Whats your net worth

Originally Posted by Unregistered

65, retired, getting sufficient monthly passive income. Net worth $10m, mostly from bungalow where I'm staying in for the past 40 years. My kids nowadays are so nice to me, don't know why. I'm not a millionaire as my assets excluding my bungalow is less than US$1m. I have friends who are millionaires but living in HDB flats.

cos your kids are eyeing your $9m bungalow.

I used to be a millionaire with slightly more than US$1m in cash and stocks. I lived in a 5 room HDB flat which was worth $500k and I have managed to pay off my mortgage loan. Suddenly overnight, I wasn't a millionaire any more. What happened? My housewife wife was influenced by her friends who have upgraded to condos. She nagged at me, wanting to upgrade to a condo. So I relented. At first I wanted to buy a $1m condo in the West, but she insisted a better district. So we ended up buying a D9 condo costing us $2m. I paid down $1m after selling my HDB flat which I managed to sell at $500k and my stocks. Now I have a loan of $1m mortgage and cash of about $200k. So now I am not a millionaire and saddled with a loan of $1m. I can no longer brag to my friends that I am a millionaire. I just hope I wouldn't lose my job over the next 25 years.

Originally Posted by Unregistered

I used to be a millionaire with slightly more than US$1m in cash and stocks. I lived in a 5 room HDB flat which was worth $500k and I have managed to pay off my mortgage loan. Suddenly overnight, I wasn't a millionaire any more. What happened? My housewife wife was influenced by her friends who have upgraded to condos. She nagged at me, wanting to upgrade to a condo. So I relented. At first I wanted to buy a $1m condo in the West, but she insisted a better district. So we ended up buying a D9 condo costing us $2m. I paid down $1m after selling my HDB flat which I managed to sell at $500k and my stocks. Now I have a loan of $1m mortgage and cash of about $200k. So now I am not a millionaire and saddled with a loan of $1m. I can no longer brag to my friends that I am a millionaire. I just hope I wouldn't lose my job over the next 25 years.

you are still a millionaire. your condo still has value and its value may even go up!

Originally Posted by Unregistered

you are still a millionaire. your condo still has value and its value may even go up!

Not true, you have to exclude your primary home in determining whether you are a millionaire. The old man with the bungalow is also not a millionaire unless he sells his bungalow and live in a cheaper home. You must have at least US$1m of investable assets (excluding your primary home, no matter how valuable it is) to be considered a millionaire.

I dont have much except 2 fully paid condos which I use to collect rent of $17k monthly. Still staying in HDB now, hoping to retire in 2 years at 43 years old.

I own 2 fully paid properties, a HDB flat and a condo. We live in the condo and rent out the HDB flat. I am retired now at 40 years old. My passive income from the HDB flat rent and from stocks is $55k pa. My wife is earning $75k pa. Our household expenses is $80k pa. We save about $50k pa. We have no debt at all. I spend my time trading stocks, doing the household chores and tutoring my kids.

Reading the many posts in this forum, it seems there are quite a number of people retiring young in their 40's. I'm inspired by their stories and now thinking seriously about retiring too as I am now already in my 50's and dread going to work to face all the office politics. I must admit I am also guilty of politicking to survive in the harsh corporate jungle. I think I should stop all these corporate nonsense and repent before I die.

I think I can safely retire now as I own a $4m Bukit Timah landed, no more loan. I can buy a $1m condo just a few kilometers away in Upper Bukit Timah. I can then use the balance of $3m and invest conservatively to generate 5% pa or $150k pa. I don't care what my wife say, she has enjoyed my high pay all these years, it is time for me to take a real break from all the madness. I also need to take care of my health and change my lifestyle to a more healthy one. No more late nights, drinking and dining. Wish me luck.

wake up your idea !!

Originally Posted by Unregistered

I dont have much except 2 fully paid condos which I use to collect rent of $17k monthly. Still staying in HDB now, hoping to retire in 2 years at 43 years old.

Originally Posted by Unregistered

Reading the many posts in this forum, it seems there are quite a number of people retiring young in their 40's. I'm inspired by their stories and now thinking seriously about retiring too as I am now already in my 50's and dread going to work to face all the office politics. I must admit I am also guilty of politicking to survive in the harsh corporate jungle. I think I should stop all these corporate nonsense and repent before I die.

I think I can safely retire now as I own a $4m Bukit Timah landed, no more loan. I can buy a $1m condo just a few kilometers away in Upper Bukit Timah. I can then use the balance of $3m and invest conservatively to generate 5% pa or $150k pa. I don't care what my wife say, she has enjoyed my high pay all these years, it is time for me to take a real break from all the madness. I also need to take care of my health and change my lifestyle to a more healthy one. No more late nights, drinking and dining. Wish me luck.

Good luck. I am currently 35, and there is still a long road ahead of me. But yours is definitely a desirable position I would want for myself at 50+, and I will also definitely do the same Life is short, you have fought a good fight, time to chill

Dont believe in sg properties, so most of my wealth is in stocks or overseas properties. Currently $9m worth now, outstanding debt $2m, waiting for opp to sell off some holdings to pay down remaining debt