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Whats your net worth

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  #2251 (permalink)  
Old 14-03-2015, 11:22 AM
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47, sole breadwinner, $130k pa. Wife is a housewife. Two kids.
Home is a condo which we bought after selling our flat. Bought for $500k in 2003.
Now it is worth $1.1m. We have no more mortgage.
We drive a two year old car, with $30k loan left.
CPF balance, $400k.
Stocks $50k.
Cash $50k.
Our total net worth $1.6m.

How are we doing?

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  #2252 (permalink)  
Old 14-03-2015, 03:57 PM
Grey knight
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Quote:
Originally Posted by Unregistered View Post
47, sole breadwinner, $130k pa. Wife is a housewife. Two kids.
Home is a condo which we bought after selling our flat. Bought for $500k in 2003.
Now it is worth $1.1m. We have no more mortgage.
We drive a two year old car, with $30k loan left.
CPF balance, $400k.
Stocks $50k.
Cash $50k.
Our total net worth $1.6m.

How are we doing?
What is important is to be content. If you want to compare there is no end.

I'm 38 and my net worth is around double yours. But there are many others who are my age or younger with $5M or more. I prefer to focus on personal development and family instead of comparing.

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  #2253 (permalink)  
Old 14-03-2015, 04:09 PM
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You should celebrate your success. You have achieved the Singapore dream of living in a condo. And it's fully paid! This is awesome at such a young age. There are many who are still paying home mortgages. You own a car and that's the dream of many too. As long as you live in a condo and own a car in Singapore, you are considered successful. You are in the top 10% in Singapore in terms of social status. If you want to know how really fortunate you are, just compare with people in our neighboring countries. Give yourself a pat on your back!


Quote:
Originally Posted by Unregistered View Post
47, sole breadwinner, $130k pa. Wife is a housewife. Two kids.
Home is a condo which we bought after selling our flat. Bought for $500k in 2003.
Now it is worth $1.1m. We have no more mortgage.
We drive a two year old car, with $30k loan left.
CPF balance, $400k.
Stocks $50k.
Cash $50k.
Our total net worth $1.6m.

How are we doing?

Reply With Quote
  #2254 (permalink)  
Old 14-03-2015, 05:34 PM
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Quote:
Originally Posted by Grey knight View Post
What is important is to be content. If you want to compare there is no end.

I'm 38 and my net worth is around double yours. But there are many others who are my age or younger with $5M or more. I prefer to focus on personal development and family instead of comparing.
Wow! Good for you. You're right, it is best not to compare with others. It will never end. I'm just contented with what I have. As long as I know I'm growing as a person, that what matters.
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  #2255 (permalink)  
Old 14-03-2015, 07:54 PM
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Yes and no. Comparison with others is not only natural but necessary for progress. What is important is how one deals with knowing where he stands in relation to others.

A person with positive attitude will find more determination and ways to better himself while a negative person will only see doom and get depressed.

Both at the individual and societal level, contentment leads to stagnation and complacency. In a world that is rapidly changing and progressing, countries and indeed, individuals that stay still will fall behind. Had Singapore been "contented" when it achieved its independence status in 1964 and not sought to progress further as a nation, we will not be where we are right now.

As a 55 yo Singaporean, I have lived through and benefited from the amazing growth and progress that our nation has achieved. Back when I was at "O" levels, the expectation among the neighbors in my kampung was that achieving "O" level was adequate. But luckily for me and my siblings, my parents were forward looking (though they were not highly educated). They compared with the children of their relatives (our cousins) who lived in the city. They were aiming for overseas degrees! My parents then encouraged us to continue studying for as long and as high as we could and not be contented with "O" levels. But some of my neighbors stopped after "O" levels and went to work. In those early years, their families seemed to fare better financially, while our family was really poor while we continued studying. We had to give tuition and worked part time to pay our school fees. Seeing our neighbors buying color televisions, refrigerators, new sofas etc.. were really temptation for us to give up our studies and join the workforce. But persevered, we did.

Fast forward to today, it is now hard to imagine how any parent would ever be satisfied that their children stopped studying after "O" levels. Today, the minimum is a diploma if not a basic degree. Should we be satisfied? Yes, we should celebrate what we achieved, but we should not stop pursuing more. How much more? The answer lies in comparing with others who have achieved more!

Quote:
Originally Posted by Unregistered View Post
Wow! Good for you. You're right, it is best not to compare with others. It will never end. I'm just contented with what I have. As long as I know I'm growing as a person, that what matters.
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  #2256 (permalink)  
Old 14-03-2015, 08:15 PM
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You are right that we should aspire higher but there will be a point when there is no need to.

For instance, your combined net worth with your wife now is $5m, so would you at the old age of 55 should still aspire to buy a GCB costing $10m? I doubt so. I rest my case.


Quote:
Originally Posted by Unregistered View Post
Yes and no. Comparison with others is not only natural but necessary for progress. What is important is how one deals with knowing where he stands in relation to others.

A person with positive attitude will find more determination and ways to better himself while a negative person will only see doom and get depressed.

Both at the individual and societal level, contentment leads to stagnation and complacency. In a world that is rapidly changing and progressing, countries and indeed, individuals that stay still will fall behind. Had Singapore been "contented" when it achieved its independence status in 1964 and not sought to progress further as a nation, we will not be where we are right now.

As a 55 yo Singaporean, I have lived through and benefited from the amazing growth and progress that our nation has achieved. Back when I was at "O" levels, the expectation among the neighbors in my kampung was that achieving "O" level was adequate. But luckily for me and my siblings, my parents were forward looking (though they were not highly educated). They compared with the children of their relatives (our cousins) who lived in the city. They were aiming for overseas degrees! My parents then encouraged us to continue studying for as long and as high as we could and not be contented with "O" levels. But some of my neighbors stopped after "O" levels and went to work. In those early years, their families seemed to fare better financially, while our family was really poor while we continued studying. We had to give tuition and worked part time to pay our school fees. Seeing our neighbors buying color televisions, refrigerators, new sofas etc.. were really temptation for us to give up our studies and join the workforce. But persevered, we did.

Fast forward to today, it is now hard to imagine how any parent would ever be satisfied that their children stopped studying after "O" levels. Today, the minimum is a diploma if not a basic degree. Should we be satisfied? Yes, we should celebrate what we achieved, but we should not stop pursuing more. How much more? The answer lies in comparing with others who have achieved more!
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  #2257 (permalink)  
Old 14-03-2015, 08:50 PM
Grey knight
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Quote:
Originally Posted by Unregistered View Post
Yes and no. Comparison with others is not only natural but necessary for progress. What is important is how one deals with knowing where he stands in relation to others.

A person with positive attitude will find more determination and ways to better himself while a negative person will only see doom and get depressed.

Both at the individual and societal level, contentment leads to stagnation and complacency. In a world that is rapidly changing and progressing, countries and indeed, individuals that stay still will fall behind. Had Singapore been "contented" when it achieved its independence status in 1964 and not sought to progress further as a nation, we will not be where we are right now.

As a 55 yo Singaporean, I have lived through and benefited from the amazing growth and progress that our nation has achieved. Back when I was at "O" levels, the expectation among the neighbors in my kampung was that achieving "O" level was adequate. But luckily for me and my siblings, my parents were forward looking (though they were not highly educated). They compared with the children of their relatives (our cousins) who lived in the city. They were aiming for overseas degrees! My parents then encouraged us to continue studying for as long and as high as we could and not be contented with "O" levels. But some of my neighbors stopped after "O" levels and went to work. In those early years, their families seemed to fare better financially, while our family was really poor while we continued studying. We had to give tuition and worked part time to pay our school fees. Seeing our neighbors buying color televisions, refrigerators, new sofas etc.. were really temptation for us to give up our studies and join the workforce. But persevered, we did.

Fast forward to today, it is now hard to imagine how any parent would ever be satisfied that their children stopped studying after "O" levels. Today, the minimum is a diploma if not a basic degree. Should we be satisfied? Yes, we should celebrate what we achieved, but we should not stop pursuing more. How much more? The answer lies in comparing with others who have achieved more!
You are mistaken. One should strive for personal development but comparison for pride or ego is wrong.
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  #2258 (permalink)  
Old 14-03-2015, 09:00 PM
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Rest what case? It is ok for those at 55 and older to be passing the baton to the younger generation. If the older generation still have the fire in their bellies, they should not deprived of the opportunities to contribute further. More so for those without the $5m!

What is worrying is the younger generation lulling themselves into a complacement mindset that what they have now is good enough. Anecdotal examples abound where old retirees found out too late what they thought were enough when they retired years back are now woefully inadequate.

You only need to see how the gahmen keeps upping the medisave and special amounts year after year.

For us, in our mid 50s, progressing need not, and does not mean working longer/older nor taking on more responsibilities at work. In the financial aspects, progress for us would mean seeking out and establishing other sources of incomes especially the passive sources. While we are still working these passive income sources help supplement our work incomes and in our retirement, they will become our main income source.

You should try building up your passive income sources when young and see them grow as you aged. It like seeing your children grow up and taking care of you eventually. People who are into this constantly seek out opportunities, compare and learn from each other.

Quote:
Originally Posted by Unregistered View Post
You are right that we should aspire higher but there will be a point when there is no need to.

For instance, your combined net worth with your wife now is $5m, so would you at the old age of 55 should still aspire to buy a GCB costing $10m? I doubt so. I rest my case.
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  #2259 (permalink)  
Old 14-03-2015, 09:14 PM
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Originally Posted by Grey knight View Post
You are mistaken. One should strive for personal development but comparison for pride or ego is wrong.
I totally agree. Most people compare not on personal development but compare out of ego and pride. They want to earn more and more so that they can buy more stuff to show off with the friends, colleagues and relatives. They will not be happy with a bungalow costing $4m, they want more to buy GCBs costing $20m. That is why you see rich people still want to cheat other people so that they can get more and more. These people are drowning in their pride and ego.
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  #2260 (permalink)  
Old 14-03-2015, 10:51 PM
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I feel many Singaporeans are becoming complacent about our current state of prosperity. They don't feel the urgency and danger of being overtaken by our neighbouring countries. The other countries are not staying still and it is important these Singaporeans wake up to this possibility. Just imagine our women going out to other countries to work as maids!

And yes, it does boils down to pride and ego that people strive to outdo one another. This is as true at the individual as at the national level. The Indonesian president Jokowi said as much. He said he felt ashamed that Indonesian women had to come out to work as maids in other countries, and he vowed to stop this. And the only effective way for him to achieve this is to make Indonesia prosper as a nation and bring up the wealth of its citizenry. And the people have to do their part!

Most times people don't really have a choice, stand still and be overtaken by the next guy or continue to work hard to maintain or extend your status. Singapore has had a good and fast start in this race over our neighbours. We should not squander this for the sake of future generations.


Quote:
Originally Posted by Unregistered View Post
I totally agree. Most people compare not on personal development but compare out of ego and pride. They want to earn more and more so that they can buy more stuff to show off with the friends, colleagues and relatives. They will not be happy with a bungalow costing $4m, they want more to buy GCBs costing $20m. That is why you see rich people still want to cheat other people so that they can get more and more. These people are drowning in their pride and ego.
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