If you recently read my blog, I spoke of my aspirations to accumulate my money as soon as possible, so that when I get married in 4 years time, I can pay my 4 room HDB house, in full, IMMEDIATELY. (clearing the biggest loan, one can have in a lifetime)
My rationale is that, when you start up a family, the 2 most important things that you need to have is YOUR house and sufficient life insurance coverage (MONEY) to leave for YOUR wife & children should you go to heaven.
My rationale of getting “resale” HDB house because,
1) enjoy HDB grant of $40,000 (if you stay within 2km from your parents’ house and your household income is less than $8000)
2) (touch wood) should I go bankrupt in my daring entrepreneurial pursuit, creditors cant touch my house. My family still have roof over our head, in the worst case scenario.
3) If I pay my house in full, another 3 years (HDB ruling), I can start scouting and buy my first private property (condominium).
So you see, that I have been saying on playing it SAFE. Security…Safety….Now…..Let us look at the OTHER OPTION. Let us look at the other side of the coin. Read more…