He has to sell his prized condo and settle for a cheaper one. I think he also needs to cut his expenses. Selling his 3 series would be a good start. And stop the maid's employment too. He just has to learn to do the household chores, no more ordering around.

Thanks everyone for your ideas.


Quote:
Originally Posted by Unregistered View Post
Your brother's situation is not so bad as he still has his condo, which is a big asset for him, especially since there is no more mortgage. He need not go all the way to the extreme of downgrading to a HDB flat, which understandably will be a big blow to his ego and status. Living in a HDB flat is of a lower standing, in society's view. This is a fact. What he can do to lessen the impact of society's perception is to downgrade to a cheaper condo. There are still many condos selling at $1m or less, he can go to propertyguru and set the search parameters and do the search. He can then sell his $1.7m condo and buy a $1m condo. This condo may be smaller or older or located is a lesser district but it is still better than staying in a HDB flat, which has a much, much lower status for him and his family. He can then invest $700k in a 5% dividend stock, which gives him $35k pa. Together with his wife's income and perhaps reducing his total expenses, his family will still be able to function well financially, without impacting much their social status. I think this is a more "middle of the way" approach. He can then continue to focus on his job search. With the new employment policy, he now stands a better chance of getting employed again.

Reply With Quote
  #1552 (permalink)  
Old 07-10-2013, 09:10 PM
Unregistered
Guest
 
Posts: n/a
Default

This is fine for children - keeping free from debt and disciplined saving.

But when you begin your adult working life, you need to move up several levels of sophistication in terms of wealth building. For one, there are good debts and there are bad debts. Buying your own home and taking a loan to pay for it is a form of good debts. And if you are in business, taking loans to buy equipment and even a car can be good debts.

At this day and age, simple saving is not enough to build wealth.

Quote:
Originally Posted by lordlad View Post
mine...working for past 9 years...31 this year, in IT..

Cash = around 15k
Share = around USD20k
CPF = around 100k for ordinary

Single, no house or car but absolutely zero debt. No installment and no late credit card payments (this is something i am very strict about...i have excellent credit rating and always obsessed about remained zero debt.)

What I earned, what I have, is what i got...Not a gross value but true net value.


Reply With Quote
  #1553 (permalink)  
Old 08-10-2013, 12:41 AM
Senior Member
 
Join Date: Oct 2013
Posts: 50
lordlad is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
This is fine for children - keeping free from debt and disciplined saving.

But when you begin your adult working life, you need to move up several levels of sophistication in terms of wealth building. For one, there are good debts and there are bad debts. Buying your own home and taking a loan to pay for it is a form of good debts. And if you are in business, taking loans to buy equipment and even a car can be good debts.

At this day and age, simple saving is not enough to build wealth.
you lost me at saying car is a good debt...i knew too many people that bought cars just to boost their ego (and easier to get girls) and they are in a worst financial situation than me......

Also, call me pessimistic but i called my pragmatic......

most of the ppl here taking loans for their 'investments' are very tied to their job...most don't admit it but they are basically on 'leverage' with their company....they assumed retrenchment is a far-off concept and even it hit, it will never hit them. I am personally in Deutsche Bank during the 2009 crash and saw more than enough AVP & VP getting cut and I don't feel sorry for them because they overestimated themselves due to their payscale.....these late 30/mid-40s middle managers are never 'experts' in their particular field and are only earning that much not due to ability but due to circumstances (I am in Investment banking and i have to admit this field overpaid way too much)...


I am not really in the mindset of increase my wealth or asset but rather my value.....I have been on 3 jobs since 2009 and none of the job is found by me but was rather headhunted...

My goal and motto in life is clear....rather than hoping that you can find a company that can fulfilled your salary expectation, i will create enough value (and reputation) for myself that the company that is willing to pay me my expected amount will come to me...

And so that has been the case for me so i don't think these generic 'wealth management' will ever work for me...

Ps. I think one should work with a goal and the goal is not to make money. The goal is to be the best in your field and provide the best value for your company and reputation for yourself. The money is the RESULT of that goal, and should not be the goal itself.

Reply With Quote
  #1554 (permalink)  
Old 08-10-2013, 06:29 AM
Unregistered
Guest
 
Posts: n/a
Default

30, works in FO IB, $250k pa, net worth $1.8m
Wife, 28, works in MO IB, $150k pa, net worth $0.8m
Lives in a D10 condo, bought in 2009. Drives a E Class
We plan to retire by 45, our target net worth in total by 45 is $6m
Reply With Quote
  #1555 (permalink)  
Old 08-10-2013, 08:03 AM
Unregistered
Guest
 
Posts: n/a
Default

I also agree that this is the best idea. The forummer who suggested this combined good ideas from others. Your brother's $1.7m condo is very valuable asset that he can now monetize given his circumstances. What he needs to do is to identify cheap, undervalued properties so that when he buys, he can tell his friends and family that he is positioning himself to take advantage of potential capital appreciation in locations with strong growth potential. One region where there is very high capital growth potential in the long run is the West region of Singapore. With the Jurong Lake District plan, the Jurong Region MRT line, the Downtown Line, etc, the West's property prices will go higher in the long run.

Some new condos your brother can look at are: Hundred Trees in West Coast (just TOP in 2013), Caspian (JLD growth story, next to Lakeside MRT station), Lakefront Residences (JLD growth story, next to Lakeside MRT station, TOP in 2015), Tree House (exclusive Chestnut area, Downtown Line 2 opening in 2016 (near Hillview MRT station), just TOP in 2013). There are 2 room units your brother can consider, priced at about $1m only. Hope this info will help your brother in his new property search.





Quote:
Originally Posted by Unregistered View Post
This is the best answer to my brother's problem. Yes, he doesn't need to downgrade to a HDB flat, it will be too big an adverse impact on his social status and esteem. Quite surprised to find that there are still many condos selling below $1m. He has to sell his prized condo and settle for a cheaper one. I think he also needs to cut his expenses. Selling his 3 series would be a good start. And stop the maid's employment too. He just has to learn to do the household chores, no more ordering around.

Thanks everyone for your ideas.
Reply With Quote
  #1556 (permalink)  
Old 08-10-2013, 11:14 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
I also agree that this is the best idea. The forummer who suggested this combined good ideas from others. Your brother's $1.7m condo is very valuable asset that he can now monetize given his circumstances. What he needs to do is to identify cheap, undervalued properties so that when he buys, he can tell his friends and family that he is positioning himself to take advantage of potential capital appreciation in locations with strong growth potential. One region where there is very high capital growth potential in the long run is the West region of Singapore. With the Jurong Lake District plan, the Jurong Region MRT line, the Downtown Line, etc, the West's property prices will go higher in the long run.

Some new condos your brother can look at are: Hundred Trees in West Coast (just TOP in 2013), Caspian (JLD growth story, next to Lakeside MRT station), Lakefront Residences (JLD growth story, next to Lakeside MRT station, TOP in 2015), Tree House (exclusive Chestnut area, Downtown Line 2 opening in 2016 (near Hillview MRT station), just TOP in 2013). There are 2 room units your brother can consider, priced at about $1m only. Hope this info will help your brother in his new property search.
Property agents are very free and have to hard sell their products now.. Guess you are the same poster for the above "good idea" post. Just tell him you are property adviser and able to help the bro, don't pretend to be a HNW guy here giving opinion.. and be smart in that, it is too obvious...
Reply With Quote

  #1557 (permalink)  
Old 08-10-2013, 11:42 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What he needs to do is to identify cheap, undervalued properties so that when he buys, he can tell his friends and family that he is positioning himself to take advantage of potential capital appreciation in locations with strong growth potential.
This property agent is gaining my full respect based on the points he/she shared...
People are talking about property bubble now, as price has soared and property prices are too overvalued and overpriced. Yet this desperate agent is asking to identify cheap, undervalued properties to buy?? in Sg? And tell his friend, I am stupid to invest at the peak of the market..

But is normal for agent, when they meet buyers, they will tell "oh, this area is very undervalued and will boom 3 folds in the next 3 years, buy now before late", when they meet seller, "oh, your area is too overvalued, better sell before bubble, and buy back later".

And this agent can memorise all the new condos as though he is saying it few hundred times everyday to MRT commuters..
Reply With Quote
  #1558 (permalink)  
Old 08-10-2013, 01:48 PM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for the tips. It is timely that he sells his current condo for $1.7m to take profit as he bought the condo for only $780k in 2006. So after selling at $1.7m and buying a $1m condo, he still owns a condo and have $700k cash for investment. Also, his current condo is now older (12 years old) so good reason to tell his family and friends that he is buying a newer condo with better design.

Quote:
Originally Posted by Unregistered View Post
I also agree that this is the best idea. The forummer who suggested this combined good ideas from others. Your brother's $1.7m condo is very valuable asset that he can now monetize given his circumstances. What he needs to do is to identify cheap, undervalued properties so that when he buys, he can tell his friends and family that he is positioning himself to take advantage of potential capital appreciation in locations with strong growth potential. One region where there is very high capital growth potential in the long run is the West region of Singapore. With the Jurong Lake District plan, the Jurong Region MRT line, the Downtown Line, etc, the West's property prices will go higher in the long run.

Some new condos your brother can look at are: Hundred Trees in West Coast (just TOP in 2013), Caspian (JLD growth story, next to Lakeside MRT station), Lakefront Residences (JLD growth story, next to Lakeside MRT station, TOP in 2015), Tree House (exclusive Chestnut area, Downtown Line 2 opening in 2016 (near Hillview MRT station), just TOP in 2013). There are 2 room units your brother can consider, priced at about $1m only. Hope this info will help your brother in his new property search.
Reply With Quote
  #1559 (permalink)  
Old 08-10-2013, 02:23 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Thanks for the tips. It is timely that he sells his current condo for $1.7m to take profit as he bought the condo for only $780k in 2006. So after selling at $1.7m and buying a $1m condo, he still owns a condo and have $700k cash for investment. Also, his current condo is now older (12 years old) so good reason to tell his family and friends that he is buying a newer condo with better design.
Wonder why people are so free to worry for someone who has net worth of few millions SGD. Take care of yourself and make sure you earn that amount of money first before worrying for someone who is much richer than you..


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #1560 (permalink)  
Old 08-10-2013, 05:47 PM
Verified Member
 
Join Date: Sep 2013
Posts: 24
Jeff is on a distinguished road
Default

That 29 yr old was lucky. One of my interns came to my bank that time 2009 crisis, MAS was paying their fresh grad salaries and asking banks to take them in as national service. Of the thousands of outstanding cvs on the table, we had to pick someone. At any time, there has got to be a lucky person, the outlier. So it's nothing to be discouraged about.


Quote:
Originally Posted by Unregistered View Post
I feel discouraged when I read the Sunday Times this morning, there is a story of a 29 year old who already earn a monthly 5 figure salary. I am already 50 and yet earning only $5k per month. The guy already bought a $1.3m condo whereas I am still living in a 4 room HDB flat. He drives a BMW but I only take Bus, MRT and Walk. With so many young high income earners nowadays, not surprising why property prices continue to rise. My dream condo will remain a dream.

My HDB flat is now worth $400k with remaining loan of $100k. My CPF savings and other savings in total about $150k. So my net worth is only $450k. I think I cannot retire in Singapore, I may need to sell my HDB flat when I reach 65 (hopefully I can sell it at $800k in 15 years time) and retire in Thailand or Malaysia. I hope our property market will not crash by the property oversupply. Our policies must change to prevent a crash or else I will have to work till I die. My HDB flat is my only precious retirement asset.
Reply With Quote
Reply

Bookmarks

Tags
net wealth, net worth, networth

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Calculate Net Worth and Benchmark It Salary.sg Investments and Net Worth 16 23-09-2023 10:41 PM
legal profession not worth it? alarme Income and Jobs 3 05-04-2010 03:35 PM

» 30 Recent Threads
How is life as a doctor in... ( 1 2 3... Last Page)
8,961 Replies, 4,002,674 Views
Roles in accenture singapore ( 1 2 3... Last Page)
8,502 Replies, 2,851,119 Views
Compare civil service salary ( 1 2 3... Last Page)
16,759 Replies, 13,691,660 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,531 Replies, 5,245,327 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
1,087 Replies, 595,812 Views
Civil Servant Year-End Bonus ( 1 2 3... Last Page)
215 Replies, 132,246 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
1,087 Replies, 659,046 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,272 Replies, 790,108 Views
Engineer Pay ( 1 2 3... Last Page)
673 Replies, 515,693 Views
Lawyer Salary ( 1 2 3... Last Page)
21,858 Replies, 11,604,081 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
6,459 Replies, 5,281,267 Views
Career as Teacher ( 1 2 3... Last Page)
12,273 Replies, 7,841,006 Views
ST Electronics ( 1 2 3... Last Page)
4,093 Replies, 1,868,642 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,651 Replies, 1,375,927 Views
Early Retirement ( 1 2 3)
27 Replies, 23,045 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
21,156 Replies, 6,320,280 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
1,314 Replies, 641,662 Views
OKX SuperNova Graduate Program ( 1 2 3... Last Page)
305 Replies, 161,303 Views
How much are you earning per annum? ( 1 2 3... Last Page)
14,487 Replies, 7,047,028 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
1,078 Replies, 605,566 Views
Certis Cisco ( 1 2 3... Last Page)
85 Replies, 127,662 Views
GovTech ( 1 2 3... Last Page)
6,986 Replies, 2,977,061 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,648 Replies, 902,739 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,792 Replies, 1,655,863 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
391 Replies, 458,534 Views
Capgemini ( 1 2 3)
28 Replies, 15,304 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,559 Replies, 1,325,152 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
7,082 Replies, 4,348,486 Views
ITE (lecturer) ( 1 2 3... Last Page)
300 Replies, 444,977 Views
AIC Agency of Integrated Care Jobs? ( 1 2 3)
22 Replies, 18,391 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:34 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2