Are you rich?

[Elixir]

also, after reading your posts and some comments given by other bros, maybe thats why Im still single. Why not? no worries, no need to worry about a lot A LOT of things, I just work ,save money, create a good nest fund, make sure my body is healthy and then maybe late 30s move to somewhere else THEN I get married and have children hehehehee just a joke but Singapore might not be a place for the old to retire...

[Dermocyma]

"all you need is a visit to Cambodia or Thailand (not Bangkok hor, bkk is not thailand) and you will realise how fortunate Singaporeans."

 

indeed, its the half cup full or half cup empty thing. its a never ending story...

[Wonsim]

yeh yeh yeh, those articles that came out on Sunday Times. Not just the recent one but its been around for dunno how many dinkey Sunday liao

 

Same as you, mi belong to that kind that easily swayed, so when I read about all these, I low morale, sian half liao.

 

I do get what you trying to put across. I used to travel alot to developing countries and at that time, I alway felt that I was very fortunate. Think too long never go to these countries plus read too much sxxt on Sunday Times .

 

Cheers

[Wonsim]

haha...frankly, too chym for me liao. Btw, those investment amount u mentioned too huge for me. Mi risk appetite very small only nia.

 

Think you get the wrong person, mi never have any USD asset classes but my wife is helping me to manage my biz while I'm being employed.

[Vit4wd]

In Singapore, sadly, your success is measured by your material gains.

[Wolffish]

Bro,

i was reading this thread, i m also 33 this yr, married, going to be a father in a month's time and i think you are doing fine.

Sunday Times main section investment portion, i have a nickname for it....."Financial Obituaries". I always read it on my throne and sh#t all the nonsense out after that

[Wonsim]

congrat on you becoming a father soon. Must be very excited huh, maybe loss at the same time

 

Yap, think from now onward, must stop reading Sunday Times and switch to TNP for more EPL news

[Jman888]

I can only think of one failed person that is the 庄盈盈 boss of former 1.99 shops even though now she also earning big bucks using her failure as a talker, motivational and sharing her business experience.

 

Her business was a joke to even start with, why no one question her that? instead of hype up her failure expereince its a 'show' business in those circle

btw she has her husband to fall back on

[Wolffish]

Bro,

 

Thanks. My sentiments exactly, excited and feeling lost...lifestyle will change after Feb, gonna missed hardcore offshore fishing and mahjong for a long time.....

 

I think no harm to continue reading Sunday Times, but take it with a pinch of salt. Like many bros had mentioned, the 10% successful ones will be reported, but the remaining 90%, buried 6ft under and no one knows.

 

FYI, my current place, tho small, but is what me and my wife call "home", no problem paying up in 2.5 yrs using cpf. Only minor regret is taking big loan for my ride 1.5yrs ago, end up outstanding car loan is more than house loan . Should have pay up more in the initial instalment . For house, we sama-sama but come to car and investment you are much better off than me

[Chermin]

may i know how u gain access to Man's fund?

[Dermocyma]

thru contacts. u can get public info on man's intl website or ur domicile microsite. u can give them a call on the pre-requiste and etc. also there are many funds and many brokerage houses to choose from, man may not be the best to suit ur expense (fee can be substantial). if u want diy and portfolio kinda view, try www.mansecuritiesinc.com/openacct/faqs_newacct.cfm

Edited January 4, 2007 by Dermocyma

[Flight_skoda]

In Singapore, sadly, your success is measured by your material gains.

 

Absolutely agree.

 

When my ex-colleagues get together; we talk who and who gets promotion, how much the bonus and increments.

When industry friends get together; we talk about economy doing well as well as who and who is doing well and getting a new car/condo.

When joining in the opposite sex's conversation; they talk about who and who dating this/that investment banker/doctor who drives a swanky car.

 

When good friends get together; we only encourage each other and talk about family, kids and our collective future in Singapore.

We never talk about money, who is doing well or not except on mahjong table.

[Kobo32]

Hi... i have similar thoughts too.... but i gotta say you are really really ok with your savings

 

i'm 30+ and married with 2 kids... have about 20k in hard-earned savings, and i mean hard-earned. that's about all. working for about 8 years now and salary not good at all for my age/experience. have a 5 yr old car with 3 yrs loan left to pay (already break even at least) and a hdb exec with 80k left to pay up. wife doing part-time masters and using her salary to pay for it.

problem is.. i came from good schools... those so called elite ones.... i work in a well-known MNC but under local bosses.... when i sit with my old buddies and tell them my salary, they'd thought i was joking. most of them are in the 5 figure bracket and i guess at some point i must have taken a wrong turn. some of my colleagues (from this same company that does well,pays below market and finds excuses to avoid generous bonuses) bought cars and paid anywhere from 50% to full for it and still have savings to spare while here i am struggling to save. where the hell do they get the money from?? and despite my low pay i work hard and always get good appraisals...

 

anyway have had enough of this struggle... i've changed my mindset and decided that i'll use the company as a school and milk whatever i could in terms of knowledge and experience. had started researching and doing small biz on the sidelines and hopefully snare some good deals... its gonna be tougher than ever but what the hell... have thought over carefully and throwing the letter real soon... wish me luck

 

hi,

 

you are not the only one in this situation. We have some similarities

 

1. I am 30+

2. Married with 2 kids

3. Had 20K cash in saving (just got it 2 weeks ago, else zero saving)

4. Worked 8-9 years

5. 5 year old car (already break even)

6. 5 room flat with 80K to pay up in 12 years

7. Wife not working

8. Came from so call elite secondary and JC. Graduated from local U

9. Used to work in German, US MNC

10.I am the poor man among my friends, brothers and sisters. Some of them have five figure salary. Even my buddy draws an anuual salary of 80K per without even a full 'A' level pass

 

Are you still doing engineering job?

[Carfanatic]

good for you to start some small biz. Wish you all the best.

 

just 5 years ago, I was in deep financial sxxt. work in big MNC but like yours, pay sucks. My ride was 8 years old dunno how many hands swift and the monthly installment of 600+ already draining me. But no choice as job required me to drive. every month on top of car loan and housing loan, also own cashline around 5k+, still must give parent allowance etc. damn siong.

 

Only when I started my own biz part time then I see good $$ come in. However, biz slow down very badly these days due to the weakening of US dollar, and so getting a little worried too.

 

on the plus side look at what you have achieved!, a 200k net position after 5 years - most of us regular employees would find that an uphill task - (40k per annum savings = 3.4k per month!!!!)

[Dermocyma]

For my current situation (base on age calculation), I require about $600,000/- in my retirement fund to leave a mere comfortable life of $1500/- per month for the next 20 years (till 70+ yrs old).

the future money of SGD1500.00 may buy lesser consumption each year during the remaining 20 yr of retirement life. some folks will put into annuity and bonds because of lower risk appetite as age catches up. OR (as i understood lately from some local baby boomers) some may choose SGX loittering, PRC girls or even IR.

 

But for those current age of 30+ and say retire at 50 should start financial planning & saving for retirement fund now, so as to leave a mere comfortable life after retirement. Base on their calculation on inflation, medical cost & other factors, one require minimum of $1,500,000/- (1.5M) to leave on a $2000/- per month on their retirement fund for the next 20 years.

indeed true. also medical and misc adjustment should be taken care of outside the scope of 1.5mio.

 

So to say, for those who retire now require at least about $600,000/- and for those in 20 years time, requires about $1.5M to carry on for the next 20 years. The question here is, Can you save 1.5M in the next 20 years while you are still working ? Fill scared, but its a facts we will have to face in future.

that comes to the question of how is the country going to cope with older generation in the future? using these numbers, it is obvious that unless inflation is kept super-ultra low for the years ahead, GDP per capita of general populace gets 'exponentially' higher, or there is some kinda of drastic change in the economics of the world.

 

otherwise, as it is already quite obvious, general equity and common investment model only improves 'wealth-being' by a little bit due to their low starting amount. even by way of compounding, how much will be required to achieve 2mio in 20yrs? hence for those who dont have the capital, they will have to continue to work until they die to earn a income to sustain their general daily lifestyle and expenses.

 

this is not nice at all. its indeed a serious problem to ponder about...

Edited January 4, 2007 by Dermocyma

[Karoon]

get out of here! same boat!

 

yeah i started off as an engineer but doing more commercial stuff now just to widen my contacts and knowledge before bailing out..... life was better when my team was under expat bosses, but since the locals sat on top the only way they could improve the bottom line was...cut costs... how creative.

 

btw my savings was entirely from bonuses too.... otherwise -ve....

[Elixir]

In Singapore, sadly, your success is measured by your material gains.

 

 

So true , in general, Singaporean mentality is -->

 

 

"If you don't show it, you don't have it"

 

 

But guess what, I also know many people who can afford many certain things but choose to live simply. Yes, your life is not for me to live, I have no comments about how you should spend your money, swapping credit card and buy stuff to me is not rich, paying stuff by instalments to me is not rich.

 

If your friends are all those material girls or boys, its time to find new friends, not that you should start joining charity organizations or something but mingle with those whom can enlighten you.....

[Elixir]

I can only think of one failed person that is the 庄盈盈 boss of former 1.99 shops even though now she also earning big bucks using her failure as a talker, motivational and sharing her business experience.

 

Her business was a joke to even start with, why no one question her that? instead of hype up her failure expereince its a 'show' business in those circle

btw she has her husband to fall back on

 

 

Yeah, I agree too, her husband job? NO suprise, he's a BANKER!!!