Very sound advice!
However I found that a lot of people know what to do but when it comes for them to act, they procrastinate, take no action and let the opportunity slip by...
Case study #1
Last year, my friend had an almost paid up HDB flat (outstanding loan smaller than TS). He wanted to get a PC and rent out his HDB. So he went on to fully pay up his HDB so that he could get 80% LTV on his PC. He went on house hunting for months and finally found his ideal unit. When he was about to make an offer, he backed out hoping that the seller would lower the asking price by some 50k; but the seller simply sold his unit to the next potential buyer! Needless to say, CM7 came along and he is priced out and MTB. Till today, he is still staying in his fully paid HDB hoping that one day he could fulfill his PC and landlord dream.
Case study #2
Another friend of mine had a fully paid up PC. She wanted to buy another PC and has been looking around for years (yes, years) since 07. To be fair to her, each time she found something ideal, her HUSBAND will say wait for price correction or for price to crash or it is safer to keep the money in the bank.
Now we are already in the next property cycle and her HUSBAND is still waiting for the "perfect timing" to come... Well, CM7 came first and they will have to pay ABSD for their 2nd property now; so what to do? WAIT further lor!!!
These are just 2 egs, I know of many people who are still waiting...
Well, I could only say 一种米养百种人 . Each to his own and that is why this world is imperfect and interesting.
To TS: After reading my post, I hope you and your wife can understand what is the best decision for you to achieve passive income and move towards financial independence. GOOD LUCK!