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When bungalow owners are house rich but cash poor
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The factor that determines whether you will have sufficient retirement is how much you need to spend every month, for the next 20 to 30 years.
PHOTO: ST FILE
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Owning a bungalow in Singapore is a sign that you enjoy great wealth, but the owners in two cases have to scrimp and scrounge because they are trapped in the “asset rich, cash poor” vice.
In one case, the owners – an elderly woman and her daughter – were so short of cash that they had to depend on their friends to pay for their meals whenever the group had their regular gatherings.
