Uncle8888 said Thank You! You have done well for your financial planning.
1. You have cut losses on your ILP and avoid this time bomb.
2. For many years, you have resisted your wife for upgrading to bigger and spacious 5-room HDB or Executive. Now, you have plenty of cash in CPF OA earning the best interest rate in Singapore @ 2.5% CAGR.
3. You have two low cost group insurance coverages.
4. You have three endowment policies for your three children to fund their university education. The last endowment policy will mature before the age of 60 as the escalation cost of premiums from the age of 60 is significant! This was the best advice coming from my life insurance agent. It is good that you got yourself educated earlier in your life that once you are retired you are not an valuable asset that will need protection by life insurance. You just need comprehensive medical insurances and self-insured funding to get through the rest of your life.
5. You have awaken not too late at early 40s and seriously started to plan and taken short-term trading and long-term investing investing as the road to reach financial independence by 55; but you have missed the target by 1.5 years. It is better late than never. LOL!
6. Against the common wisdom of housing loan as good debt, you thought that it was better to fully paid up your HDB housing loan as early as possible. Consequently, being debt-free, you were in better position to support your wife's idea of becoming full time housewife to look after her three kids. Wife happy. Man peace. LOL!
Posts
CW,
ReplyDeleteWife happy. Man peace.
All is good, all is well.
Married men and those who lived-in-sin (co-habit) will appreciate the beauty of this statement :)
101% agree!
ReplyDeleteFor younger ones to think how Future Me will thank them.
ReplyDeleteSome planning is essential. LOL!
I think you have yourself and your loved ones all covered! Your future you will surely thank you. I like this catchy ad from Income ;-)
ReplyDeleteThey are people who live for himself only.
ReplyDeleteWho & why there are such people?
They have no past , present or future.
Very sad case.
Hi CW,
ReplyDeleteWife happy, man peace, how true. What is more precious is you apply delayed gratification for this statement too, given u resist moving to a bigger house.
My wife talk about a condo recently, scare the Sh** out of me. I say when we are ready with less liabilities first.
She not convinced, although I hate to use such terms, I say we both have aged parents, they might be self-sufficient, but when things happen, we as children have to pay first, and maybe get rebursed. It will be very ugly when u can't even "pay first". Also we had our kid to take care. Only then she backed off.
Few married women don't like big castle as home.
DeleteSometime, when I read about those who have reached 55 and struggling to pay their housing loan. Who fault? Wife insisted on upgrading?
DeleteWhose around my age shouldn't have problem with housing loan if no upgrading. Right?
For those who have reached 65+, the story is different. Our generation had so-called 2 bites of the cherry. We could purchased 2 times from HDB. So the 1st bite of the cherry was bigger and sweeter if you could purchased a 5-room HDB. But my wife was in favour of a 3-room flat for the first bite because of her "phobia" of keeping the house as clean as possible (aka the smaller the house the easier to keep it clean). But my business-sense even before i knew nuts about investing in stock told me to go for the biggest bite of the cherry (aka 5-room flat). Nevertheless, i didn't really know why i just gave in to her wishes or thinking at that time lol - newly married, what wife wishes wife get ( joking only ). Do you think there is much difference all these years? If so how come she is still my wife? (Joking only-any relationship to work must have give & take).
ReplyDeleteLet you know a secret, fortunately for me my wife is not interested in investing in stock or anything. So i have the field of investing all to myself. No problem of arguing which is a better investment all these years.
Peace lol.
But i do keep her inform from time to time in case she has to take over (touch wood). Now my son has come into the picture too. He has been keeping up with what is going on too.
Hi cw8888,
ReplyDeleteEspecially like your wise choice of
Item 2: RESIST moving to a Bigger dwelling flat of 5rm or Executive.
We are starting to worry about interest rate surge for our 5-years bank loan
after upgrading to a 5-rm flat (because can't tahan the annoying noise in the neighbourhood) in 2011.
We intend to downgrade in 2016 after fulfilling the 5-years occupation period
and planned to be Debt free by age 55.
Great to be debt free by 55.
DeleteCPF OA Free too. Ha Ha
Congrats!:-)
DeleteLooking forward to be released from this huge financial burden.