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 Working in Singapore V20, All About Living in The Little Red Dot

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SUSsomewhataut
post Jan 28 2023, 12:00 PM

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I wonder if anyone can answer my question abt financial planning

What is your salary and what kind of car you drive?

If i make 3000SGD fixed, can i afford the new peugeot 2008 that costs RM 135000?


SUSsomewhataut
post Jan 28 2023, 11:18 PM

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QUOTE(KilJim @ Jan 28 2023, 05:44 PM)
It depends, can you give us your monthly expenditure in THB and other commitments in IDR?
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That sarcasm was unnecessary

i will state them in sgd and rm

900sgd rent
400sgd food
50sgd transport
RM1300 parents

That leaves me RM4000, is it safe to buy a RM135000 car

Loan tends to approve whenever monthly instalment is 1/3 of the your income

Does it make sense to apply the same rule to full SGD income, RM9000/3=RM3000? I can afford a RM3000 instalment car with an ordinary 3000SGD?

If i use what i have left RM4000/3=RM1333, it is about the same as the instalment for Peugeot 2008, but is it safe? can i really afford such expensive car with an ordinary 3000SGD

In case i lose my job, what is the worst situation i could be in
SUSsomewhataut
post Jan 31 2023, 09:31 PM

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QUOTE(crazy25kid @ Jan 31 2023, 04:02 PM)
Why specifically that car?
Who is using the car when most of the time, you are in SG?
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That car because I like how it look and drive, small cc suv, I honestly find it more attractive than many luxury cars

I drive on weekends, holidays. My parents drive it when I’m in sg

Also buying that car to impress ladies, I’m old and single so I kind of have to resort to materialistic tactic


SUSsomewhataut
post Feb 1 2023, 09:56 PM

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QUOTE(deodorant @ Jan 31 2023, 10:47 PM)
You from JB? If yes then maybe still can, if not then how often will u even balik kampung to drive it lol
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am from JB

What car do you drive? How much do you make?
SUSsomewhataut
post Feb 2 2023, 02:47 PM

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QUOTE(deodorant @ Feb 2 2023, 10:40 AM)
If JB then still OK I guess. I left my proton savvy back in KL when I came over to SG but end up it just rot cos i hardly ever went back.
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What is your salary
SUSsomewhataut
post Mar 13 2023, 07:42 PM

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QUOTE(cdspins @ Mar 9 2023, 03:52 PM)
It all depends to your needs and wants. To many others it may not be a good choice to splurge remaining of your salary on such car as it bend towards the high side. But then again self satisfaction can generate motivation, confidence and etc. To you it may even push you to work harder to pay for what you like....

So if the bank loan you that amount to buy that cars, it means you can afford it (at least from the bank POV).  Think it throughly yourself and decide. As adult worst case is that you make a bad decision and sell the car and make some loss... You can always work and earn back the money.
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My family is strongly against it, they think 3k sgd is an ordinary salary and does not grant me the right to own that car

but i did the calculation and find it quite feasible, SGD is supposed to grant us higher purchasing power

Salary-CarAffordability calculation is different for SGD earners?
SUSsomewhataut
post Mar 19 2023, 11:35 PM

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QUOTE(KilJim @ Mar 15 2023, 01:52 PM)
I'm curious, what car affordability calculation are you using there?
I've never heard of the 1/3rd rule for that

Loan approval is very different from affordability (in the financial planning sense)
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I heard 1/3rd rule can be used to predict loan approval

Affordability is a little more complicated so i ask questions
SUSsomewhataut
post Apr 2 2023, 02:07 AM

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QUOTE(ghodul @ Mar 30 2023, 09:06 AM)
Buy it, only if you stay in JB and work in SG. Stay inside, not worth buying any car. I used to have a superbike when i stay inside. In the end, its just collecting dust at my parents house. My dad and my bro afraid to ride it, even sometimes forgot to start it on weekly basis. Sell it off after that...
The congestion was abnormally severe since around cny until the last few weeks for unknown reasons, i moved in around that time, the congestion seems to have returned to the normal state, i might move back after my lease ends

QUOTE(ghodul @ Mar 30 2023, 09:06 AM)
Bear in mind that SGD earner (without SPR) are considered as high risk person in the eyes of the bank. Because Work Pass Holders (WP, SP, EP) are replaceable by Singapore based company. They can terminate or won't renew your contract as they like.
why would banks see it that way, the same law governs when firing anyone including work pass, the compensation etc, new law states that they have to inform mom before firing anyone including workpass holders.

personally i contemplate this purchase because i worry about struggling at work at any point of my career, i might quit/lose my job and not able to find one, i job-hop a lot, mostly due to various struggles, i take this risk very seriously

QUOTE(ghodul @ Mar 30 2023, 09:06 AM)
And the banks calculate your income based on x2.6 only. They didn't convert it based on current exchange rate. Meaning if SGD3k, they will calculate your income is RM7800. This is what my banker told me when i wanted to purchase my house back then.
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https://ctoscredit.com.my/car-loan-eligibility/
According to this, one is likely eligible for a 300k loan with a 8000 salary

since you said buy it i think i am going to take that risk, need to salvage any joy when young, i have 2 years left before turning 30, hopefully it boosts my chance of finding high quality partner
SUSsomewhataut
post Apr 3 2023, 11:50 AM

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QUOTE(ghodul @ Apr 3 2023, 09:20 AM)
Its up to you lor. I only have a B segment car and a PR1MA Apartment after years working in SG.

Better save something before things get worst. Have learnt the hard way during the covid days...
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How much money do you make ?
SUSsomewhataut
post Apr 4 2023, 01:59 AM

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QUOTE(IwanAGP @ Apr 3 2023, 09:40 PM)
How much you expect to pay per month and how much savings you have right now? I think this 2 will decide whether you're comfortable at buying it. Let's say if you lose job, do you give up your room in SG? If you were to continue paying rent in SG while looking for a job and at the same time having to pay for the car. How long can your savings last?

If you're from JB, it may still make sense. I worked in SG for 8+ years but I'm from East Malaysia. Never even thought about buying a car knowing that I won't be touching it even once a month.

Other than that, I don't have so much desire for cars and other things. Prefer to keep cash haha.
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I expect to pay Rm 1500 and 3000sgd leaves me 5000myr every month. I didn’t manage to save much all these years until recently, now only 20k myr

Make no sense to keep my room when I lose my job, speaking of losing job I’m getting scapegoated, that criminal deliberate pass a bad job to me and wash his hands clean, make me send out all the work and people thought I’m responsible for that plate of faeces and he’s a good guy covering for me, make me look bad and can’t defend myself, very despicable, this is why I worry, always kena sabo, I downgrade my position after many years of job hopping but still kena sabo no matter how low my position is, as long as the job is white collar sure got sabo one, i think I only feel safe when I get pr so I can deliver food in sg, sure no sabo

My family still think I’m crazy for considering this purchase, I have quite made up my mind to take this risk, I mean some people working as property agents bought Mercedes, more risky than me in my opinion
SUSsomewhataut
post Apr 4 2023, 09:35 PM

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QUOTE(Mackiddo @ Apr 4 2023, 06:36 PM)
i think topped up a bit get Honda Civic Type R better. i mean if u plan to impress with a limited budget. just saying.
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Interior cannot fight Peugeot I-cockpit, exterior too, never considered French cars until I saw the 2008, haven’t seen better design

Anyway I try to make my replies relevant to this thread

Any good strategies to get a gf while working singapore
SUSsomewhataut
post Apr 12 2023, 07:51 PM

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QUOTE(disco333 @ Apr 12 2023, 11:51 AM)
If you're asking if you can buy the car, the answer is yes.

If you're asking if you should buy the car, the answer is no.

Few things to consider:
1. 1/3 of monthly income is way too much for a car, way too much. Sure, a bank will grant this but it not advisable. My personal rule of thumb is 20/30% of annual income so for you that would mean a car that costs anywhere between RM24k and RM36k

2. Not going to comment on your personal motivations but I don't think buying a car to attract a partner is the right way to go. You're essentially selling a higher quality of life than you can truthfully offer. Starting the relationship on this front will be risky because you've set a certain expectation that you won't be able to meet. You won't be able to afford the fancy holidays or nice meals that come with attracting someone from a materialistic perspective. You're also only 28 - that's in no way old. No point going after someone who only sees you as a viable partner because of the car you drive. For the reasons mentioned, if you're attracting this person on materialistic grounds the other aspects of your relationship will also need to be built on those foundation so ask yourself honestly if you can afford that as well?

3. If you can truly put RM4k aside each month, think of what income generating asset you can put that in. Doesn't have to be property as that requires constant cash flow and if you're worried about job security this might not be viable. There are plenty of other places to put that money and maybe after two or three years once you've saved a fair amount and grown your salary from $3k to $4/5k you can start to consider getting a car if that is something that is important to you. I still wouldn't but that's a personal choice.
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instalment is either 15% of my income or 20% after rent. It amounts to 135% of my annual income. According to your calculation, I would need an annual income of 450k MYR or 136k SGD to afford a 135k car, Needing an income of 400k to own a car at the price of a X70 premium sounds insane to me

my dating life is go nowhere, tried a few methods. I used to avoid emotional purchases like fancy cars, but now I'm willing to expend all resources to avoid dying with the fact that i never been able to date anyone i like, i will never reconcile to this fact, deception is precisely what i resort to, i still haven't figured out how to leverage the fancy car, perhaps more people are willing to talk to me, unlocking opportunities to relationship and maybe wealth too, ill drive grab to network first

Speaking of income-generating assets, do you buy those investment + insurance plans in sg? kena many insurance ladies trying to sell me this
SUSsomewhataut
post Apr 12 2023, 07:55 PM

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QUOTE(yenchenje @ Apr 11 2023, 10:32 PM)
Not sure where to post this so figured this was the proper place to post it.

So just started working at SG a few weeks ago, and currently company is providing a work mobile with a plan (M1 with device), but only has 17GB(?) from what I can see in the M1 app, I can't access much unfortunately due to the M1 app requiring M1 ID to view any bills for the plans etc. And I use data for vids and stuff when I'm on the go so I've already used a good amount of the monthly quota quite fast..  whistling.gif

So I plan to purchase my own plan, what route is currently my best choice? (Lowest possible price with most amount of data, 4G/5G doesn't matter but if there's 5G support for the SIM I won't complain  rclxms.gif )
Singtel Hi! Prepaid SIM and Port out after to other carrier such as Heya, GIGA, or Maxx etc? Or just go straight to the subsidiaries carrier?
As the main plan is M1, so I'd like to preferably have another carrier other than M1/M1 subsidiaries to just make sure the coverage is half decent when M1 doesn't work as well.

Also my WP card will be arriving in 2 days so that's probably what I'll be using to get a new plan, either that or I use my passport for now.

Would appreciate any advice from fellow sifus.  rclxm9.gif
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you can't get postpaid plan with passports If i'm not wrong

There's redone in sg, you can use the data in both msia and sg without switching simcard

Cheapest is $8, i use that one, office and home got wifi and i don't watch videos in public, why is 17gb insufficient?
SUSsomewhataut
post Apr 16 2023, 06:01 PM

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QUOTE(bellion @ Apr 16 2023, 05:40 PM)
Be rich.

That’s a start
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How to leverage the richness
SUSsomewhataut
post Apr 16 2023, 10:16 PM

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QUOTE(bellion @ Apr 16 2023, 07:28 PM)
Find your own way to be rich and not ask random strangers in an online forum like LYN
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Not asking how to get rich

I consider myself reasonably rich in, nearly T20, but no lady knows about it

Can’t be filthy rich only can date. Liddat very few get to reproduce, has the new world order come? where only few high achiever reproduce with many women while the rest of us eat shit and have our gene discarded from the gene pool
SUSsomewhataut
post Apr 17 2023, 08:39 AM

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QUOTE(bellion @ Apr 17 2023, 08:02 AM)
Asking this question from anoymous strangers in an online forum - ask yourself if you will receive proper answers.
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But my question was simpler than how to get rich

How to leverage richness meant how do I make use of being rich to attract ladies, otherwise the wealth just sitting around
SUSsomewhataut
post Apr 17 2023, 09:22 AM

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QUOTE(ghodul @ Apr 16 2023, 11:21 PM)
Alamak bang. Don't be tooo harsh la. Bagi sikit sikit sudah la...
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Emotional damage.jpg
SUSsomewhataut
post Apr 17 2023, 09:25 AM

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QUOTE(bellion @ Apr 17 2023, 08:49 AM)
There's no harshness whatsoever.

Just don't expect LYN to be an aunt agony advisory column. We are here to TCSS and not play pop counsellor roles.
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You so alpha, so cool, love it
SUSsomewhataut
post Apr 17 2023, 07:24 PM

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QUOTE(KilJim @ Apr 17 2023, 10:21 AM)
Ahh how nice it is to be young and foolish all over again  biggrin.gif
Having more money / earning power will indeed provide better success in the dating scene, but not the way you think

Also this is the first time I've seen someone earn in Singapore, convert it to MYR, then benchmark against the Malaysia national average to convince himself he's Top 20
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look i;m being strategic, i bleieve in the notion of becoming rich when you think you are rich

converting sgd to myr the closest i can get to convince myself im a t20

the relationship between dating success and earning power is not my idea, someone else said it

This post has been edited by somewhataut: Apr 17 2023, 07:28 PM
SUSsomewhataut
post Apr 17 2023, 07:26 PM

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QUOTE(coolguy99 @ Apr 17 2023, 10:50 AM)
Well you can go check out the salary thread in lowyat. There is a bunch of people doing that now.
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don;t sabo our belief pls, it is important that we believe we are rich, it will manifest

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