Whats your net worth

Originally Posted by Unregistered

i just read the pdf. from my understanding, if you include children and old people, the per capita net wealth is ~$170k, as you said. HOWEVER, the average net wealth figure is ~$610k PER HOUSEHOLD (see table 4).

and note that these numbers are more than a decade old. with inflation and high income through the years, a $1m net wealth for an average household here isn't all that surprising.

moreover, the people who brag here are most definitely not your average person, due to survivorship bias (or the hao lian factor). let's say these people are in the top quartile. then all the more, the figures of $2-4m of combined net worth is definitely plausible (i.e. no bull).

2c

Infact for those who quoted million dollar net worth here are an asset, not net wealth. And for the net wealth you can multiplied by 10-20%, because this is the only money (net wealth) needed to pay the downpayment of the house/condo, plus 30% of their annual income time how many years they are working, because 30% is general cap for paying the mortgage.

For me, my self I don't need to mention my net worth, you can calculate yourself. I have 2 fully paid landed property (2 storey and 3 storey terrace house), 2 SUV car, 1 fully paid apartment and 1 condo (60% paid). I'm 34 yo and wife 33 yo, no kids. This is honest truth.

Originally Posted by Unregistered

Infact for those who quoted million dollar net worth here are an asset, not net wealth. And for the net wealth you can multiplied by 10-20%, because this is the only money (net wealth) needed to pay the downpayment of the house/condo, plus 30% of their annual income time how many years they are working, because 30% is general cap for paying the mortgage.

For me, my self I don't need to mention my net worth, you can calculate yourself. I have 2 fully paid landed property (2 storey and 3 storey terrace house), 2 SUV car, 1 fully paid apartment and 1 condo (60% paid). I'm 34 yo and wife 33 yo, no kids. This is honest truth.

congrats. i believe your two fully paid landed property will be worth much much more in 10-20 years time.
by that time the proportion of landed property will become much much smaller relative to other residential options like condos etc , and rarer items always become much more valuable. plus its highly unlikely that the govt will release more land for landed (especially freehold landed)

Net worth = assets minus liabilities.

If you own a condo worth $1m but you have a mortgage of $800k, then your net worth is $200k. You are not rich at all. If your mortgage is only $200k, your net worth is $800k, you are rich by Singapore's national standard.

With this clearly in mind, my net worth is $2.3m. This includes cash and my 3 properties (one for owner occupation and two for investments). The condo i live in is fully paid up while the investment condos are 80% paid off. My outstanding loan for the investment condo is only 20% of their total market value. In a worst case scenario of property market crashing by 50%, i am still safe. I also have a cash buffer to pay off all the outstanding mortgages if I want to.

I think I am doing quite ok, by Singapore's standards.

My advice to youngsters: Focus on paying off your primary residence mortgage first, then can think about investing in a second property. Don't be greedy. Be safe.

Originally Posted by Unregistered

congrats. i believe your two fully paid landed property will be worth much much more in 10-20 years time.
by that time the proportion of landed property will become much much smaller relative to other residential options like condos etc , and rarer items always become much more valuable. plus its highly unlikely that the govt will release more land for landed (especially freehold landed)

Congrats on your success in accumulating material wealth assets.

One asset you lack though are kids, they are invaluable assets which gives you joy and happiness. Sorry if you are able to produce.

50years old
Cash: $2.8 million ( recently unloaded all investment), zero debt
2 children in overseas uni under scholarship.
Salary: $16,000 monthly
Stay in HDB flat.

45 years old, retired.
just your average Singaporean millionaire.
passive income $10k pm.
net worth $3m.
no liabilities.

Originally Posted by Unregistered

May I know your combined income?

i am the sole income earner, around $200K per annum

Originally Posted by Unregistered

i am the sole income earner, around $200K per annum

I suppose you made a lot of money from investments? Stocks or property?

Originally Posted by Unregistered

i am the sole income earner, around $200K per annum

What if you lose your job? Not worried of your job?

Originally Posted by Unregistered

How much percentage of your house loan or car loan have been paid of. This is what we concern more than how much your house and car future selling price.

i am debt free