Debt Management Problem

[OngHuatHuat]

Stock market not doing well today, think my net worth just decreased.

As long as yr networth is increasing, it shouldn't matter.

 

[Toni90]

Don’t think u have a problem with money.

 

[OngHuatHuat]

I realize it is easier to make money in property market.

Private property market seems stagnant or on the rise most of the time.
Currently the condo prices up again.

As long as yr networth is increasing, it shouldn't matter.

 

[OngHuatHuat]

Ern... I think I am a bit too greedy. Time to take some profit off the table.

Don’t think u have a problem with money.

 

[starfish.starfish]

I realize it is easier to make money in property market.

Private property market seems stagnant or on the rise most of the time.
Currently the condo prices up again.

So I guess is a haolian thread after all? Lol

 

[luei74]

Me too... hoalian thread plus 2

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[OngHuatHuat]

No lah, looking for ways to cut my debt, but seems tough.

So I guess is a haolian thread after all? Lol

 

[OngHuatHuat]

Having a lot of debt is not a good sign.

Me too... hoalian thread plus 2

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[OngHuatHuat]

Pain max, sold all shares, paid all debts, now left with 300 plus K SGD cash.

 

[revhappy]

Pain max, sold all shares, paid all debts, now left with 300 plus K SGD cash.

Sold all as in, all? You have 0 stock allocation?

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[OngHuatHuat]

Yes, repaid all my margin loans....
and get back cash....
should have sold last Friday, but..... sigh....

Sold all as in, all? You have 0 stock allocation?

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[revhappy]

Yes, repaid all my margin loans....
and get back cash....
should have sold last Friday, but..... sigh....

What will you do with the cash now? You can atleast be invested with your cash without leverage rather than staying in cash.

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[OngHuatHuat]

I may proceed to pay my ringgit loan soon.... anywya, I will be back to market.... just let it sit idle for a few days.

What will you do with the cash now? You can atleast be invested with your cash without leverage rather than staying in cash.

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[revhappy]

I may proceed to pay my ringgit loan soon.... anywya, I will be back to market.... just let it sit idle for a few days.

Cheers! It all depends on whether Xi continues to stay defiant about the trade war or do something. Currently it is the yuan and Shanghai composite that is crashing and US markets and USD is up. So Trump is winning this war, it doesn't matter if China puts equal tariffs, China suffers more and lose face already. I hope Xi is smart enough to understand this.

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[OngHuatHuat]

No lah, you don’t understand china market well enough....

Whenever there is a drop or rise, china or Hk market will react more, reason why is because there is many more retailers than institution in that 2 markets.

Anyway, I was wrong in my judgement, I thought this will be a short lived trade war like last time. I was wrong and I paid the price. Even though I manage to protect most my profits, I am not happy still.... anyway, this is life.

Cheers! It all depends on whether Xi continues to stay defiant about the trade war or do something. Currently it is the yuan and Shanghai composite that is crashing and US markets and USD is up. So Trump is winning this war, it doesn't matter if China puts equal tariffs, China suffers more and lose face already. I hope Xi is smart enough to understand this.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[starfish.starfish]

No lah, you don’t understand china market well enough....

Whenever there is a drop or rise, china or Hk market will react more, reason why is because there is many more retailers than institution in that 2 markets.

Anyway, I was wrong in my judgement, I thought this will be a short lived trade war like last time. I was wrong and I paid the price. Even though I manage to protect most my profits, I am not happy still.... anyway, this is life.

I sold a lot of my holdings as well.
Currently prudent to pare down debts and take profit off table.
Opportunities need bullets to execute!!

 

[iCubes]

TS, I can't offer much help here but know that i completely understand the financial stress you are going through. I've been in a similar predicament before and it gave me many sleepless nights. Although my income to debt ratio was not overly unhealthy, but thoughts of 'what ifs' always give me an uneasy feeling.

For your case, the immediate short term solution I think is to rent one of your properties out, though it won't cover the full mortgage repayment, at least it covers the interest portion of it and the rest goes towards your principal like forced savings. Anything wrong, you can sell your property as a last resort. You are already in a better state compared to many families who are living paycheck to paycheck to support their family, but unlike you, they can't sell their commitments (children, wife) to recover their money.

 

[Redfield]

no offence to TS but this sounds like a rich man problem to me.

If really cannot service your debt, why not sell away your assets to reduce your debt ? Instead of stressing yourself up everyday over your debts, isn't it better to live stress-free everyday ?

 

[OngHuatHuat]

Thanks for your reply, actually I have leased my properties, so currently collecting rental to cover the interest expenses on my loans.

Just sold my shares too, so all margin loan are cleared as of now. Left some cash, so will be able to clear my personal loan and balance transfer too.

TS, I can't offer much help here but know that i completely understand the financial stress you are going through. I've been in a similar predicament before and it gave me many sleepless nights. Although my income to debt ratio was not overly unhealthy, but thoughts of 'what ifs' always give me an uneasy feeling.

For your case, the immediate short term solution I think is to rent one of your properties out, though it won't cover the full mortgage repayment, at least it covers the interest portion of it and the rest goes towards your principal like forced savings. Anything wrong, you can sell your property as a last resort. You are already in a better state compared to many families who are living paycheck to paycheck to support their family, but unlike you, they can't sell their commitments (children, wife) to recover their money.

 

[OngHuatHuat]

I sold shares today. I cannot live without stress d, think I am going in again sooner or later, this time round, may not be so big scale.

no offence to TS but this sounds like a rich man problem to me.

If really cannot service your debt, why not sell away your assets to reduce your debt ? Instead of stressing yourself up everyday over your debts, isn't it better to live stress-free everyday ?