Whats your net worth

Talked to my brother about this idea of selling his condo now and buying a cheaper one. He likes the idea. Anyway he says his condo is too big and a 2 bedroom condo is just fine for him, his wife and son. He will also sell his car and stop the maid's services. He is now able to reduce his household expenditures. So, his wife's income plus his potential dividend income in total will be more than his total household expenses. This gives him less worries and he will be able to focus on his job search. If he can't get a new job, he plans to set up his own business as a consultant. This business doesn't require much overhead as he can work from home. If he needs to meet his clients, he can just take the MRT and bus.

Originally Posted by Unregistered

Thanks for the tips. It is timely that he sells his current condo for $1.7m to take profit as he bought the condo for only $780k in 2006. So after selling at $1.7m and buying a $1m condo, he still owns a condo and have $700k cash for investment. Also, his current condo is now older (12 years old) so good reason to tell his family and friends that he is buying a newer condo with better design.

Originally Posted by Unregistered

Talked to my brother about this idea of selling his condo now and buying a cheaper one. He likes the idea. Anyway he says his condo is too big and a 2 bedroom condo is just fine for him, his wife and son. He will also sell his car and stop the maid's services. He is now able to reduce his household expenditures. So, his wife's income plus his potential dividend income in total will be more than his total household expenses. This gives him less worries and he will be able to focus on his job search. If he can't get a new job, he plans to set up his own business as a consultant. This business doesn't require much overhead as he can work from home. If he needs to meet his clients, he can just take the MRT and bus.

Love your decision. When toppish, downgrade. Can always upgrade when you have a good job or when RE has declined.

My brother loves the idea, he is really excited. Thanks to fellow forumers here who contributed with the idea.

What he likes most of the idea is the fact that he is still able to own a condo which is paid up and yet have the means to invest. He can tell his family and friends that he is exiting from his investment in his current old condo, which is located in CCR, which has not much upside potential and now invest in a very new condo in a growing OCR with lots of upside potential. Hence, by doing this, they will see him as an astute investor and he gains their full respect despite him being jobless.

Originally Posted by Unregistered

Love your decision. When toppish, downgrade. Can always upgrade when you have a good job or when RE has declined.

Originally Posted by Jeff

That 29 yr old was lucky. One of my interns came to my bank that time 2009 crisis, MAS was paying their fresh grad salaries and asking banks to take them in as national service. Of the thousands of outstanding cvs on the table, we had to pick someone. At any time, there has got to be a lucky person, the outlier. So it's nothing to be discouraged about.

To be frank, do you think we need bankers esp IBankers? and why?

I cant believe he would go all this trouble to "keep" face. It is not like he has committed a crime. They already know he lost his job, so what is there to hide? People lose their job, their health all the time. What is important is that he is open and honest.

People will still talk (behind your back) like it or not. No need to try to explain that he is now investing in OCR with better growth potential. People can see through this especially when they know he already lost his job, and that he has to sell off his bigger CCR condo just to be able to buy an OCR condo. It would be a different story if he buys the OCR condo and rent out his CCR condo.

Originally Posted by Unregistered

My brother loves the idea, he is really excited. Thanks to fellow forumers here who contributed with the idea.

What he likes most of the idea is the fact that he is still able to own a condo which is paid up and yet have the means to invest. He can tell his family and friends that he is exiting from his investment in his current old condo, which is located in CCR, which has not much upside potential and now invest in a very new condo in a growing OCR with lots of upside potential. Hence, by doing this, they will see him as an astute investor and he gains their full respect despite him being jobless.

[Jeff]

the best and brightest and luckiest try to get into ibanking because it pays a lot.

If collecting rubbish paid like ibanking, i think you would also ask why we need rubbish collectors, and why

Originally Posted by Unregistered

To be frank, do you think we need bankers esp IBankers? and why?

Originally Posted by Unregistered

I cant believe he would go all this trouble to "keep" face. It is not like he has committed a crime. They already know he lost his job, so what is there to hide? People lose their job, their health all the time. What is important is that he is open and honest.

People will still talk (behind your back) like it or not. No need to try to explain that he is now investing in OCR with better growth potential. People can see through this especially when they know he already lost his job, and that he has to sell off his bigger CCR condo just to be able to buy an OCR condo. It would be a different story if he buys the OCR condo and rent out his CCR condo.

Very true, you can make up whatever story you want, but people know why are you doing that... and about the better investment idea is from an agent, so it is understandable. Property agents think they are the smartest people on earth.. But everyone else knows exactly what they are doing..

Originally Posted by Jeff

the best and brightest and luckiest try to get into ibanking because it pays a lot.

If collecting rubbish paid like ibanking, i think you would also ask why we need rubbish collectors, and why

Are they contributing to the economy or speed up the collapse of it..

Originally Posted by Jeff

the best and brightest and luckiest try to get into ibanking because it pays a lot.

If collecting rubbish paid like ibanking, i think you would also ask why we need rubbish collectors, and why

Personally, banking industry has evolve too much.. they are the one causing negative effects on economy rather than the banks in the 18th century, funding and lending for economy booming. Nowadays they are selling products for more money and this has cause the collapse of world economy.. Most of them merely follow the past, the history.. and have no foresight to predict the future accurately. Look at the IB ppl, they can do multi billion $ IPO prospectus, and come out with stock analyst report.. on finance news.. but how many of them are successful in their own investment?

The successful ones will retire in their 40s and then they manage their own investments. The not so good ones still slogging hard in their 50s. These are not good investors but they are the sales types. They know how to smooth talk but they are hopeless in their personal investments. If you want to know the real solid investment gurus, they are the ones who retire early.

Originally Posted by Unregistered

Personally, banking industry has evolve too much.. they are the one causing negative effects on economy rather than the banks in the 18th century, funding and lending for economy booming. Nowadays they are selling products for more money and this has cause the collapse of world economy.. Most of them merely follow the past, the history.. and have no foresight to predict the future accurately. Look at the IB ppl, they can do multi billion $ IPO prospectus, and come out with stock analyst report.. on finance news.. but how many of them are successful in their own investment?