Houses, Cars and Savings

[ervine]

Like Insurance guy said, we need 500k ( current money ) for our kid university.

Huh? Is that even true?? If your kid goes to the local uni at most you'll be paying what 20-50k? how to end up at 0.5mil?? Go abroad?

If no money to send abroad then take scholarship loh.. if no money for scholarship then stay here in Singapore loh...

[FuEl]

Ever wondered how much you can save without a car in Sg? No need for petrol expenses, parking expenses, car maintenance fees, or the price of the car itself. Even motorbikes better alternative. By then 6-10 feet reef tank also no problem to maintain.

By taking public transport

1) Reduce pollution

2) Save $

3) The awesome scenery of chicks.

[minsmarine]

Yea, but who is going to fatch u from Bus Stop to farmway 2 and out ?

LCK ?

Haa haa

There are some nice guys out there, but not all to give u lift.

Especially, Lizard44, only want to give lift to girls not guys kill him when u see him

[limbssg]

is $500k the money spent for a child from pre-school to local Uni?

[weisoon]

Ever wondered how much you can save without a car in Sg? No need for petrol expenses, parking expenses, car maintenance fees, or the price of the car itself. Even motorbikes better alternative. By then 6-10 feet reef tank also no problem to maintain.

By taking public transport

1) Reduce pollution

2) Save $

3) The awesome scenery of chicks.

Fuel

Maybe your time has not come yet.....but wait till you are married and have kids then maybe if this site still here, you can dig out this very old thread and update further if having a car is a neccessity or luxury.

[minsmarine]

is $500k the money spent for a child from pre-school to local Uni?

It's I read on MRT.

For U only

[Melvyn Tan]

Lizard44 can share his experience on making money, however this guy is damn shy.

But serious thinking,

If we save all the money for our kids's future study,

Who will take care, when we need $$ ?

Another thread for Parents ?

Anyway, I buy weisoon 1 year salary for Car, so on so forth.

But we are assuming that economy stable and ur income not drop.

For the past 3 yrs, I took 35% pay cut to stablize the company I worked for, so there will be enough $ to pay all other staffs.

Since than, shouk, everymonth gone.

Me currently in "NOINCOME GROUP" so don't know what to say, all I can said, "Shouk, I have no saving"

How noble of you to take 35% cut ! Our co. just did a slight structuring and in order that other staffs dun get pay cut the upper mgmt get cut. Me included 20% ! Yikes ! better times profit sharing i dun have, bad time i got cut !

Anyway it'll be a good thing to further our discussion for the sake of our reefs...i mean family, the support and all...

On one hand, the success stories and advise by say this lizard44 / minsmarine etc...can help us plan better, make a more informed decision and perhaps help us see things we might perhaps have not seen it before (different light)...and the younger folks can tap on the experiences shared by all and be better prepared the next time (and when make big money dun forget the old folks here - buy coffee)

[weisoon]

Huh? Is that even true?? If your kid goes to the local uni at most you'll be paying what 20-50k? how to end up at 0.5mil?? Go abroad?

If no money to send abroad then take scholarship loh.. if no money for scholarship then stay here in Singapore loh...

More than 15 years ago, my NUS fee is only $2400. Whats the amount now? I have lost touch BTW, maybe $5000? So, it went up 2 times and maybe another 15 years later when your kids go there, it will be $10,000? Multiply by 4 years honours total will be $40,000. Not including hostel accomodation, meals, books etc. Maybe $100,000 a kid is more like a reasonable value.

Do not understand you statement "....no money for scholarship then stay in Singapore lor" I thought can have both local and overseas schlorship??

[minsmarine]

I guess 500k is for oversea.

Even if 100K isn't it difficult for average singaporean ?

Average Singaporean earned only 3K. ( I guess I am outdated, some1 can correct me )

[andysho]

Well , the rich will enjoy life in singapore

the poor will see the rich enjoy

and hope to be like them one day

[weileong]

Sitting there and hope won't help you Need some active plans....

I don't hope lor just accept my fate, poor man's life

[minsmarine]

To to, to to, to to, to to

[FuEl]

More than 15 years ago, my NUS fee is only $2400. Whats the amount now? I have lost touch BTW, maybe $5000? So, it went up 2 times and maybe another 15 years later when your kids go there, it will be $10,000? Multiply by 4 years honours total will be $40,000. Not including hostel accomodation, meals, books etc. Maybe $100,000 a kid is more like a reasonable value.

Nah..more than $5000 now. For Science faculty its $6000++..and that's after being subsidised by government (if you are Sg citizen or PR). If you pay the full fee I think its 10-13K per semester..forgot the exact amount..

[Chris]

Rich man drinks kopi in country clubs and talk ######.

Poor man, like me, drinks kopi in LFS/farm and still talk ######. Plus can come here to talk mroe ######.

Rich man pays $$$ for company to setup and maintain nice fishtank.

Poor man, buys things from Pasar Malam and set-up nice fishtank

Rich man drives 3000cc car to Pasir Ris from Bukit Timah house at 130km = 20mins

Poor man drive small car to LCK from Jurong at 60km = 20 mins

Rich man pays $1500 for a gem tang.

Poor man pays $20 for a ich-infested purple tang.

I don't see any difference.

[minsmarine]

So who ever don't drive become what begger

since poor man drive a small car

Haahaa Joking

[Chris]

Rich man brisk walks to burn away the fats caused by good food.

Poor man brisk walks to catch the bus to work so that can have food.

[Melvyn Tan]

And the poor man that dun brisk walk but drives a small black car?

[Chris]

Plus 3 other poor men who don't brisk walk and sometime travel to LFS in a small blue car for free mineral water?

That makes 4 poor and cheapskate men.

[Melvyn Tan]

Hahhaha

[absolut_vodka]

I guess 500k is for oversea.

Even if 100K isn't it difficult for average singaporean ?

Average Singaporean earned only 3K. ( I guess I am outdated, some1 can correct me )

my 2 cents worth as a professional...

Yes... $500K is for overseas education. US in particular. For UK, projected funds required is $300K. Local uni is roughly $100K. overseas figures are alarming largely because of 1) inflation 2) exchange rate. inflation for education is 6% on average. when i was studying in oz, my school fees for one semester (half year) is roughly $6.5K now my friends are paying almost $10k and difference is only 5 years.

We are all thinking in terms of today's dollar value but your children will be going to school like 20 - 30 years down the road. So in tomorrow's dollar, the figures are not that large after all.

Think of it this way, 20 - 30 years ago, a flat only cost $20K - $30K but now, you're easily looking at $200K - $300K.

And yes, the income gap between the rich and the poor is getting larger.

Going back to the first question, how much of your income should be appropriated to savings and so on... if you follow MAS guidelines, you're looking at 20% savings, 20% financial planning, 20% CPF and you're left with 40% for expenditure. unfortunately, most people are ill-disciplined by nature and its difficult to follow such guidelines.

But based on my knowledge and experience, if you are willing to put aside the 20% to do proper financial planning and your money earns 6% on average, you will definitely be able to address your needs in the future (be it your child's education fund or your own retirement fund).

If I may add, to achieve all these "alarming" figures... the most important is for you to find a trusted adviser who looks after your interest and is willing to 'travel' down the path with you. to buy financial products haphazardly or because your friend 'asks' you to is rather foolish. you are better off having a proper financial plan drawn out and find solutions that will help you to achieve all your goals... and most importantly, do a annual or bi-annual review with your adviser so that you can 'tracking' the progress of your financial goals.

for rainy day fund - 6 mths of your expenses is a guide. however, because retrenchments nowaday tends to be structural *meaning that the jobs lost may never come back again* and may last longer. that's why govt. encouraging the retraining of workers.

hope all these info helps.

[mabro]

$500K got include money for maintaining fish tank bo?

[nemo72]

my 2 cents worth as a professional...

Yes... $500K is for overseas education. US in particular. For UK, projected funds required is $300K. Local uni is roughly $100K. overseas figures are alarming largely because of 1) inflation 2) exchange rate. inflation for education is 6% on average. when i was studying in oz, my school fees for one semester (half year) is roughly $6.5K now my friends are paying almost $10k and difference is only 5 years.

We are all thinking in terms of today's dollar value but your children will be going to school like 20 - 30 years down the road. So in tomorrow's dollar, the figures are not that large after all.

Think of it this way, 20 - 30 years ago, a flat only cost $20K - $30K but now, you're easily looking at $200K - $300K.

And yes, the income gap between the rich and the poor is getting larger.

Going back to the first question, how much of your income should be appropriated to savings and so on... if you follow MAS guidelines, you're looking at 20% savings, 20% financial planning, 20% CPF and you're left with 40% for expenditure. unfortunately, most people are ill-disciplined by nature and its difficult to follow such guidelines.

But based on my knowledge and experience, if you are willing to put aside the 20% to do proper financial planning and your money earns 6% on average, you will definitely be able to address your needs in the future (be it your child's education fund or your own retirement fund).

If I may add, to achieve all these "alarming" figures... the most important is for you to find a trusted adviser who looks after your interest and is willing to 'travel' down the path with you. to buy financial products haphazardly or because your friend 'asks' you to is rather foolish. you are better off having a proper financial plan drawn out and find solutions that will help you to achieve all your goals... and most importantly, do a annual or bi-annual review with your adviser so that you can 'tracking' the progress of your financial goals.

for rainy day fund - 6 mths of your expenses is a guide. however, because retrenchments nowaday tends to be structural *meaning that the jobs lost may never come back again* and may last longer. that's why govt. encouraging the retraining of workers.

hope all these info helps.

The rich gets richer and the poor gets poorer. Thats SG man..

[minsmarine]

$500K got include money for maintaining fish tank bo?

Quite depended on what kind of fish r u refering to

there are so many type of fisn

Fish need # but no water with large display tank.

Fish need quaility water.

Fish eats a lot.

Some fish one of my friend keeps, EAT KOBE BEEF

And carry the bag cost 3,500

Hee hee telling some1 secrect ")

Ok now back to subject.

I don't think so lar, it will be just tution fee, housing and may be Magi Mee for every dinner

[sunny03]

Plus 3 other poor men who don't brisk walk and sometime travel to LFS in a small blue car for free mineral water?

That makes 4 poor and cheapskate men.

that a good one

but living in SG it too tough.....

half of my earning goes to household

that why i need a sump FOC