Whats your net worth

Originally Posted by Unregistered

Frankly, the questions asked certainly did not fit the profile of the person above who is earning almost half a million pa. Another Shakespeare act?

This person is weird! So you mean only people who earn 480k can't come into this forum to ask questions about investments?

Besides, it is my husband who earns 480k and I'm the wife who is the housewife.

Originally Posted by Unregistered

Husband - 480k sgd per year (including bonus of 50k), age 40
Wife - housewife, age 33
Cash - 1.1m
House - worth 3.5m today but loan of 1.9m
CPF - practically zero
Car - porsche fully paid up
Kids - 2 kids still in pre school

Question: can both husband and wife contribute to CPF upon reaching 55 to enjoy their CPF life annuity scheme, even though wife has no contribution now? Can we just use our cash to put into CPF later?

Should we get passive income during our golden years from property or dividends? Isn't there a risk that the company that we invest in will go belly up?

The kind of lifestyle my husband and I live, if I tell you about my Birkin bags etc, some forumers will say things like I'm just fantasizing Etc. It's funny how some people here only believe that there are millionaire couples who live in hdb and not upgrading blah blah then to believe that there are other millionaires who have private bank accounts, live in bungalows, drive exotic cars, carry Birkin bags but are quite clueless about retirement.

When you have money, some people will think about squirreling money away for retirement and others will think about pursuing lifestyle that they want.

So now that I've attained the lifestyle I want, I now want to retire with the same lifestyle. That's nothing wrong. I can take very aggressive investment approach now. Since I have one million plus in the pte bank and I have the option of using a credit facility to trade equities and make capital gains (and losses) at interest rates way lower than the retail rates. Basically if I borrow 1m to buy shares, I pay only few hundred a month. I don't know how to explain to you guys but if you have money in pte bank coz you have a high aum or because your earning power is high, there are a lot of incentives given to you. For example my trading fees are only .12percent whereas retails investors pay .25 percent for poems/ Philips.

It's hard to talk to friends who don't have your type of wealth or earning power or lifestyle, hence I come in here for advice.

Would appreciate if people don't say I'm Shakespeare.

Originally Posted by Unregistered

The kind of lifestyle my husband and I live, if I tell you about my Birkin bags etc, some forumers will say things like I'm just fantasizing Etc. It's funny how some people here only believe that there are millionaire couples who live in hdb and not upgrading blah blah then to believe that there are other millionaires who have private bank accounts, live in bungalows, drive exotic cars, carry Birkin bags but are quite clueless about retirement.

When you have money, some people will think about squirreling money away for retirement and others will think about pursuing lifestyle that they want.

So now that I've attained the lifestyle I want, I now want to retire with the same lifestyle. That's nothing wrong. I can take very aggressive investment approach now. Since I have one million plus in the pte bank and I have the option of using a credit facility to trade equities and make capital gains (and losses) at interest rates way lower than the retail rates. Basically if I borrow 1m to buy shares, I pay only few hundred a month. I don't know how to explain to you guys but if you have money in pte bank coz you have a high aum or because your earning power is high, there are a lot of incentives given to you. For example my trading fees are only .12percent whereas retails investors pay .25 percent for poems/ Philips.

It's hard to talk to friends who don't have your type of wealth or earning power or lifestyle, hence I come in here for advice.

Would appreciate if people don't say I'm Shakespeare.

May I find out what field your husband is in? He is earning very well for a 40 year old. No problem if you would like to keep it private and confidential, I fully understand.

Originally Posted by Unregistered

May I find out what field your husband is in? He is earning very well for a 40 year old. No problem if you would like to keep it private and confidential, I fully understand.

Professional. And he'd be happy to know he earns a lot coz he has seen too many other people whom he thinks earns more than him at his age, or even younger.

He is not on commissions. Try to guess.

Originally Posted by Unregistered

Professional. And he'd be happy to know he earns a lot coz he has seen too many other people whom he thinks earns more than him at his age, or even younger.

He is not on commissions. Try to guess.

Are you planning to upgrade to a GCB? Nowadays GCB are very cheap, you can get one for only $10m. I'm sure with his high pay, your husband can afford a GCB. He can also buy two new cars at least.

You must feel lucky to own a rich husband.

Originally Posted by Unregistered

Are you planning to upgrade to a GCB? Nowadays GCB are very cheap, you can get one for only $10m. I'm sure with his high pay, your husband can afford a GCB. He can also buy two new cars at least.

You must feel lucky to own a rich husband.

10m can buy gcb? You must be joking!

Can't buy a 10m property with the kind of cash I have. Not willing to take on so much debt.

Brother or sister, you must also know that my husband wouldn't be able to maximize his potential at work if he has to worry about the children, finances, family and housing matters.

Originally Posted by Unregistered

10m can buy gcb? You must be joking!

Can't buy a 10m property with the kind of cash I have. Not willing to take on so much debt.

Brother or sister, you must also know that my husband wouldn't be able to maximize his potential at work if he has to worry about the children, finances, family and housing matters.

I'm curious, how much is your household expenses and savings per year?

Originally Posted by Unregistered

Professional. And he'd be happy to know he earns a lot coz he has seen too many other people whom he thinks earns more than him at his age, or even younger.

He is not on commissions. Try to guess.

Thanks for replying. Doctor / Lawyer / Dentist ?

Mid-40s couple, wife has not work for past 2 years, 2 young kids, parents to care for.
Sole Income: $100-$120K/yr
HDB valued : $600K, outstanding: $108K. No other property.
9yrs old Jap car paid off, dare not buy any car till COE ends and would not go for anything above $100K.


Mine
Cash $313K
CPF OA: $52K
CPF SA: $163K
CPF MA: $48K
Stock: $25K
SRS: $38K
Investment: $253K
Insurance: $11K

Hers
Cash $484K
CPF OA: $2K
CPF SA: $16K
CPF MA: $11K
Stock: $7K
Insurance: $190K

Estimated Net worth including HDB: $2.1M

Work getting very unstable for such age group and is seeing much difficulty ahead.

Not sure what to do once out of job as got children and both side parents to care for.

Looking around to invest for passive income to prepare for no income soon (likely foresee career would not last more than 2 years as there is no big project for this year).

At my age, not easy to find job. Been applying for past few years, only one interview but without offer.

What should I do to prepare for rainy days ahead? Children need another 18-20years to be independent.

Under-Happy Singaporean!! : (

Driving taxi is the only option? Start a small home business?

Feeling stress daily.

[lazyplane]

I think there will be many whom will gladly trade places with you.

To manage your stress level, here some suggestion on personal level financial

a. Write down your fears. Speak to wife / dear one / older folks on these fears and how this managed during their time.

Financially,

b. Top up your SRS regularly. And since you are income earner, also top up your CPF to max out tax savings.

Use both CPF OA and SRS to invest your stocks. No play with stock with outright cash. I find using these accounts make me more long term in my selection of stocks and purchase.

c. Pay down your HDB loan with wife + your own excess OA CPF
No point have too much OA if you are not thinking of buying another property. Cant touch.. so might well reduce your "debt" worry from HDB and save some interest as well

d. For retirement, your CPF looks decent and can meet minimum sum. Consider topping up wife to earn the extra interest. Ignore what silly people said about the CPF. It is one of the best risk free investment and i sense with the govt taking such a hard look at this, it will only be better.

But do up your insurance cover. I am not sure if you are just listed your unit trust insurance link kind of cover.. it seems a bit odd that you have so little while your wife have so much.

For you, make sure you do have lots of term insurance (if you dont) for health, loss of income, etc. Same for wife/kids.
If your insurance value is due to unit trust, i suggest you review with independent FSC.

e. Not sure what your investment of 250k plus is since you listed it separately from stock.. Bonds ? Unit trust ? All investments should be annually reviewed in term of performance , risk and and see if it fits what you are looking for.

f. Parent insurance- get term if they dont have. Health plan sufficient.
Parent will understand. Taking care of them food, accommodation wise is quite basic and actually is not too costly and wont cause a major dent in expenses provided no major health care issue.

Eat in... saves a lot.

g. Finally, find old classmates, friends to talk to. Unfortunately for many Singaporean, we forgotten how impt it is to catch up with friends and to build a social network . Not for financial but for emotional human needs.
The rat race in sg is very draining on time / effort, so shouldnt we come together even more to encourage one another ? we seem to have forgotten that the relationship not just knowledge was what made the difference in our school life and younger days. And this point is based on my own experience.

Originally Posted by Unregistered

Mid-40s couple, wife has not work for past 2 years, 2 young kids, parents to care for.
Sole Income: $100-$120K/yr
HDB valued : $600K, outstanding: $108K. No other property.
9yrs old Jap car paid off, dare not buy any car till COE ends and would not go for anything above $100K.


Mine
Cash $313K
CPF OA: $52K
CPF SA: $163K
CPF MA: $48K
Stock: $25K
SRS: $38K
Investment: $253K
Insurance: $11K

Hers
Cash $484K
CPF OA: $2K
CPF SA: $16K
CPF MA: $11K
Stock: $7K
Insurance: $190K

Estimated Net worth including HDB: $2.1M

Work getting very unstable for such age group and is seeing much difficulty ahead.

Not sure what to do once out of job as got children and both side parents to care for.

Looking around to invest for passive income to prepare for no income soon (likely foresee career would not last more than 2 years as there is no big project for this year).

At my age, not easy to find job. Been applying for past few years, only one interview but without offer.

What should I do to prepare for rainy days ahead? Children need another 18-20years to be independent.

Under-Happy Singaporean!! : (

Driving taxi is the only option? Start a small home business?

Feeling stress daily.