Rich Sporeans

[Welbo]

Re: Rich Sporeans

Ken is refering to me lah. I have loan for all my cars. Its been like that for the past 10yrs.

For me, very striaght forward. 33% of income spent on luxury items like cars, watches, holiday.
Another 33% for investment, insurance and saving.
33% for living expenses and other misc cost.

The above formula was much worst when I spent 50% on cars but it is my live and choices to make. As long as I don't go borrow from family members or friends and able to keep my mothership on even keel thats good enough. Some of my friends spent much less on cars but their watches can buy a Boxster S anytime so its their choice and I am very happy for them. We are all adults here so at the end of the day, is your call. I dont spend $$ on fancy food or clothes and both financial crisis had come and go, never once need to force sell my cars but I am willing to do it anytime if the day come.

Money not spent is not yours and I rather drive a sport car at age of 30-40 rather then wait till 60 where a nice city Vios will be more than enough for me then and maybe a old classic air-cool 911 for the occasional weekend drive if the road is still passable then. Save enough for my retirement but not to give a huge heritage to my child. I will give her a good education and a good insurance coverage and thats about it. She need to find her own income and meaning in life after that.

If me or my family members health deteriorate due to unforseen circumstances, then luxury items will be the first to be cut and then the whole mindset will also have to be adjusted accordingly. Life is always fill with uncertainty but does not stop us from living it to the fullness IMO.

 

[Kenzie]

Re: Rich Sporeans

a few more millionaires will be added when Hongbao TOTO comes in 2 months time

Absolutely . somebody got to be the winner no doubt it ain easy..:thinking:

 

[totoseow]

Re: Rich Sporeans

u will be surprise. i hv heard the inside stories....some die die must take loan to drive a SC. but generally most ppl can afford it la.
there r some who will die die never take loan. cos they simply dun believe in it. if u cant afford it. dun drive.

on the contrary. it doesnt mean people cant afford to pay all their money for a SC. in fact some of these guys make more money than u can ever imagine. they take a loan for many many reasons....i hv heard so many of it.

one says...ok i help the lambo salesman out....so he takes a loan...the interest means nothing to him. NOTHING!
one says...err for tax reasons...car registeres in company...he takes a loan n write it off as some depreciating asset.
one says...ok i take a loan from singapura finance...my profile is good. loan rate is super low. n he changes it every year. n there is no penalty whatsoever! ya there r such deals.

basically people take a loan for many reasons...n beleive me. only a small percentage of them take loan to STRETCH to buy a SC....u talking less than 3% i think.....

the most ngeow people in lambo profile.....r those who likely dun take a loan ( the people who understand time value of money)....n the mega super rich ( the who n who on tatler). these mega rich r the ones who will bargain until cows come home.....

 

[Welbo]

Re: Rich Sporeans

u will be surprise. i hv heard the inside stories....some die die must take loan to drive a SC. but generally most ppl can afford it la.
there r some who will die die never take loan. cos they simply dun believe in it. if u cant afford it. dun drive.

on the contrary. it doesnt mean people cant afford to pay all their money for a SC. in fact some of these guys make more money than u can ever imagine. they take a loan for many many reasons....i hv heard so many of it.

one says...ok i help the lambo salesman out....so he takes a loan...the interest means nothing to him. NOTHING!
one says...err for tax reasons...car registeres in company...he takes a loan n write it off as some depreciating asset.
one says...ok i take a loan from singapura finance...my profile is good. loan rate is super low. n he changes it every year. n there is no penalty whatsoever! ya there r such deals.

basically people take a loan for many reasons...n beleive me. only a small percentage of them take loan to STRETCH to buy a SC....u talking less than 3% i think.....

the most ngeow people in lambo profile.....r those who likely dun take a loan ( the people who understand time value of money)....n the mega super rich ( the who n who on tatler). these mega rich r the ones who will bargain until cows come home.....

Agreed with your assessment above. Beside Sing Finance, Hong Leong also have such super deal for very select grp of customers.

 

[totoseow]

Re: Rich Sporeans

for me i accept part of welbos points as valid. drive it when young not when 60. but i also find it hard to take a huge loan. it has to be a positive asset. if i hv to sell it...at least i dun hv to be worried abt the loan. also at 2%..ur effective interest rate is 5%! sorry not for me. if i can save even 1% i will save it.

buying supercars....dun chase too hard. buy what u can manage....let the car come to u. its fate. buy what u can afford. no end to it. there will always be somethiing better. but pls dun buy a SC n park at home hor. or gun up n down orchard road. its pretty retarded.

 

[delrosa81]

Re: Rich Sporeans

Ken is refering to me lah. I have loan for all my cars. Its been like that for the past 10yrs.

For me, very striaght forward. 33% of income spent on luxury items like cars, watches, holiday.
Another 33% for investment, insurance and saving.
33% for living expenses and other misc cost.

The above formula was much worst when I spent 50% on cars but it is my live and choices to make. As long as I don't go borrow from family members or friends and able to keep my mothership on even keel thats good enough. Some of my friends spent much less on cars but their watches can buy a Boxster S anytime so its their choice and I am very happy for them. We are all adults here so at the end of the day, is your call. I dont spend $$ on fancy food or clothes and both financial crisis had come and go, never once need to force sell my cars but I am willing to do it anytime if the day come.

Money not spent is not yours and I rather drive a sport car at age of 30-40 rather then wait till 60 where a nice city Vios will be more than enough for me then and maybe a old classic air-cool 911 for the occasional weekend drive if the road is still passable then. Save enough for my retirement but not to give a huge heritage to my child. I will give her a good education and a good insurance coverage and thats about it. She need to find her own income and meaning in life after that.

If me or my family members health deteriorate due to unforseen circumstances, then luxury items will be the first to be cut and then the whole mindset will also have to be adjusted accordingly. Life is always fill with uncertainty but does not stop us from living it to the fullness IMO.

Fully agreed with you on this!

 

[kenntona]

Re: Rich Sporeans

Ken is refering to me lah. I have loan for all my cars. Its been like that for the past 10yrs.

Not you lah !!! I am sure you are not over-stretched.

but i also find it hard to take a huge loan. it has to be a positive asset. if i hv to sell it...at least i dun hv to be worried abt the loan. also at 2%..ur effective interest rate is 5%! sorry not for me. if i can save even 1% i will save it.

+1,000,000 you da man !!!

 

[zorro]

Re: Rich Sporeans

Some make indecent $$ but dont dare to buy SC to prevent IRAS from investigating them.....I agree that if you can afford it while you are young go for it....Time wait for noone.....70% of the time I observed that the driver of a SC is an old balding man with sunglass but sometimes with young chick next to him...

 

[TripleM]

Re: Rich Sporeans

i buy super car toys 1 :18, cash n carry...no COE some more
I happy....

 

[The Guardian]

Re: Rich Sporeans

for me i accept part of welbos points as valid. drive it when young not when 60. but i also find it hard to take a huge loan. it has to be a positive asset. if i hv to sell it...at least i dun hv to be worried abt the loan. also at 2%..ur effective interest rate is 5%! sorry not for me. if i can save even 1% i will save it.

buying supercars....dun chase too hard. buy what u can manage....let the car come to u. its fate. buy what u can afford. no end to it. there will always be somethiing better. but pls dun buy a SC n park at home hor. or gun up n down orchard road. its pretty retarded.

well Said : buying supercars....dun chase too hard. buy what u can manage....let the car come to u. its fate. buy what u can afford. no end to it.

 

[totoseow]

Re: Rich Sporeans

the first time u hv one of these cars..u will love driving them in orchard road....after awhile....u start to wear sun glasses....then u try really hard not to b the first car at wheelock place....then u stop driving it n park it at home....then when u see others driving one u will wince...u think they r obnoxious, u feather ur throttle at lights....then when someone say i saw u. u go no la...not me....

i was telling kenn n jack. i feel embarassed being seen in the car now. i will off the exhaust valve. hide behind vans. n i wanna buy a boat now....

 

[The Guardian]

Re: Rich Sporeans

Ken is refering to me lah. I have loan for all my cars. Its been like that for the past 10yrs.

For me, very striaght forward. 33% of income spent on luxury items like cars, watches, holiday.
Another 33% for investment, insurance and saving.
33% for living expenses and other misc cost.

The above formula was much worst when I spent 50% on cars but it is my live and choices to make. As long as I don't go borrow from family members or friends and able to keep my mothership on even keel thats good enough. Some of my friends spent much less on cars but their watches can buy a Boxster S anytime so its their choice and I am very happy for them. We are all adults here so at the end of the day, is your call. I dont spend $$ on fancy food or clothes and both financial crisis had come and go, never once need to force sell my cars but I am willing to do it anytime if the day come.

Money not spent is not yours and I rather drive a sport car at age of 30-40 rather then wait till 60 where a nice city Vios will be more than enough for me then and maybe a old classic air-cool 911 for the occasional weekend drive if the road is still passable then. Save enough for my retirement but not to give a huge heritage to my child. I will give her a good education and a good insurance coverage and thats about it. She need to find her own income and meaning in life after that.

If me or my family members health deteriorate due to unforseen circumstances, then luxury items will be the first to be cut and then the whole mindset will also have to be adjusted accordingly. Life is always fill with uncertainty but does not stop us from living it to the fullness IMO.

For this statement, i wish to share my view : Save enough for my retirement but not to give a huge heritage to my child. I will give her a good education and a good insurance coverage and thats about it. She need to find her own income and meaning in life after that.

Life is already tough at our era. If as a parent does not build a foundation for them now, it will be even tougher for them land themselves with a roof over their head and some cash to tie over during bad times/rainy days. I have 3 children and have sacrificed my passion for them. So now, it's only building the base for them that is occupying my mind. Cars are down to don't know which priority.

 

[Welbo]

Re: Rich Sporeans

For this statement, i wish to share my view : Save enough for my retirement but not to give a huge heritage to my child. I will give her a good education and a good insurance coverage and thats about it. She need to find her own income and meaning in life after that.

Life is already tough at our era. If as a parent does not build a foundation for them now, it will be even tougher for them land themselves with a roof over their head and some cash to tie over during bad times/rainy days. I have 3 children and have sacrificed my passion for them. So now, it's only building the base for them that is occupying my mind. Cars are down to don't know which priority.

I am not sure whether I am right or wrong. All my brothers were not given anything except education and same applies to my missus. We believe not to provide too much comfort and safety net for our child but thats our believe. She will need to try out on her own and see the value of money or life in general.

Again, it is your life to live so I believe your actions now is what you think is best for them and that is nothing wrong with that. Take care but remember we need to live our lives to the fullest, lots of pple forget about that now esp in the rat race world.

 

[steven32]

Re: Rich Sporeans

Just sharing ....firstly most of them buying supercars mostly pay cash and like toto said they take loan for a reason ...paying those interest is peanut to them ..Those in the high profile sector , thier income is beyond your imagination..when thier bonus comes isit really big money you talking about ....As for our next generation , we as parents must provide basics to our children and that is education ..the rest is for them to live thier live to the fullest...not planning and arrangiing everythink for them in future ...Most of us here oso work our guts out from a young man with nothing .....i started my fisrt job 1k only at 20yrs old ..kanna takan by seniors ..buy lunch , buy 4d ..i oso knn send shoe repair for a lady colleuge...^&%&#$#$%^..

 

[The Guardian]

Re: Rich Sporeans

I am not sure whether I am right or wrong. All my brothers were not given anything except education and same applies to my missus. We believe not to provide too much comfort and safety net for our child but thats our believe. She will need to try out on her own and see the value of money or life in general.

Again, it is your life to live so I believe your actions now is what you think is best for them and that is nothing wrong with that. Take care but remember we need to live our lives to the fullest, lots of pple forget about that now esp in the rat race world.

Yup. this is what I think I should do as a father. Else, I will fail in my role.
So far, I happy with this arrangement and again, this is purely my personal view.
Let's all enjoy life in our preferred ways. Merry Christmas!

 

[zorro]

Re: Rich Sporeans

Learn how to be happy with what you have while you pursue all that you want......

 

[JasonKuan]

Re: Rich Sporeans

the first time u hv one of these cars..u will love driving them in orchard road....after awhile....u start to wear sun glasses....then u try really hard not to b the first car at wheelock place....then u stop driving it n park it at home....then when u see others driving one u will wince...u think they r obnoxious, u feather ur throttle at lights....then when someone say i saw u. u go no la...not me....

i was telling kenn n jack. i feel embarassed being seen in the car now. i will off the exhaust valve. hide behind vans. n i wanna buy a boat now....

 

[Remus325]

Re: Rich Sporeans

Toto,

What you wrote saddens me although I sort of understand why would you feel this way. In some sense i am glad that pcars, which are a dime in a dozen on orchard road, do not attract as much attention as do lambos and ferraris.

 

[andy_sg]

Re: Rich Sporeans

I believe the majority of the orders come from PR and foreigners. They have excess cash and prefer to pamper themselves. Perhaps it's one of the ways for money laundering?

I have not seen any young fellows driving supercars or cars that cost 500K or more. Even if there is, it's probably because they are 小开。Meaning son of a rich family. If that's the case, there's nothing to be proud of. Because it's not their achievement and they are simply riding on someone (his parents) achivements.

On a personal note, I didn't dream of owning a supercar probably because I'm not born with a silver spoon. Moreover, I'm really contented with my present AUDI quattro ride, very fast enough for local scene. At age of 27, I bought this ride with my own money and I'm staying HDB with my parents.

I took loan for my AUDI as well as a private property in DISTRICT 9. I'm someone who prefer liquidity.

 

[totoseow]

Re: Rich Sporeans

Toto,

What you wrote saddens me although I sort of understand why would you feel this way. In some sense i am glad that pcars, which are a dime in a dozen on orchard road, do not attract as much attention as do lambos and ferraris.

i m just saying that the euphoria of a dream does wear out. we need to drive the cars as it is. n thats not in orchard road. the hao lian factor is a big thing but it wears out. maybe its an age thing. being discreet is good.

i maintain my last fast car will be a porky turbo...reliable, discreet n still fast. right now i still love my italian whore but only on the track.