In his book Secrets of the Millionaire Mind, there’s an interesting line from the author T. Harv Eker:
Rich people play the money game to win. Poor people play the money game to not lose.
I’ve taken the liberty to change the last few words to describe the Singapore property scene:
The pros play the money game to win. The amateurs play the money game not to lose out.
Last Friday, a news reporter found buyers busy calling up their bankers to sign last minute deals, just to make it in time to pay a 40 percent (rather than a hefty 60 percent) deposit.
I read an article titled Latest changes to mortgage rules may deter older investors on Saturday’s Straits Times.
Below is a quote from ‘a property investor’s regret’,
“I was just biding my time till prices go slightly lower before I jump in. I’m regretting that decision now.”
I wonder how many ‘owner wannabes’ are there, lamenting that they could have bought their dream unit or dream house before the cooling measures on loan restriction kicked in last Saturday.
But, what happen if missing the boat turns out to be a blessing in disguise when:
– This time round the government cooling measures finally work to cool the market?
– Many ‘borderline’ upgraders and investors can’t fork out the extra cash?
– Frustrated developers and 2nd hand property sellers start slashing prices?
– Unfortunately both buyers and sellers all ‘miss the boat’?
– Property prices come tumbling hereafter?
– Recent buyers are left holding their ‘depreciating assets’ for over 10 years before breakeven (like those who bought in 1996)?
Now, will the regrettable property investor in the Straits Times article, still holding the cheque in his hand – like the taxi driver holding his steering wheel tight while watching the taxi in front of his tragically hit by a speeding Ferrari – exclaim with relief?
“LUCKY ah!”
I admit that I buy properties because I want to win.
But since when our fellow Singaporeans become so humble and conservative – spend over a million and service a loan for 35 years, just hoping not to lose out?
Hey PS, been awhile since I left a comment. But just to let you know, I’ve been reading all your postings since I started about a year and a half ago and am thoroughly enjoying your blog posts.
Totally agree with the fear to lose out opinion of yours.
Anyway, take care. And looking forward to reading other great posts.
Cheers!
Nice to hear from you. Thanks again for your support. Sure, I’ll keep posting.
P.S. It’s been a while since the last post in your blog, right?
Yes, I’ve stopped blogging for quite awhile now. Just didn’t have the staying power like yourself. Anyway, good luck! And looking forward to yr posts!