Whats your net worth

People may envy the success of others, but they also look for inspiration from their success. Ordinary folks needs to know that they can also achieve success and wealth.

Can't imagine if everyone's sharing is ordinary, it will be gloomy.

By the way, are you not concerned about your retirement? Frankly speaking, unlike those in condos and landed, they can downgrade to "unlock" the value of their properties, what are your plans?

Originally Posted by Unregistered

Looks like many successful guys boast about their financial achievements in this thread. This is expected as the losers guys just read with envy and do not share their situation. Let me share mine even though I am just the typical guy.

I'm 52 this year, and I only own a 4 room flat. I own a 8 year old car. I have no loan. My flat is now worth $500k and I have some cash and CPF. I think my net worth, including the 50% share of my flat, is only $400k.

Can more of you average guys share your stories?

Originally Posted by Unregistered

People may envy the success of others, but they also look for inspiration from their success. Ordinary folks needs to know that they can also achieve success and wealth.

Can't imagine if everyone's sharing is ordinary, it will be gloomy.

By the way, are you not concerned about your retirement? Frankly speaking, unlike those in condos and landed, they can downgrade to "unlock" the value of their properties, what are your plans?

I will retire at 65, another 13 years to go. I believe the system will be managed well such that our properties will continue to appreciate in value. A well run country ensures the asset of the people, especially their HDB flats, will appreciate. We have a good asset appreciation policy to ensure everyone benefits from our strong economic growth.

When I reach 65, I will sell my flat for $800k and then I can retire in cheaper places like Thailand or Malaysia. If I retire in Malaysia, I will convert my $800k and will get RM2 mil or more by then. With my other savings, I may get another RM1 mil. So I will be a rich man in Malaysia with RM3 mil or more.

Originally Posted by Unregistered

You are absolutely right. I could easily buy and live in a bungalow but I chose to live in a condo. I could afford a Bentley but I chose a typical conti car. I love saving lots of cash. It gives me pleasure seeing my bank account grows bigger and bigger. Bungalows and expensive cars are a waste of money.

Good for you. I grew up in a 3 room flat and always wanted to buy a big house so that my parents will get to live in a big house in their lifetime. Therefore, I went ahead to buy a terrace house few years ago so that my parents will get a chance to live in a house in this life time as I was afraid that if I wait too long, my parents will not get a chance to see that day. Unfortunately, I couldn't afford to buy a bungalow with swimming pool. If I could, I would have bought one.

[Wayne]

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thanks

Originally Posted by Unregistered

You are absolutely right. I could easily buy and live in a bungalow but I chose to live in a condo. I could afford a Bentley but I chose a typical conti car. I love saving lots of cash. It gives me pleasure seeing my bank account grows bigger and bigger. Bungalows and expensive cars are a waste of money.

Do you donate to charity? It must be very painful for you to do so since you derive your joy of life from accumulating numbers in the bank account and not spending it. Expensive cars may be a waste of money, but why is Bungalow a waste of money?

37 years old.
Co own with my wife a HDB flat worth $500k, still paying mortgage $100k.
Cash and CPF $200k.
My total net worth $400k.
I am richer than my friends, their net worth is only about $300k.

37 yr old is way too early in the wealth game to make any conclusion about where it will lead to. Dont be complacent, work and invest hard.

My case should be a good example. In our 30s, my wife and I had little or no savings definitely lose big time to friends who were single or have no children. With 2 young kids, 2 sets of parents to give allowance to, a maid and an MPV to move so many people around, we were thankful when we have a few hundred dollars to save every month. We used to console ourselves that at least we have a warm and happy family.

Now we are in 50s, moved up in our careers, children grown up, our net worth is now $5M! Some of our single friends changed jobs few times and still staying in HDB. We own 2 condos.

But we still would not want to say they better off or we better off, our lives are totally different. They said they enjoyed their lives and so do we.

Originally Posted by Unregistered

37 years old.
Co own with my wife a HDB flat worth $500k, still paying mortgage $100k.
Cash and CPF $200k.
My total net worth $400k.
I am richer than my friends, their net worth is only about $300k.

Originally Posted by Unregistered

37 yr old is way too early in the wealth game to make any conclusion about where it will lead to. Dont be complacent, work and invest hard.

My case should be a good example. In our 30s, my wife and I had little or no savings definitely lose big time to friends who were single or have no children. With 2 young kids, 2 sets of parents to give allowance to, a maid and an MPV to move so many people around, we were thankful when we have a few hundred dollars to save every month. We used to console ourselves that at least we have a warm and happy family.

Now we are in 50s, moved up in our careers, children grown up, our net worth is now $5M! Some of our single friends changed jobs few times and still staying in HDB. We own 2 condos.

But we still would not want to say they better off or we better off, our lives are totally different. They said they enjoyed their lives and so do we.

hi - do you mind sharing what jobs do you and your wife have? reason is in most jobs it is quite hard to progress once you hit 40

Don't know what industry/company you in, I admit I am surprised that they would rule out experience (aka people > 40 yrs) over youth. It gives me the impression that the industry has low entry barrier, that means easy for people to enter.

I am a technical manager, managing 2 teams of engineers. In our industry continuous learning (on the job, structured professional courses and advanced academic degrees) is par for the course. You can imagine the length of time the staff would spend on honing his experience and skill sets. They get better as they handle more projects. So unless a young engineer display great leadership and technical skills, it is not logical to promote inexperienced staff over the highly trained and experienced ones.

Having said that, younger people have the advantage of higher energy levels and stamina. In our industry we do have youngish managers who are very driven - handling big projects and still attending night classes to upgrade their professional knowledge.

Originally Posted by Unregistered

hi - do you mind sharing what jobs do you and your wife have? reason is in most jobs it is quite hard to progress once you hit 40

Originally Posted by Unregistered

Don't know what industry/company you in, I admit I am surprised that they would rule out experience (aka people > 40 yrs) over youth. It gives me the impression that the industry has low entry barrier, that means easy for people to enter.

I am a technical manager, managing 2 teams of engineers. In our industry continuous learning (on the job, structured professional courses and advanced academic degrees) is par for the course. You can imagine the length of time the staff would spend on honing his experience and skill sets. They get better as they handle more projects. So unless a young engineer display great leadership and technical skills, it is not logical to promote inexperienced staff over the highly trained and experienced ones.

Having said that, younger people have the advantage of higher energy levels and stamina. In our industry we do have youngish managers who are very driven - handling big projects and still attending night classes to upgrade their professional knowledge.

And in your industry, the pay is pathetic.