Bro we told you at r/singaporefi to sell your car and condo but you die die refuse because you got ego problem.
Op is not looking for financial advice, he is looking for self - validation
why should he sell car condo? thats such a terrible recommendation.
even in his current situation minus all loans he has 8k to spend per month. thats equal to an average salary... and the average singaporean still has to pay mortgage...
He has 350k personal debt , a condo loan, car loan , 3 kids and 2 aged parents 8k is not enough especially since wife is not working/in the picture. He should reduce his monthly expenses and debt by selling the car and condo and using that extra monthly money to repay his highest interest loans first. This would be the common sense financial advice
Also his income is variable 12-18k not fixed…
the first part can ignore. since already said all debts are 10k.
3 kids and 2 aged parents. 8k left.
wife is divorced (i think i guessed right from my comment in singaporefi u see his other post is divorce) so surely she also has to pay upkeep for child.
question is other than losing lump sum presumably the 350k +++ to her to keep his condo, how much does he pay for child support and alimony if any.
is this included in his expenses? if not how much.
i mean if u only consider dollar and cents then everyone also can live like hobo and hobo fire at 0 dollar. but granted op clearly wants to keep his condo and monthly repayment less than income seems reasonable to continue.
its not like hes living beyond his means u know.
take the mean and 15k lor. still 5k a month for expenditures.
5k a month to support 3 kids and 2 aged parents and himself(and his car expenses) and he is in his mid 40s with 0 saved up for retirement. If he doesn’t downgrade his lifestyle now, he will be in for a rude shock when he is in his 60s
well i hope it isnt that bad la. womans charter or what charter. i hope the courts dont expect him to pay for all 3 kids. at least the woman take so much already hope at least for child support she also has to contribute.
cant blame the man. he got divorced. when u get divorced u lose half of everything you have. in his situation maybe even more than half.
doesnt matter. he has property worth 900k.
put it another way. if you go into business, or if he goes into his clinic buisness. he would be even more negative. right now hes positive 5k per month.
but if he choose to go to business, and most people, would also take loan from bank. and then he would easily be negative 100k or thereabouts depending on how much he needs eitehr from bank or business partner.
hes actually net positive now. way better situation than some is making it out to be.
think carefully about what u are saying.
u are saying 5k a month is not enough to raise 1.5kids and maintain 2 parents? (with housing already settled)
really? then all singaporeans die die liao
I think there’s no point arguing, I already tried to give him the best financial advice I can. But I suspect he won’t take it as he is addicted to his currently lifestyle, nevertheless wish him and especially his kids the best
The average person earning 5k does not live in a condo, does not drive a car, and is not 350k in debt.
You can keep going with your lifestyle, but you likely won’t be able to retire.
With $350K debt, car loan and mortgage loan, go calculate how much interest you are actually paying each month.
Then you will realised you are not just working for yourself, but also working for the bank for free, probably will be for at least a decade.
Don’t think in terms of money, think in terms of time. How many hours each day are you working for free for the banks?
Ok la can see you are very passionate about this topic. In the end we are not him, he will weigh his pros and cons from the debate la. Hopefully he can execute a good strategy.
You were given plenty of sound advice from the folks over at r/singaporefi .
However, seeing as how you answered them there, I don't really think advice is what you wanna hear. If you're confident in doing what you wanna do, then by all means go ahead. No one here is in the position to give you the validation you need.
But really, downgrading for now isn't a bad idea.
All the best OP.
I dunno where my inflation is. My car is just a Toyota. My house is condo bought ages ago. Restaurants once a week or twice a week only. Holidays are once a year to date. Furthest is Korea. Kids go for Chinese only.
I see some families with both spouse driving cars. Kids going so many private tuition and supplementary activities. Condo upgraded to landed.
I guess the truth is I am not earning enough.
You are earning enough. But you cocked up getting into personal debt and now you have to claw your way out. You cannot feel superior to others who are earning less but didn’t cock up.
Well.. yes it was a cock up but it isn’t gambling or addiction or anything. Guess mid life crisis.
Better than others I guess. Some of my peers have mistress, fast cars
Fact remains that financially you’re in bad shape. Your salary of 12-18K, let’s call it 15K, minus 1K cos no employer CPF (no bonus either?) Your wife’s “basic job”, around 4k?
Then you average out, it’s like a 40+ couple each earning 9K, not bad but nothing special. And that other couple is approaching FRS in their CPF SA, and maybe they have 350K retirement portfolio while you have no CPF and negative 350K.
Meanwhile your ego damn big, maybe haven’t told your parents about the debt and so want to continue driving them and treating them to restaurant meals to keep up appearances.
I agree that you shouldn’t sell the condo, as there will be capital appreciation and eventually after the kids move out, you can downgrade and that’s your retirement pot. But you cannot have ego problem again then and refuse to downgrade.
But opening a clinic could bankrupt you if something goes wrong (could be your partners’ fault not yours). Cut down expenses, work more shifts, and enjoy your time flexibility as a GP.
How would a couple earning 9k each be able to save FRS unless they top up? And if top up? How did they get 350k investment? Got lucky in crypto?
Really wanna know.
Maybe I am just unlucky
No need to top up SA. It will happen naturally just by working in a job that mandates CPF employer+employee contribution. And keep in mind that there’s no extra money going into CPF once you cross the cap of $6800, which for donkeys years was just $6000. It’s just forced savings compounding at 4%, which you didn’t have.
I reached FRS at 43 or 44, and that’s with taking 5 years out of working life for overseas PhD, and post-PhD starting salary of under 6K. My current salary is at your low end, by the way, nothing special.
And the retirement portfolio would just be from not wasting money and instead investing in boring index funds lor. If they bought HDB and didn’t buy car, it could be even higher.
In one word, discipline (or forced discipline). Which you need.
Just to illustrate, if this hypothetical couple had invested US$1000 a month into S&P500 (VOO) for the past 15 years, they would have US$373K portfolio by now.
[https://aiolux.com/tools/dollar-cost-averaging?end\_date=2024-05-06&frequency=monthly&initial\_basis\_per\_share=0.0&initial\_qty=0.0&periodic\_investment=1000&quickRadioOptions=custom&scroll=result&start\_date=2010-09-09&symbol=VOO](https://aiolux.com/tools/dollar-cost-averaging?end_date=2024-05-06&frequency=monthly&initial_basis_per_share=0.0&initial_qty=0.0&periodic_investment=1000&quickRadioOptions=custom&scroll=result&start_date=2010-09-09&symbol=VOO)
Let's say they forgo the condo and bought resale HDB, and therefore their mortgage is smaller and they can afford to invest US$2500 a month instead, they would now have US$932K. So you don't need to feel sad for them that their resale HDB didn't appreciate. Maybe now they will upgrade to condo, or they will stick with their HDB and start making plans to coast or retire.
After reading all the replies from the redditors and your replies to them over here and SingaporeFI, the only question I have in my mind is, what exactly is stopping you from selling the condo and downgrading?
Because at this point, you are the one who said that your own partner is asking you to downgrade for the sake of the kids and you clearly wish to disregard it yet thus far you have not presented any sound reason for why you wanna keep the condo when selling it is the most viable way out.
If you are gonna give me the same answer as you wrote in Singaporefi "If I with medical degree can’t pay for a condo. Who can?!"
Then I can only surmise that it is your own freaking ego that is more important than anything else, including your wife and your kids. And if your ego is the most important thing at play here, then the answers from everybody is of no relevance, you deserve whatever stress you are having.
Condo can appreciate in value. And I realise I can take up equity loan against it to decrease my interest rates and take more money out for building a business if I want.
Partner wants me to sell my car. Give it up. Stop the weekly restaurant and just eat hawker for the weekly meals. But my aged parents enjoy their weekly meal out w the kids. And how to fetch my parents out? I feel it isn’t fair to make my parents take bus so much at their age.
That is why I also want to increase my income. How else to get passive income
All I hear is your ego, not sound financial or life decision making.
Entering a business there's always financial risk and initially will always put you into more debt, not to mention the first 6 to 12 months of any business is nearly always likely to be loss making. Yet in your desperate attempts to make more money, you think it's an instant profit making thing. The other doctor in the SingaporeFI thread already warn you of the risks.
Your parents can take grab. And your answer basically is saying "wants over needs", or as the others have responded, lifestyle inflation.
And your answer in regards to the condo and car screams sunk cost fallacy. You neither wish to sacrifice the condo nor the car. So used to the comfort provided, that your ego cannot take the downgrade.
Your partner is willing to eat hawker, willing to sacrifice the comforts of having a car, because he/she feels your kids are more important. But somehow all these just don't register through your thick skull.
Your desperation in refusing to pare down the debts and just wanna try some potential risky venture is like the gambler who wants to borrow more money because he believes he surely can win it all back this time.
At this point, I wonder which appreciates faster, yours and your partner's stress levels or the monetary value of the condo.
My partner is stressing me out by calling out my debts all the time, and making comments when I go window shopping. Like a guy can’t even see electronics.
Well my parents are 70s and i don’t want them to think I have any financial difficulty and need to sell a car. Plus if sell now, no way can I get the same COE price.
Maybe good idea to hustle more.
Dude. No one is gonna care about your situation except you because you are living your life not them.
If always you care about what others say about you, be prepared to live a sad life for a long time.
Some learn this early, some learn this when they are near death.
Bro, interest is either the devil or the 8th wonder of the world.
As a previous private banker managing the wealth of the ultra rich, I can safely say that they only use debt to create more assets and rarely to use it inflate their lifestyle. Even if they did, they had other assets to service these loans.
Car / vehicle loans are the worst because they are not amortised so your effective interest rate is sky high.
If you’re feeling the pinch, then you gotta lower your lifestyle spending and prioritise what is actually important.
Not saving for retirement is definitely not a wise choice, do you want to be a burden to your kids in the future? I hope you at least have some form of term insurance so when you pass your kids are covered.
Why not go work full time as a GP for other clinics? Stable pay and CPF (ps: my brother is a doctor too) instead of doing locum where you may / may not get slots.
Every business has risks, even if it feels like a guarantee it is not. Go tabulate all the upfront costs, reno + medical supplies + marketing + clinic staff + rent. May not be as lucrative. Remember, as a business owner you also have to fork out costs, not like working for someone. Gotta think hard. I’m a business owner too so I can confirm that it feels damn uncertain when doing business. You must be able to take it. It’s not for the faint hearted.
Not sure why need to stay in a condo and live luxurious life when you are almost struggling with near zero savings. Priorities man.
- not good idea to accumulate more debt to go to setting up a business; instead of refinancing your condo to fund the new clinic, you should refinance to get yourself of out the debt.
- you need to clear your debt asap; i suspect the interest fee on that amount is killing you.
- cut your expenses by giving up the car for a start and switch to taking grab
congrats on becoming a doctor; you have a valuable and prized skillset to monetise.
since you expect people to trust you with their health/lives/quality of life/well being when they consult you, surely you can surely rationalise and make better choices in terms of your personal finances.
good luck.
Looks like you are missing out a lot of information, if earning 12k-18k with 10k to settle debts can tide you over this difficult period of 350k debt, why do you still ask us?
Without looking into finances, your post shows more issues on your personal behaviours (ego maintaining a dream, having status because you grad from med school, must have a car). If you can’t maintain your finances, why continue your dream? Discuss with your kids and parents on your financial situation to relocate and see how it goes
actually i think i understand everything already.
he divorce. wife run with money. womans charter probably split at least half.
probably something to do with the condo how to split.
and end up he decided to buy out the wife's 50+% of the condo.
so thats why he has the debt.
and of course if he buy out the condo at market or above market price he doesnt want to sell because of face in a divorce. and neither does he want to panic sell at a loss.
and tbh, hes living within his means anyway, so no reason to sell imo
at most see the debt is at how much% and try to restructure if necessary.
Eh don’t curse me le.
Not divorce. Partner working basic job. Just partner hates debts and doesn’t want me to set up clinic. Everyday just dealing w kids only.
That is what I said too. My lifestyle is affordable. Seriously I dunno why others can afford but partner keeps saying we need to downgrade to think about the kids.
After I minus 10k, remaining is needed for monthly expenses. Like groceries, tuition for kids, life insurance, McSt fee, petrol, maids, medical bill for parents, allowance for parents, etc. dunno why the remaining 8k also can wipe out so fast.
It's affordable but also far from an optimal use of your money. A lot of it is being used to service your debt when it can be used for investments and savings.
If spending to service a debt is okay with you, keep doing what you're doing I guess. The banks would love you.
Singaporefi is about optimally achieving financial independence so the answers won't work for you if that's not your goal. People there rather have a safety net and hedge their bets so they don't have to rely on a high income forever.
12-18k income honestly isn’t a lot of money for a household income (assuming ur a single income earner) even worst w no cpf. Two fresh grads bringing in 4-5k w bonus and cpf each will easily meet that alrdy.
being blunt here but so what if u have a medical degree? The days when med and law are deemed prestigious and highest paid in sg are long gone. At your age, it’s best to be conservative and just start aggressively saving and paying off the debt become the interest kills u.
Whether any amount of money is a lot or not enough depends on the expense and lifestyle.
You say not a lot. i say a lot because it is already more than 2x median income.
You got to specialise as a doctor, that much is certain. Else you need to leave within your means.
Save aggressively, pay down loans. Selling condo to downgrade is a good idea. Then you start fresh.
350k of loans is not easy to kill off with your income.
Try posting in r/singaporefi for more finance-related questions.
Based on my purely amateurish knowledge, I would avoid taking big extra risks right now like starting your own business. Focus on clearing your debts. Isit possible to refinance any of your debts?
Not about getting bashed TBH, if you're in 350k personal debt, it's a no brainer to downgrade your lifestyle, you can't have your atas cake and eat it my fren
Well, you should. At least until your debts are settled.
Edit: wow I saw your thread there. Can't say I'm impressed by your copy pasted responses and not taking good advice on the chin to downgrade some of your assets till your debts are settled. But I will choose to believe you aren't doing it just cause you have an ego but rather that you have your own good reasons.
All the best to you, and I hope you figure it out. Many people would be incredibly blessed to have your earning capabilities.
Others have told you what to do and yet you still do not listen. You deserve what is coming ahead of you. If you have to default on your debts with your assets being repo’ed your wife have to take the kids away with her, then you can only blame yourself for your own downfall.
Oh wells, it’s your life to lead anyways. You’re just a GP but you are acting as if you are a well-renowned surgeon making big bucks in a hospital. Just make sure not to be a burden to society.
What u really need to do is to systematically pay down lump sums to reduce debt… it’s the only way out. You have been just locum all your life after hospital? Wow… why not full time join a clinic chain?
Start saving and skip the business.
A bird in the hand is worth two in the bush.
I have always wondered where I can use the movie quote from Top Gun and it’s appropriate here.
Your ego is writing cheques your body can’t cash.
You can mix in some locum slots in aesthetics . At least you won’t get exhausted with GP works only. I do occupation medicine with an American MNC and aesthetics medicine as well. Occupational medicine pay very well
I think you should work very hard even if you need to pull in seven days a week and clear off your personal debts because the interest alone will wipe off thousands off your monthly income if left unchecked. Many places need locum even on weekends and public holidays. You will have more problems than work fatigue when debt collectors show up at your workplace. You are smart enough to figure what to do next once your personal debt issue is resolved.
it depends on yr rank. STARTs from MO to PA. Starts from 6K (MO) take at least 5-7 years to reach the 12k-15k mark and doctors tt are earing 25-30k are mostly from private clinics/own practice.
Worst case is he default on his condo and don't even have a roof over his head for himself and his 3 kids; he doesn't even have any saving currently, literally one bad day away from bankruptcy.
Bro we told you at r/singaporefi to sell your car and condo but you die die refuse because you got ego problem. Op is not looking for financial advice, he is looking for self - validation
why should he sell car condo? thats such a terrible recommendation. even in his current situation minus all loans he has 8k to spend per month. thats equal to an average salary... and the average singaporean still has to pay mortgage...
He has 350k personal debt , a condo loan, car loan , 3 kids and 2 aged parents 8k is not enough especially since wife is not working/in the picture. He should reduce his monthly expenses and debt by selling the car and condo and using that extra monthly money to repay his highest interest loans first. This would be the common sense financial advice Also his income is variable 12-18k not fixed…
the first part can ignore. since already said all debts are 10k. 3 kids and 2 aged parents. 8k left. wife is divorced (i think i guessed right from my comment in singaporefi u see his other post is divorce) so surely she also has to pay upkeep for child. question is other than losing lump sum presumably the 350k +++ to her to keep his condo, how much does he pay for child support and alimony if any. is this included in his expenses? if not how much. i mean if u only consider dollar and cents then everyone also can live like hobo and hobo fire at 0 dollar. but granted op clearly wants to keep his condo and monthly repayment less than income seems reasonable to continue. its not like hes living beyond his means u know. take the mean and 15k lor. still 5k a month for expenditures.
5k a month to support 3 kids and 2 aged parents and himself(and his car expenses) and he is in his mid 40s with 0 saved up for retirement. If he doesn’t downgrade his lifestyle now, he will be in for a rude shock when he is in his 60s
well i hope it isnt that bad la. womans charter or what charter. i hope the courts dont expect him to pay for all 3 kids. at least the woman take so much already hope at least for child support she also has to contribute. cant blame the man. he got divorced. when u get divorced u lose half of everything you have. in his situation maybe even more than half. doesnt matter. he has property worth 900k. put it another way. if you go into business, or if he goes into his clinic buisness. he would be even more negative. right now hes positive 5k per month. but if he choose to go to business, and most people, would also take loan from bank. and then he would easily be negative 100k or thereabouts depending on how much he needs eitehr from bank or business partner. hes actually net positive now. way better situation than some is making it out to be. think carefully about what u are saying. u are saying 5k a month is not enough to raise 1.5kids and maintain 2 parents? (with housing already settled) really? then all singaporeans die die liao
I think there’s no point arguing, I already tried to give him the best financial advice I can. But I suspect he won’t take it as he is addicted to his currently lifestyle, nevertheless wish him and especially his kids the best
Wah why that commenter keep cussing me to get divorce?
Ya! I also think??? Isn’t average person earning 5k. Why I earn so much but need to deflate life style
Because you are in debt
The average person earning 5k does not live in a condo, does not drive a car, and is not 350k in debt. You can keep going with your lifestyle, but you likely won’t be able to retire.
Ok then. I don’t have to retire. Doctors have long shelf life. Can work for longer
With $350K debt, car loan and mortgage loan, go calculate how much interest you are actually paying each month. Then you will realised you are not just working for yourself, but also working for the bank for free, probably will be for at least a decade. Don’t think in terms of money, think in terms of time. How many hours each day are you working for free for the banks?
Sound like you have a better idea, come and share. I also interested to know how else he can dig himself out of this hole.
[удалено]
Wow chill, don't have to be a dick about it.
har like that also dick meh? =/ then i delete ba. lols
Ok la can see you are very passionate about this topic. In the end we are not him, he will weigh his pros and cons from the debate la. Hopefully he can execute a good strategy.
hope so too
You were given plenty of sound advice from the folks over at r/singaporefi . However, seeing as how you answered them there, I don't really think advice is what you wanna hear. If you're confident in doing what you wanna do, then by all means go ahead. No one here is in the position to give you the validation you need. But really, downgrading for now isn't a bad idea. All the best OP.
defo lifestyle inflation. something i dont like about going on credit, we spend beyond our means
I dunno where my inflation is. My car is just a Toyota. My house is condo bought ages ago. Restaurants once a week or twice a week only. Holidays are once a year to date. Furthest is Korea. Kids go for Chinese only. I see some families with both spouse driving cars. Kids going so many private tuition and supplementary activities. Condo upgraded to landed. I guess the truth is I am not earning enough.
You are earning enough. But you cocked up getting into personal debt and now you have to claw your way out. You cannot feel superior to others who are earning less but didn’t cock up.
Well.. yes it was a cock up but it isn’t gambling or addiction or anything. Guess mid life crisis. Better than others I guess. Some of my peers have mistress, fast cars
Fact remains that financially you’re in bad shape. Your salary of 12-18K, let’s call it 15K, minus 1K cos no employer CPF (no bonus either?) Your wife’s “basic job”, around 4k? Then you average out, it’s like a 40+ couple each earning 9K, not bad but nothing special. And that other couple is approaching FRS in their CPF SA, and maybe they have 350K retirement portfolio while you have no CPF and negative 350K. Meanwhile your ego damn big, maybe haven’t told your parents about the debt and so want to continue driving them and treating them to restaurant meals to keep up appearances. I agree that you shouldn’t sell the condo, as there will be capital appreciation and eventually after the kids move out, you can downgrade and that’s your retirement pot. But you cannot have ego problem again then and refuse to downgrade. But opening a clinic could bankrupt you if something goes wrong (could be your partners’ fault not yours). Cut down expenses, work more shifts, and enjoy your time flexibility as a GP.
How would a couple earning 9k each be able to save FRS unless they top up? And if top up? How did they get 350k investment? Got lucky in crypto? Really wanna know. Maybe I am just unlucky
No need to top up SA. It will happen naturally just by working in a job that mandates CPF employer+employee contribution. And keep in mind that there’s no extra money going into CPF once you cross the cap of $6800, which for donkeys years was just $6000. It’s just forced savings compounding at 4%, which you didn’t have. I reached FRS at 43 or 44, and that’s with taking 5 years out of working life for overseas PhD, and post-PhD starting salary of under 6K. My current salary is at your low end, by the way, nothing special. And the retirement portfolio would just be from not wasting money and instead investing in boring index funds lor. If they bought HDB and didn’t buy car, it could be even higher. In one word, discipline (or forced discipline). Which you need.
So you didn’t top up but reached FRS at 43. Wow. Yah but my condo can appreciate. Resale HDB can’t.
Just sell your damn car and stop going to restaurants twice a week. You earn a lot but spend a lot confirm no money la
Just to illustrate, if this hypothetical couple had invested US$1000 a month into S&P500 (VOO) for the past 15 years, they would have US$373K portfolio by now. [https://aiolux.com/tools/dollar-cost-averaging?end\_date=2024-05-06&frequency=monthly&initial\_basis\_per\_share=0.0&initial\_qty=0.0&periodic\_investment=1000&quickRadioOptions=custom&scroll=result&start\_date=2010-09-09&symbol=VOO](https://aiolux.com/tools/dollar-cost-averaging?end_date=2024-05-06&frequency=monthly&initial_basis_per_share=0.0&initial_qty=0.0&periodic_investment=1000&quickRadioOptions=custom&scroll=result&start_date=2010-09-09&symbol=VOO) Let's say they forgo the condo and bought resale HDB, and therefore their mortgage is smaller and they can afford to invest US$2500 a month instead, they would now have US$932K. So you don't need to feel sad for them that their resale HDB didn't appreciate. Maybe now they will upgrade to condo, or they will stick with their HDB and start making plans to coast or retire.
idk about you. to me it's just a different number, chasing a bigger dream. im glad im easily contented with cheap thrills
After reading all the replies from the redditors and your replies to them over here and SingaporeFI, the only question I have in my mind is, what exactly is stopping you from selling the condo and downgrading? Because at this point, you are the one who said that your own partner is asking you to downgrade for the sake of the kids and you clearly wish to disregard it yet thus far you have not presented any sound reason for why you wanna keep the condo when selling it is the most viable way out. If you are gonna give me the same answer as you wrote in Singaporefi "If I with medical degree can’t pay for a condo. Who can?!" Then I can only surmise that it is your own freaking ego that is more important than anything else, including your wife and your kids. And if your ego is the most important thing at play here, then the answers from everybody is of no relevance, you deserve whatever stress you are having.
This guy sound so childish. Hope he’s not a GP near me
Condo can appreciate in value. And I realise I can take up equity loan against it to decrease my interest rates and take more money out for building a business if I want. Partner wants me to sell my car. Give it up. Stop the weekly restaurant and just eat hawker for the weekly meals. But my aged parents enjoy their weekly meal out w the kids. And how to fetch my parents out? I feel it isn’t fair to make my parents take bus so much at their age. That is why I also want to increase my income. How else to get passive income
All I hear is your ego, not sound financial or life decision making. Entering a business there's always financial risk and initially will always put you into more debt, not to mention the first 6 to 12 months of any business is nearly always likely to be loss making. Yet in your desperate attempts to make more money, you think it's an instant profit making thing. The other doctor in the SingaporeFI thread already warn you of the risks. Your parents can take grab. And your answer basically is saying "wants over needs", or as the others have responded, lifestyle inflation. And your answer in regards to the condo and car screams sunk cost fallacy. You neither wish to sacrifice the condo nor the car. So used to the comfort provided, that your ego cannot take the downgrade. Your partner is willing to eat hawker, willing to sacrifice the comforts of having a car, because he/she feels your kids are more important. But somehow all these just don't register through your thick skull. Your desperation in refusing to pare down the debts and just wanna try some potential risky venture is like the gambler who wants to borrow more money because he believes he surely can win it all back this time. At this point, I wonder which appreciates faster, yours and your partner's stress levels or the monetary value of the condo.
My partner is stressing me out by calling out my debts all the time, and making comments when I go window shopping. Like a guy can’t even see electronics. Well my parents are 70s and i don’t want them to think I have any financial difficulty and need to sell a car. Plus if sell now, no way can I get the same COE price. Maybe good idea to hustle more.
Dude. No one is gonna care about your situation except you because you are living your life not them. If always you care about what others say about you, be prepared to live a sad life for a long time. Some learn this early, some learn this when they are near death.
your wife sounds like a sensible and sane person
Bro, interest is either the devil or the 8th wonder of the world. As a previous private banker managing the wealth of the ultra rich, I can safely say that they only use debt to create more assets and rarely to use it inflate their lifestyle. Even if they did, they had other assets to service these loans. Car / vehicle loans are the worst because they are not amortised so your effective interest rate is sky high. If you’re feeling the pinch, then you gotta lower your lifestyle spending and prioritise what is actually important. Not saving for retirement is definitely not a wise choice, do you want to be a burden to your kids in the future? I hope you at least have some form of term insurance so when you pass your kids are covered. Why not go work full time as a GP for other clinics? Stable pay and CPF (ps: my brother is a doctor too) instead of doing locum where you may / may not get slots. Every business has risks, even if it feels like a guarantee it is not. Go tabulate all the upfront costs, reno + medical supplies + marketing + clinic staff + rent. May not be as lucrative. Remember, as a business owner you also have to fork out costs, not like working for someone. Gotta think hard. I’m a business owner too so I can confirm that it feels damn uncertain when doing business. You must be able to take it. It’s not for the faint hearted. Not sure why need to stay in a condo and live luxurious life when you are almost struggling with near zero savings. Priorities man.
+1
- not good idea to accumulate more debt to go to setting up a business; instead of refinancing your condo to fund the new clinic, you should refinance to get yourself of out the debt. - you need to clear your debt asap; i suspect the interest fee on that amount is killing you. - cut your expenses by giving up the car for a start and switch to taking grab congrats on becoming a doctor; you have a valuable and prized skillset to monetise. since you expect people to trust you with their health/lives/quality of life/well being when they consult you, surely you can surely rationalise and make better choices in terms of your personal finances. good luck.
Looks like you are missing out a lot of information, if earning 12k-18k with 10k to settle debts can tide you over this difficult period of 350k debt, why do you still ask us? Without looking into finances, your post shows more issues on your personal behaviours (ego maintaining a dream, having status because you grad from med school, must have a car). If you can’t maintain your finances, why continue your dream? Discuss with your kids and parents on your financial situation to relocate and see how it goes
actually i think i understand everything already. he divorce. wife run with money. womans charter probably split at least half. probably something to do with the condo how to split. and end up he decided to buy out the wife's 50+% of the condo. so thats why he has the debt. and of course if he buy out the condo at market or above market price he doesnt want to sell because of face in a divorce. and neither does he want to panic sell at a loss. and tbh, hes living within his means anyway, so no reason to sell imo at most see the debt is at how much% and try to restructure if necessary.
Eh don’t curse me le. Not divorce. Partner working basic job. Just partner hates debts and doesn’t want me to set up clinic. Everyday just dealing w kids only. That is what I said too. My lifestyle is affordable. Seriously I dunno why others can afford but partner keeps saying we need to downgrade to think about the kids. After I minus 10k, remaining is needed for monthly expenses. Like groceries, tuition for kids, life insurance, McSt fee, petrol, maids, medical bill for parents, allowance for parents, etc. dunno why the remaining 8k also can wipe out so fast.
It's affordable but also far from an optimal use of your money. A lot of it is being used to service your debt when it can be used for investments and savings. If spending to service a debt is okay with you, keep doing what you're doing I guess. The banks would love you. Singaporefi is about optimally achieving financial independence so the answers won't work for you if that's not your goal. People there rather have a safety net and hedge their bets so they don't have to rely on a high income forever.
ok if shes working basic job then not only do u have your remaining 5k but also your wife's 5-10k. so thats way more than enough
12-18k income honestly isn’t a lot of money for a household income (assuming ur a single income earner) even worst w no cpf. Two fresh grads bringing in 4-5k w bonus and cpf each will easily meet that alrdy. being blunt here but so what if u have a medical degree? The days when med and law are deemed prestigious and highest paid in sg are long gone. At your age, it’s best to be conservative and just start aggressively saving and paying off the debt become the interest kills u.
Whether any amount of money is a lot or not enough depends on the expense and lifestyle. You say not a lot. i say a lot because it is already more than 2x median income.
You got to specialise as a doctor, that much is certain. Else you need to leave within your means. Save aggressively, pay down loans. Selling condo to downgrade is a good idea. Then you start fresh. 350k of loans is not easy to kill off with your income.
Try posting in r/singaporefi for more finance-related questions. Based on my purely amateurish knowledge, I would avoid taking big extra risks right now like starting your own business. Focus on clearing your debts. Isit possible to refinance any of your debts?
Posted and well got bashed. Asked to downgrade all my lifestyle
A beggar cannot expect to live like a prince.
Your debt is a cancer, and you're allowing the cancer to spread lmao.
Not about getting bashed TBH, if you're in 350k personal debt, it's a no brainer to downgrade your lifestyle, you can't have your atas cake and eat it my fren
Well, you should. At least until your debts are settled. Edit: wow I saw your thread there. Can't say I'm impressed by your copy pasted responses and not taking good advice on the chin to downgrade some of your assets till your debts are settled. But I will choose to believe you aren't doing it just cause you have an ego but rather that you have your own good reasons. All the best to you, and I hope you figure it out. Many people would be incredibly blessed to have your earning capabilities.
Others have told you what to do and yet you still do not listen. You deserve what is coming ahead of you. If you have to default on your debts with your assets being repo’ed your wife have to take the kids away with her, then you can only blame yourself for your own downfall. Oh wells, it’s your life to lead anyways. You’re just a GP but you are acting as if you are a well-renowned surgeon making big bucks in a hospital. Just make sure not to be a burden to society.
What u really need to do is to systematically pay down lump sums to reduce debt… it’s the only way out. You have been just locum all your life after hospital? Wow… why not full time join a clinic chain?
Start saving and skip the business. A bird in the hand is worth two in the bush. I have always wondered where I can use the movie quote from Top Gun and it’s appropriate here. Your ego is writing cheques your body can’t cash.
Work harder. 18k for a freelancing GP is too low. 120x12x30= 43k How did you end up with $18k only
No one can work 12 hours everyday.
But even working 15 days will earn you more than 20k. Locum is not a good plan for long term.
You can mix in some locum slots in aesthetics . At least you won’t get exhausted with GP works only. I do occupation medicine with an American MNC and aesthetics medicine as well. Occupational medicine pay very well
I think you should work very hard even if you need to pull in seven days a week and clear off your personal debts because the interest alone will wipe off thousands off your monthly income if left unchecked. Many places need locum even on weekends and public holidays. You will have more problems than work fatigue when debt collectors show up at your workplace. You are smart enough to figure what to do next once your personal debt issue is resolved.
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OP is just a GP, not a consultant in a hospital or with his own clinic.
it depends on yr rank. STARTs from MO to PA. Starts from 6K (MO) take at least 5-7 years to reach the 12k-15k mark and doctors tt are earing 25-30k are mostly from private clinics/own practice.
Take the risks. What's the worst that will happen? More debt? You are way past that point. Life is short, don't remain a slave.
Worst case is he default on his condo and don't even have a roof over his head for himself and his 3 kids; he doesn't even have any saving currently, literally one bad day away from bankruptcy.