I have property in abundance but I never feel rich

By Tuyet Nhung July 7, 2024 | 03:32 pm PT

Empty land lots in central Thanh Hoa Province. Illustration photo by VnExpress/Le Hoang

My husband and I spend most of our savings on land and houses and keep buying more whenever we have money, which means now we have lots of property but no cash to spend.

We are both nearly 40 years old with two children going to private school. We live in an urban area so the cost of living is high.

We run our own business and therefore our income is unstable. During Covid-19 time we could not even set aside any savings due to business difficulties.

We do not keep cash as savings but instead put them all in property. Whenever we can afford 30% or 70% of a property we will buy it and gradually pay the remaining amount as debt. So far we have never bought any lot without debts.

Now we have VND34 billion ($1.3 million) in assets: a VND4-billion lot, a VND6-billion lot, a VND4-billion apartment (where we live) and a VND20-billion house. We also have VND4 billion in debt.

We are now wondering whether to continue this property-buying strategy or to switch to savings in cash so it is easier to cover emergencies and other expenses?