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Whats your net worth

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  #2321 (permalink)  
Old 14-07-2015, 03:42 PM
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Originally Posted by Vue View Post
36, 39 both working.
Combined annual income: 210k
Extra income: 12k per year
Combined Cash: 320k
Combined CPF: 525k
Stocks: 30k
2nd Property value: 820k
Value of property which we stay in: 500k, fully paid
Insurance savings: 100k upon maturity

Outstanding car loan: 52k
Outstanding property loan: 650k
Annual expenditure: 75k

how are we doing? are we over leveraged?
Does annual expense include housing loan?
Assuming you rent out the 2nd unit and its income matches loan, you are perfectly fine.
75 K pa is reasonable with housing loan. The next step will be working / savings to give you the same return.

Using a conservative 4% return, you will need 1.875M cash.
So you would probably need to save another 1 m before retirement.
Given your net saving is at 135K ( Earning - Expenditure), you should reach your target in 7 to 8 years.

Verdict : Retire before 50.

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  #2322 (permalink)  
Old 14-07-2015, 03:50 PM
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Feeling like I'm in a mid life crisis here.

37 this year. Wife 34, not working with a 2 year old kid.
Earning 230k per annum. Total expenses @ 9k per month on average, with mini trips each year.
Savings of 200k in cash. CPF probably around 150k only.

I think we're saving around 80k per year.

Owns a property returning 1k net gains each month. If minus off the loan net value will be around 230k.

how are we doing?

You want to change job or quit?
Imho, your saving will be wiped out in less than 2 years if you quit. Given you are the sole bread winner, there is also the question of substainability.

You should start investment , increase your rate of return so you can have some emergency income should you need it.

Not sure how you can own 1 property with 1K net gain per year? Does it mean you are renting out the place while you stay elsewhere? If that is so, than at least you have some sort of income flow.

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  #2323 (permalink)  
Old 14-07-2015, 06:22 PM
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Originally Posted by Unregistered View Post
Does annual expense include housing loan?
Assuming you rent out the 2nd unit and its income matches loan, you are perfectly fine.
75 K pa is reasonable with housing loan. The next step will be working / savings to give you the same return.

Using a conservative 4% return, you will need 1.875M cash.
So you would probably need to save another 1 m before retirement.
Given your net saving is at 135K ( Earning - Expenditure), you should reach your target in 7 to 8 years.

Verdict : Retire before 50.
You seem very knowledgeable. I want to hire you to my elitist company.

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  #2324 (permalink)  
Old 14-07-2015, 08:28 PM
Vue Vue is offline
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Quote:
Originally Posted by Unregistered View Post
Does annual expense include housing loan?
Assuming you rent out the 2nd unit and its income matches loan, you are perfectly fine.
75 K pa is reasonable with housing loan. The next step will be working / savings to give you the same return.

Using a conservative 4% return, you will need 1.875M cash.
So you would probably need to save another 1 m before retirement.
Given your net saving is at 135K ( Earning - Expenditure), you should reach your target in 7 to 8 years.

Verdict : Retire before 50.
Once the interest rate raises, I think have to spend an additional 15k annually. So the annual expenses is around 90k. Is this unreasonable?
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  #2325 (permalink)  
Old 14-07-2015, 09:08 PM
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50, 51 year old couple. Total income $150k pa. Our flat is worth $500k and we have fully paid it up. We bought a new car which is paid up. Our cash and CPF savings $500k. Our total net worth $1m. Are we doing alright?
We are 51, 48 year old couple. Total income $260k pa. Condo $1.3M and car fully paid. Cash, cpf, stock of $1.1M, generating additional $40kpa passive income.

I know of couples in our age group being in much better financial position. So don't compared, be contented, happy and enjoy life. Cheers!


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  #2326 (permalink)  
Old 15-07-2015, 07:31 AM
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Regardless of your income and current networth, if you keep to the following steps, you will do alright and have a sustainable retirement:

1. Always spend less than you earn. Savings come from spending less than your income.
2. Savings must be invested to keep pace with (or better still beat) inflation. In other words, make your money work!
3. Continue to work as long as you can. As you reach 50 and above, you will find your expenses stabilizing or even reduce while your income rises. Your housing loan, car loan and children's educational needs should have been settled. This period (50 to 60+) is the golden period for building up your savings for retirement.
4. Keep healthy through eating well, regular exercising, socializing and having enough rest.
5. Take up a hobby or activity that you like and one which you can continue to engage in well into your retirement.
6. Live life. Don't be a hermit and just stay at home after work.

I have colleagues who are in their late 50s who are healthy, contented and lead dignified lives. Work for them is an option, and they chose to continue to work as they find it more meaningful and engaging than retiring with no purpose.

Quote:
Originally Posted by Unregistered View Post
We are 51, 48 year old couple. Total income $260k pa. Condo $1.3M and car fully paid. Cash, cpf, stock of $1.1M, generating additional $40kpa passive income.

I know of couples in our age group being in much better financial position. So don't compared, be contented, happy and enjoy life. Cheers!
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  #2327 (permalink)  
Old 18-07-2015, 01:07 PM
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Wink Uni student

24. University student.

5k - cash
10k - equity
3k - bonds
7k - currencies (about half USD, includes JPY as well)

Aiming to hit 30k before I graduate )
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  #2328 (permalink)  
Old 18-07-2015, 01:41 PM
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Originally Posted by Unregistered View Post
Does annual expense include housing loan?
Assuming you rent out the 2nd unit and its income matches loan, you are perfectly fine.
75 K pa is reasonable with housing loan. The next step will be working / savings to give you the same return.

Using a conservative 4% return, you will need 1.875M cash.
So you would probably need to save another 1 m before retirement.
Given your net saving is at 135K ( Earning - Expenditure), you should reach your target in 7 to 8 years.

Verdict : Retire before 50.
How to even get 4% return guaranteed in the first place? If there are risks involved, may not be worth it after all since it may lead to negative returns.
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  #2329 (permalink)  
Old 19-07-2015, 05:45 PM
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How to even get 4% return guaranteed in the first place? If there are risks involved, may not be worth it after all since it may lead to negative returns.
Low risk low returns.

If you are unwilling to take risks, then just stick with the "safety" of bank savings lor. That one principal guaranteed!

But also guaranteed that you will lose the value of your money due to inflation.

Den you just have to suck thumb.
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  #2330 (permalink)  
Old 23-07-2015, 11:50 PM
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28 y/o single
50k+ cash savings not including cpf
1.8k savings per month from salary

Intending to invest again a few more months.

Decent?
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