I Found Someone Who Earns $17,000/Month & Wants To Upgrade To His Dream Home Now! | Retirement plan

[@joshconsultancy]

Leave your thoughts and comments for his case here below. As always be respectful and constructive k 🙏 We hope to learn from each other 👍🏻 ENGAGE Josh Tan on a fee for full retirement planning NOW Hear the IMPROVEMENTS you can make IMMEDIATELY! ►‌ www.theastuteparent.com/josh-tan

[@FiendFiend-o5b]

I like the concept of the wealth thermostat. Very relatable as I find myself less motivated for a couple of years after pocketing a decent amount from investing a few years back. Now seeing bank account dwindling again, find myself motivated brainstorming everyday how to make more money again. Timely reminder to not inflate lifestyle just because. Enjoyed this video. Thumbs up.

[@joshconsultancy]

Thank you. Yes indeed, whe the next decent amount comes in, park it somewhere out of sight =)

[@manofthehour_]

Seems very comfortable. Plenty of lower earners with less savings are living in homes with higher quantums.

[@joshconsultancy]

POV noted

[@jasonlim4512]

Hi Josh, may i suggest to u to do more case studies on lower income situations. Granted every1, even high income earners, hav their unique struggles and problems. But frm my POV and few other comments, it seems this kind of case can solve his problem relatively easier if they pay for your consultation services. At least for me, I hope u will be 1 of the few youtubers financial influencers who sincerely wants to help more singaporeans. Towards 60k!

[@joshconsultancy]

Hi Jason, thank you for the support and your POV noted =) I may have some discussions along that, maybe i create a playlist here 1) He made MISTAKES and got into DEBT | What is he SPENDING now on and what should he do? kzbin.info/www/bejne/eGSUq61jjNWfaqssi=RSL6RoJPvZ62L45I 2) PROBLEMS of delivery riders and minimum wage in SG | We need to talk about their financial wellbeing kzbin.info/www/bejne/aISkXnqrpJqCqdEsi=ubOZStyZ2cejCF8U 3) They bought a home they COULD NOT AFFORD and got into financial trouble... kzbin.info/www/bejne/kJ-9eqiZbbWkfJosi=sD9dj07_5yjJjDzp 4) I Confronted the 40YO Singaporean with 4 Side Jobs! He Once Lived Paycheck To Paycheck... kzbin.info/www/bejne/hGPVgoGugLB7e7ssi=l711JNELl87Op0sT Yes helping more Singaporeans is a key goal. Towards 60k!

[@jasonlim4512]

😊Appreciate the playlist. can share easily with others👍

[@SusieOng-fc7lw]

Living life within the means. The key to FIRE is ensure positive cashflows always. Ensure that you spend within your means.

[@joshconsultancy]

Well said!

[@Nicole-l8v]

Small business owner . We plan to upgrade to from private condo to landed next year . Both combined income is about 20k plus and one of us is becoming medical doctor soon.

[@FiendFiend-o5b]

what type of landed and which area looking at? lots to consider, downpayment, LTV, monthly installment, potential reno and monthly upkeep, loan tenure etc. interested to explore landed too.

[@Nicole-l8v]

@@FiendFiend-o5b lol entry level… yes I did the calculations. Stress test can pass. Fulll leverage . 75 pct

[@Mike-e1n]

My personal experience and journey in buying properties in the past 3 decades is never maximise leveraging! Peace is prices! I am super happy when I see my loan quantum reducing year after year. I feel great achievement. Debt free life is indeed the Best life. Maximum leveraging is no longer SEXY as most preach.

[@joshconsultancy]

POV noted 👍

[@catherinelee1064]

Fully paid properties are your true net worth.

[@Mike-e1n]

@@catherinelee1064yeah I think the same. Mine all fully paid 😊

[@damiengohsx]

I am in a similar situation. thinking if i should upgrade and put most of my savings to bring down the loan. same concern that you mentioned on whether will we see flatten growth in property prices going forward. also similar thinking as the case study that we only live once.

[@wong339]

I wouldnt see condo as just an upgrade of lifestyle. See it as an investment. Which means the more important question is not whether to buy but rather buying the right one, of cos within your means and ensuring sufficient holding power as well.

[@joshconsultancy]

Good pov

[@Nicole-l8v]

Disagree … my condo offers gym pool and less cockroach

[@hbu8012]

Coming back to a nice home is quite important to Singaporeans. It a sanctuary so we can understand.

[@kumsoonwong143]

Can use company funds to pay down on Mortgage? First how to carry out business?

[@valenong3977]

If possible, Try not to mix company $ with personal. Try to have 6 months of company expense as liquid cash equivalent. Personally saving , maybe 6-12 months if got kids to be extra safe.

[@joshconsultancy]

Valid points 👍

[@DonYang73]

$17kpm really isnt much today, unless you are single in your 20s or early 30s. Dont get me wrong, it is a nice decent figure for one person but dont go around thinking you are rich.

[@Rick-vo6wj]

We rarely see Singaporeans with FRS or ERS struggle with retirement. Not everyone prioritizes FIRE. There's a reason why owners of condos and landed properties are often in the top 20%. He is certainly in a comfortable position to own a $4 million landed property or two three bedder condos. Fewer than 1% of our current population struggles to retire at 65 years old, which is certainly a minority.

[@joshconsultancy]

Pov noted. Thank you for sharing

[@Godfather1921_melo]

You can always sell it when the day you cannot afford anymore , not a big deal , the most important thing is buy a good one like freehold , not 99 lease hold , 20 years old condo like that. like you buy a good car , u can always sell it , u lose money ? Maybe not be .

[@PNGChoonBing]

V good pl have a more of such

[@Buttercookiesssss]

IMHO it doesn't mean we need to constantly grow our property value as our income increases. Asset comes in different forms. Unless it's fully paid, no point to overstretch our finances. Also, Always use cash to pay for mortgage as much as possible.. CPF accrued interest can snowball

[@joshconsultancy]

CPF accrued interest is opportunity cost to return to CPF. Not lost. Can be used for next home or for CPF Life. Agree with other points raised

[@Buttercookiesssss]

@@joshconsultancy i rather get paid interest for not using it

[@psylak-py9qv]

17k pm income, with TSDR at 55%, can maybe take up to 2M loan. But it's really tight and leaves almost no ability to save much per month. I think to buy a 2.5-2.9M home, a more realistic monthly income would be 25k at least, along with a cash buffer to pay 6-12 months of mortgage as safety net. Need to also think about the exit plan. Is this the forever home? Or is this for until the kids are adults and had moved out?

[@joshconsultancy]

Can add in wife’s income also, that will bring combined income up If until kids are adults, the age to loan end will be shorter and the per month mortgage higher 👌🏻

[@BullRun-g9s]

Inflation will erode cash if not invested

[@16yanping]

It's not wrong wanting a bigger space. I want to say exercise prudence because no one knows how his business will be next year. I suggest going for trip or do some other thing to enjoy the fruits of his labour.

[@joshconsultancy]

POV noted =)

[@AlbertWilsonW]

At beyond 55 y.o. Fully pay off properties and at least 2 mil cash and with 2 young kids. Just need to have a monthly small kopi income can retires. Yes. Keep money in company so that we can do some business. Go into assets class. buy some insurance for kids, so that upon maturity, can have 200K cash for each kid. Own a job and have a small business.

[@joshconsultancy]

At least 2 mil cash is not an easy feat. POV noted!

[@AlbertWilsonW]

@@joshconsultancy Set target, fall short wont be too bad. Its a mindset thing. Just don't be comfort zone can liao

[@exploringapis4495]

Buying something new feels shiok. It doesn’t matter you how old.

[@MrKevinliow88]

They all never invest their important asset in life, and that's their health. It's seems like most of us are over obsessed with accumulating financial wealth while neglecting our greatest wealth, and that is our health. You see, what's the main purpose of accumulating financial wealth???

[@joshconsultancy]

Agree, health is v important

[@adrianlow9539]

Why he able to keep his Income Tax so low....

[@LaiChingLeong-p6i]

Hi Josh, what is your fee range for financial planning services?

[@joshconsultancy]

Hi Laiching, as it is a high value consulting work, Id do a pre-qualification first Do reach me at www.theastuteparent.com/josh-tan/

[@kelvidpang1460]

Hi Josh, mind to share which industry the person in?

[@joshconsultancy]

Hi that may leave too much details 🙏

[@sc5534]

Why is his income tax so low?

[@joshconsultancy]

Probably some earnings was retained in company

[@lidna82]

I think he is very comfortable now but I don't know if taking up a loan to buy a condo like Sky Habitat is a good idea. Most EC are quite well built and not much inferior to SH other than the location. He is making less than before - is it because he is putting more money into his business or is his business not performing as well as before? I personally would not put down 2.9M on a property - maybe buy a smaller property and use the rest of the money on other investment vehicles or even on experiences.

[@joshconsultancy]

Making less than before because previously had more demand POV noted 👍

[@yen2536]

I have a pair of autism son, and how to contact u for personal advise

[@leeaaron7856]

Just curious, why did this person reduce his salary from his company from 30k to 17k per mth?

[@joshconsultancy]

Business volume dropped

[@leeaaron7856]

@@joshconsultancyFrom 30k to 17k is a big drop in income. I guess is he is seeing a huge drop in net profits from his business. I hope he has a good recovery plan to come. In such a scenario, taking up a bigger financial commitment of buying a new home is a very bad decision when his business is dropping in profits. I would advice this person to start thinking how to bring his company back on track and stop building castles in the air in terms of housing. He is anyway in living in an EC, which is already very good in normal situation.

[@joshconsultancy]

@@leeaaron7856 Valid points

[@leejpeter3456]

The Malaysian Ringgit is currently around RM3.10 to RM3.20. In Malaysia, money changers are selling it for about RM3.10 to RM3.15. It’s moving quickly, and I’m not sure if it will drop to RM2.90 in the next few months. Only time will tell, but that is a possibility. See CIMB Singapore going for RM3.19 already...

[@joshconsultancy]

Don’t fomo 👌🏻

[@ericcsn]

There is no real learning, just luck. Watch out for the next financial crisis.

[@joshconsultancy]

Be nice be nice The business was built during covid crisis actually. Crisis can be opportunity when well prepared

[@Kalimatullah_Yoh1-1.14]

i paid off my hdb and now my CPF is far below 100K. I made this move due to uncertainty of interest rates. Also i dont have to pay interest to banks. But thing is when i sell in future, i have to pay huge interest back to CPF. Im just average middle age worker who dont earn much and no cash rich. So i got personal loan to fund for my reno and furniturefittings at eff rate 6.5%, a bit lower than renovation loan with eff rate 6.95% any advice

[@joshconsultancy]

Hi could you email me at [e-mail]. If there are enough pointers, I can build a case study to give you pointers on a pro bono basis and help more Singaporeans In email do leave - your age & spouse age - your CPF balance now and spouse cpf balances now - how much is renovation loan balance - how much cash savings left for you and spouse - how old are children now - how much is family expenses now - and car or maid cost per month

[@larryhoo]

I think I know this person 🤣

[@joshconsultancy]

If you do, keep to yourself k =)

[@larryhoo]

@@joshconsultancy yes sure, he is tall and he has a unique look. Know him through church. So happy that people start to realized going into high SES may not be so ideal afterall.

[@coins_investmentsg]

Upgrade la, SG property can only go up in SG, 3room HDB also selling 800k

[@joshconsultancy]

POV noted

[@JustJamesDean]

With 30k cashflow, gotta think bigger Let's go with 5m minimum Satisfaction is being more ATAS Alternatively, 15m mansion in JB.....very ATAS

[@joshconsultancy]

sounds like trolling. More atas is satisfying to some people but definitely not all

[@JustJamesDean]

@@joshconsultancy definitely not trolling Uncle Josh, ATAS-ism is real. One more think, if he can go from 5k to 30k, there is nothing stopping him going to 100k Think be, be ambitious, he can do it At this rate, go all in on the 5m property Once that's paid off, he can pile on a massive retirement fund real fast Also sell the business for big money Retire ATAS forever, at 45

[@Simfamlife]

Wah. If earn 17k-30k/month, still need to think so hard whether to upgrade or not to a ~approx 3mil condo. Then need earn how much, so no need think? 50k? Life pretty sad if high income still need think this think that... What if past on next year? All money left to the 2 kids only

[@Mike-e1n]

@@Simfamlifeprudent

[@JustJamesDean]

@@Simfamlife 50k is enough, 10k for tax, 20k for mortgage, 10k for cost of living, 10k for retirement