$$$ for Old Age
-
If you want 1 year of prosperity, grow grain.
If you want 10 years of prosperity, grow trees.
If you want 100 years of prosperity, grow people.
-
For the young graduates in year 2000s,dont dream $$$$$ for old age lah!!!
Why?
4 rooms flats was S$50K,now is S$170k up 3 times
transportation was $0.15 (min) and now is $0.65 up 4 times
electricity n misc expenses all up at least 5 times
ERP, COE ,Levies, GST and all kind of taxes included
as compared with 1980s all these costs had gone up at least 4 times but graduates now with a starting salary of S$ 1600 is the same as 1980s. Worst still! if u r unemployed when u had graduated!!!!then eat grass or air loh!!!
In summary, dont ever dream of getting marry and having children,just live with yr parents for the rest of your working life otherwise u will hve no $$$$ for old age -
I disagree with you. I bought my 4 room in Aug 2004 for $127K, paid up for the flat in full.Originally posted by foomwee88:For the young graduates in year 2000s,dont dream $$$$$ for old age lah!!!
Why?
4 rooms flats was S$50K,now is S$170k up 3 times
transportation was $0.15 (min) and now is $0.65 up 4 times
electricity n misc expenses all up at least 5 times
ERP, COE ,Levies, GST and all kind of taxes included
as compared with 1980s all these costs had gone up at least 4 times but graduates now with a starting salary of S$ 1600 is the same as 1980s. Worst still! if u r unemployed when u had graduated!!!!then eat grass or air loh!!!
In summary, dont ever dream of getting marry and having children,just live with yr parents for the rest of your working life otherwise u will hve no $$$$ for old age
My wife is a SAHM (stay at home mum), taking care of my 15 mth old daughter. -
Hmmm.....Originally posted by orwell76:I disagree with you. I bought my 4 room in Aug 2004 for $127K, paid up for the flat in full.
My wife is a SAHM (stay at home mum), taking care of my 15 mth old daughter.
Quite impressive, for a new graduate. Doubt you are a new graduate.
$127,000 / 28 mths = $4,536 per month on installments (excluding interest charges) -
I didn't take any installments. Paid in full with evey single cent from the CPF account.Originally posted by maurizio13:Hmmm.....
Quite impressive, for a new graduate. Doubt you are a new graduate.
$127,000 / 28 mths = $4,536 per month on installments (excluding interest charges) -
First of all where is yr flat??? Woodland or Jurong west?Originally posted by orwell76:I didn't take any installments. Paid in full with evey single cent from the CPF account.
Wat type of 4 rooms flat??? 4 A , 4NG or other type?
Which year u graduated????and how much is your starting pay!!!if from 2000 to 2006 which is 6 years only,how much will be yr CPF?
My son and his registered wife brought a 4 rooms flat at Puggol at S$170k last month with a floor area of 850sq feet only. Mind u !!! they are earning with a combined salary of S$6k p.m after they had graduated this yr, but they r struggleing to plan for the future i.e arranging for wedding dinner etc and pay for the study loans installments,all these added up to be more than S$200k which they hve to pay S$3000 per month which is half of their combined salary!!!!
My wife and me graduated in 1980s and had fully paid for a condon unit at East coast,we r retiring next year and had sold the unit and intending to migrate overseas after chinese new year in 2007.
Wishing u all the best in Spore and dreaming of $$$$$ after old age!!!!
Sillyporeans!!! -
i bought a 3rm 20-yr-old flat for 143k.Originally posted by orwell76:I disagree with you. I bought my 4 room in Aug 2004 for $127K, paid up for the flat in full.
My wife is a SAHM (stay at home mum), taking care of my 15 mth old daughter.
knnbccb!!! (not directed at you) -
Impossible. Unless you are already rich.Originally posted by orwell76:I didn't take any installments. Paid in full with evey single cent from the CPF account. -
This guy left out a LOT of details.Originally posted by Cystaire:Impossible. Unless you are already rich. -
Which country u planning to migrate to?Originally posted by foomwee88:First of all where is yr flat??? Woodland or Jurong west?
Wat type of 4 rooms flat??? 4 A , 4NG or other type?
Which year u graduated????and how much is your starting pay!!!if from 2000 to 2006 which is 6 years only,how much will be yr CPF?
My son and his registered wife brought a 4 rooms flat at Puggol at S$170k last month with a floor area of 850sq feet only. Mind u !!! they are earning with a combined salary of S$6k p.m after they had graduated this yr, but they r struggleing to plan for the future i.e arranging for wedding dinner etc and pay for the study loans installments,all these added up to be more than S$200k which they hve to pay S$3000 per month which is half of their combined salary!!!!
My wife and me graduated in 1980s and had fully paid for a condon unit at East coast,we r retiring next year and had sold the unit and intending to migrate overseas after chinese new year in 2007.
Wishing u all the best in Spore and dreaming of $$$$$ after old age!!!!
Sillyporeans!!! -
Me? I dropped out of JC due to financial difficulties. Studied part time for 5 years, got a diploma from polytechnic. Currently working in Jurong Island. The flat is 103 square meter, a 4A unit in Jurong West.
Unlike your son, I don't have a study loan to repay.
I didn't hold an elaborate wedding dinner at a 5 star hotel, just a simple dinner at a chinese restraunt.
I didn't take a renovation loan for my flat. Pay for everything in cash. Did got some very good bargains for furnishing during the great Singapore sale in 2004. Bought $14k worth of furniture at $6.5k. -
That mean u r as old as me!!!!Originally posted by orwell76:Me? I dropped out of JC due to financial difficulties. Studied part time for 5 years, got a diploma from polytechnic. Currently working in Jurong Island. The flat is 103 square meter, a 4A unit in Jurong West.
Unlike your son, I don't have a study loan to repay.
I didn't hold an elaborate wedding dinner at a 5 star hotel, just a simple dinner at a chinese restraunt.
I didn't take a renovation loan for my flat. Pay for everything in cash. Did got some very good bargains for furnishing during the great Singapore sale in 2004. Bought $14k worth of furniture at $6.5k.
Poor thing loh only 4 rooms flat!!!! same as me in 1980s loh!!!
Working hard for yr life in Sinkgapore!!!
Good luck 2 u!!!! -
Dont tell U!!!Originally posted by will4:Which country u planning to migrate to? -
You are approximately 30 now, which means 20 more years, to make money, if the employers still want to employ you after 40 y.o. Think it's quite hard to get job after 50 y.o. (not trying to be pessimistic, but have to face reality, it is harder to get job at 50).Originally posted by orwell76:Me? I dropped out of JC due to financial difficulties. Studied part time for 5 years, got a diploma from polytechnic. Currently working in Jurong Island. The flat is 103 square meter, a 4A unit in Jurong West.
Unlike your son, I don't have a study loan to repay.
I didn't hold an elaborate wedding dinner at a 5 star hotel, just a simple dinner at a chinese restraunt.
I didn't take a renovation loan for my flat. Pay for everything in cash. Did got some very good bargains for furnishing during the great Singapore sale in 2004. Bought $14k worth of furniture at $6.5k.
If retire at 60 (don't take into account you working in Macs for 10 years), then maybe live another 20 years. Say you managed to save another $250,000 for CPF, monthly expenses for you and wife after retirement $1,500 p.m. ($18,000 p.a.). Interest rates of 3% (meaning you earn 3% when you leave your money in bank or cpf)
$250,000 = ($18,000 / 0.03) - ($18,000 / (0.03)(1 + 0.03)^n)
LN (18,000 / 10,500) = n LN (1.03)
0.538996501 = n 0.029558802
n = 18.23 years
Provided you don't have any medical contingencies, your CPF will be just enough to cover you and your wife's basic necessities.
Good luck. -
The NUS student is speaking from "Real-Experience?" he can pay $500 to consult the Taxi Driver who made the same assumption during School days.Originally posted by Hogzilla:I saw one blog, the blogster is currently a final year student in NUS, it mention that if you put away $500 per month, chances are, you will have enough $$ for retirement (together with CPF). -
Bugger , didn't you know?..... ($$$ making chemical/petroleum Refineries pay very high Annual Bonuses) at Jurong IslandOriginally posted by maurizio13:You are approximately 30 now, which means 20 more years, to make money, if the employers still want to employ you after 40 y.o. Think it's quite hard to get job after 50 y.o. (not trying to be pessimistic, but have to face reality, it is harder to get job at 50).
If retire at 60 (don't take into account you working in Macs for 10 years), then maybe live another 20 years. Say you managed to save another $250,000 for CPF, monthly expenses for you and wife after retirement $1,500 p.m. ($18,000 p.a.). Interest rates of 3% (meaning you earn 3% when you leave your money in bank or cpf)
$250,000 = ($18,000 / 0.03) - ($18,000 / (0.03)(1 + 0.03)^n)
LN (18,000 / 10,500) = n LN (1.03)
0.538996501 = n 0.029558802
n = 18.23 years
Provided you don't have any medical contingencies, your CPF will be just enough to cover you and your wife's basic necessities.
Good luck.
Jurong Island. -
Hmmm....maybe I should study part time for diploma and work in Jurong Island too.Originally posted by NotFromVenus:Bugger , didn't you know?..... ($$$ making chemical/petroleum Refineries pay very high Annual Bonuses) at Jurong Island
Jurong Island. -
Do u know why noboby wants to buy flats at Jurong West?
If u go to cancer society,they will tell u which area in Spore is more prone to cancer risk!!!!
Why ppls in Jurong area hve to cover their cars????
Good luck!!! dont fall sick oh otherwise real docs unlike Oxfox will cost u a bomb!!! -
Hmmm...., don't want to get cancer, maybe I should just stick to what I do. Rather have nothing than to have cancer.Originally posted by foomwee88:Do u know why noboby wants to buy flats at Jurong West?
If u go to cancer society,they will tell u which area in Spore is more prone to cancer risk!!!!
Why ppls in Jurong area hve to cover their cars????
Good luck!!! dont fall sick oh otherwise real docs unlike Oxfox will cost u a bomb!!! -
I can dreamOriginally posted by foomwee88:For the young graduates in year 2000s,dont dream $$$$$ for old age lah!!!
Why?
4 rooms flats was S$50K,now is S$170k up 3 times
transportation was $0.15 (min) and now is $0.65 up 4 times
electricity n misc expenses all up at least 5 times
ERP, COE ,Levies, GST and all kind of taxes included
as compared with 1980s all these costs had gone up at least 4 times but graduates now with a starting salary of S$ 1600 is the same as 1980s. Worst still! if u r unemployed when u had graduated!!!!then eat grass or air loh!!!
In summary, dont ever dream of getting marry and having children,just live with yr parents for the rest of your working life otherwise u will hve no $$$$ for old age . I already migrated to Australia...... Got superannuation funds and dump money into the funds to reduce the taxes . Got 2 super funds - one is high risk portfolio which has grown from 8k to 26K now while the other is moderate-low risk portfolio to balance the loses from the high risk- that new one worth about 4k now but has a built in income protection ( which means they pay out an amount per month to I am 65 if I cannot work due to health ) and a free health/total disability insurance . With continued growth - I think sufficient enuff for old age since employer dumps 17% into the super and both I dump about 200 dollars per month into. My CPF in Singapore still earning interest - about 10k inside there.
Refund of taxes is about 2-3k from ATO (Australian taxation office) every year because I study part time to claim more taxes. Only had to return them money for a year because I forgot to declare my HECs for study and I got hexed by it. So for as long as I have lived here , ATO returned me about 10k in total which I use to push my mortgage down to 30%.
Can save ....graduates like me have to see whether they are willing to get out of their comfort zone and work damn hard. Gonna see if I can start buying into their bank bonds now with some savings. -
Your kids are truely blessed. With a father so capable like you, I doubt that they need to work at all right?Originally posted by foomwee88:That mean u r as old as me!!!!
Poor thing loh only 4 rooms flat!!!! same as me in 1980s loh!!!
Working hard for yr life in Sinkgapore!!!
Good luck 2 u!!!! -
My children hve 2 stand on their own feets when they had graduated same as my parents who taught me in the 1980s.Originally posted by orwell76:Your kids are truely blessed. With a father so capable like you, I doubt that they need to work at all right?
We will not leave anything for them after I had passed away except our tachings!!!!
But We pity them cauz they hve 2 work so hard now just to survive i.e 7.30am to 11pm daily including holidays sometimes due to the high cost of living in Spore!!! -
Can consider emigrating to another country if they still young, rather than let them be exploited by our system.Originally posted by foomwee88:My children hve 2 stand on their own feets when they had graduated same as my parents who taught me in the 1980s.
We will not leave anything for them after I had passed away except our tachings!!!!
But We pity them cauz they hve 2 work so hard now just to survive i.e 7.30am to 11pm daily including holidays sometimes due to the high cost of living in Spore!!! -
http://www.askdrmoney.com/index.htm
-
They r all bonded by sg gov for 6 yrs!!!!Originally posted by maurizio13:Can consider emigrating to another country if they still young, rather than let them be exploited by our system.
We dont hve half a million 2 break their bond!!!!
But it is ok,lettg them suffer first n enjoy later loh same as us in 1950s~~~