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SINGAPORE PROPERTY WEEKLY Issue 378
The government will also raise the legal along the canal looked like there was a
smoking age every year up to twenty-one by running event.
2021. You can only have your first puff after
The next day only a quarter came back for
you reach twenty-one? That’s exactly the age
their morning exercise before work. On the
I graduated from college and had my first job.
third day, most of the original crowd
For my generation, I remember eighteen is disappeared. According to past experience,
the age we were considered adults. Once we everything will be back to normal by the fourth
reach eighteen, we are expected to be day.
mature enough to exercise our personal
I have been staying in the same estate for
judgement and make our own decisions.
over eleven years. Over the years, I have
Are we regressing or what? seen familiar faces who run regularly. Most
would run for some time, then disappear.
Exercise is about discipline
But there are two retired uncles who run
On the first day of the new year, the park
every morning – the only two for the last
connector where I go for my morning jogs
eleven years or so. We will say hi when we
was jam-packed.
jog past each other in the morning. They may
Everybody was eager to shed off those extra have grey hair. But the shape of their body is
pounds gained from the year-end comparable to the young chaps.
celebrations. From a distance, the areas
Financial discipline is living within your My 3-3-5 rule on housing affordability is all
means about financial discipline.
If your wish in 2019 is to get rich, to be lucky Till today there are still people who ask me
at the casino tables, to win the lottery, or to whether the three rules are too restrictive and
profit from a short-term investment, instead of conservative, whether this is still relevant in
saying “Huat Ah” every day, you might want to today’s property market.
read what MJ DeMarco wrote in his book The
I think these people would be very happy if I
Millionaire Fastlane:
wrote the next blog post to introduce a new
“More money is not a solution to poor “1-2-10 rule”: Buy when you have 10 percent
financial management. Poor money of the property’s price.
Buy when your monthly mortgage does not Because of financial discipline, I didn’t buy my
exceed half of your salary. Buy when the own home until I bought all my rental
property does not exceed ten times of your properties.
annual income.
Because of financial discipline, I won’t buy
Humans tend to forget unfortunate events. any investment property lower than my target
That’s why we can’t learn from our mistakes. return.
We are talking about lessons from mistakes
Because of financial discipline, I never buy
we made that caused the Asian Financial
any property at market price.
Crisis, the dotcom crash and the sub-prime
crisis. As Warren Buffet taught us, you must have
the discipline to know what you can’t do and
“We behave as if the Black Swan does not
stay away from it. You will do fine with your
exist. Human nature is not programmed for
investments if you have the right
Black Swans. We have far too many ways to
temperament and patience.
interpret past events to our own goal.”
If you dare to be a contrarian and invest
– Nassim Nicholas Taleb, The Black Swan
against the property cycle, ask yourself
ecause of financial discipline, I won’t buy
B whether you have the patience to wait.
that home if I don’t have more savings than
its asking price.
Have patience. Don’t be desperate. Because Financial discipline is to do what you have
desperate buyers almost always end up to do
buying the wrong thing.
Saying it is easy. Doing it is another thing.
“Unless you are a property trader, buying
There are too many people in this world who
properties is a waiting game. Patience and
are most creative when they have to find
perseverance are the prerequisites to win the
excuses to not do things:
game. It is researching, waiting, waiting again
and buying — a four-step process that you You can buy a condo unit at a young age
are repeating over and over again.” because you have well-to-do parents.
– Property Soul, No B.S. Guide to Property You can make money from property
Investment investment because you are lucky.
“I have learned that when you’ve done your You can find investment properties with high
homework, once you recognize that supply return because you bought many years ago.
and demand is totally out of whack, and you You can afford to retire early because you
make your move, you are definitely going to have a high paying job and a rich spouse.
get very lucky.”
Although none of the above is true, they still
– Jim Rogers, Hot Commodities choose to believe in these explanations.
Hiding behind the perfect excuse of getting By guest contributor Property Soul, a
older, they are justified to be lazy, forgetful, successful property investor, blogger, and
ignorant, careless and unreasonable.” author of the No B.S. Guide to Property
Investment.
Hideko called these excuses the reasons for
Non-Landed Residential Resale Property Transactions for the Week of Dec 28 – Jan 8