View Full Version : Advice on purchase
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
I think need to save up some more first.
Can borrow only 60% from bank...
devilplate
30-09-11, 20:53
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
U nid at least 500k cash on hand....50k cash cant even buy u a hdb:p
Ur current condo appreciated alot? Let say double in price can consider equity loan:2cents:
victorchoo
30-09-11, 20:58
The most u can get is a $150k house with ur $50k cash. In sg, no normal house costs this cheap.
My current unit is a 2 bedder and was bought at 700KSGD. The recent transaction is estimated to be 850KSGD. Thus, an appreciation of 100-150KSGD.
I am fortunate for I work in a bank and I am able to get 90% loan from workplace.
The 7KSGD household income is inclusive of my wife and myself. We are in our thirties.
devilplate
30-09-11, 21:03
My current unit is a 2 bedder and was bought at 700KSGD. The recent transaction is estimated to be 850KSGD. Thus, an appreciation of 100-150KSGD.
I am fortunate for I work in a bank and I am able to get 90% loan from workplace.
The 7KSGD household income is inclusive of my wife and myself. We are in our thirties.
Bro, keep ur 50k cash for rainy days:2cents: :)
Bro, keep ur 50k cash for rainy days:2cents: :)
Hi devilplate, thanks for the advice...I really like Mt Sinai and it is near to Henry Park primary where I wish to enrol my child.
Should I let go of my current unit so as to make up the sum for Mt Sinai instead?
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
Bro did u post this qn on another thread? I rem someone ask the same qn as u.....
Buying at this time I think need at least 150k cash after u make a DP for mount Sinai condo as safety net fund in case market turns. Raw is war !
Hi devilplate, thanks for the advice...I really like Mt Sinai and it is near to Henry Park primary where I wish to enrol my child.
Should I let go of my current unit so as to make up the sum for Mt Sinai instead?
Perhaps u should look at some HDB flats within 1km Henry Park primary school instead like Ghim Moh
See a Q&A from a agent in Property Guru website...
http://www.propertyguru.com.sg/question/98214/any-hdb-within-1-km-of-henry-park-pri-sch-
If small family, can consider 99 years condo like Cavendish Park condo, within 1km of URA data, 2 bedder 926sqft sold @$1196psf...in Jul 2011.:2cents:
victorchoo
30-09-11, 21:23
My current unit is a 2 bedder and was bought at 700KSGD. The recent transaction is estimated to be 850KSGD. Thus, an appreciation of 100-150KSGD.
I am fortunate for I work in a bank and I am able to get 90% loan from workplace.
The 7KSGD household income is inclusive of my wife and myself. We are in our thirties.
Assuming the property is $1mil.
10% from you, 90% from loan.
you have $50k cash. Do both of u have combine cpf fund of $50k, after deducting 50% of Minimum Sum?
And based on loan amount of $900k, loan duration of 35yrs, interest rate of 2% pa, ur estimated monthly repayment is $3k.
With a household income of 7k, I think your debt is too high.
Bro did u post this qn on another thread? I rem someone ask the same qn as u.....
Buying at this time I think need at least 150k cash after u make a DP for mount Sinai condo as safety net fund in case market turns. Raw is war !
Yes, I did raise this query in one of meyerise thread. I do not think I will have the cash amount you mentioned to weather a twist.
I am considering to let go of my current unit so I can move on to secure Mt Sinai if possible. With that, I am hoping to learn from some bro and sis here if there is any good units there at an affordable price?
Assuming the property is $1mil.
10% from you, 90% from loan.
you have $50k cash. Do both of u have combine cpf fund of $50k, after deducting 50% of Minimum Sum?
And based on loan amount of $900k, loan duration of 35yrs, interest rate of 2% pa, ur estimated monthly repayment is $3k.
With a household income of 7k, I think your debt is too high.
Hi victorchoo, thanks for the analysis of my financial commitment. Nope, I do not have any CPF left. Beside the 50KSGD I have, I am intending to borrow another 30-50KSGD from my in-law.
I am unsure if there is any good development in Mt Sinai and cost only 1 mil or less.
There are lots of things in life u like but need not have or can't afford to have.
Even u work in a bank, I think u lack of banking knowledge.
Currently u have a loan, the bank will not lend u 90% for second loan, even ur a staff. I think at the max u can loan up to 70% LTV for second mortgage, and still subject to debt servicing ratio of 50% for both loans. For some banks, bonus may not be taken into account for debt servicing computation.
Check up what is debt servicing ratio first.
Next, u need to cost in stamp duty, for a $1m property, the stamp duty is $24,600. Then u hv the renovation cost.
Stay within a 1 km does not g'tee a place in the school of choice. Henry Park is very popular.
$7,000 pm of household income for a couple in their 30s...must really plan carefully..
Inflation and medication cost will eat you alive if you are not careful. Just be happy with what you have. Other neighbourhood schools can be as good as Henry Park or even better, it depends more on the child and parents :)
I heard from a friend who son is going to Henry Park next year, 1km no guarantee you get a place. What if u go through all the trouble, even to the extend of becoming a parent volunteer of the school, end up due to back luck, balloting, but your child didn't get a place, then what?
Given that u need to borrow and stretch your finances to the limits, I would suggest u live within your means, save a bit more before embarking on upgrading...
Unless, u are civil servant, rest of private sector, there 's no sure iron rice bowl employment amidst global uncertainty and possible recession depending on how the Eurozone debt crisi and depressed US economy pend out...
Good luck to u, hope u can find what u want...if u still decide to pursue ..:2cents:
Why all these doom and gloom? Yowetan wants to trade up from $850k condo to $1M, current loan outstanding $500k. An additional $150k loan is about 500-600 more per month. He can afford with a $7000 income, unless there are other major commitment. Probably the biggest obstacle is finding a good mt Sinai unit for $1M or less.
i agree with most advice here. i came from henry park once upon a time...didn't know it's still this popular..
that area is expensive, and given today's market...it's better to keep options open and not overstretch. there are many other good primary schools worth considering. and a family of 3 needs reasonable space. if it were me, i would go for a less expensive area, but with good schools, so that i can buy a bigger place that can comfortably accommodate the growth of my family :2cents:
buttercarp
30-09-11, 22:31
Hi yowetan,
I don't want to sound like a wet blanket but I think with your present financial status, you should take the advice of the above forummers and not invest in a 2nd property.
Frankly speaking, if I were you, I would stay in a BTO HDB, I would not even think of DBSS or EC. Perhaps I am not a risk taker although my husband and I have recession proof jobs.
In your case, since you are in the banking sector, your job may not be that recession proof.
I believe that one should buy a house that is at most 5 times one's annual income.
Yes, I did raise this query in one of meyerise thread. I do not think I will have the cash amount you mentioned to weather a twist.
I am considering to let go of my current unit so I can move on to secure Mt Sinai if possible. With that, I am hoping to learn from some bro and sis here if there is any good units there at an affordable price?
General rule is the housing instalment shouldn't take up more than 30% of income. A 2nd loan is probably out of that range for now. Relocating seems a better option in your case if u r doing it for your child.
My close friend sold his house recently at pandan valley to someone whom moved to let his child study at henry park also.
Hi yowetan,
I don't want to sound like a wet blanket but I think with your present financial status, you should take the advice of the above forummers and not invest in a 2nd property.
Frankly speaking, if I were you, I would stay in a BTO HDB, I would not even think of DBSS or EC. Perhaps I am not a risk taker although my husband and I have recession proof jobs.
In your case, since you are in the banking sector, your job may not be that recession proof.
I believe that one should buy a house that is at most 5 times one's annual income.
If annual is 300k, then can buy 1.5 million house?
Cyberknight
30-09-11, 23:05
If annual is 300k, then can buy 1.5 million house?
$300k can get u a nice $3-$4m penthouse ....... Provided u have $$ for e downpayment...
buttercarp
30-09-11, 23:06
If annual is 300k, then can buy 1.5 million house?
Can, why not if you don't have other outstanding loan.
Should be able to repay loan comfortably.
buttercarp
30-09-11, 23:09
$300k can get u a nice $3-$4m penthouse ....... Provided u have $$ for e downpayment...
Hahahaha.....i can't breathe with this amount if i earn that salary.
I'd rather be carefree and not be bogged down with so much loan!
Cyberknight
30-09-11, 23:15
Hahahaha.....i can't breathe with this amount if i earn that salary.
I'd rather be carefree and not be bogged down with so much loan!
Buy it, borrow from bank at 1.2%, rent out at 3% 4% yield. Stay at hdb. Cash loses its value due to inflation.
buttercarp
30-09-11, 23:18
Buy it, borrow from bank at 1.2%, rent out at 3% 4% yield. Stay at hdb. Cash loses its value due to inflation.
How to buy HDB and own pte property now?
If I were to spend so much and pay through my nose for the penthouse, I'd rather stay in it and enjoy it rather than let it out!
devilplate
30-09-11, 23:20
How to buy HDB and own pte property now?
If I were to spend so much and pay through my nose for the penthouse, I'd rather stay in it and enjoy it rather than let it out!
Yessss:D
Stay big hse and rent out mm to ang mor:D
Feng shui lun liu chuan:cheers6:
1> Rent out yr current condo, then rent a place to stay near Henry park Pri.
2> sell yr condo, rent for 30 months near sch, buy a EC after 30 mths.
3> sell yr condo, buy HDB resale near sch.
4> sell yr condo, buy another condo near sch.
Just some suggestions u might wanna think about!
Hi victorchoo, thanks for the analysis of my financial commitment. Nope, I do not have any CPF left. Beside the 50KSGD I have, I am intending to borrow another 30-50KSGD from my in-law.
I am unsure if there is any good development in Mt Sinai and cost only 1 mil or less.
Bro yowetan, watch your gearing as I think you should not go beyond 30% from household income. For your case, it's max $2100. Also do take note that you family will be at risk as interest rate will goes up sooner or later.
Take forumer's advises, try not to reach beyond your means... To be honest, I've seen quite a few friends like you fallen... Painful not only to you but to your family as well.
I wish you good luck. ;)
Paint the worst scenario in yr mind for yr plans, if can weather it go ahead if can't then better forget it!
Looking at yr financial position, IMO u will be in a very high risk high stress position.
buttercarp
01-10-11, 00:22
1> Rent out yr current condo, then rent a place to stay near Henry park Pri.
2> sell yr condo, rent for 30 months near sch, buy a EC after 30 mths.
3> sell yr condo, buy HDB resale near sch.
4> sell yr condo, buy another condo near sch.
Just some suggestions u might wanna think about!
Wow, wise suggestions!
In fact the suggestions given by the above bros are all very wise and constructive. I believe most are middle aged and are level headed;) ?
Yowetan, if I were you, I would go for Option 3.
Wow, wise suggestions!
In fact the suggestions given by the above bros are all very wise and constructive. I believe most are middle aged and are level headed;) ?
Yowetan, if I were you, I would go for Option 3.
unlikely the wife would wanna stay in a hdb, after enjoying the condo facilities.
Bro yowetan, watch your gearing as I think you should not go beyond 30% from household income. For your case, it's max $2100. Also do take note that you family will be at risk as interest rate will goes up sooner or later.
Take forumer's advises, try not to reach beyond your means... To be honest, I've seen quite a few friends like you fallen... Painful not only to you but to your family as well.
I wish you good luck. ;)
seeing some ppl fallen too, scared me.
and a frd taught me not to fall in love wf my investments.
got profits, good to run and re-invest into other investment tools.
woah! you are over stretched, cannot lah...
buttercarp
01-10-11, 00:34
seeing some ppl fallen too, scared me.
and a frd taught me not to fall in love wf my investments.
got profits, good to run and re-invest into other investment tools.
unlikely the wife would wanna stay in a hdb, after enjoying the condo facilities
Given his financial position, i won't even consider a condo in the first place.
I guess I am afraid of falling, so I have to be contented with my lot.
devilplate
01-10-11, 00:34
Wow, wise suggestions!
In fact the suggestions given by the above bros are all very wise and constructive. I believe most are middle aged and are level headed;) ?
Yowetan, if I were you, I would go for Option 3.
I will go for option one....if his kid cant enter henry at least not so bad.....sell n buy again damn bohua bcoz kena 4yrs ssd and incur stamp duties and overheads again:tsk-tsk:
devilplate
01-10-11, 00:37
Given his financial position, i won't even consider a condo in the first place.
I guess I am afraid of falling, so I have to be contented with my lot.
Tat explain y u r a civil servant:p
buttercarp
01-10-11, 00:44
Tat explain y u r a civil servant:p
No, not civil servant......
Self employed.
seen too many common cases of ppl over-stretching themselves, just for the sake of boarding the property bandwagon.
e.g. downpayment 10% for 700k++ condo, feeding jobless mother and jobless wife. with a car loan, drawing a 4.5k-5k income. :D
seeing some ppl fallen too, scared me.
and a frd taught me not to fall in love wf my investments.
got profits, good to run and re-invest into other investment tools.
Agreed, me scared to hell too.
As a matter of fact, Yowetan should also consider to set aside funding to support housing loan in the event of job lost. I think he is not just super stretches but also having high risk without any backup funding.
Bank recommended 6 months for housing loan and household expenses. Seeing sufficient examples thus I'm more kiasu with 5yrs with current assets.
I seriously hope he knows what best for him. Honestly, if he falls, it's almost game over for him as both of them are already in the thirties. crawling back will extremely tough!
:scared-5:
buttercarp
01-10-11, 00:50
seen too many common cases of ppl over-stretching themselves, just for the sake of boarding the property bandwagon.
e.g. downpayment 10% for 700k++ condo, feeding jobless mother and jobless wife. with a car loan, drawing a 4.5k-5k income. :D
I agree, jobless wife/ husband is a liability.
Sorry no offence to SAHM (stay at home mums) whom I think have sacrificed a great deal for the family.
Just that I feel that for an average wage earner, the sole breadwinner is likely to be stressed out.
devilplate
01-10-11, 00:54
No, not civil servant......
Self employed.
Oh...:o
Self employed..hmm....also high risk of falling rite?
Oh...:o
Self employed..hmm....also high risk of falling rite?
Can also huatx3 until no risk too...:)
devilplate
01-10-11, 00:57
Can also huatx3 until no risk too...:)
Dun climb lor, zero risk of falling....hehe
buttercarp
01-10-11, 01:00
Oh...:o
Self employed..hmm....also high risk of falling rite?
Got trampoline below.... so fall most of the time won't get hurt, may be able to jump higher:D !
Got trampoline below.... so fall most of the time won't get hurt, may be able to jump higher:D !
Need to jump meh? Tot buttercarp can fly i'n cartoon?:D
buttercarp
01-10-11, 01:08
Need to jump meh? Tot buttercarp can fly i'n cartoon?:D
Hahaha.... so won't fall since can fly unless got bad person obstruct path...
I hope yowetan won't be mad since this thread is now off topic!
Hahaha.... so won't fall since can fly unless got bad person obstruct path...
I hope yowetan won't be mad since this thread is now off topic!
I seriously hope he can make a wise decision.:)
yowetan I hope you can keep the money for rainy days 50k is not alot and I'm a more prudent person if my
combined household income is 7k I will stay put in hdb will not even consider any condo.. must plan for kids education
Yowetan if Henry Park is the sole reason why you like that area, then renting an apartment there is the best solution. Just across the road lies a super old condo en route for enbloc real soon (or has it already). Can rent there until such time that your child has confirmed his acceptance into the school then move out.
If Henry Park is only part of the reason why you like that area and you are all determined to move over anytime, then maybe can consider selling your condo for $850k can cash out $350k plus your own $50k and borrow from in law another $50k to have $450k to buy nearby condo. Take 70%LTV for a 1.2mil condo to prevent huge mortgage servicing later when interest rates rises (coz your household income might be tight). Remaining cash of $90k for stamp duty fee and reno. :cheers1:
All the best!
I think, financial prudent is very critical for this couple.
Buy a place of $1m is not only over-stretching but beyond means in the sense that very difficult to build up savings. And if there is a drop in property prices, then they will be in trouble as putting all eggs together and no bullet for good buy.
On top of that, also need to consider, to support his and hers' old parents in years to come.
Getting into a top school does not guarantee it will make your children into the top. Even if ur the top student, u may not be the top earner. I hv seen so many of these cases.
Thank you all for contributing constructive views and opinions on my situation. Somehow, I am happy and sad to learn that financially I am unable to support the purchase from the analysis.
The reasons I set my eyes on Mt Sinai are the school, as well as serene environment for I am a greenary person. I prefer a more centralized area as my current unit sits in hillview/bukit batok area.
With all inputs pouring in, I am wondering if there are any affordable units like 1 to 1.2 mil as I do have the intent of releasing my current unit to exchange for a unit in Mt Sinai area.
All inputs and criticisms are welcome so I can have a more holistic views to make an informed decision.
TIA.
IMHO
1. sell yr existing place
2. rent a place near to the school of choice
3. if u child get in, then buy one there
perhaps, if there is a downturn in property, then u will be selling high and buying low
Yesterday I kpo ran through a thread on a property and read a similar case. About a civil servant couple who bought a one mil property and holding on to their hdb. They drew a combine of more than 10k and was advised to sell of their hdb as many think that they are over stretching to hold two properties. So for your case, holding two properties is confirm out.
IMHO
1. sell yr existing place
2. rent a place near to the school of choice
3. if u child get in, then buy one there
perhaps, if there is a downturn in property, then u will be selling high and buying low
Hi Laguna,
Your preposition is an interesting resolution. What if the correction does not takes place and I have been throwing money into rental without owning any property? Would it be a waste?
Btw, my child is only 4 months old. I am planning ahead.
Actually I am quite surprised by the responses here, encouraging Yowetan to be prudent.
A lot of forummers here are waiting for freefall durians/firesales.
But does anybody think where does freefall durians/firesales come from?
If come to think about it, firesales is from people like Yowetan who would overstrech himself if he had bought Mt Sinai.
So by eliminating one reckless homebuyer, wouldn't your chances of firesales be lessened?
So your advice to him to be prudent and your intention to buy firesales seems to be at cross purposes here.:beats-me-man:. Just thinking.
Yesterday I kpo ran through a thread on a property and read a similar case. About a civil couple who bought a one mil property and holding on to their hdb. They drew a combine of more than 10k and was advised to sell of their hdb as many think that they are over stretching to hold two properties. So for your case, holding two properties is confirm out.
Could you share the article/thread link with me so I can have a good case study? Many thanks.
Actually I am quite surprised by the responses here, encouraging Yowetan to be prudent.
A lot of forummers here are waiting for freefall durians/firesales.
But does anybody think where does freefall durians/firesales come from?
If come to think about it, firesales is from people like Yowetan who would overstrech himself if he had bought Mt Sinai.
So by eliminating one reckless homebuyer, wouldn't your chances of firesales be lessened?
So your advice to him to be prudent and your intention to buy firesales seems to be at cross purposes here.:beats-me-man:. Just thinking.
The forumers here are unbiased and I am glad to be a member in this forum to learn and avoid commiting financial mistake. As much as most of us would love to get a bargain, we definitely do not wish to see the downfall of a person.
Btw, I am not an investor or flipper but possibly a Kiasu parent and a person who loves serene environment.
You still have time as your child only 4 months. Set your goals and work hard but smart for the next 4 years. Job along may not get you there. :) You may realise your dream.
Hi Laguna,
Your preposition is an interesting resolution. What if the correction does not takes place and I have been throwing money into rental without owning any property? Would it be a waste?
Btw, my child is only 4 months old. I am planning ahead.
Are you referring to the teacher who bought Primo Residences? They should be quite comfortable with their decisions now. I would have hold on to the HDB if I were them.
Yesterday I kpo ran through a thread on a property and read a similar case. About a civil servant couple who bought a one mil property and holding on to their hdb. They drew a combine of more than 10k and was advised to sell of their hdb as many think that they are over stretching to hold two properties. So for your case, holding two properties is confirm out.
Are you referring to the teacher who bought Primo Residences? They should be quite comfortable with their decisions now. I would have hold on to the HDB if I were them.
Comfortable provided no bad news about the plot beside. Think they should be quite troubled over the development outcome of the plot beside now. Meanwhile I am keen to know abt the outcome as I am a potential buyer looking at D19.
I believe it is for own-stay. Not so bad. Rental may not be so ideal with a construction site next door for a few years. Just too many developments in this place. Getting less ideal to stay.
Comfortable provided no bad news about the plot beside. Think they should be quite troubled over the development outcome of the plot beside now. Meanwhile I am keen to know abt the outcome as I am a potential buyer looking at D19.
devilplate
01-10-11, 09:39
Yesterday I kpo ran through a thread on a property and read a similar case. About a civil servant couple who bought a one mil property and holding on to their hdb. They drew a combine of more than 10k and was advised to sell of their hdb as many think that they are over stretching to hold two properties. So for your case, holding two properties is confirm out.
I must have mistaken them to be buttercarp....whaha:ashamed1:
devilplate
01-10-11, 09:40
Hi Laguna,
Your preposition is an interesting resolution. What if the correction does not takes place and I have been throwing money into rental without owning any property? Would it be a waste?
Btw, my child is only 4 months old. I am planning ahead.
So farrrrr ahead:eek:
Buttercarp should have very strong backing. Not many businesses are recession proof.
I must have mistaken them to be buttercarp....whaha:ashamed1:
So farrrrr ahead:eek:
devilplate, I am a typical kiasu parent. I am a Singaporean afterall.
devilplate
01-10-11, 09:46
Actually I am quite surprised by the responses here, encouraging Yowetan to be prudent.
A lot of forummers here are waiting for freefall durians/firesales.
But does anybody think where does freefall durians/firesales come from?
If come to think about it, firesales is from people like Yowetan who would overstrech himself if he had bought Mt Sinai.
So by eliminating one reckless homebuyer, wouldn't your chances of firesales be lessened?
So your advice to him to be prudent and your intention to buy firesales seems to be at cross purposes here.:beats-me-man:. Just thinking.
We r being honest and truthful wat:tongue3:
There r so many investors out there. Scare no firesales? I only scared i got not enuff bullet lor.....in 09, there arent many firesales but there r many sellers trying to breakeven...but vit m not enuff leh
Firesales usually happen to those holding multiple ppty la.....their biz may turn sour and nid to liquidate some hard assets for cash flow
Btw firesale means quick sale rite and doesnt mean the seller make a loss rite
Thank you all for contributing constructive views and opinions on my situation. Somehow, I am happy and sad to learn that financially I am unable to support the purchase from the analysis.
The reasons I set my eyes on Mt Sinai are the school, as well as serene environment for I am a greenary person. I prefer a more centralized area as my current unit sits in hillview/bukit batok area.
With all inputs pouring in, I am wondering if there are any affordable units like 1 to 1.2 mil as I do have the intent of releasing my current unit to exchange for a unit in Mt Sinai area.
All inputs and criticisms are welcome so I can have a more holistic views to make an informed decision.
TIA.
Check the link for the 1km and 2km map of Henry Park Pri. School:
http://www.elite.com.sg/278790.page
blackjack21trader
01-10-11, 10:00
yes brother, I am glad the brothers here gave you very sound advice. Sometimes, it is better to miss a great buy than to take a grave loss. From the current economic situation and investor sentiments, it is wise to be careful. bro Laguna is right, you can seriously consider his option.
You see, your problem is that you are afraid to miss the boat. But what if the boat never come ? Why should you sacrifice your current comfortable position for days and nights of stress if the markets really turned bad ? You have too little cash on hand too.
In property investment, it is always difficult to earn that first pot of gold. With your current property gain of $100,000, after deduction of all expenses it should give you around $60,000 left. So, you have not made the first pot yet.
I can tell you are a young man, there are always opportunity later on. Just play safe la.
Buttercarp should have very strong backing. Not many businesses are recession proof.
Let me guess. She could be a super tutor. Kiasu parents are always willing to part with $$$ for good tutors.
Now I am worried if I should even buy a condo or just get a resale hdb after reading so many advises :doh: OUr household income is slightly more than 10k but we have little cash as both of us just started working not too long ago. Both of us just got married last year, in our late twenties and planning for at least 2 kids. Our jobs are not recession proof even though both of us are doing quite ok in our jobs. Worst case senario could be no increment and stuck with 10k plus for the rest of our lifes. Managed to save about 200k cash, but lost 50k in buying spot gold :ashamed1:, now only left with slightly less than 150k.
devilplate, I am a typical kiasu parent. I am a Singaporean afterall.
Im also heartened to see many wise and constructive advices given by forumers here. If you really want to buy, do consider some of the HDB at Ghim Moh, Dover. If I'm not wrong, some might even be within 1km of Fairfield Methodist, giving you an alternative above average school to consider. And pls sell your hill view condo if you decide to relocate to Ghim Moh, Sinai area, like most people here suggest.
Btw, 4mths old and already planning ahead? Good....another advice, have you planned for Kindergarter yet? You might want to think about that too. I know of at least 1 already have wait list for 2013 enrollment!
Check the link for the 1km and 2km map of Henry Park Pri. School:
http://www.elite.com.sg/278790.page
There's not much affordable housing within 1 km except for HDB. Perhaps can consider sellling current property and purchasing HDB. When finances permit, can sell or rent out HDB later on and upgrade to condo. They have enough time to play with before registration. Renting in that area is also not cheap. If it were me, I would rather put the money to use in paying down the pty rather than money down the drain in rental. Of course need to forgo the amenities of pte condo. But in view of the fact that expenses of raising a kid is not a small sum of money these days, it might be prudent not to overcommit for a large housing loan. Inflation is going to make a dent in the pocket. And the kids expenses (eg good childcare centre/kindergarten/tuition) will be on an upwards trend all the time. Do add up how much it is currently costing in diapers/milk powder etc (unless using cloth diapers/breast feeding which is more economical but is less convenient if the mother is working). They may also wish to have another child when they are having so much fun with the current little one. So need to set aside some buffer for expanding the family too. Saddled with a large housing loan they may not be able to afford to give the little one a desired brother or sister. Just my :2cents:
flagship74
01-10-11, 10:29
Buttercarp should have very strong backing. Not many businesses are recession proof.
The first thing comes to my mind for a recession profession would be is doctor:rolleyes:
The first thing comes to my mind for a recession profession would be is doctor:rolleyes:
Not all doctors' jobs are recession proof. Many GPs have a hard time during financial down turn.
Now I am worried if I should even buy a condo or just get a resale hdb after reading so many advises :doh: OUr household income is slightly more than 10k but we have little cash as both of us just started working not too long ago. Both of us just got married last year, in our late twenties and planning for at least 2 kids. Our jobs are not recession proof even though both of us are doing quite ok in our jobs. Worst case senario could be no increment and stuck with 10k plus for the rest of our lifes. Managed to save about 200k cash, but lost 50k in buying spot gold :ashamed1:, now only left with slightly less than 150k.
How do you manage to save that amount, and do you have any CPF to prepare yourself a first property be it HDB or a Condo?
How abt dealing w dead people? :eek:
Im also heartened to see many wise and constructive advices given by forumers here. If you really want to buy, do consider some of the HDB at Ghim Moh, Dover. If I'm not wrong, some might even be within 1km of Fairfield Methodist, giving you an alternative above average school to consider. And pls sell your hill view condo if you decide to relocate to Ghim Moh, Sinai area, like most people here suggest.
Btw, 4mths old and already planning ahead? Good....another advice, have you planned for Kindergarter yet? You might want to think about that too. I know of at least 1 already have wait list for 2013 enrollment!
Hi HP65, thanks for sharing your thoughts with me. I am appreciated. Yeah, you have reminded me of that - Kindergarden schooling. Initially, I was looking around for Nanyang primary school with the Nanyang nursery affliated. However looking at the prices around that area really shrug me off from the plan.
That is why I moved on to Mt Sinai area. Having said that, do you have any good kindergarden to recommend for my young child? Btw, getting a HDB in Ghim Moh seems too pricey.
How abt dealing w dead people? :eek:
I wonder if Feng shui master is recession proof. Those religious leaders/pastors are also quite recesssion proof.
I wonder if Feng shui master is recession proof. Those religious leaders/pastors are also quite recesssion proof.
If u are well known Feng Shui master shld be, but in bad times, I would think AngPao become smaller....:2cents:
How abt dealing w dead people? :eek:
Bad times, more suicide cases, ...revenue goes up?:eek:
Hi HP65, thanks for sharing your thoughts with me. I am appreciated. Yeah, you have reminded me of that - Kindergarden schooling. Initially, I was looking around for Nanyang primary school with the Nanyang nursery affliated. However looking at the prices around that area really shrug me off from the plan.
That is why I moved on to Mt Sinai area. Having said that, do you have any good kindergarden to recommend for my young child? Btw, getting a HDB in Ghim Moh seems too pricey.
A cheaper alternative is Sin Ming area HDB (D20/Bishan) for Ai Tong school.
http://www.propertyguru.com.sg/listing/hdb-for-sale-405-sin-ming-avenue-6378951
This is opposite Bishan Park which is being redeveloped so there will be enough of greenery.
Now I am worried if I should even buy a condo or just get a resale hdb after reading so many advises :doh: OUr household income is slightly more than 10k but we have little cash as both of us just started working not too long ago. Both of us just got married last year, in our late twenties and planning for at least 2 kids. Our jobs are not recession proof even though both of us are doing quite ok in our jobs. Worst case senario could be no increment and stuck with 10k plus for the rest of our lifes. Managed to save about 200k cash, but lost 50k in buying spot gold :ashamed1:, now only left with slightly less than 150k.
if i were you, rather make my 1st pot of gold in the safer manner, to ballot a hdb flat. and decide after 5yr mop.
i wont wanna dump a 150k into a condo, and feeling cash poor. cant afford to go on holidays, buy those items i wanna have, and have to make calculations to dine in resturant or coffeeshop. quite a pathetic and tight lifestyle.
e.g. it happen to my frd driving a wrx, even going to a simple hongkong cafe need to calculate to eat mee or bread.:doh:
How do you manage to save that amount, and do you have any CPF to prepare yourself a first property be it HDB or a Condo?
Our CPF not so much money as both of us started working not too long ago. But can manage monthly instalment for property, have at least 2k monthly into our cpf from salary. Cash wise, we started saving since young. Both of us has no commitments, we are staying with our family. So even after we started working, we do not have much to spend also hence about 50% of our salary can be saved. But since now we decided on family planning and going to have a house of our own, we do not expect such high rate of savings in future.
flagship74
01-10-11, 11:14
How do you manage to save that amount, and do you have any CPF to prepare yourself a first property be it HDB or a Condo?
I think spore still lack of docs due to aging population:)
if i were you, rather make my 1st pot of gold in the safer manner, to ballot a hdb flat. and decide after 5yr mop.
i wont wanna dump a 150k into a condo, and feeling cash poor. cant afford to go on holidays, buy those items i wanna have, and have to make calculations to dine in resturant or coffeeshop. quite a pathetic and tight lifestyle.
e.g. it happen to my frd driving a wrx, even going to a simple hongkong cafe need to calculate to eat mee or bread.:doh:
Both of us very low maintenance la, lazy to go tour, lazy to go shopping, lazy to eat at restaurants haha. Sometimes even lazy to eat :doh: . Ok, should be too busy.
I wonder if Feng shui master is recession proof. Those religious leaders/pastors are also quite recesssion proof.
I doubt there's any industry that's truly recession proof. Dead people - family members may downgrade burial package; religious pastors are dependent on donations from public; Feng Shui master similarly will be affected with fewer business openings.
I can only think of budget retails as possibly more "recession resistant", like Sheng Shiong (more people eat home-cooked meals) or $10 haircut shops. That said, their businesses will still be affected when the expats and foreign workers are sent packing home!
Our CPF not so much money as both of us started working not too long ago. But can manage monthly instalment for property, have at least 2k monthly into our cpf from salary. Cash wise, we started saving since young. Both of us has no commitments, we are staying with our family. So even after we started working, we do not have much to spend also hence about 50% of our salary can be saved. But since now we decided on family planning and going to have a house of our own, we do not expect such high rate of savings in future.
Both of you have an impressive salary package at your age. Hope you save enough for your dream house.
A cheaper alternative is Sin Ming area HDB (D20/Bishan) for Ai Tong school.
http://www.propertyguru.com.sg/listing/hdb-for-sale-405-sin-ming-avenue-6378951
This is opposite Bishan Park which is being redeveloped so there will be enough of greenery.
I do not like Bishan as I feel it is overwhelmed by foreigners in that area. Also, the park is not really greenary but an artificial build up to accomodate the masses from Ang Mo Kio.
There's not much affordable housing within 1 km except for HDB. Perhaps can consider sellling current property and purchasing HDB. When finances permit, can sell or rent out HDB later on and upgrade to condo. They have enough time to play with before registration. Renting in that area is also not cheap. If it were me, I would rather put the money to use in paying down the pty rather than money down the drain in rental. Of course need to forgo the amenities of pte condo. But in view of the fact that expenses of raising a kid is not a small sum of money these days, it might be prudent not to overcommit for a large housing loan. Inflation is going to make a dent in the pocket. And the kids expenses (eg good childcare centre/kindergarten/tuition) will be on an upwards trend all the time. Do add up how much it is currently costing in diapers/milk powder etc (unless using cloth diapers/breast feeding which is more economical but is less convenient if the mother is working). They may also wish to have another child when they are having so much fun with the current little one. So need to set aside some buffer for expanding the family too. Saddled with a large housing loan they may not be able to afford to give the little one a desired brother or sister. Just my :2cents:
Strongly agree. This is what I'm thinking also.
Wait till you have enough saving. Your child is only 4 months old, the only expenses you spend on him/her now are food and diapers. When your child gets older and starts schooling, additional expenses will come in. There are also lots of good school in Singapore, I think somewhere near Hillview/Bt Batok areas also have good schools.
Do your sum carefully first before you commit another expensive ppty.
Both of us very low maintenance la, lazy to go tour, lazy to go shopping, lazy to eat at restaurants haha. Sometimes even lazy to eat :doh: . Ok, should be too busy.
if your 150k need to factor in reno 20-40k, stamp duty and misc e.t.c
it seem like kinda tight, furthermore ur kids plan may have to shelved becos of housing issues if too much burden and stress over ur roof
Both of you have an impressive salary package at your age. Hope you save enough for your dream house.
Not really impressive la, nowadays if couple both graduates with good degree from local uni should be earning around this amount provide they don't enter into the wrong industry. This salary package is the norm nowadays. My classmates are all earning around this much. That is why there is a need to revise income ceiling.
Inflation is going to be a big killer.
I think it is not so easy for couple on combined income of 10K to have condo and car as well as bring up a family expecting to fork out $$$ for childcare/maid/enrichment/holidays etc. The money would disappear fast. How to save? In my opinion, with current economic climate, HDB resale in good location near to desired school of enrolling their child is a good option. By the time the child is of sch age, the MOP will be over. Can then rent out the unit to supplement upgrade to condo. Provided the Govt don't further tighten the rules on HDB and private home ownership.
if your 150k need to factor in reno 20-40k, stamp duty and misc e.t.c
it seem like kinda tight, furthermore ur kids plan may have to shelved becos of housing issues if too much burden and stress over ur roof
That is why we decided to continue staying with in laws and start saving all over again lor.. If not previously I am so happily scouting for a new home. Dream crashed after I broke that pot of gold :(
Inflation is going to be a big killer.
I think it is not so easy for couple on combined income of 10K to have condo and car as well as bring up a family expecting to fork out $$$ for childcare/maid/enrichment/holidays etc. The money would disappear fast. How to save? In my opinion, with current economic climate, HDB resale in good location near to desired school of enrolling their child is a good option. By the time the child is of sch age, the MOP will be over. Can then rent out the unit to supplement upgrade to condo. Provided the Govt don't further tighten the rules on HDB and private home ownership.
That is why most of my peers gave up on having children. They choose to enjoy life. With 10k per month without children, think should be able to enjoy good life with car and condo.
That is why we decided to continue staying with in laws and start saving all over again lor.. If not previously I am so happily scouting for a new home. Dream crashed after I broke that pot of gold :(
$50k is not a lot. U can recover v fast. $150k can still get $750 k EC 3 bedder, if dowbpayment is 20%.
Is there any restriction if I am getting a resales HDB flat if I already have a private unit? Can someone shed more information? I am confuse with current ruling.
Is there any restriction if I am getting a resales HDB flat if I already have a private unit? Can someone shed more information? I am confuse with current ruling.
Buy a resale hdb and dispose your condo within 6 months.
$50k is not a lot. U can recover v fast. $150k can still get $750 k EC 3 bedder, if dowbpayment is 20%.
At least 1 - 2 years to save all over again...depending if we got kids within these 2 years... EC is under my consideration, but no good ones around..
That is why most of my peers gave up on having children. They choose to enjoy life. With 10k per month without children, think should be able to enjoy good life with car and condo.
well come a pt later in life u might find that life is not just abt enjoy urself , car and condo.
well come a pt later in life u might find that life is not just abt enjoy urself , car and condo.
Agreed. Don't put off having kids too late. You have more energy for them when younger. And also your chances of conceiving and healthy pregnancy is higher. If you decide to have NO kids at all, high chance you will regret when you are older. By then it might be too late.......
$50k is not a lot. U can recover v fast. $150k can still get $750 k EC 3 bedder, if dowbpayment is 20%.
Its scary to contemplate if only have 50K and over stretch . Jobs are not forever. I have seen enough retrenchment and downsizing. Unless can ride out the downs cycle.
Imagine it like a hse of cards. ln a down cycle foreigners leave causing lost of Tenant( no rental income), suay suay company down size also ( no mthly income). In in such situation economy is in down cycle cannot sell the prop to break even or make $ or even find reasonable buyer.
Its a deep hole.. Prop are good unless have holding power.
Another funny encounter.
I was on the train to work yesterday overhead this guy talking to his GF on phone. Wanting to get his mobile phone back so he can sell. Want to sell his ipad , laptop etc. Coz he is in a deep place with the stock market...
I hope not many pple are over stretching beyond their safety limits...
GP with own clincs are rather competitive these days. FTs are coming in to take on jobs in hospitals. Specialist will be slightly better. How can she be doctor when she can assess this blog frequently unless she has very few patients or she runs a chain of clinics. :) Education is more likely.
Not all doctors' jobs are recession proof. Many GPs have a hard time during financial down turn.
That is why we decided to continue staying with in laws and start saving all over again lor.. If not previously I am so happily scouting for a new home. Dream crashed after I broke that pot of gold :(
$150k cash can still have enough for MM..., just that your dream home get smaller...
$150k cash can still have enough for MM..., just that your dream home get smaller...
i wld opt for a decent size EC and stay for the good. when he alrdy got his kids plan, a MM is definately out.
well come a pt later in life u might find that life is not just abt enjoy urself , car and condo.
that point means, "its all about the kid". One will only understand when promoted to be a parent. The TS is one of us ; )
buttercarp
01-10-11, 12:42
In 1997 when the prices of houses was all time high, I opted to stay in a HDB.
When my kids were about primary school age and it happened that property prices were stagnant at that time, I sold the HDB and upgraded to a condo nearby their future school.
Yowetan, since your kid is only 4 months old, you still have time and can plan step by step.....IMHO, you dun have to rush now. Who knows what will happen to property prices later when ur kid is ready for primary school.
Yowetan in my opinion, the best option now for u is to save up another 150k in the next 5 years, 30k a year. Mean while go settle the nursery and kindergarden issues first. In the mean time go apply for parent volunteer for the school that you want.
Thus finally u build up the next DP of 250k(50k borrow as u mention) in 5 years time. IF u get the parent volunteer and kid get in, then in 5 years time, you sell your house and relocate to Mt senai. 250k+some profit from your existing condo, should par down your loan exposure.
Its also a test of your resolute to do want the best for your kid.
To save almost 48% of $7500 mthly income for 5 years to hit your goal. Good luck bro!
well come a pt later in life u might find that life is not just abt enjoy urself , car and condo.
Not me la, I love kids :D
People cannot wait these days. They want everything faster and enjoy.
CEO of Clydebuilt Group entices people into buying his holland project by stating: A 3-bedroom HDB flat in Toa Payoh cost $7500 is now valued at $300,000. Another man bought a 50,000 sqft bungalow in Leedon for $56000 in 1958 and sold it for $50 million in 2006. Bukit Timah land cost $110psf in 1990 valued at 1500-1700psf today. Will we see such capital appreciation again? What will capital appreciation be like in 10 years time or even depreciation?
Another funny encounter.
I was on the train to work yesterday overhead this guy talking to his GF on phone. Wanting to get his mobile phone back so he can sell. Want to sell his ipad , laptop etc. Coz he is in a deep place with the stock market...
I hope not many pple are over stretching beyond their safety limits...
Is there any restriction if I am getting a resales HDB flat if I already have a private unit? Can someone shed more information? I am confuse with current ruling.
if u currently own a private pty, you will need to sell off the pty within 6 mths after buying a non-subsidised HDB.
if u currently own a private pty, you will need to sell off the pty within 6 mths after buying a non-subsidised HDB.
How about EC, if you stay there for more than 10 yrs, can we get a pte ppty? Any new rules besides SSD.
How about EC, if you stay there for more than 10 yrs, can we get a pte ppty? Any new rules besides SSD.
EC is fully private after 10 yrs.
if currently owning HDB or EC, you just need to meet the MOP of 5 yrs and u can buy pte pty.
It applies to people who first owns private properties and then want to buy resale or new HDB and EC.
How about EC, if you stay there for more than 10 yrs, can we get a pte ppty? Any new rules besides SSD.
I guess I will have to save enough for my dream home for the next 3 years.
Again, I am not sure which kindergarden would be good for my child.
victorchoo
01-10-11, 15:50
I guess I will have to save enough for my dream home for the next 3 years.
Again, I am not sure which kindergarden would be good for my child.
it seems to me that you're just lazy to do your own research and financial planning. Easiest way out is to post in forum and let ppl decide for you.
C'mon. you're 30 plus and a father. Time to grow up. :doh:
Use an excel spreadsheet and google for Christ's sake...
Do you think the CEO statement will really help him to sell his project?
People cannot wait these days. They want everything faster and enjoy.
CEO of Clydebuilt Group entices people into buying his holland project by stating: A 3-bedroom HDB flat in Toa Payoh cost $7500 is now valued at $300,000. Another man bought a 50,000 sqft bungalow in Leedon for $56000 in 1958 and sold it for $50 million in 2006. Bukit Timah land cost $110psf in 1990 valued at 1500-1700psf today. Will we see such capital appreciation again? What will capital appreciation be like in 10 years time or even depreciation?
devilplate
01-10-11, 16:29
Do you think the CEO statement will really help him to sell his project?
No effect on u;)
victorchoo
01-10-11, 16:34
Do you think the CEO statement will really help him to sell his project?
There are alot of gullible singaporeans ard...
It was true for my grandparents and parents. They have inspired me to invest in properties. Only know that must have holding power. :cool:
No effect on u;)
Do you think the CEO statement will really help him to sell his project?
It makes the adv looks bad, especially if the CEO himself needs to come out and sell koyok. Where is his sales team? This makes the property market look bad.
Hi HP65, thanks for sharing your thoughts with me. I am appreciated. Yeah, you have reminded me of that - Kindergarden schooling. Initially, I was looking around for Nanyang primary school with the Nanyang nursery affliated. However looking at the prices around that area really shrug me off from the plan.
That is why I moved on to Mt Sinai area. Having said that, do you have any good kindergarden to recommend for my young child? Btw, getting a HDB in Ghim Moh seems too pricey.
NY kindergarten affiliated to NYP? How?
Bro, you'd better get your facts right before making a $M purchase based on them.
OTOH, mt Sinai is nice with natural greens to the north and south, and soon a new green corridor at its door step (rail corridor). If it's your dream then go for it. Just do your sums and go in with eyes open.
NY kindergarten affiliated to NYP? How?
Bro, you'd better get your facts right before making a $M purchase based on them.
OTOH, mt Sinai is nice with natural greens to the north and south, and soon a new green corridor at its door step (rail corridor). If it's your dream then go for it. Just do your sums and go in with eyes open.
Perhaps you are right that they are not affiliated or have any association. I am just hearsay from kiasu parents.
Anyway my priority is in Mt Sinai area for I believe the greenary and serene environment is going to stay for some time.
?...
Anyway my priority is in Mt Sinai area for I believe the greenary and serene environment is going to stay for some time.
U might want to look at The Sierra condo, 2 bedder, 600+ sqft.?
Based on URA data, last time a 2 bedder transacted was $820k for 667sqft unit
THE SIERRA* MOUNT SINAI DRIVE Apartment 1 820,000 667 Strata 1,229 Nov-10
http://www.propertyguru.com.sg/project/the-sierra-1187
devilplate
01-10-11, 23:04
U might want to look at The Sierra condo, 2 bedder, 600+ sqft.?
Based on URA data, last time a 2 bedder transacted was $820k for 667sqft unit
THE SIERRA* MOUNT SINAI DRIVE Apartment 1 820,000 667 Strata 1,229 Nov-10
http://www.propertyguru.com.sg/project/the-sierra-1187
Its a 1+study and puny pool....
Its a 1+study and puny pool....
Ya, 60 units project by Koh Bros in late 90s, given his budget of abt $1m, very hard to find.......
Got to sacrifice for the size. 3 and later 4 staying in a 1+1study. Is it worth it?
Ya, 60 units project by Koh Bros in late 90s, given his budget of abt $1m, very hard to find.......
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
Withdraw sgd20k convert to RM, head down to KL, find a decent ppty, invest and wait for it to appreciate. Here 60% downpayment too much. KL ONLY need 10%
it seems to me that you're just lazy to do your own research and financial planning. Easiest way out is to post in forum and let ppl decide for you....
I full agreed with u on this.
He is not only lazy but no glut, and cannot even manage himself.
This sort of people, u talk to him one thousand time still cannot make up his mind....
And his child is only 4 months...
He is not kiasu, but super kiasu....and of course kiasi
Got to sacrifice for the size. 3 and later 4 staying in a 1+1study. Is it worth it?
Well, if I m in his shoes, I won't. But he seem sure about Henry Park Pri and Mt Sinai area, with $1m, have no choice but to sacrifice space....:2cents:
buttercarp
02-10-11, 14:02
Got to sacrifice for the size. 3 and later 4 staying in a 1+1study. Is it worth it?
Well, if I m in his shoes, I won't. But he seem sure about Henry Park Pri and Mt Sinai area, with $1m, have no choice but to sacrifice space....:2cents:
Agreed......I would rather stay in a HDB with a larger space.
I would sacrifice quality for quantity.
Anyway HDBs are also good in terms of quality.
Some people would pay through their noses just to stay in a condo.
IMHO, it is not worth while.
Agreed......I would rather stay in a HDB with a larger space.
I would sacrifice quality for quantity.
Anyway HDBs are also good in terms of quality.
Some people would pay through their noses just to stay in a condo.
IMHO, it is not worth while.
Very high pressure if his income don't go up much by the time his kid goes Pri 1. Branded Pri school, branded estate, maybe need to drive a branded continental car to follow the Rest of the parents...:scared-4:
buttercarp
02-10-11, 14:22
Very high pressure if his income don't go up much by the time his kid goes Pri 1. Branded Pri school, branded estate, maybe need to drive a branded continental car to follow the Rest of the parents...:scared-4:
Especially so if his kid or kids go to super branded schools.
Heard of kids comparing the hospitals where they were born during their health checks in school when they had to bring their health booklet :eek: !
Especially so if his kid or kids go to super branded schools.
Heard of kids comparing the hospitals where they were born during their health checks in school when they had to bring their health booklet :eek: !
that's silly to the max!
Especially so if his kid or kids go to super branded schools.
Heard of kids comparing the hospitals where they were born during their health checks in school when they had to bring their health booklet :eek: !
not only that
where do u stay? how big...
what sort of car coming to fetch u?
where do u go for holiday...
u are who's who!
The first thing comes to my mind for a recession profession would be is doctor:rolleyes:
I thought pimp and hooker....
Especially so if his kid or kids go to super branded schools.
Heard of kids comparing the hospitals where they were born during their health checks in school when they had to bring their health booklet :eek: !
Aiyah.... even kids from neighbourhood schools compare such things lah . I would not consider it a sign of snobbishness if that is what you are implying.
Cyberknight
02-10-11, 16:14
Give Yowetan a break lah,
When you do not know what you do not know, you get confused easily and swayed by opinions.
The more Yowetan knows, he will probably make a better decision.
Be it a good or bad decision, he has to live with the consequence, the earlier e bad decision are being made, one gets wiser..
What if he is right, then he enjoys the fruit of the decision.
Let's agree to disagree.
It is not very healthy as a nation. But well, it is very sad. We are in a Materialistic society. What do they compare when they grow up? :doh:
not only that
where do u stay? how big...
what sort of car coming to fetch u?
where do u go for holiday...
u are who's who!
Duplicate.
not only that
where do u stay? how big...
what sort of car coming to fetch u?
where do u go for holiday...
u are who's who!
Agreed. At least he now has a better idea that his financial position is not in the best of health for what he wishes to purchase (even the HDB in Ghim Moh is pricey). He has a few more years to work on it though. At least the kid's registration is not so imminent.
It is good for him to have information before making a decision.
Give Yowetan a break lah,
When you do not know what you do not know, you get confused easily and swayed by opinions.
The more Yowetan knows, he will probably make a better decision.
Be it a good or bad decision, he has to live with the consequence, the earlier e bad decision are being made, one gets wiser..
What if he is right, then he enjoys the fruit of the decision.
Let's agree to disagree.
the 5C dream still lives on for some ppl...
victorchoo
02-10-11, 16:41
the 5C dream still lives on for some ppl...
it's good to have dreams. but always dream within our means.
But dream has to be big but goals have to be progressive. :confused:
it's good to have dreams. but always dream within our means.
victorchoo
02-10-11, 17:33
But dream has to be big but goals have to be progressive. :confused:
I knew this is coming.... haha...
Well, there is a difference between dreaming to be a millionaire and dreaming to be a millionaire overnight.
:o
well, you gotta admire yowetan....
he sets lofty goals, but its good to set goals...
it is not impossible to achieve them if he works hard enough..
i've seen friends earning 4-5k a month to 15-20k within a space of 5yrs...
just note that income increase progressively with experience....
all you have to do is find opportunities when they come about...
well, you gotta admire yowetan....
he sets lofty goals, but its good to set goals...
it is not impossible to achieve them if he works hard enough..
i've seen friends earning 4-5k a month to 15-20k within a space of 5yrs...
just note that income increase progressively with experience....
all you have to do is find opportunities when they come about...
Only possible in sales-related jobs or own business (also sales)...
Well, if I m in his shoes, I won't. But he seem sure about Henry Park Pri and Mt Sinai area, with $1m, have no choice but to sacrifice space....:2cents:
Neither would I.
I can't understand this obsession with "brand" named schools. I know this has been debated to death on other threads and it is clear that choosing to be close to a "brand" named school is a recurring theme.
IMHO if you are really keen on the education of your kids and have a limited budget, it is better that you go for space. Use the balance money to equip your space to create a conducive learning environment for your child.
Neither would I.
I can't understand this obsession with "brand" named schools. I know this has been debated to death on other threads and it is clear that choosing to be close to a "brand" named school is a recurring theme.
IMHO if you are really keen on the education of your kids and have a limited budget, it is better that you go for space. Use the balance money to equip your space to create a conducive learning environment for your child.
Sound advice....:D
buttercarp
02-10-11, 20:37
Neither would I.
I can't understand this obsession with "brand" named schools. I know this has been debated to death on other threads and it is clear that choosing to be close to a "brand" named school is a recurring theme.
IMHO if you are really keen on the education of your kids and have a limited budget, it is better that you go for space. Use the balance money to equip your space to create a conducive learning environment for your child.
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
How many good friends do u have from ur pri sch days? For me: none. Better to rely on urself...
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
Contacts are good to have, but there's no free lunch...:2cents:
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
You should be thinking like this instead :
Who knows.... your kid IS the future big shot.
Geniuses are born not created. So the question is how to bring out the genius in them (if there is any). In other words, how to develop the potential. While schools have a function to play, the function to develop at home has the biggest impact. For academic success, home supervision is the key.
If your kids are intelligent and/or talented enough they will be able to find their way to a top school on their own merit. And while there if you are at the top of your class, nobody would dare look down on you if your father is a hawker or taxi driver. Everybody wants to be your friend, you ARE the future bigshot.
Building up contacts at primary school level, to me is way way over-rated.
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
Many (though not all) wealthy families are dysfunctional: parents buy affection with money and objects, and do nothing to help children build self-esteem and character.
Just because poor families may live from hand to mouth doesnt make them dysfunctional.
Isnt it better to teach your kids to become future big shots if they want to rather than just be friends with future big shots?
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
Many (though not all) wealthy families are dysfunctional: parents buy affection with money and objects, and do nothing to help children build self-esteem and character.
Just because poor families may live from hand to mouth doesnt make them dysfunctional.
Isnt it better to teach your kids to become future big shots if they want to rather than just be friends with future big shots?
How to tell primary school has pupils from majority dysfunctional families? Neighbourhood schools in Old HDB estates where resale value is below average? Smaller flats like 3 rooms and 4 rooms, more rental flats in these HDB estates?
Kinda of sad case for kids of dyfunctional families...., if they are seen are children with a lesser future.., less chance of becoming a big-shot...:scared-4:
buttercarp
02-10-11, 21:59
So far my kids' friends and school mates they know are not from dysfunctional families, although there are many of them from 3 room HDB flats. They have a proper family unit and have good upbringing, those whom I know.
Eg of dysfunctional families - broken homes with little or no parental support, parents who turn to crime or drugs, delinquent kids and perhaps siblings, etc.
Poor does not equate to dysfunctional.
Anyway the belief that "by going to branded schools and who knows maybe your kid is good friend with a future big shot" is not mine......I was saying that belief is from a friend.
Although I am not obsessed with brand named schools, I believe it is important to send my kids to a school where the majority are not from dysfunctional background.
Got a friend who said they strived to get their kids to a brand named school cos they believe in building up contacts. Who knows..... your kid may be good friends with future big shots.
Whether "dysfunctional" or not, it difficult to generalise, as "rich" & "famous" background does not necessarily always mean "functionally normal". However, got to agree with the reality that middle income and upper income families, and the better educated parents will do what they can to get their kids into branded schools. Because of their background, the kids have a better chance of "success" or doing well in school. This is reflected in the overall performance of these branded schools compared to the so called neighbourhood schools which may occasionally produce top students but the general academic performance is usually relatively lower.
Branded primary schools probably would not determine success in life but kids in some of these schools do have a better chance of getting into affiliated sec schools. This is impt if a kid is not so academically bright.
Most parents find this worth fighting and sacrificing for.
So far my kids' friends and school mates they know are not from dysfunctional families, although there are many of them from 3 room HDB flats. They have a proper family unit and have good upbringing, those whom I know.
Eg of dysfunctional families - broken homes with little or no parental support, parents who turn to crime or drugs, delinquent kids and perhaps siblings, etc.
Poor does not equate to dysfunctional.
Anyway the belief that "by going to branded schools and who knows maybe your kid is good friend with a future big shot" is not mine......I was saying that belief is from a friend.
Kids from elitist schools are weak and spoilt especially when "Wealth does not transcends 3 generations".
Mixed backgrounds are good exposure for kids so that they learn to appreciate what they have, sympathise and will one day return and care for the society.
Whether "dysfunctional" or not, it difficult to generalise, as "rich" & "famous" background does not necessarily always mean "functionally normal". However, got to agree with the reality that middle income and upper income families, and the better educated parents will do what they can to get their kids into branded schools. Because of their background, the kids have a better chance of "success" or doing well in school. This is reflected in the overall performance of these branded schools compared to the so called neighbourhood schools which may occasionally produce top students but the general academic performance is usually relatively lower.
Branded primary schools probably would not determine success in life but kids in some of these schools do have a better chance of getting into affiliated sec schools. This is impt if a kid is not so academically bright.
Most parents find this worth fighting and sacrificing for.
Partially agree.
The success rate is high in "branded" schools because it is a selfulling prophecy. Parents who put their kids in such schools are usually motivated parents who are keen on academic achievement. Therefore, chances are the home environment is geared towards that goal.
my 1:2cents:
EC is fully private after 10 yrs.
if currently owning HDB or EC, you just need to meet the MOP of 5 yrs and u can buy pte pty.
Thank you.
Some of the neigbourhood schools also not bad. I think the most important is the teachers and the students themselves and off course with parents motivation.
Come on, all these argument rich/poor with good kid/spolit kids are all opinions. There is nothing stopping a rich man taking good care of their kid, vice verses.
all things being equal, going to a better ranking school issnt a crime. the TS like mount senai area n aims to send his kid to hendry park. Who is to say he is wrg?
To each their own. Some pple drive japanese car say BMW no good. Some Drive BMW say drive drve Japanese car is unsafe. So who's right?
To each their own.
[quote=DC33_2008]It applies to people who first owns private properties and then want to buy resale or new HDB and EC.[/quote
Thank you.
I'm a very latecomer to this thread but I can't resist replying the original poster :p
Household income of $7k a mth is not much for what u are projecting for. Agree with everyone here that it might be too tight a stretch for u. My household income is abt $15k and my HDB flat is fully paid up. Even then we do not dare to eye the Mt Sinai area coz of the prices and we need space so a small unit is a no-no. This is why we bought a modest condo in the north instead :2cents:
As for 90% financing from the bank, if it's your 2nd pty, the bank might not lend u this much. I'm not sure about this but won't the 50% MAS ruling hit staff property loans as well? Moreover pls check carefully as I know that some banks only take in the staff's income alone for debt servicing calculation as well as deciding the quantum (usually based on a matrix based on the income figure). That is, they do not include the spouse's income. If this happens, the amt u can borrow might be much lesser than u think.
Above all else, pls leave a buffer for rainy days. Cash is king afterall and u do not want to be asset-rich and yet cash-poor.
Just my 2 cents' worth :o
flagship74
03-10-11, 13:40
In the current society, majority are asset rich rather than cash rich..This type of pple is often called the "Glass" which means very fragile..:)
At the moment its best to have a good balance of asset and cash, going forward IMHO keep cash. Buying is secondary for now, and wait...
Cyberknight
03-10-11, 23:27
In the current society, majority are asset rich rather than cash rich..This type of pple is often called the "Glass" which means very fragile..:)
Cash-flow generating assets is fine. It is good to increase debt level now cos cash depreciates in e current Mkt.
Cash-flow generating assets is fine. It is good to increase debt level now cos cash depreciates in e current Mkt.
provided if yowetan have plenty of cash balance LEFT after paying for the downpayment, instead of borrowing from relatives for downpayment.
increasing one's debt level, with no buffet cash. is asking for trouble and waiting for accident to happen if the financial tsunami hits.
who wld borrow money, to pay for downpayment condo with no money left. proudly say that "he's is well hedged against inflation" ??:doh:
I guess I will have to save enough for my dream home for the next 3 years.
Bro, be careful before you commit to a place you think is within 1 km of Henry Park.
I live in the area and it looks like Henry Park might be moving to the old RJC campus. If you drive past it, you will see the Henry Park sign in front now and they are doing renovation works inside (to be completed 4Q 2011). So either Henry Park will have 2 locations (unlikely) or it's going to move (since it's current location is about 10 years old).
Don't anyhow commit until you can get some certainty on this point otherwise you might buy a place which is currently within 1km but ends up outside of the proximity when/if the school moves.
Only possible in sales-related jobs or own business (also sales)...
No, it's not. Please do not be naive.
Bro, be careful before you commit to a place you think is within 1 km of Henry Park.
I live in the area and it looks like Henry Park might be moving to the old RJC campus. If you drive past it, you will see the Henry Park sign in front now and they are doing renovation works inside (to be completed 4Q 2011). So either Henry Park will have 2 locations (unlikely) or it's going to move (since it's current location is about 10 years old).
Don't anyhow commit until you can get some certainty on this point otherwise you might buy a place which is currently within 1km but ends up outside of the proximity when/if the school moves.
It is true, Henry Park is moving, but temporarily. So the school distance calculation is still based on the present site.
Hi all,
My household income is around 7kSGD and I am hoping to get a unit in Mt Sinai area. Is there any good and affordable unit in that area?
I still have to service 500kSGD loan from my current condo.
My cash is not much, around 50kSGD.
Should I take the risk to go for one unit in Mt Sinai area?
TIA.
You are simply trolling right? :tsk-tsk:
kingkong1984
08-10-11, 09:24
He is asking for free fxxx advice.
I'm a very latecomer to this thread but I can't resist replying the original poster :p
Household income of $7k a mth is not much for what u are projecting for. Agree with everyone here that it might be too tight a stretch for u. My household income is abt $15k and my HDB flat is fully paid up. Even then we do not dare to eye the Mt Sinai area coz of the prices and we need space so a small unit is a no-no. This is why we bought a modest condo in the north instead :2cents:
As for 90% financing from the bank, if it's your 2nd pty, the bank might not lend u this much. I'm not sure about this but won't the 50% MAS ruling hit staff property loans as well? Moreover pls check carefully as I know that some banks only take in the staff's income alone for debt servicing calculation as well as deciding the quantum (usually based on a matrix based on the income figure). That is, they do not include the spouse's income. If this happens, the amt u can borrow might be much lesser than u think.
Above all else, pls leave a buffer for rainy days. Cash is king afterall and u do not want to be asset-rich and yet cash-poor.
Just my 2 cents' worth :o
Agree. Our current EC is already fully paid and currently we just bought an mm apartment at around 600k. Though our household income is only 7k but we have cash of about 300k (after the 20% downpayment of our 2nd ppty) and CPF balance of about 100k (after setting aside the CPF min requirement) and yet we still do not dare to commit ppty that are more than 700k. We take into consideration the retrenchment, monthly loan payout and unforsee circumstances. :2cents: We bought the 2nd ppty for our old age because we feel that inflation is eating up the cash value. We are about to retire and hope that with this 2nd ppty, we can earn some rental income for our daily expenses.
My husband's ex-colleague wife was a bank officer. She borrowed money from the bank and bought 3 condo to collect rental. Her husband is not working, looking after the children and she became the bread-winner. Few yrs back, I heard that she was being retrenched and don't know what happen to her ppty now, maybe have to sell away. :scared-3:
Agree. Our current EC is already fully paid and currently we just bought an mm apartment at around 600k. Though our household income is only 7k but we have cash of about 300k (after the 20% downpayment of our 2nd ppty) and CPF balance of about 100k (after setting aside the CPF min requirement) and yet we still do not dare to commit ppty that are more than 700k. We take into consideration the retrenchment, monthly loan payout and unforsee circumstances. :2cents: We bought the 2nd ppty for our old age because we feel that inflation is eating up the cash value. We are about to retire and hope that with this 2nd ppty, we can earn some rental income for our daily expenses.
My husband's ex-colleague wife was a bank officer. She borrowed money from the bank and bought 3 condo to collect rental. Her husband is not working, looking after the children and she became the bread-winner. Few yrs back, I heard that she was being retrenched and don't know what happen to her ppty now, maybe have to sell away. :scared-3:Property management is tricky and requires great care. Bottomline... do not overcommit. It will eat you when economy turns down...
Property management is tricky and requires great care. Bottomline... do not overcommit. It will eat you when economy turns down...
I think luck also play a part.:ashamed1:
Agree. Our current EC is already fully paid and currently we just bought an mm apartment at around 600k. Though our household income is only 7k but we have cash of about 300k (after the 20% downpayment of our 2nd ppty) and CPF balance of about 100k (after setting aside the CPF min requirement) and yet we still do not dare to commit ppty that are more than 700k. We take into consideration the retrenchment, monthly loan payout and unforsee circumstances. :2cents: We bought the 2nd ppty for our old age because we feel that inflation is eating up the cash value. We are about to retire and hope that with this 2nd ppty, we can earn some rental income for our daily expenses.
My husband's ex-colleague wife was a bank officer. She borrowed money from the bank and bought 3 condo to collect rental. Her husband is not working, looking after the children and she became the bread-winner. Few yrs back, I heard that she was being retrenched and don't know what happen to her ppty now, maybe have to sell away. :scared-3:
if all 3 condos double in price, then its passive income liao..... still need to work??
if all 3 condos double in price, then its passive income liao..... still need to work??If and only if all 3 doubles... if all 3 halved in price, it'll be :scared-1:. Holding power is key... :p
If and only if all 3 doubles... if all 3 halved in price, it'll be :scared-1:. Holding power is key... :p
I dont think this lady is that simple. Can afford to buy 3 condos to rent out and husband not working. She was a bank officer... m.. must have encountered many clients making tons of money thru property..usually bank staff are offered special home loan rates..:D
If and only if all 3 doubles... if all 3 halved in price, it'll be :scared-1:. Holding power is key... :p
Most likely the price has gone up because she bought it long ago, one of them is in Tanglin. I just heard from my husband that they still have 2 condo, one for own stay and the other for rental. Her husband goes back to workforce but not sure about his wife, afterall not so nice to ask so details.:D
It is not so bad if both are fully paid up properties with capital appreciation since it was bought some year ago. Net rental income from one may be better than working for the wife. Husband can take life easier to get a job to past time.
Most likely the price has gone up because she bought it long ago, one of them is in Tanglin. I just heard from my husband that they still have 2 condo, one for own stay and the other for rental. Her husband goes back to workforce but not sure about his wife, afterall not so nice to ask so details.:D
It is not so bad if both are fully paid up properties with capital appreciation since it was bought some year ago. Net rental income from one may be better than working for the wife. Husband can take life easier to get a job to past time.Agreed. But if kids are still dependent, then I guess one of the parent still need to work to provide for the children... depending on which junction of their lives are they in. :D
They still have option. Can still sell or mortgage the additional fully-paid up condo and pay for son's education. Better than those with cash stuck in bank with low interest rate or in stocks.
Agreed. But if kids are still dependent, then I guess one of the parent still need to work to provide for the children... depending on which junction of their lives are they in. :D
No, it's not. Please do not be naive.
care to elaborate which part is naivete?
care to elaborate which part is naivete?
His logic.
His logic.
hynergix was responding to Clover's statement.
that to earn from 4-5k a month to 15-20k within a space of 5yrs,
Hynergix opined that it is only possible in sales-related jobs or own business (also sales)...
perhaps you can give counter examples in other fields.
I think private banker also considered to be sales-related jobs.
Sorry, I have never heard of such large jump in salary in a space of 5 years. Even for a lawyer with starting pay around $4-5k, you have to service customers to earn more than $15k. I would consider this as sales since it is direct service and the customers pay you directly/ almost indirectly. Back end office work that don't need to meet customers and earning that much are rare, and I'm curious to know. Family business maybe.
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
devilplate
08-10-11, 23:08
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
Sure anot....starting pay 200k pa:eek: or includes performance bonus?
Starting Basic pay got so high one ar
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
Exceptions rather than the norm, probably 2-3% of the cohort.
hynergix was responding to Clover's statement.
that to earn from 4-5k a month to 15-20k within a space of 5yrs,
Hynergix opined that it is only possible in sales-related jobs or own business (also sales)...
perhaps you can give counter examples in other fields.
I think private banker also considered to be sales-related jobs.
Corporate lawyers can definitely do 4-5k to 12-15k in 5 years. Switch to offshore UK or US firms after your initial stay with the local big firms.
Some tax/audit/advisory field staff can do from 5k to 10-12k in 5 years too depending on which MNC or fund or consulting firm they went to.
Without including bonuses of course.
Sure anot....starting pay 200k pa:eek: or includes performance bonus?
Starting Basic pay got so high one ar
aiyo, I mentioned "annaul pay" lah, of course include bonus
Corporate lawyers can definitely do 4-5k to 12-15k in 5 years. Switch to offshore UK or US firms after your initial stay with the local big firms.
Some tax/audit/advisory field staff can do from 5k to 10-12k in 5 years too depending on which MNC or fund or consulting firm they went to.
Without including bonuses of course.
Lawyer : perhaps, for those who can shine
Tax/audit/advisory : doubtful, their increment is around 10% a year, even u jump the jobs twice in five years, also very difficult to reach 10-12k in 5 years as the supply of this professions is huge.
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
You must bring in sales in IB. To qualify this salary at this age, it means your boss knows you are well-connected to the rich, and is confident of your sales. In Singapore's context you know what it means to be well-connected.
Equity/trading income fluctates for the company. For now, most are in the red. I doubt any boss will offer such a high starting salary.
To me it is very simple: to earn so much relatively consistently, it must be sales related such that the money goes directly/almost directly into your pocket. If you are working for a boss, he/she will pay you just enough to make you stay at your job.
"工"字是不出头
There are well paid but dangerous jobs.
Deep sea welders for one.
Nuclear jumpers another. A salary of $5000 per day :eek: at Fukushima plant and need to work only 1 hour a day (be exposed to radiation for that 1 hour though).
........
To me it is very simple: to earn so much relatively consistently, it must be sales related such that the money goes directly/almost directly into your pocket. If you are working for a boss, he/she will pay you just enough to make you stay at your job.
"工"字是不出头
The commission for big software MNCs in the range of hundreds' k if achieved targets.
Lawyer : perhaps, for those who can shine
Tax/audit/advisory : doubtful, their increment is around 10% a year, even u jump the jobs twice in five years, also very difficult to reach 10-12k in 5 years as the supply of this professions is huge.
Maybe the professor in University can earn so much.:p
devilplate
09-10-11, 09:55
Maybe the professor in University can earn so much.:p
We r toking abt salary jump from 4-5k to 15k within 5yrs
So many phd grad but how many make it to become professor in uni within 5yrs? At most become associate prof
devilplate
09-10-11, 09:58
aiyo, I mentioned "annaul pay" lah, of course include bonus
Like dat got variable liao mah.....
Must b basic salary wat rite?
Den property and insurance agt also qualify liao lor:p
Sell one 10mil bungalow get 2% comm, 200k liao....
devilplate
09-10-11, 10:03
To me it is very simple: to earn so much relatively consistently, it must be sales related such that the money goes directly/almost directly into your pocket. If you are working for a boss, he/she will pay you just enough to make you stay at your job.
"工"字是不出头
How to earn so much consistently? Sales job related salary is never consistent
If you look at that guy who cause UBS to loose US$2billon dollar is only 31 years. His bonus is 2 times more than his very good basic salary. It is rather unusual at 21 years old earning basic salary of $200,000 pa? Basic with bonus is still possible in sectors such as financial, oil & gas, etc.
Sure anot....starting pay 200k pa:eek: or includes performance bonus?
Starting Basic pay got so high one ar
They can serve as consultant, serve as retainer of company, own companies, get royalty from their books, etc. However, some faculties have more opportunities than others.
Maybe the professor in University can earn so much.:p
The commission for big software MNCs in the range of hundreds' k if achieved targets.
That's in sales, again.
hynergix was responding to Clover's statement.
that to earn from 4-5k a month to 15-20k within a space of 5yrs,
Hynergix opined that it is only possible in sales-related jobs or own business (also sales)...
perhaps you can give counter examples in other fields.
I think private banker also considered to be sales-related jobs.
There are plenty of non-sales related jobs which will give you this jump. If you work in a MNC goto your HR department and observe what bag your HR directors are carrying. Then, walk over to the Finance department and observe what watch your CFO or Finance Controller is wearing. After that, go visit your IT department, what car is your IT Director driving? Then walk over to your Operations department, most here will be lowly paid, but then the Ops director walks in, do you think he's on 5k a month?
There are plenty of opportunities out there to earn what most consider a high income, do not constrain yourselves, whatever line you are in, whatever job function you serve. The biggest obstacle in anyone's life is themselves! Free yourself!
A 21 year old cannot be director immediately. It takes quite a no. of years to become a director or may not even have a chance at all depending not on just performance but how to play politics. That is why lots of people after working in the ops for a while will want to move into sales and make the money and show good track record to move up the corporate ladder. This does not apply to scholars which will likely to start as assistant director level at early 30s and move to CFO, CIO or even CEO at early 40s depending on the size of the company.
There are plenty of non-sales related jobs which will give you this jump. If you work in a MNC goto your HR department and observe what bag your HR directors are carrying. Then, walk over to the Finance department and observe what watch your CFO or Finance Controller is wearing. After that, go visit your IT department, what car is your IT Director driving? Then walk over to your Operations department, most here will be lowly paid, but then the Ops director walks in, do you think he's on 5k a month?
There are plenty of opportunities out there to earn what most consider a high income, do not constrain yourselves, whatever line you are in, whatever job function you serve. The biggest obstacle in anyone's life is themselves! Free yourself!
Trust my words in the pay
go and check with those working in the IB, sales / trading, equities in the tier 1 banks. Some of them are not in the sales,like IB and debt.
Not the local banks
Not that many in Sg, but quite a good number in HK
In Singapore, e labor force is always squeezed. V diff to have such a large pay jump in 5 years.
Know some oil and gas local listed companies are given at least 1 year bonus. Base pay 180k can get $360k. Not bad right for a 40 year guy. Not even a director. General manager of such company is so happy last year after getting bonus use it to pay for a BMW 7 series. Must be in the right industry to hve quantumn jump in salary.
In Singapore, e labor force is always squeezed. V diff to have such a large pay jump in 5 years.
Excluding bonus. I haven't heard of such large jump in salary, not even for normal scholars. AOs maybe, but that's a different story, given the public sentiment against Ministers and senior officers paying themselves handsomely.
Know some oil and gas local listed companies are given at least 1 year bonus. Base pay 180k can get $360k. Not bad right for a 40 year guy. Not even a director. General manager of such company is so happy last year after getting bonus use it to pay for a BMW 7 series. Must be in the right industry to hve quantumn jump in salary.
Man!!! Don't bother with banking... oil companies are the way to go!!!
I may get retrench...just receive a call from my AM. There will be restructure in my bank.
buttercarp
09-10-11, 21:53
I may get retrench...just receive a call from my AM. There will be restructure in my bank.
Oh dear......
You have not bought any Mt Sinai property yet, I hope?
he still got a 500k outstanding loan for his own stay condo.:eek:
gd luck dude
buttercarp
09-10-11, 21:56
he still got a 500k outstanding loan for his own stay condo.:eek:
:scared-3: :scared-3: :scared-3: :scared-3: :scared-3:
I hope you ok, yowetan?
Your wifey still got job right?
:scared-3: :scared-3: :scared-3: :scared-3: :scared-3:
I hope you ok, yowetan?
Your wifey still got job right?
if yowetan total income is 7k, he shod be drawing a min 4-5k+.
which means his wife drawing abt 2k, or lesser
I may get retrench...just receive a call from my AM. There will be restructure in my bank.
you sure you got advance notice?
I thought like in UOB case, the staff get to know they are retrenched that very day itself, when their passcard didnt work or they cannot login to their pc.
I may get retrench...just receive a call from my AM. There will be restructure in my bank.Take care dude... all the best tomorrow. Do let us know! :o
I may get retrench...just receive a call from my AM. There will be restructure in my bank.
oh dear, fingers crossed, nothing significant will happen.
there are many excellent inspirational quotes:
http://www.macstories.net/roundups/inspirational-steve-jobs-quotes/
I may get retrench...just receive a call from my AM. There will be restructure in my bank.
It's not easy to get job offers. If you have a degree, try MOE. At least they are employing regardless of economy. All the best.
go apply become teacher at hendry park, guarantee to get a space for your kid.
go apply become teacher at hendry park, guarantee to get a space for your kid.
Provided they need teachers there. There could be a long list of applicants.
buttercarp
10-10-11, 08:36
It's not easy to get job offers. If you have a degree, try MOE. At least they are employing regardless of economy. All the best.
But you will still need to spend 3 years at NIE to become a teacher.
Even people with $6k income combined want to buy condo. It's worrying signs:(
devilplate
10-10-11, 09:30
Even people with $6k income combined want to buy condo. It's worrying signs:(
6k alot liao.....can easily afford mm of less den 600k....but the question is can they afford the downpayment anot.....
So wif 60% ltv, effectively wipe out weak buyers.
I am more worried for those who thinks they have a highly paid and secured job of more den 10k and stretch their limit to buy a 1-2mil ppty.....once kena retrenched.....hohoho.....mthly installment is alot!
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
unless it is father company lah... :doh:
But you will still need to spend 3 years at NIE to become a teacher.Not if you are already a uni graduate. Just have to go for 1 year training at NIE can liao. :D
6k alot liao.....can easily afford mm of less den 600k....but the question is can they afford the downpayment anot.....
So wif 60% ltv, effectively wipe out weak buyers.
I am more worried for those who thinks they have a highly paid and secured job of more den 10k and stretch their limit to buy a 1-2mil ppty.....once kena retrenched.....hohoho.....mthly installment is alot!
I overheard people with > 10k bought 4 properties. This is in 06 - 08 period.
buttercarp
10-10-11, 10:32
Even people with $6k income combined want to buy condo. It's worrying signs:(
Yup, worrying indeed.
$6k per month means $72k per year.
If go according to my theory that one should not buy a home more than 5x one's annual income, then should not spend more than $360k on a home.
I am more worried for those who thinks they have a highly paid and secured job of more den 10k and stretch their limit to buy a 1-2mil ppty.....once kena retrenched.....hohoho.....mthly installment is alot!
Then should not spend more than $600k on the home.
I overheard people with > 10k bought 4 properties. This is in 06 - 08 period.
i seen ppl with 3k+ bought 2 properties.
interesting anot? low, middle and high income earners all on the property bandwagon :D
i seen ppl with 3k+ bought 2 properties.
interesting anot? low, middle and high income earners all on the property bandwagon :D
they must know something that we don't know ?Rental was sufficiently supported due to many professionals in Spore.
they must know something that we don't know ?Rental was sufficiently supported due to many professionals in Spore.
what happen in 2007-2008?? alot of ppl holding few props, some died and few survived.
isnt there many professionals in spore supporting their rentals? what happen then??
The power and attraction of leverage. Good timing means who dares wins...poor timing and you're a financial zombie.
I overheard people with > 10k bought 4 properties. This is in 06 - 08 period.
what happen in 2007-2008?? alot of ppl holding few props, some died and few survived.
isnt there many professionals in spore supporting their rentals? what happen then??
though rental was lower at that time, i didn't see many dead case as the recovery was fortunately a quick one. not sure next time will be lucky or not but i am sure many were sweating at that time.
what happen in 2007-2008?? alot of ppl holding few props, some died and few survived.
isnt there many professionals in spore supporting their rentals? what happen then??
Your sentence a bit funny.
unlikely to be some died and few survived. Majority neither died nor survived?
which of below possibilities do you intend to mean.
1) most died and few survived.
2) some died and most survived.
Your sentence a bit funny.
unlikely to be some died and few survived. Majority neither died nor survived?
which of below possibilities do you intend to mean.
1) most died and few survived.
2) some died and most survived.
over-leverage average joe died, and over-leverage riches survived.
blackjack21trader
10-10-11, 11:26
May I humbly suggest you guys hold your purchase decision until Dec 2011 for the new 2012 launches in D15. The new projects here to be launched are value for money and will have better layout design. In addition, this area will have very stable Chinese rental & housing demand even during any financial crisis. One more new shopping will be up here too.
Good Luck.
Always wonder how leveraged we are and now the answer seems to be quite leveraged.... so retrenchment in Singapore jialat. Hong Kong mortgage rates are rising on Hkma prudence, can we imagine this happening here?
Originally Posted by Laguna
I know a group of people
starting pay at the age of 21, is S$200,000. Working for 3-4 years, the pay is S$500,000. And in the fifth year, is $750,000. (annual pay)
They work in equity, trading and IB.
And they know how to capitalise on their earning power and leverage on this.....
But they work super hard, top brain....and smart investors as well...
unless it is father company lah... :doh:
This is definitely HIGH FLYER and ver rare. Most highly educated graduates do progress to lets say Director level in 10 working years and draw around 250k basic
May I humbly suggest you guys hold your purchase decision until Dec 2011 for the new 2012 launches in D15. The new projects here to be launched are value for money and will have better layout design. In addition, this area will have very stable Chinese rental & housing demand even during any financial crisis. One more new shopping will be up here too.
Good Luck.
ya, see the price at The Seawinds
May not be just highly educated. Got a strong backing or godfather to connect the right network. For some may be just at the right place and the right time.
This is definitely HIGH FLYER and ver rare. Most highly educated graduates do progress to lets say Director level in 10 working years and draw around 250k basic
Condo Kaiser
10-10-11, 13:40
250k basic for a director is very low la.... Even a back office director can make that kind of money.
If you are talking abt high flyer director in trading or IB, 500k is the base line already...
And for those to make director in 10 years is chicken feet... my head of desk is only 37.... he's already managing director level...
Then again.. really no point to talk abt rankings when you are already making millions every year...
250k basic for a director is very low la.... Even a back office director can make that kind of money.
If you are talking abt high flyer director in trading or IB, 500k is the base line already...
And for those to make director in 10 years is chicken feet... my head of desk is only 37.... he's already managing director level...
Then again.. really no point to talk abt rankings when you are already making millions every year...
i'm talking about average Director level lah. For high flyer Director, rare right and most probably promoted to MD quick if you are that good.
My regional desk head was MD when when he was 32. That is high flyer for sure....
Condo Kaiser
10-10-11, 13:57
yup. agree with you.
For average ones, 10 years work and 250k -500k depending front/middle/back office..
If annual is 300k, then can buy 1.5 million house?
errr...provided you have annual 300K for many many years right? if this year you have 300K annual and next year you are being retrench, how? :scared-5:
devilplate
11-10-11, 12:26
i seen ppl with 3k+ bought 2 properties.
interesting anot? low, middle and high income earners all on the property bandwagon :D
can if they take less den 50% loan now:2cents:
b4 60% ltv was implemented, retiree wif zero income can still borrow up to 60%(wif some spare cash)....easier to get loan approved if buy for investment rather den own stay. banks take first charge of ur rental income
not sure about now....any bankers here?:D
errr...provided you have annual 300K for many many years right? if this year you have 300K annual and next year you are being retrench, how? :scared-5:
anyone can be retrenched. factory workers in UTAC or D/MD in banks....
what are you trying to imply? That if you are a senior person earning 300k, you have high chance to get retrenched?
I dont think so, ppl with power are known to fire ppl below them.... since they control the budget.
devilplate
11-10-11, 12:52
anyone can be retrenched. factory workers in UTAC or D/MD in banks....
what are you trying to imply? That if you are a senior person earning 300k, you have high chance to get retrenched?
I dont think so, ppl with power are known to fire ppl below them.... since they control the budget.
unless u r one of the board of directors?
this thread should be renamed "Advice on Top Salaries". :cool:
how did it get into this ? whatever happened to TS ?
this thread should be renamed "Advice on Top Salaries". :cool:
how did it get into this ? whatever happened to TS ?
lol :scared-3: :scared-3:
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