How to accumulate wealth to lve a comfortable life

[svm22m]

No. You are not making sense here.

You don't tell us that your wife cannot get a salary higher than the salary of a maid?

My wife only has an o level degree and she only have stewardess experience and who is going to fetch our kids from school.In the case for my family, it is just impossible to have her working

 

[svm22m]

Together with 10k per month = less than 10 properties, I'm inclined to think we're being trolled by a new account or he has 1 other property only.

Exactly what i was to ask about people earning 2-4k and complaining on forums and me earning 7k BUT with 4 kids and people still believe me but yes i do earn 7-10k a month i created another acct just to remain annoymous

 

[svm22m]

I got a feeling we are being trolled.

Someone with multiple properties won't be in this situation today, even with 4 kids.

That part about not being able to afford a maid, and asking the wife to stay at home.....

My properties are being invested in low times, for example i bought a property in east during 2008, and in 2010 another one in the north and a few others lucky i grab the right timings for these i have to thanks god!

 

[svm22m]

His other properties could be in Malaysia or some other 3rd world country, they don't cost 1m each, many don't even cost 100k sgd each.

All the under 10 properties i mentioned is in SG used to have a few in Malaysia but sold aready.

 

[svm22m]

I'm curious how he circumvented the tdsr to borrow from banks .

unless he bought everything more than 4 years ago or without loans

Yes all before 4 years ago did not buy any resale alll new condos

 

[SBC]

Very solid.

 

[svm22m]

I also find it strange.

Conservatively
4 kids $500 each is $2k
2 adults $1k each is $2k
1 car $2k
Total 6k already.
One property @ 1 mil already 3k/mth
And maid cost > wife salary?
Unless is some viet/bangla.

Thats why i knew all along at the start someone would definitely not believe me but nevermind 7-10k is only my basic i still have investments...

 

[svm22m]

Very solid.

Yes bro it is really possible, i didnt say easy to accquire less than 10 properties in SG but as long as one worked hard earlier in life. The reason everyone dose not believe me is because my *current* pay is 7-10k(fixed, inclu bonus) however, my previous job paid up to 280k per annum and before tdsr, bank often look at your pay and bonuses and were willing to loan more as long as they see your high income

 

[hindsight]

All the under 10 properties i mentioned is in SG used to have a few in Malaysia but sold aready.

If that is true then I am deeply pessimistic about the local property market, not that I was sanguine before, just that this more or less confirm my fears.

There are many over leveraged folks out there who are way too reliant on rents to pay for their mortgages, this is going to blow up so bad once the rental market softens further. TDSR was a fine idea but as usual, the govt has failed to implement it correctly.

 

[highsulphur]

Yes bro it is really possible, i didnt say easy to accquire less than 10 properties in SG but as long as one worked hard earlier in life. The reason everyone dose not believe me is because my *current* pay is 7-10k(fixed, inclu bonus) however, my previous job paid up to 280k per annum and before tdsr, bank often look at your pay and bonuses and were willing to loan more as long as they see your high income

You know what's the irony?

despite all your properties, are you sleeping well? feeling financially secured?

like I said before, sometimes less is more

 

[havetheveryfun]

I also find it strange.

Conservatively
4 kids $500 each is $2k
2 adults $1k each is $2k
1 car $2k
Total 6k already.
One property @ 1 mil already 3k/mth
And maid cost > wife salary?
Unless is some viet/bangla.

whats so strange about it ?

not trying to be racist here but some malay families have 3-4 kids and only the father is working (maybe 3-4k household income?) and still able to survive (really respect them).

even Chinese families also can see some have 3-4 kids with <5k HH income

 

[elnewbie]

But how is it that you, being a multiple property owner, are now stressed?

I also own multiple properties, most of which are in CBD area. Bought between 2004-2006.

Rentals have dropped up to 25% and my rental income barely covers the expenses. So from an asset class perspective, I still manage to get by and don't need to use my other sources of income to topup.

Unless you are saying that your rental income cannot even meet expenses, or you are now in negative equity for your properties. If that's the case, then it's quite clear you are overleveraged and should start thinking of selling.

Having 4 kids is no joke, but given your situation, you gotta think of ways to cut down on expenses.

Forget about all these crappy enrichment classss. When I was a kid, we were so poor that I didn't even have money to buy marbles. Life will turn out just fine.

Also, ask your wife to think of ways to save money for the household. If there aren't any good investment opportunities out there, at least you are actively reducing your expenses.

My properties are being invested in low times, for example i bought a property in east during 2008, and in 2010 another one in the north and a few others lucky i grab the right timings for these i have to thanks god!

 

[Yachtmaster]

Read my entire post to find what's strange

whats so strange about it ?

not trying to be racist here but some malay families have 3-4 kids and only the father is working (maybe 3-4k household income?) and still able to survive (really respect them).

even Chinese families also can see some have 3-4 kids with <5k HH income

 

[Yachtmaster]

Actually 7-10k is quite low if your situation is real. U either reduce your commitments or increase your income.

Thats why i knew all along at the start someone would definitely not believe me but nevermind 7-10k is only my basic i still have investments...

 

[highsulphur]

Actually 7-10k is quite low if your situation is real. U either reduce your commitments or increase your income.

if the latter was easy or likely, he wouldn't be here

 

[Yachtmaster]

There are many ways to increase income if u are willing to put time into it

if the latter was easy or likely, he wouldn't be here

 

[svm22m]

But how is it that you, being a multiple property owner, are now stressed?

I also own multiple properties, most of which are in CBD area. Bought between 2004-2006.

Rentals have dropped up to 25% and my rental income barely covers the expenses. So from an asset class perspective, I still manage to get by and don't need to use my other sources of income to topup.

Unless you are saying that your rental income cannot even meet expenses, or you are now in negative equity for your properties. If that's the case, then it's quite clear you are overleveraged and should start thinking of selling.

Having 4 kids is no joke, but given your situation, you gotta think of ways to cut down on expenses.

Forget about all these crappy enrichment classss. When I was a kid, we were so poor that I didn't even have money to buy marbles. Life will turn out just fine.

Also, ask your wife to think of ways to save money for the household. If there aren't any good investment opportunities out there, at least you are actively reducing your expenses.

Yes, like you the rent now barely covers expenses however i am not saving much any month mainly because my pay is being used for the household and in the past the extra money leftover after expenses for the other properties is being used for savings so i am afraid now that i have to work forever or atleast another 5-10 years. I know its better to sell 1 of my properties but not under this market as i sure lugi!

 

[highsulphur]

Yes, like you the rent now barely covers expenses however i am not saving much any month mainly because my pay is being used for the household and in the past the extra money leftover after expenses for the other properties is being used for savings so i am afraid now that i have to work forever or atleast another 5-10 years. I know its better to sell 1 of my properties but not under this market as i sure lugi!

I only have one hdb property for rental and I think I'm living a happier life than you despite your impressive property portfolio.

 

[OngHuatHuat]

There is a very simple solution to this:
Just work harder to get additional income.

Yes, like you the rent now barely covers expenses however i am not saving much any month mainly because my pay is being used for the household and in the past the extra money leftover after expenses for the other properties is being used for savings so i am afraid now that i have to work forever or atleast another 5-10 years. I know its better to sell 1 of my properties but not under this market as i sure lugi!

 

[qhong61]

There is a very simple solution to this:
Just work harder to get additional income.

How to work harder?