Nov 29 2019, 03:46 PM
QUOTE(yklooi @ Nov 29 2019, 03:21 PM)
some would argue that a reasonable valued ownstay property loan or a business expansion loan are debt that contradict your point 1
QUOTE(hksgmy @ Nov 29 2019, 03:29 PM)
Ah, you mean contributing here? I’m just an amateur in terms of investment strategies, and I defer to the knowledge and experience of the forum users here with far more practice and wisdom.
And to answer your question, no. We’ve never leveraged on our investments but obviously we had to take loans for our Singapore properties purchases. We did as much capital prepayments as contractually allowed and paid off the mortgages at the earliest opportunity. So, we’ve been debt free since 40 years of age.
As I mentioned, my wife and I are not a typical case. We are both professionals earning a very respectable income each (hers isn’t anything to scoff at either) and her income alone is more than enough to sustain our annual expenditures and multiple holiday trips overseas - the latter being the most expensive expense item on our outgoings. We also agreed early on in our marriage that we did not want children (because I didn’t think we could be good parents and still give 110% at at careers - it’s a lifestyle choice and a decision that we arrived at with much soul searching: 30 years later, we still have no regrets whatsoever).
My philosophy is simple - a bird in the hand is worth two in the bush, every penny saved is a penny earned. Leverage can unravel too quickly. Margin trading can inflict crippling burns in the blink of an eye. Those strategies are for braver people with wills of steel and courage of lions.
That would broadly representing the majority of the self-made millionaires without fancy investment tool, which everyone can do, but not everyone can practice the delay gratification that you have done in your past experience.And to answer your question, no. We’ve never leveraged on our investments but obviously we had to take loans for our Singapore properties purchases. We did as much capital prepayments as contractually allowed and paid off the mortgages at the earliest opportunity. So, we’ve been debt free since 40 years of age.
As I mentioned, my wife and I are not a typical case. We are both professionals earning a very respectable income each (hers isn’t anything to scoff at either) and her income alone is more than enough to sustain our annual expenditures and multiple holiday trips overseas - the latter being the most expensive expense item on our outgoings. We also agreed early on in our marriage that we did not want children (because I didn’t think we could be good parents and still give 110% at at careers - it’s a lifestyle choice and a decision that we arrived at with much soul searching: 30 years later, we still have no regrets whatsoever).
My philosophy is simple - a bird in the hand is worth two in the bush, every penny saved is a penny earned. Leverage can unravel too quickly. Margin trading can inflict crippling burns in the blink of an eye. Those strategies are for braver people with wills of steel and courage of lions.
Great inspiration as to myself also in the route of pairing down my mortgage and incurring no more consumer debt, before the year of 40.
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