Buying something which you cannot aford.

[Retz]

Um ... Er ...

*sigh*

[A121]

The Philippines won't be following the US' direction anytime soon. Why? Because we don't have a strong and sizeable middle class. Majority of our population can be classified as poor (C,D and E income brackets), and are either unemployed or underemployed. So, they don't have access to credit, much less credit cards. Likewise, until now, there is no centralized credit history database, despite the passage of the CISA law, which mandated the creation of the Credit Information Corporation.

If some idiotic bank decides to provide credit cards to minimum wage earners, baka pwede pang matulad tayo sa Amerika na leveraged ang lifestyle, i.e. nabubuhay sa utang (spend today for gadgets and whatnots via credit card, then worry about payments later). Which is why local banks weathered the liquidity fall-out experienced by Western banks. Conservative pa ang mga banko dito eh, and the BSP is quite stringent. Then we also have to look at the prevailing culture angle. Iba ang Tate sa Pinas. When you have relatively access to credit, falling into the credit trap is likewise quite easy.

Nakakatawa naman yung mga doomsday scenarios dito, hehehe.

sobrang conservative ng mga bangko dito. kaya walang complicated financial instruments wala kasing nakakaintindi. di masyadong tatamaan sa losses pero yung gains very minimal din.

pero tinamaan din sila nung bumagsak ang Lehman Bros. nagkaipitan ng interbank lending dati.

[Retz]

^

malaki na rin agwat ng class A,B sa middle to lower class natin. kung pantay lang sana growth ng lahat ng classes.

[x_outpost]

Very nice topic, I wish I have the time to read all the posts.
I'm very much guilty of this when I was single. I spent money like there is no tomorrow.
Since I got married - I've been very careful about how we manage our finances.

[lupetnen]

just a lurker to this forum but this topic got me hooked.

[Retz]

For a condo unit worth let say 5M. How much savings/assets and monthly income must you have in order to afford it?

[s10pao]

For a condo unit worth let say 5M. How much savings/assets and monthly income must you have in order to afford it?

*9.5% interest, 20% DP, 15 years to pay
monthly amortization is Php41,768.987

Sent from my GT-N7100 using Tapatalk 4

[yebo]

^^
add ka pa ng condo dues. and wala pa parking slot yan.
pero mataas yang 9.5% interest, saan bank ba yan? 7.5% p/a lang sa pnb ang home loan. sa 7.5% p/a at 15 years (with 20% down) your monthly will be P37,200.

correction: 6.75% lang pala ngayon sa pnb for a fixed 4-5 years, then flexi rate after that. may promo sila until oct 31.

[glenn manikis]

sa chinese hinde eh

all chinese guys i know have full control of their money

may ate... she married a chinese... sya ang may hawak ng pera nila...

takot lang nun sa ate ko...

yung eldest ko din... pure chinese ang husband nya... cya din ang may hawak ng pera nila...

siguro sir uls nasa tao nalang talaga yun... hindi uubra mga chinese sakanila....

both of them got very strong personality...

[s10pao]

^^
add ka pa ng condo dues. and wala pa parking slot yan.
pero mataas yang 9.5% interest, saan bank ba yan? 7.5% p/a lang sa pnb ang home loan. sa 7.5% p/a at 15 years (with 20% down) your monthly will be P37,200.

correction: 6.75% lang pala ngayon sa pnb for a fixed 4-5 years, then flexi rate after that. may promo sila until oct 31.

di ko sure kung saang bank pero ung utol kakabili lang ng townhouse tapos based dun sa mos amortization lalabas na 9.5%

ung flexi rate promo ng PNB may max limit ung p/a?

Sent from my GT-N7100 using Tapatalk 4

[glenn manikis]

Ako din hindi lahat binibigay ko. Although alam nya mag-online check nang atm ko tsaka nakikita nya payslip at company incentive. Yung other minor incentive na lang hindi declared. :-D

Sent using Lenovo via Tapatalk

me.. 14 YEARS na ako walang natatangap na sweldo, at bonus...

ATM NA KASI... automatic to mrs... he.he...


allowance lang nahahawakan ko at kita sa gensets... wala akong lusot at alam kasi ng panganay ko kita ko dun...

tapos kay mrs. pa din ang bagsak nun lahat....

sYA din kasi ang taga BUDGET.... sa hirap ng buhay dapat marunong tayong mag budget...

[glenn manikis]

pero sa mga kilala ko chinese bihira plain housewife ang misis

the wife works in the husband's family business

or the wife still works at her dad's business

or professional ang wife (usually doctor)

baliktad naman samin...

yung chinese na asawa ng daughter ko ang gusto nalang mag work sa itatayo namin na family bus...

i told him nga dapat may sarile syang negosyo...

[shadow]

And yun mga asawa ng mga relatives mo, mga mainlanders?


Sent from my iPad using Tapatalk

#retzing

[uls]

baliktad naman samin...

yung chinese na asawa ng daughter ko ang gusto nalang mag work sa itatayo namin na family bus...

i told him nga dapat may sarile syang negosyo...

wala siya sariling business pero may family business ba sila? ayaw niya magtrabaho sa tatay niya?

o wala sila family business?

kung wala sila family business at wala siya sariling business ano hanapbuhay niya?

employee?

[Retz]

^^
add ka pa ng condo dues. and wala pa parking slot yan.
pero mataas yang 9.5% interest, saan bank ba yan? 7.5% p/a lang sa pnb ang home loan. sa 7.5% p/a at 15 years (with 20% down) your monthly will be P37,200.

correction: 6.75% lang pala ngayon sa pnb for a fixed 4-5 years, then flexi rate after that. may promo sila until oct 31.

parking slot plus 1M association dues sa grass and sea residence tumaas na *95/sqm. ung 7.5% per annum for 10yrs mababang rate na yan. but 6.75% per annum for 5 yrs mdyo mataas should be around 5% lang.

[KERSMcRae]

^^
add ka pa ng condo dues. and wala pa parking slot yan.
pero mataas yang 9.5% interest, saan bank ba yan? 7.5% p/a lang sa pnb ang home loan. sa 7.5% p/a at 15 years (with 20% down) your monthly will be P37,200.

correction: 6.75% lang pala ngayon sa pnb for a fixed 4-5 years, then flexi rate after that. may promo sila until oct 31.

eto rin inabot namin na rate. Promo noon ay 5% dp. ang nabargain namin ay i-stretch yung equity to 15 months. Right now, our current rate is at 7.5% (1-yr fixing). Nasa P14K monthly (15-yr term). 3 yrs ago, sabi ko sa sarili ko hindi ko yata maafford ang P1M na bahay. Pero kaya naman pala. Right now, kung bibilhin ang katabi naming unit ay nasa P2M na..

Masarap tumira sa sariling bahay. Yung hindi ka "nakikitira sa bubong ng in-laws mo" or di kaya "nakasandal sa nanay at tatay". Kahit hindi kami 6-digits, tamang paghawak lang ng perang pinaghihirapan.

.

[Retz]

^

sir, saan condo developer yan at magkano association dues niyo?

[EQAddict]

ALL of my real estate investments were properties I couldn't initially afford. Had to dig deep and sacrificed a lot to pay the monthly ammortizations. But time is the great equalizer

After more than fourteen years of being a slave to the banks (more like one bank in particular), I own a nice collection of properties. No more utang ..... well thats not entirely true. Will make utang again for the next property investments.Its tougher at the start. But once you get thru the first few years, hopefully your income also grows and the monthly payments you have to make become less and less painful. This is luckily what happened to me.

I just think of all these loans as forced savings. If you think of it that way, then it helps manage the financial struggle throughout the long years of waiting (and paying!). Start early and build up your capital and savings.

[CLAVEL3699]

ALL of my real estate investments were properties I couldn't initially afford. Had to dig deep and sacrificed a lot to pay the monthly ammortizations. But time is the great equalizer

After more than fourteen years of being a slave to the banks (more like one bank in particular), I own a nice collection of properties. No more utang ..... well thats not entirely true. Will make utang again for the next property investments.Its tougher at the start. But once you get thru the first few years, hopefully your income also grows and the monthly payments you have to make become less and less painful. This is luckily what happened to me.

I just think of all these loans as forced savings. If you think of it that way, then it helps manage the financial struggle throughout the long years of waiting (and paying!). Start early and build up your capital and savings.

same here... May namana ako apartments sa parents ko nung namatay sila then kumuha kami house ang lot ( doon kami tumira ) ang pinambabayad namin ay yung kita nang rental nung natapos na namin bayaran pinaupa ulit namin tapos kumuha kami town house ( lumipat kami doon ulit doon kami tumira ). Same ulit lahat nang rental yun ang pinambabayad namin sa town house.

After ulit nito may bibilhin ulit kami na town house.

60% of my salary ( fixed monthly ) napupunta kay misis, yung kanyang kita sa kanya lahat yun tapos wala na kami pakialamanan. Pag lumalabas nang bahay going to the mall or eating outside si misis lahat ang gastos. Lahat nang gastos sa bahay asawa ko na ang may sagot school, food as in lahat.

pero if may car na bibili or luho ko sa katawan ako na ang gagastos noon.

13th month ganun ulit 60% pero yung bonus kung magkano lang ang bibigay ko.

[vinj]

ALL of my real estate investments were properties I couldn't initially afford. Had to dig deep and sacrificed a lot to pay the monthly ammortizations. But time is the great equalizer

I agree here. My grandfather got his retirement from one piece of property which he acquired at less than P 100 per sq.m. when he was young, and sold at 14K per sq.m. many, many years later. It gave him the cushion to support him and my grandmother in their old age (my lolo has peacefully moved on and my lola is left to be well cared for due to his foresight) Too bad you cannot find deals like that anymore nowadays.

The wifey and I started doing the same thing when we figured that bank savings will not help much given the low interest rates and our risk being averse to play in the stock market. Too bad lang as there were some nice subdivision properties I saw up for sale at a reasonable price, that i expect to go up, but for now we have to set aside the funds first to do the interiors and furnishing of our new abode next year.

same here... May namana ako apartments sa parents ko nung namatay sila then kumuha kami house ang lot ( doon kami tumira ) ang pinambabayad namin ay yung kita nang rental nung natapos na namin bayaran pinaupa ulit namin tapos kumuha kami town house ( lumipat kami doon ulit doon kami tumira ). Same ulit lahat nang rental yun ang pinambabayad namin sa town house.

That's a good move and nice that your folks left something for you. Yan lang yung sad thing about my folks since their bad separation dried up my dad's resources so my siblings and i did not have any inheritance when my he passed away. That's why now, we're really building our asset base to ensure there's some security for us and our children.