Whats your net worth

Aiyoyo. A rich man unveiled. Now everyone knows the details of the occupant at 71 Trevose Crescent.

Actually, oldman doesn't look so old. I found a picture of him in China looking quite good and well preserved. Everything he says is true. works for a major Fortune 10 oil company, local boy graduated from NUS and still owns Greenwood Semi-D. Plays golf pretty well. Solid! and congratulations to him. Wonder what cars he drives....

I imagine oldman may be uncomfortable at being identified, but this is actually very interesting, because it seems to be a verified story of a true multimillionaire rather than a lot of the BS posted here and has some detail. Oldman is like the tortoise that eventually wins the race after working in the same job for 35 years and a bit of property investing, he is worth $20m+ Oldman, I take my hat off to you. Looks like you are a modest fellow engineering type who worked hard and succeeded spectacularly. Too many of the seemingly successful here (most probably BS) are young to middle aged ah beng type entrepreneurs, barely educated, who took huge risks and made it through luck. You are the conventional type university educated executive who made it through diligence and perseverance over a long time. With so much money, I wonder why you work. I suppose $600K is still quite a lot, but if you are saving 70% you are probably over saving for this point in your life.

Originally Posted by Unregistered

Too many of the seemingly successful here (most probably BS) are young to middle aged ah beng type entrepreneurs, barely educated, who took huge risks and made it through luck.

What's wrong with taking huge risks and making it through luck? Half of Oldman's net worth is a result of property investment gains, which is also a huge risk undertaking.

In fact, property is the most effective (or frustrating depending on which side you are) stratification of society.

I make more than Oldman but no where near his wealth due to age difference. Unfortunately, I cannot roll back the clock to buy a 3000+ sq ft semi-d in Bukit Timah for $450k or a 8000+ sq ft bungalow for $3 M+.

While Oldman got an 8000+ bungalow for $3 M+, I can only get a semi-d. How nice if I can buy a semi-d for $450k like what Oldman had done.

You sound like the investment banker type. Sure you may make a lot of money in some years, but in other years, you will be out of a job. oldman got there by earning a steady high income. $600K over 12 years is $12M and he has been working for 35 years. There is a big difference. oldman is a "real" performer.

Also, oldman was already making a pile in the old days when people like you were paid poorly and before the FT moved to Singapore. Blame the FT on driving up prices, but they have probably also driven up your salary.

To buy oldman's $10M+ bungalow, say you put $2m cash downpayment. You have to take a loan for $8M, which means a monthly mortgage payment of around $50,000 a month for the next 20 years. A bit daunting, no?

Originally Posted by Unregistered

You sound like the investment banker type. Sure you may make a lot of money in some years, but in other years, you will be out of a job. oldman got there by earning a steady high income. $600K over 12 years is $12M and he has been working for 35 years. There is a big difference. oldman is a "real" performer.

Also, oldman was already making a pile in the old days when people like you were paid poorly and before the FT moved to Singapore. Blame the FT on driving up prices, but they have probably also driven up your salary.

To buy oldman's $10M+ bungalow, say you put $2m cash downpayment. You have to take a loan for $8M, which means a monthly mortgage payment of around $50,000 a month for the next 20 years. A bit daunting, no?

This has got to be the most naive post ever.

Originally Posted by Unregistered

This has got to be the most naive post ever.

I guess I hit the nerve

Originally Posted by Unregistered

I guess I hit the nerve

Nope. Actually, I'm not even the guy you tried to insult.

I'm an innocent bystander that couldn't stand the nonsense you were spouting.

It is obvious to all that oldman has done very well for himself, but he has also benefited from the exponential increase in property prices over the years, opportunities that are no longer there for us given that increase in property prices have far exceeded increase in wage levels. From 2003, prime property prices have increased 3 to 4 times, while wages have probably increased less than 20%.

So to attribute oldman's success to steady high income rather than opportune investment is an incredibly naive mis-analysis.

Basically, he was born at the right place and right time, and had the foresight to invest wisely when in a position to do so. BUT if he were born in 1980, with exactly the same income he's earning today, he would not be a fraction of the success he is in regards to net worth, BECAUSE his income level, while impressive in itself, does not even come close to supporting the level of assets he owns, despite the all time low interest rate environment currently.

And the above is just a big picture rebuttal to your mindless post. I won't even go into rebutting your assumption of $600k pa for 12-yrs, which assumes stagnant wages for 12-yrs and regular $300k pa income from stock options for 12-yrs ...

Don't BS here lah. It's obvious you are the same guy.

Your post shows how young and naive you are. It's well known that salary levels peak at around 45-55, so oldman, who is 2 years away from retirement, is already past his peak. He probably earned even more than $600K when you were in high school. It doesn't sound as if he is top management at his oil company anyway... probably, a senior manager just below the director level.

Many of you think that just because you earned $1m last year that you are master of the universe. Not so! There are many bankers who earn $1m, then are unemployed for the next two years and come back in with their tail between their legs at a $150K salary. You clearly sound like you might become one from your poor financial analysis of oldman. Or worse... a one-hit entrepreneur who will eventually become bankrupt.

Oldman earned his bungalow the old fashioned way, he worked for it.

Originally Posted by Unregistered

Don't BS here lah. It's obvious you are the same guy.

Your post shows how young and naive you are. It's well known that salary levels peak at around 45-55, so oldman, who is 2 years away from retirement, is already past his peak. He probably earned even more than $600K when you were in high school. It doesn't sound as if he is top management at his oil company anyway... probably, a senior manager just below the director level.

Many of you think that just because you earned $1m last year that you are master of the universe. Not so! There are many bankers who earn $1m, then are unemployed for the next two years and come back in with their tail between their legs at a $150K salary. You clearly sound like you might become one from your poor financial analysis of oldman. Or worse... a one-hit entrepreneur who will eventually become bankrupt.

Oldman earned his bungalow the old fashioned way, he worked for it.

Sigh, do I hv to spell it out? ok, finance 101.

Assume $20mn in assets, 80% loan, 20 yr mortgage, 2% interest (even tho average interest rate over past 20 years is about 4%).

mortgage payment = $64k per month = $768k per annum. To support that level of mortgage payment @ 40% of income (which is above recommended 30%), you need to make c. $1.9mn per annum.

Even if I assume he does not want to pay for anything else, just tax and mortgage, he needs to make $900k pa.

I have used v conservative numbers above, if u assume $25mn in assets, and 4% interest rate, and 30% ceiling for mortgage payments, u need $3mn pa.

So long story short, let me say again: $600k pa "does not even come close to supporting the level of assets he owns, despite the all time low interest rate environment currently" and "to attribute oldman's success to steady high income rather than opportune investment is an incredibly naive mis-analysis".