Net Worthat Salary.sg – Your Salary in Singapore |
Frank sharing and valuable insights from a guest (thanks!) in our Salary.sg Forums, in response to a list of questions I posed in an old article on how to get rich: – How did you make your first million? “Made my first million i think around 30 or 31 years old. Graduated from uni in [...]
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In the book “The Millionaire Next Door”, the authors defined prodigious accumulators of wealth as people who manage to accumulate twice their expected net worth. To calculate your expected net worth, refer to this old Salary.sg post. (Note that I called it “target net worth” previously.) This chart gives you an idea of how much [...]
Read the full article at Are you a Prodigious Accumulator of Wealth?Banks use the Debt Service Ratio to assess your creditworthiness. Defined as the monthly loan installment amount divided by your gross monthly income, your DSR typically has to be somewhere in the 35% to 40% region for banks to be happy to grant you that mortgage. (See also past article on second home loan.) However, [...]
Read the full article at Can you Afford that Condo? Introducing the Debt RatiosThe average household has a net wealth of $710,400, says an interesting article in New Paper on Sunday. “Total Assets: $859,970 Currency & Deposits $157,930 Shares & Securities $120,360 Life Insurance Equity $76,820 CPF/Pension Funds $119,930 Residential Property $384,920 Total Liabilities: $149,570 Mortgage Loans $110,390 Personal Loans $39,180 Net Wealth: $710,400“ But that figure applies [...]
Read the full article at Is your Net Wealth 300k?The number of High Net Worth Individuals (HNWIs) in Singapore has increased by 15.3%, according to The World Wealth Report 2008 (link) recently released by Merrill Lynch and Capgemini. I note that our rate of increase has slowed. It was a record-breaking 21.2% last year. See my post last year. Nonetheless, at 15.3%, we’re placed [...]
Read the full article at Number of Millionaires up 15.3%A reader called “whizzard” generously shares his experience in getting rich. “I was pretty careful in the way I spent money and diverted much of what I had left over into investments … My friends were having a ball, wining, dining and holidaying” Read his story here. Thanks, whizzard! [Edit: for more words of wisdom [...]
Read the full article at Case Study 5 – Shrewd Millionaire EmployeeIt’s not always so easy to make money, as the previous case studies suggested. Slightly more than 10 years ago, a young couple bought something that almost ruined their lives financially. It was the middle of 1996, a boom time for the stock market as well as the property market. The couple – working professionals [...]
Read the full article at Case Study 3 – How Couple got Stuck with PropertyThis is a story of how a salaried person (and his wife) managed to accumulate a million dollars in cash over just 10 years. And he did it without playing Toto or 4D, and neither did he dabble in stocks and property. He started his working life in the private sector. During the Asian financial [...]
Read the full article at Case Study 1 – How Poly Lecturer became MillionaireSaying that luck plays a part in becoming wealthy is not the entire picture. Do you know that you can actually “boost” your luck? I’ve said a couple of times that luck plays a part. See this and this. But if you’re young, time is on your side. If you keep trying, you’ll be lucky [...]
Read the full article at No Try No Strike
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I versus Foreign Talent
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