Compare your household income - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Compare your household income

Reply
 
Thread Tools
  #1 (permalink)  
Old 23-12-2014, 10:57 AM
Administrator
 
Join Date: Jun 2009
Posts: 281
admin has disabled reputation
Default Compare your household income

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

Reply With Quote
  #2 (permalink)  
Old 23-12-2014, 02:00 PM
Unregistered
Guest
 
Posts: n/a
Default

How is the monthly income defined?

Is it based on total annual income (including bonuses) divided by 12 months? Or is it just based on the monthly salaries without the bonuses?

Eg. Mr and Mrs Tan.

Gross monthly salary for Mr Tan : $13,000
Gross monthly salary for Mrs Tan : $9,000
Total household gross monthly income : $22,000

Bonuses for the year:
Mr Tan : 3 months or $39,000
Mrs Tan : 3 months or $27,000

Total annual household income : $22,000 x 12 + $39,000 + $27,000 = $352,000
Gross monthly income : $352,000/12 = $29,000

Should they use $29,000 or $22,000 ?


Quote:
Originally Posted by admin View Post
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[/




Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #3 (permalink)  
Old 23-12-2014, 04:27 PM
Unregistered
Guest
 
Posts: n/a
Default

Our household income today is $12,336 pm. We upgraded from our flat to condo in 2006. Bought the condo for only $600k and now it is worth $1.1m and now it is paid up. Our other assets comprising cash, cpf and stocks is worth $700k and hence our net worth is $1.8m. We are now 48/40 yo.

Based on the survey, we are supposed to be living in a flat. What should we do? Should we sell our condo and go back to staying in a flat since the survey said so? Pls advise. Thank you.

Reply With Quote
  #4 (permalink)  
Old 23-12-2014, 04:46 PM
Unregistered
Guest
 
Posts: n/a
Default

Lol, the tool doesn't say about age of the households, which can be an important factor. For example, I think the higher HH incomes could be because of more mature families meaning those already in their late 40s and 50s. People who are in senior positions and thus earning more.

While at 48, you are not exactly young anymore. If you don't see yourself climbing up the career ladder and thus earning more, then you are in the wrong crowd.

Have you ever wondered why your neighbors have 2 or more cars? It is because they could afford them.

The tool also doesn't consider the passive incomes the condo dwellers have which could add substantially to their overall income. Already in related forum, you can see many forummers saying their passive incomes hit $100k pa and above.

So the gulf can be indeed big!

Quote:
Originally Posted by Unregistered View Post
Our household income today is $12,336 pm. We upgraded from our flat to condo in 2006. Bought the condo for only $600k and now it is worth $1.1m and now it is paid up. Our other assets comprising cash, cpf and stocks is worth $700k and hence our net worth is $1.8m. We are now 48/40 yo.

Based on the survey, we are supposed to be living in a flat. What should we do? Should we sell our condo and go back to staying in a flat since the survey said so? Pls advise. Thank you.
Reply With Quote
  #5 (permalink)  
Old 23-12-2014, 05:40 PM
Unregistered
Guest
 
Posts: n/a
Default

58/ 57, $23k pm, we are in the top decile. Live in a penthouse condo. Hope to retire at 65.
Reply With Quote
  #6 (permalink)  
Old 23-12-2014, 06:37 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
How is the monthly income defined?

Is it based on total annual income (including bonuses) divided by 12 months? Or is it just based on the monthly salaries without the bonuses?

Eg. Mr and Mrs Tan.

Gross monthly salary for Mr Tan : $13,000
Gross monthly salary for Mrs Tan : $9,000
Total household gross monthly income : $22,000

Bonuses for the year:
Mr Tan : 3 months or $39,000
Mrs Tan : 3 months or $27,000

Total annual household income : $22,000 x 12 + $39,000 + $27,000 = $352,000
Gross monthly income : $352,000/12 = $29,000

Should they use $29,000 or $22,000 ?
As long as they use MOM/IRAS data sources, it is annual/12 I.e. 29k
Reply With Quote

  #7 (permalink)  
Old 23-12-2014, 07:05 PM
Unregistered
Guest
 
Posts: n/a
Default

Saw this footnote in the Singstat report:

"1Based on ranking of all resident employed households by their monthly household income from work (including employer CPF contributions) per household member"

No mention of bonuses and commissions, unlike other reports I've seen.
Reply With Quote
  #8 (permalink)  
Old 23-12-2014, 11:41 PM
Unregistered
Guest
 
Posts: n/a
Default

My wife and I are in our mid fifties with no dependants and we are retired from our full time jobs. We earn a passive income of $7k pm, below the median household income. Our condo is worth $1.9m and we have an investment portfolio and other assets. Our total net worth is $4m. So even with a net worth of $4m, we are still categorized as below median income household. How sad.
Reply With Quote
  #9 (permalink)  
Old 24-12-2014, 09:39 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
My wife and I are in our mid fifties with no dependants and we are retired from our full time jobs. We earn a passive income of $7k pm, below the median household income. Our condo is worth $1.9m and we have an investment portfolio and other assets. Our total net worth is $4m. So even with a net worth of $4m, we are still categorized as below median income household. How sad.
u don't sound sad at all, only sarcastic, and a bit of show off
Reply With Quote
  #10 (permalink)  
Old 24-12-2014, 10:32 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
My wife and I are in our mid fifties with no dependants and we are retired from our full time jobs. We earn a passive income of $7k pm, below the median household income. Our condo is worth $1.9m and we have an investment portfolio and other assets. Our total net worth is $4m. So even with a net worth of $4m, we are still categorized as below median income household. How sad.
With a net worth of $4m, you are a millionaire couple. Most probably, you are among the top 1% of households in Singapore in terms of net worth. Your $7k passive income per month is considered high since you are retired and debt free. Most retired couple would need an income of $2k pm since that covers their basic needs of food and utilities. Cheer up! You are a very successful retired couple in my view. I would love to be retired like you, I would be comfortable with a $4k pm passive income, assuming no debts.


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
Reply

Bookmarks

Tags
household income

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much for minimum household income before your wife becomes a housewife? ampie Income and Jobs 14 19-08-2014 11:32 AM
Median Household Income Increased 4% To $7,870 admin Income and Jobs 0 13-06-2014 10:15 PM
Compare Your Household Income Salary.sg Income and Jobs 107 08-07-2013 11:19 AM
Compare your household income admin Income and Jobs 5 11-03-2013 09:51 PM
Compare Your Household Income 2009 Salary.sg Income and Jobs 54 09-09-2009 09:26 AM

» 30 Recent Threads
Career as Teacher ( 1 2 3... Last Page)
10,852 Replies, 6,671,423 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,321 Replies, 4,985,049 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,806 Replies, 1,045,463 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
310 Replies, 369,406 Views
Why Is Having a Google Virtual...
1 Replies, 6,777 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,240 Replies, 3,399,905 Views
JP Morgan ( 1 2 3... Last Page)
199 Replies, 173,491 Views
GovTech ( 1 2 3... Last Page)
5,163 Replies, 2,164,886 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,050 Replies, 440,812 Views
Mining Industry ( 1 2 3... Last Page)
80 Replies, 74,522 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,340 Replies, 4,772,726 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
171 Replies, 309,595 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
680 Replies, 388,842 Views
Compare civil service salary ( 1 2 3... Last Page)
16,343 Replies, 12,458,270 Views
Lawyer Salary ( 1 2 3... Last Page)
21,015 Replies, 10,331,433 Views
ST Electronics ( 1 2 3... Last Page)
3,768 Replies, 1,545,471 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,457 Replies, 784,826 Views
Is getting a PMP worth it ?
4 Replies, 7,174 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,729 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,903,587 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,436 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,657,650 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 814,037 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,835 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,385 Replies, 2,325,082 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 358,828 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,375,797 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 613,928 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,739,141 Views
MX12 reappointed at MX11
8 Replies, 852 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 04:11 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2