Middle class Singaporean no more.....Sigh

[AAdam]

Originally Posted by MoJoe313

When one is consumed with political inclination, he doesn't even realize how stupid he sounds. "Open eyes look at other countries and don't compare." It's an oxymoron statement.

Apparently,whatever advice or thoughts or sentiments raised will always be countered by a rebuttal.
Actually, with the wisdom,knowledge, maturity and life experience,TS knows jolly well how to solve and manage his situation. My humble view is whether is he willing to bite the bullet, make some changes in family lifestyle and just act and do it.
Basically, its just either increase income &/or reduce expenditure.No 2 ways about it.

[MoJoe313]

Originally Posted by Orchinno

Err. that's my guess of your household income. Mine is a lot different from yours and is actually closer to leaky pipes.

As for sexual escapade, being that, done that long ago. Went thru a very bad patch in familial relationships but came out straight. See my power/points always in moderation.

Housing Loans : 3K per month
Transport : 500 per month, gas + amortized maintenance
Utilities : 360 per month
Conservancy : 330 per month
Credit Card bill : 1.6K per month (grocery, weekend meals for parents, misc)
Grocery at Wet Market : 600 per month
Telecom/CableTV bills : 200 per month
Pocket money for 3 kids : 400 per month
Parent's money : 500 per month

Total 7.5 K per month on my income only.

My wife pays for the maid's salary and levy (labour substitution). But everything else I bear, ie food, lodging, utilities and so.

Like leak pipes, I choose a very good wife. My family barely spent more than 2000 dollars on clothings in a whole year. And she does not use comestics and such, so that's one chunk of expenses not incurred. (But then that would be out of her pocket, not mine)

In fact, the bulk of my income goes to paying off the bank which I cannot avoid as we need to be close to the schools that the kids are in. If not, I can reduce my expense further down to 6.0 K per month.

Whether you believe me or not, I really don't care. As leaky pipe has done, we are showing you that the expenses can be managed. And I believe in paying forward, so I don't take loans for anything, even the car. The only thing that could not be avoid is the housing loan as that sum is too large for me to save in reasonable time to be able to buy a house.

I have live my life frugally and will continue to do so. Sometimes eye red red see the big bosses here, but always just remind myself that this is my karma and I to to live thru this cycle of the wheel to pay back those I owe in the last.

Ok. Lets add your maids cost in. Then it's $8k. Am I right? Let's imagine you never went on holidays or bought a new TV. Your monthly cost is fixed at $8k all the time. You achieve some savings. You think you have done well, patted yourself on your own back. You think you are getting by fine.

Then one day, 15 years from now, when you are getting old, will you not ask yourself why are you achieving so meagre results? Where has the bulk of your money gone to? That's what I am asking.

[MoJoe313]

Originally Posted by AAdam

Apparently,whatever advice or thoughts or sentiments raised will always be countered by a rebuttal.
Actually, with the wisdom,knowledge, maturity and life experience,TS knows jolly well how to solve and manage his situation. My humble view is whether is he willing to bite the bullet, make some changes in family lifestyle and just act and do it.
Basically, its just either increase income &/or reduce expenditure.No 2 ways about it.

Help me out bro. I am really trying hard not to be stubborn or to sound proud. Why is it almost everyone assumes it is a situation where "I am managing things poorly"?

If you must know, I have a cash reserve of 15 years. Cold hard cash in the bank. Not unliquidated assets, which is separate. I can go 15 years without income and still carry on this lifestyle. That's alot of zeros. I am not mis-managing. Nor boasting. Just alluding to the point that cost of living is rising very fast. Is it very hard to understand?

[sammyboyfor]

Originally Posted by MoJoe313

I can go 15 years without income and still carry on this lifestyle. That's alot of zeros. I am not mis-managing. Nor boasting. Just alluding to the point that cost of living is rising very fast. Is it very hard to understand?

You are mismanaging if you start spending the principal.

I don't touch my cash reserves. I spend only the yield.

[leakypipes]

Originally Posted by MoJoe313

Help me out bro. I am really trying hard not to be stubborn or to sound proud. Why is it almost everyone assumes it is a situation where "I am managing things poorly"?

If you must know, I have a cash reserve of 15 years. Cold hard cash in the bank. Not unliquidated assets, which is separate. I can go 15 years without income and still carry on this lifestyle. That's alot of zeros. I am not mis-managing. Nor boasting. Just alluding to the point that cost of living is rising very fast. Is it very hard to understand?

Bro - calm down. At the end of the day, we read your post as, my life is difficult because of X and Y and Z... So our reaction is to try and understand and offer you solutions.

But if you say your point is to draw attention to the idea (not fact) that life is terrible in Singapore for the middle class, and not necessarily yourself (or not just yourself) because of rising costs, then my response is, we don't feel the pinch like you. Maybe it's because we planned/are planning for tougher times everyday. Maybe it's because we somehow feel happier with our lives.

If you put out an idea, then you have to be prepared that your idea will be challenged. We are not trying to offend you. Well, I'm not trying to offend you la. How you feel is not necessarily reality.

[sammyboyfor]

Originally Posted by leakypipes

We are not trying to offend you. Well, I'm not trying to offend you la. How you feel is not necessarily reality.

There is nothing wrong with trying to offend people. It makes life a lot more fun.

[leakypipes]

Originally Posted by sammyboyfor

There is nothing wrong with trying to offend people. It makes life a lot more fun.

I do offend people intentionally. Just saying this isn't one of those times. =D

[AAdam]

Originally Posted by MoJoe313

Help me out bro. I am really trying hard not to be stubborn or to sound proud. Why is it almost everyone assumes it is a situation where "I am managing things poorly"?

If you must know, I have a cash reserve of 15 years. Cold hard cash in the bank. Not unliquidated assets, which is separate. I can go 15 years without income and still carry on this lifestyle. That's alot of zeros. I am not mis-managing. Nor boasting. Just alluding to the point that cost of living is rising very fast. Is it very hard to understand?

Honestly, you are in a much better position than most of us. There are 2 parts to your issues.
First, you are managing poorly or mis-managing your finances. Why on earth are you holding on to 15 years of Cash reserve? I might not know the details cos you hourself must must why you did it. At most,a savvy investor will only hold 1 year cash reaserve,max 2 years. The opportunity cost of your action is that you are only a mearge peanut returns on your excess cash which obviously cannot keep pace with inflation,literally deroding your purchasing power and in effect diminishes your real value of your principal. Make better use of your cash reserves.

Second, cost of living is high or not is subjective and relative. If your income or return or yield is growing at a faster and higher rate than cost of living, will you still think that cost of living is high? Of course not.

Like a wise old man once said:"Nothing in this world is expensive. It is just that I am earing too little."

[MoJoe313]

Originally Posted by sammyboyfor

You are mismanaging if you start spending the principal.

I don't touch my cash reserves. I spend only the yield.

Boss,
Why are you always one step ahead??

Ya, I am frustrated because it's coming out of my reserves, not yield. A$1m gets you only A$30k a year. Friggin all time low interest. I need 3 fully paid condos so that I can depend on the yields alone. And I am not there yet.

[MoJoe313]

Ok. How about we do this. With no disrespect to the bros here, can the next person who wants to advise me on managing cost, can you please examine your cash reserves?

Financial experts say you must have 6 months cash reserves in case you lose a job. Do you have 6 months? 1 year? 5 years? 15 years. If you have >10 years then we talk. Then I will know we are both talking about apples, not oranges.

It's frustrating talking to amateurs who say costs are low, life is good but when you ask them how much reserves they have, they do not even have 2 years savings. My question to them then is what if you or your wife suffer a stroke? Or cancer or diabetes? How is your 2 years reserves going to see your kids through with the current cost of living? You still sure cost of living is reasonable here?

[sammyboyfor]

Originally Posted by MoJoe313

Boss,
Why are you always one step ahead??

Ya, I am frustrated because it's coming out of my reserves, not yield. A$1m gets you only A$30k a year. Friggin all time low interest. I need 3 fully paid condos so that I can depend on the yields alone. And I am not there yet.

I'm averaging about 5% on cash deposits but only 10% of my portfolio is cash.

Overall portfolio yield over the past decade is about 8% before tax. I've stuck to the low risk investments.

The trick with cash is to lock in longer term rates whenever they go above 6%.

[Ngengheng]

Divorcee at age of 42....Breakdown on my monthly expanses

Income :8k
Bank Interest : $875 (700K in FD based on 1.5 per cent interest )
Parents : $600
Rental Income : $1800
Mortgage : $1075 (CPF)
Sexapade :$200
Massage : $200
Insurance :$200
Children Maintenance : $500
Car : Fully Paid
Petrol : $200 (Pump in JB)
Utilities : $200
Road tax : $50
Car Insurance : $59
Miscellaneous : $300
Savings about 6 to 8 k per month and it depends on other expenditure like holidays etc........


I am staying with parents . Their house is fully paid.

[larue]

Originally Posted by sammyboyfor

I'm averaging about 5% on cash deposits but only 10% of my portfolio is cash.

Overall portfolio yield over the past decade is about 8% before tax. I've stuck to the low risk investments.

The trick with cash is to lock in longer term rates whenever they go above 6%.

That sort of yield in low risk investments is only available in markets most people in Singapore won't go, nor even know where to begin looking.

Failing that, I do know some penny stocks trading at 4cents which I have analyzed using my candles at home and some fundamental analysis indicating
everyone should buy and buy until the price reaches 8cents before selling.

Not less than 8cents so that I can dump, at 7 cents, the ones I bought at 3cents already!

[MoJoe313]

Originally Posted by sammyboyfor

I'm averaging about 5% on cash deposits but only 10% of my portfolio is cash.

Overall portfolio yield over the past decade is about 8% before tax. I've stuck to the low risk investments.

The trick with cash is to lock in longer term rates whenever they go above 6%.

How did you get 6% on cash?! You locked in aussie FD years ago?

Boss, what you think about the Singapore Savings Bond?

[MoJoe313]

Originally Posted by Ngengheng

Divorcee at age of 42....Breakdown on my monthly expanses

Income :8k
Bank Interest : $875 (700K in FD based on 1.5 per cent interest )
Parents : $600
Rental Income : $1800
Mortgage : $1075 (CPF)
Sexapade :$200
Massage : $200
Insurance :$200
Children Maintenance : $500
Car : Fully Paid
Petrol : $200 (Pump in JB)
Utilities : $200
Road tax : $50
Car Insurance : $59
Miscellaneous : $300
Savings about 6 to 8 k per month and it depends on other expenditure like holidays etc........


I am staying with parents . Their house is fully paid.

Bro,
You are doing good financially. No food cost? Unfortunately, my child cost is not $500 a month. Maid itself is already more. I wish I can bunk in with my parents and rent out my place.....