Voodooman Supersonic November 14, 2014 Share November 14, 2014 Interesting that i have worked sales/frontline in banks for more than a decade, and i have seen/done amongst other interesting things, 1) A Toto winner, 1.8 m i think.. A cheque with SG Pools stamped on it. 2) S$3M dollars in 50 and 100 bills in a luggage bag, trying to open account. 3) Delivered and deposited S$2M in cash for a client (totally legit one hor) 4) Someone vandalising ATMs 5) A very rich garang guni man(>15m cash) but have yet to see a the proverbial 'holy grail' or the unicorn, the super rich, all cash multi-millionaire that stays in HDB. Maybe with the exception of Throttle... drive porsche, stay CCK HDB? Besides him, really not a single one. Even the garang guni stay landed, even though he drive van. I don't doubt the possibility of this, but i think they must be very very very rare. They might be in transition or they don't do legit business or there's a very specific reason, like tax issues etc. But here, everyone knows of someone who is super rich yet stay in HDB. Thats what i cannot reconcile. They seem to be everywhere, but i have yet to see any. Amazing My uncle, stays HDB and drives a camry but sibei humble. He does not have a private banker, runs a very profitable regional construction related business and has many properties..... industrial factories/offices, coffee shops and even hawker stalls (when it was allowed). He keeps adding hard assets to his portfolio with his rental and business income, only buy stocks during crisis. Rare but they exist. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Tedlhw 5th Gear November 14, 2014 Share November 14, 2014 My uncle, stays HDB and drives a camry but sibei humble. He does not have a private banker, runs a very profitable regional construction related business and has many properties..... industrial factories/offices, coffee shops and even hawker stalls (when it was allowed). He keeps adding hard assets to his portfolio with his rental and business income, only buy stocks during crisis. Rare but they exist. My point exactly, that they are rare. Never once doubted that there could be a handful of people like this.. However, they are rare, a 'black swan' if you will. Just that for some reason these black swans seem to congregate in forums as friends and relatives or hearsay... In fact in forums, most swans seem to be black...cos everyone has seen one. My comment is simply that as a professional 'bird watcher' i must be very unlucky not to have observed more of these 'black swans' in the wild. Either that or HDB has done such a good job that these 'unicorns' would give up living in their 6th Ave bungalows or Ardmore Park condos just to live in their HDB! 1 Link to post Share on other sites More sharing options...
Tcx607 4th Gear November 15, 2014 Share November 15, 2014 I am an example of profiting from property investment in 2013. However, I will not buy a new car at such high Coe price. Let others go fro while I am not hurry to land new ride. Sending higher maintenance budget is still worth to my existing car. I am an example of profiting from property investment in 2013. However, I will not buy a new car at such high Coe price. Let others go fro while I am not hurry to land new ride. Spending higher maintenance budget is still worth on my existing car. Link to post Share on other sites More sharing options...
Throttle2 Supersonic March 17, 2015 Share March 17, 2015 My point exactly, that they are rare. Never once doubted that there could be a handful of people like this.. However, they are rare, a 'black swan' if you will. Just that for some reason these black swans seem to congregate in forums as friends and relatives or hearsay... In fact in forums, most swans seem to be black...cos everyone has seen one. My comment is simply that as a professional 'bird watcher' i must be very unlucky not to have observed more of these 'black swans' in the wild. Either that or HDB has done such a good job that these 'unicorns' would give up living in their 6th Ave bungalows or Ardmore Park condos just to live in their HDB! Hey Ted, how is bonus and stuff this year for you? Any kangtao for me? Link to post Share on other sites More sharing options...
Steptronic Supercharged March 18, 2015 Author Share March 18, 2015 There is another thought. If one does not enjoy what he accumulated - what is the point? I know one of my close relatives accumulated super wealth and he himself never enjoyed. Low profile house, Low profile car for his own stay /use and even he had all cheap food all his life to save money. He died one day and his sons enjoying left and right now and getting totally spoiled. They do not even want to work. So, what is the point of accumulating? My uncle, stays HDB and drives a camry but sibei humble. He does not have a private banker, runs a very profitable regional construction related business and has many properties..... industrial factories/offices, coffee shops and even hawker stalls (when it was allowed). He keeps adding hard assets to his portfolio with his rental and business income, only buy stocks during crisis.Rare but they exist. Link to post Share on other sites More sharing options...
Nzy Twincharged March 18, 2015 Share March 18, 2015 There is another thought. If one does not enjoy what he accumulated - what is the point? I know one of my close relatives accumulated super wealth and he himself never enjoyed. Low profile house, Low profile car for his own stay /use and even he had all cheap food all his life to save money. He died one day and his sons enjoying left and right now and getting totally spoiled. They do not even want to work. So, what is the point of accumulating? I know of some like that also. They accumulate is to leave for their family. I have a friend who took loan and bought a UL so that he can leave behind even more money for his family once is pass away. Dunno how it works though. Link to post Share on other sites More sharing options...
Celicar Turbocharged March 18, 2015 Share March 18, 2015 There is another thought. If one does not enjoy what he accumulated - what is the point? I know one of my close relatives accumulated super wealth and he himself never enjoyed. Low profile house, Low profile car for his own stay /use and even he had all cheap food all his life to save money. He died one day and his sons enjoying left and right now and getting totally spoiled. They do not even want to work. So, what is the point of accumulating? You know how men have hobbies collecting this or that. It just so happens that for some, it is money. Link to post Share on other sites More sharing options...
Nissan833 5th Gear March 18, 2015 Share March 18, 2015 I know a couple.. annual income $2.5m, drives the latest Porsche Boxster $280K+.. instalment $2.5k or so, like nothing to them. Every month like win TOTO group 2 Link to post Share on other sites More sharing options...
Spring Moderator March 18, 2015 Share March 18, 2015 There is another thought. If one does not enjoy what he accumulated - what is the point? I know one of my close relatives accumulated super wealth and he himself never enjoyed. Low profile house, Low profile car for his own stay /use and even he had all cheap food all his life to save money. He died one day and his sons enjoying left and right now and getting totally spoiled. They do not even want to work. So, what is the point of accumulating? Too be fair, we don't know when life will end so we can't be spending as if there's no tomorrow cos once we don't become gainfully employed, it will be a one way traffic of spending for our needs so I can also see why people are prudent. That said, we also can't be bringing cash with us to the grave so a little bit of extravagance is allowed when we pamper ourselves with our indulgences. At the end of the day, I guess like most things in life; a balance is needed 4 Link to post Share on other sites More sharing options...
Voodooman Supersonic March 18, 2015 Share March 18, 2015 There is another thought. If one does not enjoy what he accumulated - what is the point? I know one of my close relatives accumulated super wealth and he himself never enjoyed. Low profile house, Low profile car for his own stay /use and even he had all cheap food all his life to save money. He died one day and his sons enjoying left and right now and getting totally spoiled. They do not even want to work. So, what is the point of accumulating? Well, I think he works for fun and accumulating wealth has become a hobby to him. He still spend but not much on luxuries, just what he and the family need like basic BnB cars, overseas education for kids, etc. On values, I have seen a lot of young people from very rich families who work very hard and are very humble, strangely most of their parents have very strong values and at least 1 spend a fair bit of time with the kids during their growing up years. Link to post Share on other sites More sharing options...
Civic6228 6th Gear March 18, 2015 Share March 18, 2015 The lower end of a car price now is S$ 100,000 and if assuming it is 20 percent of the household income, the household should earn S$ 500,000 a year. How many household in Singapore earns S$500,000 per year. So based on this calculation, no one can really afford to buy a car. I would think that we should look at the depreciation of the car over ten years and compared it to the annual household income. Afterall, a car is supposed to last 10 years in Singapore. Link to post Share on other sites More sharing options...
Wt_know Supersonic March 18, 2015 Share March 18, 2015 (edited) a car can certainly last > 10 years, it's the coe need to collect every 10 years my take : car = 1 year income house = 5 years income car = 1 x $100k means yearly income is $100k ... which is easily achieveable for spore ... house = 5 x $100k = that's why hdb is no $500k no talk ... based on mnd rules of $10k household = $120/annum Edited March 18, 2015 by Wt_know Link to post Share on other sites More sharing options...
Civic6228 6th Gear March 18, 2015 Share March 18, 2015 a car can certainly last > 10 years, it's the coe need to collect every 10 years my take : car = 1 year income house = 5 years income car = 1 x $100k means yearly income is $100k ... which is easily achieveable for spore ... house = 5 x $100k = that's why hdb is no $500k no talk ... based on mnd rules of $10k household = $120/annum Hmmmmm. Assuming an household income of S$50,000 ....This household should not be buying a car or a house.. Link to post Share on other sites More sharing options...
Wt_know Supersonic March 18, 2015 Share March 18, 2015 (edited) should only buy used car at $50k or hdb max at $250k-$300k Hmmmmm. Assuming an household income of S$50,000 ....This household should not be buying a car or a house.. Edited March 18, 2015 by Wt_know Link to post Share on other sites More sharing options...
Blueblueman 4th Gear March 18, 2015 Share March 18, 2015 there are many older tow kays out there living in HDB. They do have landed and Pte and may have 1 Hdb. Like many had said, landed or PTE lived in by the children. Old couple living in Hdb, jus for the simple and "good old memories sake" This should be old chinese thinking ba..... I guess Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged March 18, 2015 Share March 18, 2015 The lower end of a car price now is S$ 100,000 and if assuming it is 20 percent of the household income, the household should earn S$ 500,000 a year. How many household in Singapore earns S$500,000 per year. So based on this calculation, no one can really afford to buy a car. I would think that we should look at the depreciation of the car over ten years and compared it to the annual household income. Afterall, a car is supposed to last 10 years in Singapore. It never comes to your mind that one may lost the job over the 10 years period. What if one member loses job due to health issues? Got insurance to cover for medicial but during the period, where to find the money to pay for the car? Link to post Share on other sites More sharing options...
Wt_know Supersonic March 18, 2015 Share March 18, 2015 (edited) no one can think what will happen in the future ... everyone bought their 1st hdb flat also in debt what ... does everyone pay full cash for their bto and hdb? but of course for car (waste money thing) ... should only buy when have "spare" saved up cash and "extra disposable" in their monthly income It never comes to your mind that one may lost the job over the 10 years period. What if one member loses job due to health issues? Got insurance to cover for medicial but during the period, where to find the money to pay for the car? Edited March 18, 2015 by Wt_know Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged March 18, 2015 Share March 18, 2015 (edited) no one can think what will happen in the future ... everyone bought their 1st hdb flat also in debt what ... does everyone pay full cash for their bto and hdb? but of course for car (waste money thing) ... should only buy when have "spare" saved up cash and "extra disposable" in their monthly income Buy HDB say at 400k, downpayment 20%, loan @ 320k. Say HDB depreciates at 3% per year X 5 years = 343k. Still have cash back. Most importantly, HDB will not take away the flat compare with banks taking away the car. Also, HDB likely to appreciates. Edited March 18, 2015 by Vhtfhwlego ↡ Advertisement Link to post Share on other sites More sharing options...
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