Whats your net worth

Originally Posted by Poor millionaire

It's a 2500/ 3000 (land/ built up) ... in a prime area. I really need the space (3000), I do recognize what you are saying but i can't afford a 3000 land. However as long as I am paying a lower than market PSF for land, the price should be ok right?

is it freehold? if yes, 2500 sf landed for 2.5M is a very good deal for prime area

Originally Posted by Unregistered

is it freehold? if yes, 2500 sf landed for 2.5M is a very good deal for prime area

Yes it is FH ... but in D15. To me that's quite prime... hehe... no, not D9-11.

Originally Posted by Unregistered

Yes it is FH ... but in D15. To me that's quite prime... hehe... no, not D9-11.

i would go for it.

i also own a landed in D15 (freehold terrace with 800K loan), monthly repayment about 3, as well as a 3 br condo in bukit timah (rented out, enough to cover the loan even at 4% interest rate) as i believe in property as a good investment

38yrs old, wife and 1 girl

Combined Cash: 768K
Combined CPF: 29K (OA), 84.5K (SA)

Current value of flat: 550K
Outstanding House Loan:145K (only debt)
Stock: 4.5K
Combined Insurance current value: 103.3K

Total Networth: $1.394M

My annual total income: $100K (not so secure)
Wife annual total income: $50K

How could I grow from passive income?
Not looking to invest on prty as price is too high and need to pay 40% downpayment.
Non-risk taker in investment but willing to consider valuable blue chip stock as long term.

Aim to achieve $2M cash while still living in current HDB.

Thankful for valuable advise.

Originally Posted by 3838

38yrs old, wife and 1 girl

Combined Cash: 768K
Combined CPF: 29K (OA), 84.5K (SA)

Current value of flat: 550K
Outstanding House Loan:145K (only debt)
Stock: 4.5K
Combined Insurance current value: 103.3K

Total Networth: $1.394M

My annual total income: $100K (not so secure)
Wife annual total income: $50K

How could I grow from passive income?
Not looking to invest on prty as price is too high and need to pay 40% downpayment.
Non-risk taker in investment but willing to consider valuable blue chip stock as long term.

Aim to achieve $2M cash while still living in current HDB.

Thankful for valuable advise.

how did you accumulate so much cash?

Originally Posted by poor millionaire

i don't agree. I believe any man who is able to build a business so big (single handedly) commands most people's respect. Tell me you don't respect George Quek or Douglas Foo either? Then there are not many people who can command my respect in Singapore then.

Money is the source of all respect. Therefore the statement in the quote above the quote is incorrect: "The poh piah king may be rich, but he doesn't command a lot of respect except from the uneducated."

"The first day of school at Dunman High School was one that was filled with excitement – it was our first day back at the revamped campus, and we were celebrating the occasion with Homecoming festivities!

The day started with a significant badge-pinning ceremony led by our Vice-Principal, Mr Ng to welcome the Year 1 students to the family. The arrival of the Guest of Honour (GOH), Mr Sam Goi, Chairman of the School Advisory Committee was subsequently announced with a lively welcome by the lion dance troupe at the foyer before guests proceeded to the school hall. In the hall, all past and present Principals, together with Mr Goi, rang an old bronze school bell to kick-start the Homecoming celebrations, and the stage exploded in a cloud of colourful confetti, much to the delight of the surprised audience."

The common denominator of respect is money. How do you compare one profession with another when all professions are so different? It is money. Money is the source of respect.

Even if you do not respect Popiah King, he doesn't need your respect. He can obtain your respect through "transfer pricing".

E.g. The Popiah King is respected by the Principal; while the Principal is respected by the Vice Principal; while the Vice Principal is respected by the teacher. Hence if you respect the teacher, you respect the Popiah King. Indirectly.

Originally Posted by Unregistered

Money is the source of all respect. Therefore the statement in the quote above the quote is incorrect: "The poh piah king may be rich, but he doesn't command a lot of respect except from the uneducated."



The common denominator of respect is money. How do you compare one profession with another when all professions are so different? It is money. Money is the source of respect.

Even if you do not respect Popiah King, he doesn't need your respect. He can obtain your respect through "transfer pricing".

E.g. The Popiah King is respected by the Principal; while the Principal is respected by the Vice Principal; while the Vice Principal is respected by the teacher. Hence if you respect the teacher, you respect the Popiah King. Indirectly.

I am interested to know how you connect the two statements from the above post together. You said the teacher, VP, Principals all respect the Poh Piah King. Then earlier you mentioned that nobody respects the PP King except the uneducated? It got me confused as I thought teachers and the like are considered educated? So....... am I missing a link here?

I personally think that some people like to play it safe and "gain respect" from people by associating themselves with big and well established organizations. I know a lot of people who work in Goldman Sachs and the like, in the back office. They get paid quite ok, obviously not as much as the front office. However, they mostly do not have as much time to spend on monitoring their investments as I do.

I used to work for such a financial institution and my friends used to respect me a lot and ask for me opinion a lot. However, I realize that I don't know as much then as now! I used to be so focused on my small little part, that I failed to look at the big picture. Now, I spend my day reading all sorts of books from bookstores and articles online. I monitor all my investments closely and self-learn several investment techniques. I think I am doing pretty ok in my investments and earn more now than I ever did working for the bank.

Maybe I do not yearn for the satisfaction of climbing the corporate ladder as some of the guys do. Maybe because I am a woman and have a husband who earns quite a steady and large pay packet.

What I am a bit upset about is that my friends who do not know that I earn this much money on the side are always envious that I can "stay home and be a tai tai" and thinks that my husband is the one who (through his pay packet) afforded me all the luxuries. On one hand, it is true that he gives me stability by having a steady pay, which allows me to free up my time to take this risk on staying home to dabble with investments (mostly stocks and property). However, whenever we buy a house etc, almost 90% of the down payment comes from the profits from my stocks and investments. 10% comes from his salary savings =)

Yeah, now that I have a million in the bank (not counting my studio in CBD), I aim to make another million out of it. I think the next million will still be difficult but I will keep carrying on until I make a few millions out of my million.

Maybe I should just not buy that Semi-D for the time being. I saw some that I like but the owners are RIDICULOUS. Through some of my sources, I know the price that they bought. For example one owner bought his semi-d in 2003 for 1.3M. I am willing to give him cheque for 2.3M, yet he wants to hold out for 2.4M. If I were him, I'd take the 1M profit and run!!! It is really a sellers' market now. I will hold out more for the general sentiment to soften further. I don't believe interest rates will not rise!

Good things come to those who wait. Meanwhile I will continue to stay with my parents and make more money.

Originally Posted by Unregistered

how did you accumulate so much cash?

Very much in saving, though earlier years I do earn some profit from shares which was bought over and unit trust. But that's very minor, contribution gain is about $10K.

Btw, we do enjoyed high life, travel and purchase branded items when younger. With a 7yrs old kid, all expenses went to the kid now.

Hope to have advise on how to grow and invest.

Originally Posted by poor millionaire

I am interested to know how you connect the two statements from the above post together. You said the teacher, VP, Principals all respect the Poh Piah King. Then earlier you mentioned that nobody respects the PP King except the uneducated? It got me confused as I thought teachers and the like are considered educated? So....... am I missing a link here?

The missing link is that the person who said that the popiah king "doesn't command a lot of respect except from the uneducated" is a different person from the one who said that the popiah king is respected by principals, vice principals and teachers.

Originally Posted by poor millionaire

Maybe I should just not buy that Semi-D for the time being. I saw some that I like but the owners are RIDICULOUS. Through some of my sources, I know the price that they bought. For example one owner bought his semi-d in 2003 for 1.3M. I am willing to give him cheque for 2.3M, yet he wants to hold out for 2.4M. If I were him, I'd take the 1M profit and run!!! It is really a sellers' market now. I will hold out more for the general sentiment to soften further. I don't believe interest rates will not rise!

Good things come to those who wait. Meanwhile I will continue to stay with my parents and make more money.

Why are the sellers ridiculous? The value of a piece of property is based on the current valuation and not how much the owner bought it for.