Anonymous
Hi, can I check if my wife and I are in a good place financially? We are in our early and mid thirties. Thank you!
Some background : My wife and I have a relatively low expenses. Usually, we spend about $1000-$1200 monthly includes utilities, bills, transport, food and allowances. We manage our finances together.
We bought a resale previously and will move to our BTO in 4-5 years time. We plan to fully pay the BTO.
Currently, we have a total net worth of $200k, some in cash and some invested. This $200k exclude the amount that we saved for the BTO.
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Daniel Chua
30 Jun 2021
Digital Audio Visual Production (Nitec) at ITE
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Good place is subjective...😃
but $1,200 spending is really good..that's joint spending right ?? can teach ??
also insurance...is it factored in ?? also depending on life phase - when will the kids come in, travelling in post covid times, etc.
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Very good! Keep it up!
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I wouldn't pay off the BTO in full. With the lower interest rate environment, and you are likely to be better off in the long run taking a 25 year loan and leaving the sum in CPF or invested in ETFs/RoboAdvisors. If you do the calculations, you might even be able to pay off your BTO mortgage monthly payments with just the annual returns (~ 5 to 10%) and still have your capital at the end of the loan period.
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Will not suggest fully pay the HBD.. you can use the money to grow even more money!...
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A healthy place finanically. <3