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Whats your net worth

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  #861 (permalink)  
Old 24-04-2013, 12:19 AM
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Hello, here is a true story of my life.

Born in a lower middle income family, lived in a 3 room HDB flat. Shared my room with a few family members. I studied hard, got into top schools and eventually got good jobs. Had good pay and bonuses, invested in stocks and properties. Made a decent amount from my investments.

Now I am retired, at 50. Own several private properties. I have lived the Singapore dream, from a humble background to one who is considered quite successful in Singapore. I never thought this was possible but it is. I am thankful to my parents, my teachers and professors, my bosses, the good Singapore government and society for making my Singapore dream possible.
How did you do it? Do you think it's possible to repeat your success if you were a young man again now?

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  #862 (permalink)  
Old 24-04-2013, 10:30 AM
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How did you do it? Do you think it's possible to repeat your success if you were a young man again now?
Yes, it is possible to do it even if i were young again. In fact, the opportunity is still present.

I am trained in the science of economics and i understand how the global financial system works. When we had the crisis of 2008, i knew it was a big opportunity to invest. i bought a property then and made lots from it, i continue to invest in other properties after selling it and these new properties continue to be great investments.

Property in Singapore will continue to be good investments if you know where to buy. My tips for you - dont look at the core central region, the big opportunities are in the outskirts where you will see big transformations in the years to come. Good luck.

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  #863 (permalink)  
Old 24-04-2013, 11:32 AM
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I am 52, retired. Two property, one car. Zero liability.
I have two kids. My daughter is working and my son is in NUS now.

I'm living on passive income of $5k from rental. Living in a 4BR private in west, and hold another 3BR private near CBD for rental. I have some stocks that gives me dividends every now and then. I also sell them when I net a profit. This is my bonus cash.

A breakdown of my expenses. (my personal cap, never reached this amount)

Groceries and food - $1,000
House utilities - $500
Car (parking, petrol, insurance)(fully paid) - $500
Entertainment (inclusive of wive's yoga class, our dance class, and other misc cost) - $1,000

Son's expenses (if you're keen)

$28k tuition fee
$3k annual allowance

All in all, i still manage to save $2k of rental. That's about $20k a year which I spend on traveling.

To answer your question, definitely can be done. Keep in mind that there are still many singaporeans who live below $2k/mth and they are still working. You really flatter me as an inspiration.
Thanks for sharing. It gives confidence to people like me who are planning to retire. I also admire you for the courage to retire at a fairly young age. I think it's not easy to decide to stop working. I know of people who have accummulated a lot but still think it's not enough.

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  #864 (permalink)  
Old 24-04-2013, 12:24 PM
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Yes, it is possible to do it even if i were young again. In fact, the opportunity is still present.

I am trained in the science of economics and i understand how the global financial system works. When we had the crisis of 2008, i knew it was a big opportunity to invest. i bought a property then and made lots from it, i continue to invest in other properties after selling it and these new properties continue to be great investments.

Property in Singapore will continue to be good investments if you know where to buy. My tips for you - dont look at the core central region, the big opportunities are in the outskirts where you will see big transformations in the years to come. Good luck.
So, did you make most of your money necessary to retire only in the last 5 years from property and that allowed you to retire. What do you think of the property market now? Is it going to crash? How did you save up the original sums which you invested in 2008?
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  #865 (permalink)  
Old 24-04-2013, 03:58 PM
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So, did you make most of your money necessary to retire only in the last 5 years from property and that allowed you to retire. What do you think of the property market now? Is it going to crash? How did you save up the original sums which you invested in 2008?
I've bought and sold properties for quite some time, more than 5 years for sure. The property market is not going to crash, all this talk is generated by those who missed the boat. The market will be stable and steady over the next two years and will continue to rise steadily, it will not rise as much as the last 5 years, more like 2-3% per year. My initial capital were from my savings and big bonuses. While people around me spend their bonuses buying new big conti cars and on expensive holidays and parties, I invested my money. The sacrifice pays off nicely.
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  #866 (permalink)  
Old 24-04-2013, 11:07 PM
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Actually, please post your story because we haven't had stories from many who were born with a silver spoon. Successful people seem to be smart folks who worked their way into super jobs or ah beng businessmen who by some miracle, hard work and luck became very rich. It's ok to get suanz because humans are by nature jealous of success and as long as you recognize that, you won't react to the typical "bullshit" and "troll" accusations from the boh liaos.

I'm sure many of the HNIs who have become super wealthy would also like to meet you or at least hear your story because they worry of what might become of their children whom they will leave the silver spoon. What have you done to be happy, healthy and not fritter away the fruits of your parent's labours? Are you are nice responsible person or has having too much inherited money spoilt you into a lazy bum. It's a fact that wealth seldom lasts for more than 1 generation of descendants.
You make a fair point, I'll share some of my story see how it goes

So I am 34 married guy with 2 kids working in a support role (banking), decent salary not exceeding 5 digits but put in about 10 - 12 hour days.

Liquid Cash: 1M (70% from inheritance pay-out)

3 Properties valued about: 4.3M (1st & 2nd property partly funded by parent-30% each property, 3rd was inherited from grandparents)

Investment account (cash and shares): 1M (55% from funds overdrawn on the grown valuation of the property)

Debt: 1.4M (for the properties)

Inheritance from my portion of certain family interest: 22 - 25M (unlikely to be liquidated for the near future)

Total Net worth about 25M (or 3M if just counting what I got)

Most of the wealth was from my grandparentís time; my parents luckily also work hard at making a living also create their own wealth pool.

My grandparents were very frugal, for example they would save every bit of rainwater in pots and pans to water the plants in the garden. Since they were also quite stingy most of the family found their own means to earn money. Since young I was helping out with my parents business supplying marine parts, I only became aware of the full picture about 10 years ago.

Fast forward today I do spend more than I should, definitely not frugal living (dining and holidays wise but nothing really super extravagant). I drive a 2nd hand audi to work and like any other person put in the long hours as required for the job. Though my parents are ok to fund properties (I know how much I need to repay them but personal expenditure are paid by myself hence 2nd hand car)

To answer your question I believe ultimately what makes a difference in my life is really upbringing when young(parents attitude to cash and hard work) and the people I have around me, I have friends from the average Joes to the wealthy friends and there are things to learn from both sides on how to live your life and also their experiences which saves you having to learn things the hard way.

I suppose the irony of things is that majority of my funds are locked up, so I do what I can to increase my net assets via whatever means I have (Salary, Existing funds, leverage, parents etc) as I cannot depend on that as a meal ticket. I am also waiting for a dip in the property prices before jumping back in. Iíve been vested in property since 2006 and for me this is a viable way to invest since Iím quite comfortable in this area.
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  #867 (permalink)  
Old 25-04-2013, 07:23 AM
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I've bought and sold properties for quite some time, more than 5 years for sure. The property market is not going to crash, all this talk is generated by those who missed the boat. The market will be stable and steady over the next two years and will continue to rise steadily, it will not rise as much as the last 5 years, more like 2-3% per year. My initial capital were from my savings and big bonuses. While people around me spend their bonuses buying new big conti cars and on expensive holidays and parties, I invested my money. The sacrifice pays off nicely.
No one can be 100% certain that the property market won't crash. If its a sure-win, even at a gradual rise, you should dump everything else and get highly leveraged to invest in property, but you really won't want to do that cos you aren't 100% certain.
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  #868 (permalink)  
Old 25-04-2013, 09:27 AM
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No one can be 100% certain that the property market won't crash. If its a sure-win, even at a gradual rise, you should dump everything else and get highly leveraged to invest in property, but you really won't want to do that cos you aren't 100% certain.
yes, agree that in life, there is no certainty. you may be hit by a bus tomorrow while crossing the road. what is important is to take calculated risk and invest within your means. if you can only afford to buy a 2 room hdb flat with your $2k per month salary, then just stick to that. dont dream of buying a condo with that kind of salary.

predicting the market will crash just because so many people wishing it would crash so that they can buy cheap is as stupid as saying the market will rise by 20% per year over the next 100 years. so, if you need a place to stay just buy within your means and stay put.
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  #869 (permalink)  
Old 25-04-2013, 08:18 PM
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yes, agree that in life, there is no certainty. you may be hit by a bus tomorrow while crossing the road. what is important is to take calculated risk and invest within your means. if you can only afford to buy a 2 room hdb flat with your $2k per month salary, then just stick to that. dont dream of buying a condo with that kind of salary.

predicting the market will crash just because so many people wishing it would crash so that they can buy cheap is as stupid as saying the market will rise by 20% per year over the next 100 years. so, if you need a place to stay just buy within your means and stay put.
This is true, there this tragic news of lady run over by bus near Clementi mall, I think. Agree we must take risk. No risk, no gain. Property is a good bet though as in the long run, prices will rise mainly due to inflation. Central banks around the world are printing paper money like crazy.


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  #870 (permalink)  
Old 25-04-2013, 10:51 PM
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This is true, there this tragic news of lady run over by bus near Clementi mall, I think. Agree we must take risk. No risk, no gain. Property is a good bet though as in the long run, prices will rise mainly due to inflation. Central banks around the world are printing paper money like crazy.
Central banks cannot print money
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