Are you rich?

[Guyver]

Hi, I wished I was in your position! I was doing fine financially, not rich nor otherwise. I had a 4-rm flat, an MPV, maid, wife and one daughter until.....I caught my wife red-handed with a third party (who happened to be my own bro-in-law ,i.e my sister's husband!!) in his Honda Stream along Changi Village. Now my sister doesn't talk to me anymore coz she doesn't believe that her husband wld do such a thing and eventually created a rift among my other siblings and worst, my PARENTS. I really feel sad for my parents, especially my mom.

 

Things started to change since and I lost everything! My ex-wife has my daughter's (5yrs old now) custody, car was taken by her coz bought under her name but she got no driver's licence! Then she could not handle the monthly payments, the car was repossessed and the shortfall was 30k plus! The court then ordered I bear half of the outstanding and I had to pay even if the bank was not interested in me coz I dun have any responsibilties towards the car by way of name although I had been paying the monthly instalments of about 1k for 1yr before she took it back. Now I dun noe where to get the money coz my funds are all used up for the legal fees during our bitter divorce.

 

As for the flat, I thought about my daughter and readily transferred it to my ex-spouse's name although I got my cpf refunds with accrued interests. I onli get to see my daughter for 15mins every Saturdays even the court order allows overnite excess every weekends. When I was married happily (i thought), I wanted to live a prosperous life and live in bigger flats and buy better cars but when fate strucked me in such a way, I only wished that I have a decent life without that fancy car or flat but.....most important of all, unnecessary debts that has appeared from my unprecedented divorce.

 

Life is so unpredictable...

 

Hey bro ....

 

Glad that you tahan through .....

 

After reading what you've posted .... glad that you could moved on.

 

But I was wondering ... why were you at Changi Village? And I'm sure the car wasn't parked at normal road side right?

 

Just giving a lighter note .... hope you are ok with it .... if not .... I am sorry.

[RadX]

according to citibank numbers, if u earn

>S$10000pm=upper middle income

>S$15000pm=high income

 

according to CPF references, a couple will need S$2mio cash at 60 to retire in luxury at 2% PA inflation rate.

 

typical investment like unit trust and common man-on-the-street instrument cannot make good $, even considering compounding. since likely the principal quantum is low. (though still $ no matter what). after all, lower risk = lower gain.

 

in SGP, 75% dont pay income tax. 25% pay personal income tax, out of which about 10% pay S$12000 thereabout tax PA. for the rest, u r consider the lucky few that contribute hundred thousand to million tax dollar to our garment.

 

net-worth only take into account of managable asset and securities. houses and illiquid investment are not counted.

 

insurance used as mandatory saving (even include bonus payout) over long term (>30 yrs) are not enough to cover inflation (if surrender). and bonus is variable, non guaranteed. medical insurance and termed should only be considered if really want to buy insurance.

 

some points i propose for consideration:

1. dont compare, there is always someone richer than u.

2. make enough $ to retire, thereafter, $ make more $. too much cant bring into coffin.

3. property in SGP is over inflated, the planet is big enough for many nice quiet living.

4. enjoy what u/family like where u/family can afford it, that is more important.

 

so from here, u can roughly chart your mileage and project where u want to be over the next 30 yr of ur productive life. just 2 pips of my view...

well said bro

[Mean76]

Hi bro,

 

Read about your post. Very interesting and it really put a lot of us into deep thoughts.

Like to share with you 2 stories of 2 different people and their lives. You will decide which is more worth it.

 

My cousin lives in a condo opposite tenah merah mrt. Costs almost 800k. Drives a WRX when it is at it's peak, 120k in fact. Works as a cordinator/manager earning around 3k pm. Party weekend away, married with no kids.

 

My elder brother, earning above 3k pm. Lives in a humble 4 rm flat before upgrade to exec flat a year back. Drives no car, live no fast pace hard-core party lives. Married with 2 kids.

 

The main difference between them?

 

It's not the amount of properties they have on hand, it's where the $$ comes from to pay off those condos, flats, WRX. My cousin, all his properties are paid by his mum. My elder brother, he paid by his hard-earned cash.

 

No doubt for both their case, none had any investment and nothing can be sure in the enar future.

 

What I'm trying to tell you is, what you see might not be what is real. Be content with what you have. Your wife is also doing biz, it's not both of you are not bringing in any $$$. One person's life should always have a balance circle of rich and also low-income friends, to remind us that how far we have come but need not take it as a bad point.

 

What can be worse than to realise when paying for your kid's stationary, you need to resort to use credit card to pay because simply you don't have cash. Get it?

[Ecaf]

hi bro, very inspiring read mind telling us the addy for your forum? i'm not doing any investment for now (apart from CPFIS), but would sure like to learn more.

[Maxus-MIFA9]

according to citibank numbers, if u earn

>S$10000pm=upper middle income

>S$15000pm=high income

 

according to CPF references, a couple will need S$2mio cash at 60 to retire in luxury at 2% PA inflation rate.

 

typical investment like unit trust and common man-on-the-street instrument cannot make good $, even considering compounding. since likely the principal quantum is low. (though still $ no matter what). after all, lower risk = lower gain.

 

in SGP, 75% dont pay income tax. 25% pay personal income tax, out of which about 10% pay S$12000 thereabout tax PA. for the rest, u r consider the lucky few that contribute hundred thousand to million tax dollar to our garment.

 

net-worth only take into account of managable asset and securities. houses and illiquid investment are not counted.

 

insurance used as mandatory saving (even include bonus payout) over long term (>30 yrs) are not enough to cover inflation (if surrender). and bonus is variable, non guaranteed. medical insurance and termed should only be considered if really want to buy insurance.

 

some points i propose for consideration:

1. dont compare, there is always someone richer than u.

2. make enough $ to retire, thereafter, $ make more $. too much cant bring into coffin.

3. property in SGP is over inflated, the planet is big enough for many nice quiet living.

4. enjoy what u/family like where u/family can afford it, that is more important.

 

so from here, u can roughly chart your mileage and project where u want to be over the next 30 yr of ur productive life. just 2 pips of my view...

 

 

Fully agreed with your statement.

 

Attended a 2 days course on Financial Planning for Your Retirement conducted by Kaplan and learn a lot of un-expected financial situation we require when one retires.

 

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).

 

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.

 

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.

[Stary]

you can go to www.sgfunds.com

[Zakuii]

I bought UT before and nearly got burnt by it. I offloaded it for a little profit and swear never to buy it anymore.

 

Investment link insurance policy is also not worth to consider as I've read some reports on it before.

 

Nowadays, I park most of my savings in the stock market. With the strong bull run now, I have made considerable profits from the market. I have converted some into real $ while most are still paper value only.

 

i'm happy with my life and family. yes i read the sunday times as well and all those "high-flier" did make me think hard. my salary helps me to startup, but i have to invest my savings to create even more savings. one advise though, dun put all the eggs in one basket. One still need to have some savings in the bank or few banks, either in savings account or FD.

[Andpercent]

sorry to hear your story. Indeed, life is so unpredictable and fate does play the cruel hand. I hope things work out for you and peace be with you.

[Wt_know]

bro,

 

after reading your thread, i feel shame of myself thinking to get a $450K condo (check my thread)

 

by the way, i still got 90K/9 years loan to clear for my 4 room HDB

 

My resale 4 room HDB flat still have 50K/4.5 year loan to clear. Never visitany condo launch or showroom in my life as dun think I can afford any, even those cheaper 99 year lease at Jurong area also dun think I can.

Edited January 4, 2007 by Wt_know

[Andpercent]

maybe that is why, we should instead of working for others, consider doing a biz or something that we can continue to do even when you are retired. Think the idea here is to have passive income and if you do, then your living expenses is more or less covered during your twilight years. oh to add to this, if you have kids, you can only hope that they will look after you as you age, if not, then it's our fault anyway, cause we did not teach them the right values.

[Wonsim]

it was a mistake for you to buy that 30K investment link policy and what on earth are you doing with 80K inside FD when global markets are having a bull run??? And that 90K UT fund..wehre did u buy from? what fund is that???

 

Learn to invest savvily and that will make more money for you than your job could probably earn. Most of us do not have the luck to work in an investment bank earning 5 figure every month, but all of us can brush up our investment knowledge and do better than the pros. Trust me, it can be done because I started one of the largest investment forum in Spore and I see many people doing it.

 

Yup, recently went thru all my investments with my wife after read up abit on it and realise that that 30K investment link incurance policies was a mistake. Did intend to stop it but still undecided yet. If stop now, was told still able to take back the principle amount but 2 years interests all gone.

 

I did think of entering the stock mkt but been burnt a few times before so abit unsure. That time still naive heard pple say buy this buy that counter just follow pple backside and thus die till no bone left.

 

When I saw the mkt pick up mid last year, did consider going in but decided to hold back. I remember read somewhere : "when everyone buying, u dun buy. when everyone selling, u start to buy and keep." My intention for the FD is when market crash, economy recession, when STI drop to below 2000, many jobs loss, many pple wana jump down from high rise bldg after losing in shares, then use this $$ to buy some blue chips stock.

 

I admit i miss the boat but then after some painful experiences, I told myself I rather miss it then to catch it at a high. I know I might be too careful but just wana play it safe. I dunno, still very green in financial investment. Only last month start to read up abit and went into one forum - Sharejunction - to try and know a little more.

 

I have few friends who are pretty investment savvy, do fulltime trading on their own. Wife did say ask them which one good to buy but I dun wana loss the friendship so decide to do some homework on my own. But must admit tough as mi an idoit when come to all these.

 

Btw, do you think its good to wait till the next round of recession then buy and hold? will go to your forum and do some research.

 

Thanks

[Wonsim]

Precisely, its the huge amount that require to sustain for est. 20 years or so when we want to retire that scare me. I did read up on this in both ST and also some website before and I was telling myself, Holy sxxt, how on earn can one earn and save this kind of amount thru your normal job? (unless you have rich parents, you strike toto etc then dun say lah)

 

Furthermore, dun forget mid career crisis. When you reach 40-50, even you still want to continue to work, your company might find you too expensive and retrench you. And by then, not easy to find equally good pay job liao. (unless you are PAP minister/MP, then 40-50 consider young and still can draw bloody high salary)

 

Therefore recently decide to learn more on investment and start to plan for retirement. Honestly, look like too expensive to retire in sg. Now considering other countries. Singapore is only good for rich pple to retire.

[Wonsim]

bro, dun leh. Please continue with your search for a condo.

 

I did read your thread and that where I told myself, " see, another buying condo"

[Maxus-MIFA9]

maybe that is why, we should instead of working for others, consider doing a biz or something that we can continue to do even when you are retired. Think the idea here is to have passive income and if you do, then your living expenses is more or less covered during your twilight years. oh to add to this, if you have kids, you can only hope that they will look after you as you age, if not, then it's our fault anyway, cause we did not teach them the right values.

 

 

________________________________________________________________________________

_______

 

 

 

Buisness, Yes but a huge calculated risk you have to take.

 

During my course, a lot of investment opportunities been taught. Long stories.

 

Anyway, you might wish to look at this book :- "Smart Financial Planning For Your Retirement" - A Roadmap For Your Future by B.C. Ghosh, Paul Chan & Lim Yuen Seong. Read it before you start your buisness.

[Flight_skoda]

you can go to www.sgfunds.com

 

Hi bro,

 

Excellent site. One thought though during browsing i.e. I did not notice any topic pertaining to FX Options - as you may be aware that FX/MM segment is having a hell of a climb since Dec 12 and has not stopped since.

 

Also, perhaps you may want to track ABF (Asia Bond Fund) as the return last year averaged 7% which in my opinion out performs many other fixed income products.

 

Your thoughts?

 

F_S

[Genie47]

Should have planned her murder instead of blowing it out in the open. A prostitute is despised by "upright" women because they exploit their sexuality for economic gains fully. A man with the ability to commit murder is despised by society because he has the power to take away EVERYTHING from the victim. I make sure my wife fears my "power". Yes, people say I'm damn f***ing evil.

Edited January 4, 2007 by Genie47

[Stary]

Bro, the forumers at my site are mainly long term investors and they are not very much into derivative instruments or short term speculations.

 

As for ABF, I think there are many threads that talk about bond funds already.

[Karoon]

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