Whats your net worth

[Wiseman1]

Originally Posted by Unregistered

Couple in mid 40's. Combined income $160k pa.
Net worth, including primary home, $1.7m.
Hope to retire by 55, expecting net worth to rise to $3m in 10 years time as property prices will appreciate over the next 10 years because of steady economic growth in Singapore.

Oh is it Bro? Only $3M? I thought should be $5M? Do you need my help to find that sucker to buy your house at $3M so that you can realise the worth as you say it is? Better act fast, the pool of suckers are going down drastically!!!!

Originally Posted by Wiseman1

Oh is it Bro? Only $3M? I thought should be $5M? Do you need my help to find that sucker to buy your house at $3M so that you can realise the worth as you say it is? Better act fast, the pool of suckers are going down drastically!!!!

What's wrong with you? You sound very rude. Very frustrated? Missed the boat?

Don't you know property prices will rise over the long term? I'm sure over the next 10 years, with the many MRT lines and stations opening, prices will go higher.

[Wiseman1]

Originally Posted by Unregistered

What's wrong with you? You sound very rude. Very frustrated? Missed the boat?

Don't you know property prices will rise over the long term? I'm sure over the next 10 years, with the many MRT lines and stations opening, prices will go higher.

There is nothing wrong with me, but something very wrong about your mentality. I am doing you a favor by shaking you out of the dreams and start facing reality. I had been on the boat, enjoyed the joys of sailing, saw it sunk right before my eyes and had to struggle to swim real hard to shore for my life.

I am not trying to be a wet blanket here.

Your mentality is typical of many here in this forum as well as many silly-poreans up there. All you all can think of is property prices would only head in one direction: north. Alot of you are probably old enough to have witnessed the last property downturn in the 1990s which lasted 10 long years and property prices hit rock bottom. The bottom line is that would happen again. It is just a matter of time. Either you guys have very short memories and you choose to conveniently forget it.

Even the National Development minister Khaw have spoken at least twice to ask Sillyporeans not to be too bullish on properties and sink too much cash into bricks and motar. Yet few sit up and take notice, continue to indulge in their property castle dreams.

Let me ask you: What is your basis for saying your property would double in value to $3m in 10 years? Did you just based it on past price trends and make a straight line extrapolation? Or the value would automatically reach that level simply because there are new MRT lines?? Either you are a property agent trying to do the typical sales pitch to the readers here or you are just pure naive and stupid.

I would ask you further: Who are going to be the target buyers for your so call $3M house? Even at your current worth of $1.7m it is already a very limited pool of high income earners who can be your potential buyers. You would have to make sure their income levels double in the next 10 years for you to be able to sell your house to them at $3m. What is the possibility of this happening??It is not even within your control!

And it follows from above that if you cant liquidate your house for $3m cash, what is the point of saying it is worth $3m???. Can you eat off the bricks and motars for your retirement years???

A word of advice: Dont count on your property value to double or triple for retirement needs or get rich, like what alot of the misguided sillyporeans out there are doing in herds, behaving like monkeys.

Put aside enough cash, dont sink all your fortune into bricks and motars, cash is always king. The low interest rate environment is only temporary, sooner or later the cash is going to earn you alot more interest than now!

Originally Posted by Wiseman1

There is nothing wrong with me, but something very wrong about your mentality. I am doing you a favor by shaking you out of the dreams and start facing reality. I had been on the boat, enjoyed the joys of sailing, saw it sunk right before my eyes and had to struggle to swim real hard to shore for my life.

I am not trying to be a wet blanket here.

Your mentality is typical of many here in this forum as well as many silly-poreans up there. All you all can think of is property prices would only head in one direction: north. Alot of you are probably old enough to have witnessed the last property downturn in the 1990s which lasted 10 long years and property prices hit rock bottom. The bottom line is that would happen again. It is just a matter of time. Either you guys have very short memories and you choose to conveniently forget it.

Even the National Development minister Khaw have spoken at least twice to ask Sillyporeans not to be too bullish on properties and sink too much cash into bricks and motar. Yet few sit up and take notice, continue to indulge in their property castle dreams.

Let me ask you: What is your basis for saying your property would double in value to $3m in 10 years? Did you just based it on past price trends and make a straight line extrapolation? Or the value would automatically reach that level simply because there are new MRT lines?? Either you are a property agent trying to do the typical sales pitch to the readers here or you are just pure naive and stupid.

I would ask you further: Who are going to be the target buyers for your so call $3M house? Even at your current worth of $1.7m it is already a very limited pool of high income earners who can be your potential buyers. You would have to make sure their income levels double in the next 10 years for you to be able to sell your house to them at $3m. What is the possibility of this happening??It is not even within your control!

And it follows from above that if you cant liquidate your house for $3m cash, what is the point of saying it is worth $3m???. Can you eat off the bricks and motars for your retirement years???

A word of advice: Dont count on your property value to double or triple for retirement needs or get rich, like what alot of the misguided sillyporeans out there are doing in herds, behaving like monkeys.

Put aside enough cash, dont sink all your fortune into bricks and motars, cash is always king. The low interest rate environment is only temporary, sooner or later the cash is going to earn you alot more interest than now!

You got the point anyway. Just need a little tone down. Worth to be considered for most of forumer here. As most of Singaporean who making big in properties here are Chinese descent, the way they are thinking are almost equals to Chinese mainland. But they forgot that Singapore is not China. China property are going up because China is still in the stage of developing country, and the driving force of property price there is a huge urbanization force of migrant worker coming to city to find a job. But Singapore is just a small city. As far as gov still allow migration (either FT or rich individual) came in from another countries, there is a pushing up demand. But once the gate is close, the property price here will start to dwindling down. Property price is just like a stock market, it can go up and down, so you need to have entry and exit strategy as well, know when to buy and know when to sell is very important. Most people forget this point.

It worries me when I see lots of advertisements in the ST promoting buying property to get rich. One ad even say "use your HDB to own private properties". I wonder whether they are asking people to take on more debt. Should someone who have paid off their HDB loan now take more loan to invest? what if the economy tanks and they cannot finance their mortgage? what if they lose their jobs? i think many HDB flat owners dream to own private property for investment. Because of the low interest rates, they are confident, what if interest rates start to rise? now HDB flat owners can buy private property. this should stop. if they buy private, they must sell away their HDB and take on as little debt as possible, to be financially prudent.

Originally Posted by Unregistered

You got the point anyway. Just need a little tone down. Worth to be considered for most of forumer here. As most of Singaporean who making big in properties here are Chinese descent, the way they are thinking are almost equals to Chinese mainland. But they forgot that Singapore is not China. China property are going up because China is still in the stage of developing country, and the driving force of property price there is a huge urbanization force of migrant worker coming to city to find a job. But Singapore is just a small city. As far as gov still allow migration (either FT or rich individual) came in from another countries, there is a pushing up demand. But once the gate is close, the property price here will start to dwindling down. Property price is just like a stock market, it can go up and down, so you need to have entry and exit strategy as well, know when to buy and know when to sell is very important. Most people forget this point.

Originally Posted by Wiseman1

There is nothing wrong with me, but something very wrong about your mentality. I am doing you a favor by shaking you out of the dreams and start facing reality. I had been on the boat, enjoyed the joys of sailing, saw it sunk right before my eyes and had to struggle to swim real hard to shore for my life.

I am not trying to be a wet blanket here.

Your mentality is typical of many here in this forum as well as many silly-poreans up there. All you all can think of is property prices would only head in one direction: north. Alot of you are probably old enough to have witnessed the last property downturn in the 1990s which lasted 10 long years and property prices hit rock bottom. The bottom line is that would happen again. It is just a matter of time. Either you guys have very short memories and you choose to conveniently forget it.

Even the National Development minister Khaw have spoken at least twice to ask Sillyporeans not to be too bullish on properties and sink too much cash into bricks and motar. Yet few sit up and take notice, continue to indulge in their property castle dreams.

Let me ask you: What is your basis for saying your property would double in value to $3m in 10 years? Did you just based it on past price trends and make a straight line extrapolation? Or the value would automatically reach that level simply because there are new MRT lines?? Either you are a property agent trying to do the typical sales pitch to the readers here or you are just pure naive and stupid.

I would ask you further: Who are going to be the target buyers for your so call $3M house? Even at your current worth of $1.7m it is already a very limited pool of high income earners who can be your potential buyers. You would have to make sure their income levels double in the next 10 years for you to be able to sell your house to them at $3m. What is the possibility of this happening??It is not even within your control!

And it follows from above that if you cant liquidate your house for $3m cash, what is the point of saying it is worth $3m???. Can you eat off the bricks and motars for your retirement years???

A word of advice: Dont count on your property value to double or triple for retirement needs or get rich, like what alot of the misguided sillyporeans out there are doing in herds, behaving like monkeys.

Put aside enough cash, dont sink all your fortune into bricks and motars, cash is always king. The low interest rate environment is only temporary, sooner or later the cash is going to earn you alot more interest than now!

Oi, can stop using red ink or not. Very rude and hard to read.

What you want the gahmen to do? Stop all land sales immediately? You know what will happen right?

Building cost, raw materials, land cost are not cheap, in fact they are always going up. How can developers sell low?

Already 7 rounds of CM, speculators are weeded out, who then are making all the purchases?

It was also reported that many S'poreans are buying properties overseas (UK, M'sia, Aust, etc). How come? Where the money come from?

Can someone get to the bottom of this? Any hard data?

This was what I did last year:

1. Sold my fully paid condo (for stay) at $2m. Bought in 2006 for $1m.
2. Bought a smaller condo (for stay) costing $1m, paid in full.
3. Use the balance from sale of condo to pay off outstanding loan of two investment condos.
4. Now own 3 fully paid condos. Investment condos give passive income of $80k pa in total.
5. No worries now as I don't have any mortgage loan.
6. Net worth in total about $3.8m, including cash $600k.
7. Achieved financial freedom.

By the way, how old are you?

The current property price situation would be difficult for the younger to achieve financial freedom as you.

I would reckon to work and save hard, buy what you could afford now.

Grab opportunity during the downturn in stock or property.

Patience will pay but need courage and standby ready cash.

Originally Posted by Unregistered

This was what I did last year:

1. Sold my fully paid condo (for stay) at $2m. Bought in 2006 for $1m.
2. Bought a smaller condo (for stay) costing $1m, paid in full.
3. Use the balance from sale of condo to pay off outstanding loan of two investment condos.
4. Now own 3 fully paid condos. Investment condos give passive income of $80k pa in total.
5. No worries now as I don't have any mortgage loan.
6. Net worth in total about $3.8m, including cash $600k.
7. Achieved financial freedom.

I'm 50 and retired.

I don't think the property market will rise in the future. The big rise is over. Prices will likely stagnate over the next 20 years.

For the young, they should forget about getting rich in property because the game is over. They should just focus on buying a BTO and then upgrade to a condo for stay. Forget about buying an investment condo.

Originally Posted by Unregistered

By the way, how old are you?

The current property price situation would be difficult for the younger to achieve financial freedom as you.

I would reckon to work and save hard, buy what you could afford now.

Grab opportunity during the downturn in stock or property.

Patience will pay but need courage and standby ready cash.

In the 40s, wife late 30s, 2 kids.
Combined income $300k+ pa.
Net worth, including stock, CPF, case, and home, around $4m.
2 cars, fully paid.
Working on generating passive income of around 8k a month, currently no where near that amount..