Whats your net worth

am i underperforming?

50 this year, only earning $100K pa.
managed to do some property investments.
today, i own 3 private properties, with a net worth of $2.2m

am i underperforming? i know some of my classmates are doing much better than me.
what should i do to improve my financial standing?
appreciate advice from any success stories. thank you.

Originally Posted by Unregistered

am i underperforming?

50 this year, only earning $100K pa.
managed to do some property investments.
today, i own 3 private properties, with a net worth of $2.2m

am i underperforming? i know some of my classmates are doing much better than me.
what should i do to improve my financial standing?
appreciate advice from any success stories. thank you.

Ask your classmates then. Owning 3 private properties is already a big success in the eyes of many people including many in your age group. Perhaps you should celebrate your success and teach us here a thing or two? For example, are the properties co-owned by yourself and your spouse? If not, how is it possible to build up such a respectable net worth (is it combined or solely yours) with such a modest income? Or were you making much more when you were younger?

Originally Posted by Unregistered

am i underperforming?

50 this year, only earning $100K pa.
managed to do some property investments.
today, i own 3 private properties, with a net worth of $2.2m

am i underperforming? i know some of my classmates are doing much better than me.
what should i do to improve my financial standing?
appreciate advice from any success stories. thank you.

Firstly for anyone earning just $100k pa to own 3 properties is very rare. So this fact in itself makes you outstanding in your shrewdness.

However, for an individual aged 50, $100k pa is quite low. People are hitting this income in their early 30s.

I can imagine that it must be very tight for you to service the mortgage payments for your properties based on the $100k income, unless they are all fully paid. If they are fully paid, then it is a big achievement that you can be truly proud of.

I don't have any loans to pay, but my yearly burn rate is already more than $100k just to bring up a normal 2 child family with a family car & parents & maid. My household income is $410k pa, and I am your age group.

Indeed a $100k pa income is considered modest but to build up a $2.2m net worth is decent.I am 39 and wife 35 both earning $100k each per annum and net worth of $2m excluding home we are staying in.I think the key is to invest at right time and guts to do that when others dare not especially those years when properties in Singapore is at a low and not many are bullish about it.Yes we got many friends and peers who are head and shoulders above us in income and net worth and we have come to the point that we are no longer jealous or envious cos our backgrounds and circumstances are different.We had no family inheritance nor help from any sources along our financial and investment journey and that makes it far sweeter for both of us.

Originally Posted by Unregistered

Indeed a $100k pa income is considered modest but to build up a $2.2m net worth is decent.I am 39 and wife 35 both earning $100k each per annum and net worth of $2m excluding home we are staying in.I think the key is to invest at right time and guts to do that when others dare not especially those years when properties in Singapore is at a low and not many are bullish about it.Yes we got many friends and peers who are head and shoulders above us in income and net worth and we have come to the point that we are no longer jealous or envious cos our backgrounds and circumstances are different.We had no family inheritance nor help from any sources along our financial and investment journey and that makes it far sweeter for both of us.

It's actually quite common to reach above $2M net worth these days. I'm 36 and wife 34, and we have around $2.7M. My income last year was $240K, wife not working

Originally Posted by Unregistered

It's actually quite common to reach above $2M net worth these days. I'm 36 and wife 34, and we have around $2.7M. My income last year was $240K, wife not working

It is not just quite common,in fact it is very common.Every single person I meet nowadays has a net worth in excess of $2m.My work place,my neighbors,my relatives and friends.To differentiate yourself(if this is very important to you),you must be a billionaire,no less.

Originally Posted by Unregistered

It is not just quite common,in fact it is very common.Every single person I meet nowadays has a net worth in excess of $2m.My work place,my neighbors,my relatives and friends.To differentiate yourself(if this is very important to you),you must be a billionaire,no less.

Lol. 10 chars.

Interesting discussion here. I agree with the comment to have a net worth of $2m (inclusive of primary home) is no big deal. My parents who own a HDB flat in Redhill brag about owning a $1m property which they bought at a fraction of its current price.

I myself am only 40 but I own a fully paid landed property and another fully paid investment condo. My net worth including my landed property is $4m. Despite this, I still need to work as the demands of living here is high.

So, to the guy who has a net worth of $2.2m, I must you have done quite well for a person earning a decent $100k pa. You are much better off than many in your age group, some of whom are unemployed because they are replaced by cheap foreigners. Just be happy and keep your job well. I think you can retire in 10 years time.

Originally Posted by Unregistered

Interesting discussion here. I agree with the comment to have a net worth of $2m (inclusive of primary home) is no big deal. My parents who own a HDB flat in Redhill brag about owning a $1m property which they bought at a fraction of its current price.

I myself am only 40 but I own a fully paid landed property and another fully paid investment condo. My net worth including my landed property is $4m. Despite this, I still need to work as the demands of living here is high.

So, to the guy who has a net worth of $2.2m, I must you have done quite well for a person earning a decent $100k pa. You are much better off than many in your age group, some of whom are unemployed because they are replaced by cheap foreigners. Just be happy and keep your job well. I think you can retire in 10 years time.

Sad but true. And your landed is probably quite small i guess

I myself am only 40 but I own a fully paid landed property and another fully paid investment condo. My net worth including my landed property is $4m. Despite this, I still need to work as the demands of living here is high.

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How true and how sad. My spouse and I were originally planning to retire last year when we hit 55, but looking at how things are developing, we decided to continue slogging until we are asked to go.

Initially we thought we prepared well. We diligently saved and invested. We have no loans now, and even managed to establish a passive income stream of $100k pa. It did look good at first, and we were pleased that we achieved our target of paying off our housing loans, car loans and supporting our children's education.

But looking at the ever increasing inflation and health care cost we just do not feel secure to retire and just rely on the passive income which is subjected to the vagaries of the economy. We would have to draw down on our hard earned savings/assets if the passive income drops below our yearly burn rate and worse come to worse downgrade our lifestyle - giving up the family car, going for shorter holidays to nearby countries.

Singapore is a good place to earn money but I am not so sure when it comes to retirement!