(08-01-2014, 01:44 PM)opmi Wrote: [ -> ] (08-01-2014, 01:16 PM)Temperament Wrote: [ -> ]My sympathy to all of you(my son's generation 25+ years old). 25 to 30 years loan to pay for a necessity( HDB 99's lease) But is that's the idea of OUR GOV? You have to work your whole life for most of your Generation. Unless you are successful in "passive investing" Or got lucky, "老 爸 扶 你 一 马".
My sympathy.
Shalom.
3rm flat BTO not very expensive. $600 monthly installment.
Quite good for a roof over head for 96 years.
In many Asian countries, want also don't have.
So no need to sympathize
Silly me for saying sympathy. We all know:-
"
I feel better already. "
For years, psychologists reported that optimists, or those who find the glass half full, are generally happier than pessimists who find the glass half empty.
This new study, however, clearly shows the path to happiness lies in simply feeling content that you actually have a glass and didn't drop and shatter it into pointy little shards that lacerated your foot and forced you to limp to the hospital.
You see, if you'd just been satisfied with having a glass and not gotten anxious about what's inside it and how much is there, you'd be happier. (Thirsty, perhaps. But happier.)
Instead of craving fame, fortune and a red Ferrari, you're far better off hoping for a legible phone book listing and enough pocket change for bus fare.
Because as the research shows, you'll be happier if you shoot for sadness."
Unquote:
i just think how my son's generation compare to mine as far as HDB pricing is concerned. Without help, definitely he has to work for whole life to pay for a HDB flat. And at the end, he still can't retire after paying his whole life. Very sad to me.
Yes!
"Blessed are those who are contented with less or with plenty"
Shalom.
(08-01-2014, 02:40 PM)Temperament Wrote: [ -> ]i just think how my son's generation compare to mine as far as HDB pricing is concerned. Without help, definitely he has to work for whole life to pay for a HDB flat. And at the end, he still can't retire after paying his whole life. Very sad to me.
Maybe you are thinking too much or too deep, which lead to unnecessary worries. Your son is grown up, it is time he navigates on his own. You have done your part as a father already. Too much assistance may not be good to him, just my simple opinion.
儿孙自有儿孙福 莫为儿孙作马牛
aiya cham! I always see glass half empty ler, whenever go for makan, keep asking to top up my water!!! But it is true that I see myself a pessimist, scare of crisis, scare of rising interest.. Anyway I think the current plan for HDB repayment is fine, one will need to work whole life to pay off the housing loan if he go clubbing, drinking, partying often. I don't do all these, I can stay at home during weekend, I can eat at foodcourt everyday, so every month I have 80% of my income ready for loan repayment. But when I have kids then will be different story, perhaps 60% still manageable. Absolutely zero complaint, but if you do, please refer to "Man in The Mirror" lyrics
(08-01-2014, 03:00 PM)Ben Wrote: [ -> ] (08-01-2014, 02:40 PM)Temperament Wrote: [ -> ]i just think how my son's generation compare to mine as far as HDB pricing is concerned. Without help, definitely he has to work for whole life to pay for a HDB flat. And at the end, he still can't retire after paying his whole life. Very sad to me.
Maybe you are thinking too much or too deep, which lead to unnecessary worries. Your son is grown up, it is time he navigates on his own. You have done your part as a father already. Too much assistance may not be good to him, just my simple opinion.
儿孙自有儿孙福 莫为儿孙作马牛
i agree.
i have told him he will get nothing to manage if he doesn't show acumen in money management and has good financial health. But just imagine if i have 2 or more sons. i really think his generation is so much more difficult to survive compare to mine.
(08-01-2014, 03:02 PM)valuebuddies Wrote: [ -> ]aiya cham! I always see glass half empty ler, whenever go for makan, keep asking to top up my water!!! But it is true that I see myself a pessimist, scare of crisis, scare of rising interest.. Anyway I think the current plan for HDB repayment is fine, one will need to work whole life to pay off the housing loan if he go clubbing, drinking, partying often. I don't do all these, I can stay at home during weekend, I can eat at foodcourt everyday, so every month I have 80% of my income ready for loan repayment. But when I have kids then will be different story, perhaps 60% still manageable. Absolutely zero complaint, but if you do, please refer to "Man in The Mirror" lyrics
Oh! i am sorry. You forgot anyone can get retrench if you are working for somebody.
(08-01-2014, 02:27 PM)valuebuddies Wrote: [ -> ]Well I bought at one of the peak price, offset by history low interest rate, so I have seriously no idea what is the average mortgage interest rate for the past decade. I have been paying 1.25% then 1.65% which I feel comfortable with, so any increase in rate in painful but not a disaster. With my household income, there is no problem to undertake a 20 years tenor, but it just doesn't make sense for us to go for it in the current cheap borrowing market. And yes if my loan interest rate is high, I would choose a shortest possible tenor which I can afford.
Hard to make up my mind, if I take new loan, I am afraid that I could not get back to 35/40 years tenor again (if the interest rate remains low); and if I don't take new loan, I am paying more. 
That depends on whether your investment return is better than what you're gonna pay for the interest. Since the loan you took is a small quantum, I guess that you have already depleted your CPF? The banks will prolly increase the board rate to 2% next year if the US economy strengthens further.
And the irony is that our Asian export economies should benefit from more exports but this might not benefit our property market as more funds will flow into US, Japan and Europe where the assets are much cheaper than ours. Asian properties, saved for Japan, are no attractive to foreign investors.
Singaporeans on the whole is still a much much better lot. The concerns are more on car, condo, 5 rm flat, holidays, job satisfactions etc...
In many countries, they basically live day to day. This doesn't mean we should not continue or benchmark to do even better. In fact, we should. Just surprise to see pessimism coming in. Becareful ! You may inadvertently weaken the next generation by giving unnecessary helps.
If you can succeed without much help in an internet'less period, what's make you thinking they will be weaker.
You can always pay down the mortgage first if you don't have an immediate cash needs. Later, if needed, just take a home equity loan on the same property.
Today the financial world is quite advanced already.
(08-01-2014, 03:23 PM)corydorus Wrote: [ -> ]Singaporeans on the whole is still a much much better lot. The concerns are more on car, condo, 5 rm flat, holidays, job satisfactions etc...
In many countries, they basically live day to day. This doesn't mean we should not continue or benchmark to do even better. In fact, we should. Just surprise to see pessimism coming in. Becareful ! You may inadvertently weaken the next generation by giving unnecessary helps.
If you can succeed without much help in an internet'less period, what's make you thinking they will be weaker.
No! No! i think and believe "Necessity is the Mother of all invention". Just like in my generation. It will be the same even now.
Speak from my experience...
It is prudent to have own-stay property fully paid up before 55. One can use this to determine total mortgage year and monthly payment.
For investment property, we can stretch as long as possible so that we have positive cashflow.
(08-01-2014, 02:27 PM)valuebuddies Wrote: [ -> ]Well I bought at one of the peak price, offset by history low interest rate, so I have seriously no idea what is the average mortgage interest rate for the past decade. I have been paying 1.25% then 1.65% which I feel comfortable with, so any increase in rate in painful but not a disaster. With my household income, there is no problem to undertake a 20 years tenor, but it just doesn't make sense for us to go for it in the current cheap borrowing market. And yes if my loan interest rate is high, I would choose a shortest possible tenor which I can afford.
Hard to make up my mind, if I take new loan, I am afraid that I could not get back to 35/40 years tenor again (if the interest rate remains low); and if I don't take new loan, I am paying more.