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beaverjuice

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http://www.investmentmoats.com/financial-independence/lessons-learnt-paying-255000-mortgage-3-years/

would this be possible in Singapore?  a lot of pain I would imagine .....
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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FatNeko

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Not for the case of a couple applying for BTO, they just want to shake leg on weekend at their newly renovated "Industrial/Scandinavian" theme house. But for a single person, applying BTO or buying a condo, he might just be able to do it. But of course we must take into consideration of loan amount, value of house, personal income, personal saving.

If 3years is the max where you can work everyday and endure mental and physical toll, live on bare minimum, neglect on social life, and relationship, then it can sure be done. I think to me, 1yr or less is the max already considered my age and my commitment.

Some of the factors that are in advantage to him:

1. He rented his room out and this is a huge income.
2. His mother doesn't live with him and has her own house.
3. Don't need to give his mother allowance (article didn't mention this)

In local context:

1. Full time job (no need OT/OT with pay)
2. After work at 7-11 for shift
3. Weekend give tuition
4. Write report/essay for students
5. Rent room out (for SBF/TOP private pty)

So it is achievable if one is a single without any human commitments, either the loan must be lower or the income is higher. I can do it too if not for my human commitments.

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beaverjuice

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@FatNeko - what human commitments do you have? ???
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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FatNeko

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@FatNeko - what human commitments do you have? ???

要和人交代的事  :'(


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beaverjuice

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要和人交代的事  :'(

Huh? Study loan or parents? ???
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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kyith

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hi beaverjuice, I was surprised to see this link to my post, i wonder if this is the new flowerpod or something cause it went limbo some time ago.

FatNeko has a point. After a while you hear a lot of deterrants. There are folks that can take on 5 students and supplement $2000 per month and that goes into paying off the mortgage. If you look purly at refinancing it brings down your long term interest rate.

but people want their lifestyle and are unwilling to exchange it for anything else
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com

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beaverjuice

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@kyith - just giving a shout out to your blog ;)

PS: do drop by sometimes to guide some "lost souls" here okies ...
« Last Edit: December 12, 2015, 02:30:33 pm by beaverjuice »
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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kyith

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hi beaverjuice,

  Thanks a lot. will pop by once in a while!
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com