Jump to content
Male HQ

Passive income


Hammy

Recommended Posts

8 minutes ago, iwontbiteleh said:

I think buying a property and renting out is a good passive income in SG. But now due to covid, the rental market is also quite badly affected due to many foreigners being deployed back. 

Buying a property in the first place is not a easy. And you need to buy private property then can rent out whole unit immediately.

Link to comment
Share on other sites

sigh,  really hate to be the bearer of bad news but times like now is when the smart are buying. 


my uncles buying property like siao - because it will never be this cheap. 

those who watch the stock market also waiting to grab their favourite companies at the lowest price.

 

those who eyeing to start a business, even open small businesses now when all the costs are lower.

 

those who are agile will watch closely, what is the next merger/earner/ tech jump to invest in because of the "new normal"

all this means that this period is not one for earning, but for making money moves for greater ROI and gains later.


so if you are struggling with this pandemic, you just need to hang on tight and ride it out.

 

in truth, we gay men have no excuse to be broke. we got no children, no wife. only family, parents. 

so if you are in a bad place now, you must reflect on how you got here.


at the moment, even earning actual income is hard - much less passive income!

 

 





 

🌑🌒🌓🌔🌕🌖🌗🌘🌑

 

 

 

Link to comment
Share on other sites

1 minute ago, tomcat said:

sigh,  really hate to be the bearer of bad news but times like now is when the smart are buying. 


my uncles buying property like siao - because it will never be this cheap. 

those who watch the stock market also waiting to grab their favourite companies at the lowest price.

 

those who eyeing to start a business, even open small businesses now when all the costs are lower.

 

those who are agile will watch closely, what is the next merger/earner/ tech jump to invest in because of the "new normal"

all this means that this period is not one for earning, but for making money moves for greater ROI and gains later.


so if you are struggling with this pandemic, you just need to hang on tight and ride it out.

 

in truth, we gay men have no excuse to be broke. we got no children, no wife. only family, parents. 

so if you are in a bad place now, you must reflect on how you got here.


at the moment, even earning actual income is hard - much less passive income!

 

 





 

Well said bro. 

Link to comment
Share on other sites

8 minutes ago, tomcat said:

sigh,  really hate to be the bearer of bad news but times like now is when the smart are buying. 


my uncles buying property like siao - because it will never be this cheap. 

those who watch the stock market also waiting to grab their favourite companies at the lowest price.

 

those who eyeing to start a business, even open small businesses now when all the costs are lower.

 

those who are agile will watch closely, what is the next merger/earner/ tech jump to invest in because of the "new normal"

all this means that this period is not one for earning, but for making money moves for greater ROI and gains later.


so if you are struggling with this pandemic, you just need to hang on tight and ride it out.

 

in truth, we gay men have no excuse to be broke. we got no children, no wife. only family, parents. 

so if you are in a bad place now, you must reflect on how you got here.


at the moment, even earning actual income is hard - much less passive income!
 

The only thing is not cheap now and price went up is car.

Link to comment
Share on other sites

25 minutes ago, Guest guest said:

The only thing is not cheap now and price went up is car.


in Singapore, car is always a cash drain, never a cash cow. it literally depreciates with each day.


for cars, you can only earn from used market. and only after learning to identify the various values:

 

Resale, Scrap, Turnaround, Valuation etc. it can be fun once you get the hang, like playing game

 

but only those with serious capital can enter, because for used car profit ROI, everything is upfront.


even before pandemic, with Grab, BlueSG etc, it is no longer worth to own a car.


so at the start of lockdown in March, I let go my car and never looked back.

no longer need to pay parking, insurance, petrol - just take back the 12K scrap value.

 

today, I went to Decathlon, gelek-gelek take mrt to kallang, have breakfast, chit chat while wait for rain to stop,

 

play, shop and buy things total time spent was 4+ hrs total. the Grab ride back for me and my group only SGD14.

with car, for parking alone is already $12. double if we went in two cars like before.

not yet petrol, and the monthly expenses..


after you break everything down, it is actually cheaper to take Grab than drive your own car.

CRAZY right?




 

Edited by tomcat

🌑🌒🌓🌔🌕🌖🌗🌘🌑

 

 

 

Link to comment
Share on other sites

During this pandemic, one should not be worrying too much about earning passive income.
1) Focus what’s right in front of us.

2) Make sure we can secure a main job that can give us a steady flow of income before we worry about anything else. 
3) If the main job is insufficient, then one can consider working some part time jobs.

4) Change our lifestyle. Eat and wear clothes that commensurate to our income level. Don’t have to prove anything to anyone. 

5) By changing our lifestyle, you will be amaze how much money we spend on unnecessary things. Savings on these are already an income to us. 
 

On buying a property as passive income, yes it’s workable. But, you will need some upfront cash on hand and a job before your loan is approved. So, it still goes back to whether we have a job in the first place.  
 

On buying a car in Singapore, it’s a big NO! While we look cool having a car, the car itself is a liability. Insurance, maintenance, petrol and car park fee alone will cost more than what you spend on transportation every month.

Link to comment
Share on other sites

26 minutes ago, Mushigg said:

During this pandemic, one should not be worrying too much about earning passive income.
1) Focus what’s right in front of us.

2) Make sure we can secure a main job that can give us a steady flow of income before we worry about anything else. 
3) If the main job is insufficient, then one can consider working some part time jobs.

4) Change our lifestyle. Eat and wear clothes that commensurate to our income level. Don’t have to prove anything to anyone. 

5) By changing our lifestyle, you will be amaze how much money we spend on unnecessary things. Savings on these are already an income to us. 
 

On buying a property as passive income, yes it’s workable. But, you will need some upfront cash on hand and a job before your loan is approved. So, it still goes back to whether we have a job in the first place.  
 

On buying a car in Singapore, it’s a big NO! While we look cool having a car, the car itself is a liability. Insurance, maintenance, petrol and car park fee alone will cost more than what you spend on transportation every month.

Love point 4 bro. 

Link to comment
Share on other sites

let me start mind :

1. Resale endowment due to bank disruption of lowest interest rate.

2.Breakfast from breakfast set reduce to DIY - estimate i save almost half 

3.Lunch cut down to rice with veg,egg and fish - $4

4.Dinner lite

5.Hair cut $2 to $3 coupon

6.Shower buy from ABC store - shampoo n shower.

 

So far it work on me - accidentally reduce weight from 75 to 62kg.

I drink alot of boil water instead of coffee, fruit juice and bubble tea.

 

Next mission - re budget again bcz it seem i trial and error.

 

 

Link to comment
Share on other sites

for me.. 

 

1. I work part time as a dishwasher for clubs & restaurants on thursday, friday & saturday nights weekly

2. I am selling WEIGH LOSS Coffee (VIBRANT) on the side

3. I am working for HPB & my grosss fetches me S$3***

4. I dun spend much ; i dun drink, smoke / gamble

5. eat at mixed veg rice stall S$4.00 meal. 1 meal a day.

6. i shave my own head so screw the barbers

7. Buy all my daily necessicities from CK (from clothes detergent, home wear, facial wash, cleaning chemicals for home) 

8. I invested heavily in overseas stocks cebu pacific, philippines telecom (DITO), Jolliebee Food Corp, AREITS INC - all long term investment (waiting for ROI)

9. i stream movies & dramas online (fuck the cinemas)

10. I have 2 FIXED DEPOSITS with 2 banks here locally (long term)

11. 2 provision shop in the philippines - long term investments 

Edited by single42
Link to comment
Share on other sites

3 hours ago, iwontbiteleh said:

I think buying a property and renting out is a good passive income in SG. But now due to covid, the rental market is also quite badly affected due to many foreigners being deployed back. 

 

Rental yield hasn't been good for a while if you bought the property during the last few years. Only type of property that can yield good rental returns is HDB but you can only get 1 and buying multiple private properties doesn't make sense anymore due to ABSD, buying it in your family name to avoid ABSD is risky. And if you are relying on capital gains, you have missed the boat. The government is now keeping a close tab on the prices now, they can easily control the prices with their policies.

 

Only those people who have purchase their properties >10 years ago has reaped huge profits.

 

Stock markets are the money maker now, most stock has raised even further than before covid. But it very risky and volatile, only play with money you can afford to lose, cos you can never predict the movement.

Link to comment
Share on other sites

6 minutes ago, kratos said:

 

Rental yield hasn't been good for a while if you bought the property during the last few years. Only type of property that can yield good rental returns is HDB but you can only get 1 and buying multiple private properties doesn't make sense anymore due to ABSD, buying it in your family name to avoid ABSD is risky. And if you are relying on capital gains, you have missed the boat. The government is now keeping a close tab on the prices now, they can easily control the prices with their policies.

 

Only those people who have purchase their properties >10 years ago has reaped huge profits.

 

Stock markets are the money maker now, most stock has raised even further than before covid. But it very risky and volatile, only play with money you can afford to lose, cos you can never predict the movement.

Thanks for the tip bro!

Link to comment
Share on other sites

As for rental market

 

If you're lucky - 

 

HDB Common room fetched about S$500 - S$800 (depends on how far is ur apartment away from the mrt)

HDB master room fetched about S$800 - S$1200 max (Again; distance factor from the mrt station)

 

condo 

 

Common room fetches about S$750 - S$1500 (max price is for those at town area)

master room fetches about S$1500 - S$3000 ( max price is for those at town area)

 

Per unit for HDB; standard market price

 

3rm hdb - 5rm flat fetches about S$2500 max

 

private properties are a wider range.

 

 

Edited by single42
Link to comment
Share on other sites

I dumped a fair bit of money into the stock market over the past few years, and I just did a review: in 2020 my passive income was just under $40k. This figure is solely from dividends and not including some profits I made by selling certain shares that went up.

 

I do most of my trading on UOB Kay Hian, you may wanna approach them for an account opening so you may start your own trading. I have a relationship manager with SCB, but he only assists me in managing certain funds and account related stuff while I do the rest on my own. You may want to start small by perhaps buying some local bank shares (very safe) though just a few months ago they were at recent rock-bottoms. Most of my portfolio consists of REITs, some funds like XLE, STI, and local bank shares.

 

This is perhaps digressing a little, but I try to put in some money into precious metals too: you can open a silver savings account with UOB and monitor prices from https://www.uob.com.sg/online-rates/gold-and-silver-prices.page . Usually when the stock market crashes, gold and silver prices go up, and I'l then take the opportunity to liquidate some of my precious metals funds to throw more inside... and vice versa: when the stock market is buoyant then g&s prices drop a little then I'll buy a bit more. I use this as a small way to balance out my portfolio, lah.

 

Hope the above helps!

Link to comment
Share on other sites

3 hours ago, tomcat said:

in Singapore, car is always a cash drain, never a cash cow. it literally depreciates with each day.


for cars, you can only earn from used market. and only after learning to identify the various values:

 

Resale, Scrap, Turnaround, Valuation etc. it can be fun once you get the hang, like playing game

 

 

actually to share a little: I think it really depends whether it's a cash drain or a cow. In 2019 I bought a Mazda 3 with 3 months left on the COE, and after driving it for 3 months I realized the condition was excellent, so I paid the PQP for 10 years and renewed it at $26,715. Once I renewed, I lost out on the PARF of $10,000, and spent $1,000 to change the tyres and speakers. I decided to bid for a new number for it to match my 2 other cars too, so that set me back another $1,000. In all, my total cost on that M3 was around $39,000. 

 

Fast forward to a year and a half later, CAT A COE shot up to $40,000, and I've just sold the M3 for $44,800 since I rarely use it now. Even after deducting the ownership costs of road tax and insurance, I still made around $4,000. If I wait till next year when COE premiums are likely to be even higher than now, I'd probably make a bit more money, but I'm a bit tired of maintaining 3 cars.

 

The above is a case in point of how it is possible to make money from cars as everything is very dependent on the COE. Another anecdote would be my cousin: in 2008 my uncle bought her a Vios 1.5 (manual some more) for $46,500 (coz COE was just $8,000 then). In 2011 she sold that 3yo car for $67,000 (COE was around $60,000 at the time of her making the sale), which net her a nice profit of around $20,000. But she made a mistake: if she waited a year more, in 2012 when COE reached an insane peak of $90,000+, dealers were taking in a 4yo Vios for $83,000. Then again hindsight is always 20/20, lah (hurhur bye bye 2020), and she wouldn't have known that quota premiums would have increased further in 2012.

Edited by zyjd
spelling
Link to comment
Share on other sites

3 hours ago, single42 said:

As for rental market

 

If you're lucky - 

 

HDB Common room fetched about S$500 - S$800 (depends on how far is ur apartment away from the mrt)

HDB master room fetched about S$800 - S$1200 max (Again; distance factor from the mrt station)

 

condo 

 

Common room fetches about S$750 - S$1500 (max price is for those at town area)

master room fetches about S$1500 - S$3000 ( max price is for those at town area)

 

Per unit for HDB; standard market price

 

3rm hdb - 5rm flat fetches about S$2500 max

 

private properties are a wider range.

 

 

My gay friend went to buy a big size 5 rm flat near bedok reservoir about less than 700k with cash. He rented out all 3 rooms, which fetch him a passive income of about 2100 monthly. Good money for a single gay man.

Link to comment
Share on other sites

10 hours ago, iwontbiteleh said:

I think buying a property and renting out is a good passive income in SG. But now due to covid, the rental market is also quite badly affected due to many foreigners being deployed back. 

This is semi passive income because being a landlord can be a nusiance.

Link to comment
Share on other sites

4 hours ago, Neh Neh said:

My gay friend went to buy a big size 5 rm flat near bedok reservoir about less than 700k with cash. He rented out all 3 rooms, which fetch him a passive income of about 2100 monthly. Good money for a single gay man.

He bought a 5 room flat just to rent out? Now is a bad time as many foreigners are jobless and most went back.

Link to comment
Share on other sites

Most affected rental would be those high-end market but if we are talking about HDB,  no worries,  rental are still good especilally now that more Malaysian workers are staying in SG. Furthermore, with the vaccines coming out,  SG is going to open it's door big big again so rental would never be an issue. 

 

Include "saving" as part of your passive income.  Cut down on ordering grab food,  online purchase,  taking grab etc.... All these savings will become your passive income. 

Edited by lonelyglobe
Link to comment
Share on other sites

10 hours ago, Firday said:

let me start mind :

1. Resale endowment due to bank disruption of lowest interest rate.

2.Breakfast from breakfast set reduce to DIY - estimate i save almost half 

3.Lunch cut down to rice with veg,egg and fish - $4

4.Dinner lite

5.Hair cut $2 to $3 coupon

6.Shower buy from ABC store - shampoo n shower.

 

So far it work on me - accidentally reduce weight from 75 to 62kg.

I drink alot of boil water instead of coffee, fruit juice and bubble tea.

 

Next mission - re budget again bcz it seem i trial and error.

 

 

That's consider a lot of weight reduce, sometimes also no need to save until so jialat. Life is short, many times you still need to enjoy it.

Link to comment
Share on other sites

1 hour ago, Guest guest said:

That's consider a lot of weight reduce, sometimes also no need to save until so jialat. Life is short, many times you still need to enjoy it.

You are damn right - that why i say must re budget again after the trial period of one month.

 

Revised with new ideas from here

 

Link to comment
Share on other sites

Guest Coolie sinkies
16 hours ago, Hammy said:

Dear all, just would like to gather feedback on ways to earn passive income. Due to this period, times and hard and passive income is needed. Anyone mind sharing their ideas for me? 

 

Thank you'

Private grab driver, part time food and parcel delivery.

Link to comment
Share on other sites

7 hours ago, Neh Neh said:

My gay friend went to buy a big size 5 rm flat near bedok reservoir about less than 700k with cash. He rented out all 3 rooms, which fetch him a passive income of about 2100 monthly. Good money for a single gay man.

been there before - 4rm rent out the three room while i sleep in the hall with partition. Passive rental were higher than your friend - 3500....but before covid period.

 

now i immediate sold away due to good price.

  

 

 

 

Link to comment
Share on other sites

11 hours ago, single42 said:

for me.. 

 

 

8. I invested heavily in overseas stocks cebu pacific, philippines telecom (DITO), Jolliebee Food Corp, AREITS INC - all long term investment (waiting for ROI)

 

11. 2 provision shop in the philippines - long term investments 

i like the above ideas - care to share more.

can pm me

 

Link to comment
Share on other sites

10 hours ago, zyjd said:

 

actually to share a little: I think it really depends whether it's a cash drain or a cow. In 2019 I bought a Mazda 3 with 3 months left on the COE, and after driving it for 3 months I realized the condition was excellent, so I paid the PQP for 10 years and renewed it at $26,715. Once I renewed, I lost out on the PARF of $10,000, and spent $1,000 to change the tyres and speakers. I decided to bid for a new number for it to match my 2 other cars too, so that set me back another $1,000. In all, my total cost on that M3 was around $39,000. 

 

Fast forward to a year and a half later, CAT A COE shot up to $40,000, and I've just sold the M3 for $44,800 since I rarely use it now. Even after deducting the ownership costs of road tax and insurance, I still made around $4,000. If I wait till next year when COE premiums are likely to be even higher than now, I'd probably make a bit more money, but I'm a bit tired of maintaining 3 cars.

 

The above is a case in point of how it is possible to make money from cars as everything is very dependent on the COE. Another anecdote would be my cousin: in 2008 my uncle bought her a Vios 1.5 (manual some more) for $46,500 (coz COE was just $8,000 then). In 2011 she sold that 3yo car for $67,000 (COE was around $60,000 at the time of her making the sale), which net her a nice profit of around $20,000. But she made a mistake: if she waited a year more, in 2012 when COE reached an insane peak of $90,000+, dealers were taking in a 4yo Vios for $83,000. Then again hindsight is always 20/20, lah (hurhur bye bye 2020), and she wouldn't have known that quota premiums would have increased further in 2012.

How come you need 3 cars? Now left 2 cars?

 

Anyway, to buy a car not to buy car all depend on individual, no right or wrong. Even though many people view as owning a car is a lose item, take public transport save a lot of money. But if that person still can afford and find car is convenience, just go ahead to buy and enjoy. Everyone of us have our own things that we like to spend our money on, like some people spend most of their money on holidays, some spend on eating in restaurant, some spend on branded clothing/bags etc. 

Link to comment
Share on other sites

1 hour ago, cutejack said:

Many Malaysians looking for room to rent. 

Esp now the malaysia MCO keeps extending, think many malaysians would continue to rent a room here to stay even the borders reopen, since it is safer and better than travelling between JB and sg daily.

Link to comment
Share on other sites

5 minutes ago, Firday said:

been there before - 4rm rent out the three room while i sleep in the hall with partition. Passive rental were higher than your friend - 3500....but before covid period.

 

now i immediate sold away due to good price.

  

Now sell off hdb can fetch good price?

Link to comment
Share on other sites

20 minutes ago, Firday said:

You are damn right - that why i say must re budget again after the trial period of one month.

 

Revised with new ideas from here

 

If currently you still have a job and some saving, no need to save until like no money to eat and spend like that. Although it is good to save up and not to spend unnecessary and too much.

Link to comment
Share on other sites

Just now, Guest guest said:

Now sell off hdb can fetch good price?

i sold away before covid in 2019 when buyer offer me a good price.

 

as for now - recently i saw a few high transaction like 1.1m in goodlocation - as for me, i fetch a good price bcz the young couple were green horn. Anyway, they regret but can't afford to turn back due to secure deal to sold away their hdb, his wife got depression, children need a good school. i recall his bank reject his mortgage loan. Poor guy lack of luck and proper decision maker.

 

Well , is  my gain for his lost - i do feel pity for him when he breakdown to cry.

 

I ask my agent to help him foc for paper work advice, lawyer to expedite the transaction and bank to approve his loan. I did my best for him as a good will gesture....sometime married man lack of "independent' when wife is too "stressful"

 

Link to comment
Share on other sites

Just now, Firday said:

i sold away before covid in 2019 when buyer offer me a good price.

 

as for now - recently i saw a few high transaction like 1.1m in goodlocation - as for me, i fetch a good price bcz the young couple were green horn. Anyway, they regret but can't afford to turn back due to secure deal to sold away their hdb, his wife got depression, children need a good school. i recall his bank reject his mortgage loan. Poor guy lack of luck and proper decision maker.

 

Well , is  my gain for his lost - i do feel pity for him when he breakdown to cry.

 

I ask my agent to help him foc for paper work advice, lawyer to expedite the transaction and bank to approve his loan. I did my best for him as a good will gesture....sometime married man lack of "independent' when wife is too "stressful"

 

add on :

 

1. alway remember if your head is not too big then avoid big hat

2. family come first but ensure your saving and earning is able to afford - priority for education or housing.

3. His wife want everything but can't produce anything - end up hospitalisation for anxiety depression mood.

4. She whack her contractor and ID - they quits immediately. Change a new one also the same - she complaint about the kitchen tile - polyhexagon shape is not in line. WTF - something wrong with her. Black tile for 2 toilet - sibei dark in the day light....poor taste or lazy to wash toilet

5.Order aircon, washing machine, kitchen hoob without finishing the flooring - dun know where to put the items. In the end, suggest her to put at hallways with lock.

6. After stay in for first week, quarrel with neigbour about space usuage bcz her is corner so dun allow to put plants at her area. Police cases due to spilting her salvia at them...wow

7. Rippling of food stain through the hall way for dustbin at the lift.

 

in short - doubt will stay long there !

 

 

 

Link to comment
Share on other sites

21 minutes ago, Firday said:

i sold away before covid in 2019 when buyer offer me a good price.

 

as for now - recently i saw a few high transaction like 1.1m in goodlocation - as for me, i fetch a good price bcz the young couple were green horn. Anyway, they regret but can't afford to turn back due to secure deal to sold away their hdb, his wife got depression, children need a good school. i recall his bank reject his mortgage loan. Poor guy lack of luck and proper decision maker.

 

Well , is  my gain for his lost - i do feel pity for him when he breakdown to cry.

 

I ask my agent to help him foc for paper work advice, lawyer to expedite the transaction and bank to approve his loan. I did my best for him as a good will gesture....sometime married man lack of "independent' when wife is too "stressful"

 

You are lucky then, having to find a willing seller and willing buyer. Sometimes there is also no right no wrong even the seller offered a much higher price to buyer, and if the buyer can afford and buy, also cannot fault anyone.

Link to comment
Share on other sites

16 minutes ago, Firday said:

add on :

 

1. alway remember if your head is not too big then avoid big hat

2. family come first but ensure your saving and earning is able to afford - priority for education or housing.

3. His wife want everything but can't produce anything - end up hospitalisation for anxiety depression mood.

4. She whack her contractor and ID - they quits immediately. Change a new one also the same - she complaint about the kitchen tile - polyhexagon shape is not in line. WTF - something wrong with her. Black tile for 2 toilet - sibei dark in the day light....poor taste or lazy to wash toilet

5.Order aircon, washing machine, kitchen hoob without finishing the flooring - dun know where to put the items. In the end, suggest her to put at hallways with lock.

6. After stay in for first week, quarrel with neigbour about space usuage bcz her is corner so dun allow to put plants at her area. Police cases due to spilting her salvia at them...wow

7. Rippling of food stain through the hall way for dustbin at the lift.

 

in short - doubt will stay long there !

 

 

 

How come you know so well since you no longer stay there?

Link to comment
Share on other sites

19 minutes ago, Firday said:

add on :

 

1. alway remember if your head is not too big then avoid big hat

2. family come first but ensure your saving and earning is able to afford - priority for education or housing.

3. His wife want everything but can't produce anything - end up hospitalisation for anxiety depression mood.

4. She whack her contractor and ID - they quits immediately. Change a new one also the same - she complaint about the kitchen tile - polyhexagon shape is not in line. WTF - something wrong with her. Black tile for 2 toilet - sibei dark in the day light....poor taste or lazy to wash toilet

5.Order aircon, washing machine, kitchen hoob without finishing the flooring - dun know where to put the items. In the end, suggest her to put at hallways with lock.

6. After stay in for first week, quarrel with neigbour about space usuage bcz her is corner so dun allow to put plants at her area. Police cases due to spilting her salvia at them...wow

7. Rippling of food stain through the hall way for dustbin at the lift.

 

in short - doubt will stay long there !

 

 

 

Touched by your sparing empathy for him.

Puzzled, if not amused by your skipping the TS's picture.

Was @ben21who started a similar thread?

Occupational hazards may be worthy of taking into consideration.

 @InBangkok who disclosed it was around1/3 cheaper over there may find this interesting.

 

Link to comment
Share on other sites

7 minutes ago, Guest guest said:

You are lucky then, having to find a willing seller and willing buyer. Sometimes there is also no right no wrong even the seller offered a much higher price to buyer, and if the buyer can afford and buy, also cannot fault anyone.

actually, they decline my offer but after other reject them ! Just pure luck also my agent were persistence to close the deal.

u right about timing also the main factor !

 

i was drunk when my agent ask me to come back home immediately to seal the deal.

 

Link to comment
Share on other sites

Just now, wilfgene said:

Touched by your sparing empathy for him.

Puzzled, if not amused by your skipping the TS's picture.

 

 

 

tks you but at the moment if i dun help him the deal will be off.

 

win win situation for me, him and agents commission !

include the lawyer and the bank too !

but not for my blk and neigbourhood !

 

Link to comment
Share on other sites

back to the topic on passive income :

 

after a few trail and error, 

my conclusion is rental is no more passive income like in the past !

my buddy condo - unable to rent out but end up airbnb.

another friend have to sold away his condo for a lose of $50k due to mortgage loan issue.

another idiot friends buy rm 1m property - cannot go in but grow grass only!

he use to boost about it - we laugh not behind his back but in front of him.

 

another buy a condo to let his jiuhukia stay for free bcz nobody want to rent from him when his agent promise him got rental yield...bullshit him. He ready to let go with lost but nobody want it.

 

 

Link to comment
Share on other sites

51 minutes ago, Firday said:

back to the topic on passive income :

 

after a few trail and error, 

my conclusion is rental is no more passive income like in the past !

my buddy condo - unable to rent out but end up airbnb.

another friend have to sold away his condo for a lose of $50k due to mortgage loan issue.

another idiot friends buy rm 1m property - cannot go in but grow grass only!

he use to boost about it - we laugh not behind his back but in front of him.

 

another buy a condo to let his jiuhukia stay for free bcz nobody want to rent from him when his agent promise him got rental yield...bullshit him. He ready to let go with lost but nobody want it.

 

 

If a person buy a property depend solely on rental to help them to pay for the house loan, then too risky. Only if you are rich and buy additional property for rental and even cannot find rental also can continue to pay for the house loan then advisable to buy property in such case.

 

Thought airbnb is not allowed even for private? I know hdb confirmed not allowed airbnb.

Link to comment
Share on other sites

This is a good thread. I’m also looking for ways to grow my money faster. I made a bad decision to save with PruWealth a few years back and there’s a 5-figure sum stuck there now. Also I started investing in some stocks this year (REITS) but only a very small amount of about S$5k which makes up just an extremely small percentage of my “net worth” as I’m very risk averse. Don’t wanna lose all my hard earned money. Heard a lot about bonds and unit trusts - anyone has any advice / recommendations for these?

 

But apart from investing, it’s also a lot gotta do with saving. I’ve a job but nothing is certain.
 

Just to share a little on some changes I made to my lifestyle in 2020 to try and save up more money as I’m looking to buy a small condo for myself before I hit 30. 
 

1. Discontinued my gym membership. Used to gym at AF for $98/mth but decided to cancel it. There are cheaper alternatives around. The ActiveSG gyms, while lacking very sophisticated equipment, remains very functional and now with safe distancing measures, quite comfortable to use as there’s no overcrowding and hogging of equipment. Go for runs around the neighbourhood. I didn’t realise I had free $100 stored value until I downloaded the ActiveSG app to make a booking. 
2. Reduce purchases of unnecessary things especially clothes which is incredibly expensive in SG. This year I’ve only bought 2 shirts (one for CNY and the other for Christmas) lol. Maybe ‘cos I don’t really have an active social life and so I don’t really see the need to dress up to the nines. 
3. Don’t bother with a car. I think some might disagree but personally, I feel owning a car has to be one of the dumbest decisions ever when living in Singapore. It depreciates at such lightning speed and is incredibly expensive. 
4. Walk whenever I can. Public transport is efficient but costs are going up too. I try to walk if the location isn’t too far apart and if the weather and time permits. It’s a form of exercise too. 
5. Eat well but eat within your means. I make it a point to treat my parents a good meal once a month (on top of monthly household allowance). Also, I love having good food and will dine out at restaurants, but I will make sure to space them out apart such that I dine at restaurants (mid-range ones, not Michelin-star atas ones) at most once a week. In the past, I would go to trendy cafes as and when I liked - cut that out. Look out for good Chope deals. 
6. Be always on the lookout for opportunities for career advancement for a pay increment. 

Link to comment
Share on other sites

1 hour ago, mate69 said:

the key is to make your existing money work hard(er) for you

for different people, this means different things and methods

Yeah I totally agree with this. Diversify your income streams and let your money work for you. If you're just starting out and want to work hard for another stream of income, then do a second job or massage like what TS said... but that won't be passive anymore, would it? Coz you actually have to work for it. Hahaha.

 

18 minutes ago, Guest guest said:

If a person buy a property depend solely on rental to help them to pay for the house loan, then too risky. Only if you are rich and buy additional property for rental and even cannot find rental also can continue to pay for the house loan then advisable to buy property in such case.

This also makes sense as well. A friend of mine bought an apartment on Mount Sophia for the purpose of renting out... then C19 hit, his Australian tenant got sent back, and he was biting his nails as he struggled to find another tenant to take up the vacancy left behind. The sleepless nights for 5 months as he searched? Imo totally not worth it. And in the end he just got another tenant but the rental yield isn't even enough to cover the mortgage+maintenance fees, but he figured it's better than letting it sit empty while he bleeds.

 

His case was a lesson for me too: I was looking to buy another property as well but was hesitant because I didn't want to be over-leveraged. Glad I didn't, and now my next goal would be to pay for my next property in cash so even if I can't rent it out, the only thing I pay for every quarter would be the building and sinking funds.

Link to comment
Share on other sites

2 hours ago, Guest guest said:

How come you need 3 cars? Now left 2 cars?

 

Anyway, to buy a car not to buy car all depend on individual, no right or wrong. Even though many people view as owning a car is a lose item, take public transport save a lot of money. But if that person still can afford and find car is convenience, just go ahead to buy and enjoy. Everyone of us have our own things that we like to spend our money on, like some people spend most of their money on holidays, some spend on eating in restaurant, some spend on branded clothing/bags etc. 

Yeah now only left with 2. A 2 seater for weekend use when I go out with my bf and a boring but comfortable sedan for weekdays. The Mazda 3 was meant as a spare car of sorts. I had spare money hence I bought these cars, it's never worth taking a loan on a depreciating liability so I suggest spending within one's comfort level!

 

 

393399.jpeg

Link to comment
Share on other sites

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...