Compare your household income

I'm a single guy, 36, earning $6k pm. Even though my household income of $6k pm is below the median household income of $7.8k, I am living in a condo which I bought for $700k with a loan of $300k. My household income is a lot lesser than the household income of $19k pm for the average condo household.

The top 10% HH have an average income of $28.688k pm. It is not unexpected that these households would also have other sources of income such as rental, dividend and business?

For a typical family living in either a condo or landed property, their monthly expenses would be around $10k - $12k pm. This means they easily save $16k - $18k pm or $216k pa without the passive income. Again remember that is an average figure - there will be HH who are earning and therefore saving more!

The above should help convince forummers who had expressed doubts and disbelief on posters who claimed to be able to save $350k pa.

These so-called high earners/savers are still way way below the super high income people eg presidents/CEOs, MDs, business owners etc who command $1m and more each year.

Don't be surprised that the people who are saving $350k pa are actually that grey hair uncle/auntie sipping coffee at the coffee shop (not at Starbucks), shopping for groceries at NTUC (not Cold Storage) and driving Camry or even just an Altis, and not a fancy Conti car.

Merry Christmas all!

Originally Posted by admin

New article published. Includes a tool for you to compare your household income:
[url=://.salary.sg/2014/compare-your-household-income-2014/]Compare Your Household Income 2014 | Salary.sg - Your Salary in Singapore[/

Originally Posted by Unregistered

I'm a single guy, 36, earning $6k pm. Even though my household income of $6k pm is below the median household income of $7.8k, I am living in a condo which I bought for $700k with a loan of $300k. My household income is a lot lesser than the household income of $19k pm for the average condo household.

We are 40/43, total salaries of $10k pm. Planning to sell our fully paid flat for $600k and use the cash proceeds as (1) 40% downpayment for a $1m condo ($400k), (2) full cash payment for a new car ($120k) and (3) holiday to europe ($20k). Will save the rest.

Originally Posted by Unregistered

We are 40/43, total salaries of $10k pm. Planning to sell our fully paid flat for $600k and use the cash proceeds as (1) 40% downpayment for a $1m condo ($400k), (2) full cash payment for a new car ($120k) and (3) holiday to europe ($20k). Will save the rest.

and you will have a 600K debt to service for how long?

Annual HH income 290k (incl employer contribution)
42/41 yo.
2 kids.
Staying in EA fully paid.
Looking for a 3/4 bedder condo as 2nd property. Will stay in condo and rent out EA.

Net asset value 1.7million

so many rich people in here, no wonder the number of millionaires in Singapore is increasing. Even a HH income of $12k per month is now considered low income.

Just ask yourself, if $12k per month income is high income, then why gahmen need to provide subsidy to them for EC purchase? Duh!

Originally Posted by Unregistered

so many rich people in here, no wonder the number of millionaires in Singapore is increasing. Even a HH income of $12k per month is now considered low income.

I am totally confused about my salary.

My take home salary every month that is credited to my bank account is $3600.
Every month, I get around $1620 in my CPF account.
I get around 1.5 months bonus every year (govt.).
I also get the 13th month salary.
Apart from all this, I get around $10k as performance bonus.

My expenses every month is around $2500.

When someone asks me this question - what is your salary? What amount should I state based on the above numbers?

Originally Posted by Unregistered

I am totally confused about my salary.

My take home salary every month that is credited to my bank account is $3600.
Every month, I get around $1620 in my CPF account.
I get around 1.5 months bonus every year (govt.).
I also get the 13th month salary.
Apart from all this, I get around $10k as performance bonus.

My expenses every month is around $2500.

When someone asks me this question - what is your salary? What amount should I state based on the above numbers?

How long have you been working since graduation? You must be a mx12.

Your salary is obviously $4.5k

Originally Posted by Unregistered

Just ask yourself, if $12k per month income is high income, then why gahmen need to provide subsidy to them for EC purchase? Duh!

err... there are many reasons for govt to provide subsidies, may not necessarily be directly related to whether income is low or high (eg may be cos the govt wants to be fair to first-time buyers, or they just want to encourage people to buy ECs etc). i don't know the real reason, but it doesnt seem right to equate the provision of subsidy with low income.