Whats your net worth

Just curious, how much are you paying per month on your loan? What is the interest that the bank is charging?

I have a $800k loan for my condo, and the interest rate they chagrin me is 1.03%. Wanted to see if I should look around for better rates.

Originally Posted by Sebbie80

I wasn't able to get 80% loan, only managed to get 75% loan approved.
Loan was approved before the new rulings stepped in.
Got my first 350k cash from sale of my first HDB (Telok Blangah/Redhill area)
Spouse income stands at 2.7k x 13mths.
Currently, 1 3yr-old daughter and 1 otw, due on national day.

Age : 41
CPF : less than 100k
Spouse : Home maker
Cash n Stocks : SGD2.5m
2 properties : SGD1.7m
hdb in spore : $400k i think...
Mortgage : SGD600k

After calculation...i cannot retire untill i'm about 55 assuming i'm making the same as I am today...sigh...

Hi, reading all the comments above making me feel so worthless..

I am 28 with annual income of 70K with only 100k cash (kept in bank account/fixed deposit).. Cpf (OA+SA) close to 40K... Insurance savings expired 20yrs later worth 50K. I wish there is more but shamely nothing else. Living in 4rm hdb flat with 35yrs mortgage.

I've been saving regularly and living a thrifty life... I guess the old way of saving wont get me rich anytime soon.. Thus, any tips so that i can start to build my net worth? Where can i start my long term investment?

Originally Posted by Pathetic

Hi, reading all the comments above making me feel so worthless..

I am 28 with annual income of 70K with only 100k cash (kept in bank account/fixed deposit).. Cpf (OA+SA) close to 40K... Insurance savings expired 20yrs later worth 50K. I wish there is more but shamely nothing else. Living in 4rm hdb flat with 35yrs mortgage.

I've been saving regularly and living a thrifty life... I guess the old way of saving wont get me rich anytime soon.. Thus, any tips so that i can start to build my net worth? Where can i start my long term investment?

The problem with reading this thread is that it skews your perspective.

At 28, I certainly wasn't earning 70 k, neither did I have 100k in cash.

You are in a good position - don't get discouraged by what you read here! - and rightly pointed out that with some savvy investing (rather than just pure saving/being thrifty) will help you build on the god base you have.

Time is on your side, so chin up!

haha, dont say I didnt warn you, but when you reached 55 and accumulate $6m, you will still find that it is not enough to retire comfortably.

Because by then (14 yrs later), $1m now will be worth about $680K. That means $6m will be about $4.1m

So the important thing is not to blindly build up your wealth, but to establish a steady stream of income that will keep pace or better still outpace inflation.

Originally Posted by Trout

Age : 41
CPF : less than 100k
Spouse : Home maker
Cash n Stocks : SGD2.5m
2 properties : SGD1.7m
hdb in spore : $400k i think...
Mortgage : SGD600k

After calculation...i cannot retire untill i'm about 55 assuming i'm making the same as I am today...sigh...

I see that many do not cater for the deleterious effect of inflation in their planning for their net worth target for retirement.

For eg, one 28 yr old planned to accumulate $5m by 55 yrs old where he hopes to retire. From 28 to 55, that is a good 27 yrs to go.

With an inflation rate of just, 2.5% (last year's was more: Singapore Inflation Rate | Actual Value | Historical Data | Forecast)

The $5m today will only be worth $2.5m when the guy reach 55 (27 years later).

A friend of mine got a windfall of $1.5m from enbloc at 45 yrs old, 10 yrs ago. He bought a HDB at $500k and invested the rest in shares for $50k - $60K pa dividends, and promptly retired. Initially the dividend was sufficient for his family expenses, but the family expenses increased year by year due to inflation.

He is now caught in a difficult situation where he had to sell down his shares to supplement his dividends. But as he sold down his shares, his dividends also dropped leading to a "death spiral". He started looking for work again at 55.

Originally Posted by Unregistered

I see that many do not cater for the deleterious effect of inflation in their planning for their net worth target for retirement.

For eg, one 28 yr old planned to accumulate $5m by 55 yrs old where he hopes to retire. From 28 to 55, that is a good 27 yrs to go.

With an inflation rate of just, 2.5% (last year's was more: Singapore Inflation Rate | Actual Value | Historical Data | Forecast)

The $5m today will only be worth $2.5m when the guy reach 55 (27 years later).

A friend of mine got a windfall of $1.5m from enbloc at 45 yrs old, 10 yrs ago. He bought a HDB at $500k and invested the rest in shares for $50k - $60K pa dividends, and promptly retired. Initially the dividend was sufficient for his family expenses, but the family expenses increased year by year due to inflation.

He is now caught in a difficult situation where he had to sell down his shares to supplement his dividends. But as he sold down his shares, his dividends also dropped leading to a "death spiral". He started looking for work again at 55.

He should have moved to Japan then. The deflation there in the past decade would have meant that he'd have come out better-off!

Rental passive income will prob keep pace better with inflation than dividend income and also more stable as property will generally appreciate over the long term while stocks are more volatile.

38, salary $4k pm. Wife, 44, salary $5k pm.
Lives in a renovated 4 room HDB flat, now worth $500k, loan $200k.
Total net worth with wife $610k.

Originally Posted by Trout

Age : 41
CPF : less than 100k
Spouse : Home maker
Cash n Stocks : SGD2.5m
2 properties : SGD1.7m
hdb in spore : $400k i think...
Mortgage : SGD600k

After calculation...i cannot retire untill i'm about 55 assuming i'm making the same as I am today...sigh...

With over $4m net worth at the age of 41 and you are sighing? Get a perspective!!!!