How much are you earning per annum?

Hi,

We're in the same age group. I graduated with top Honours from NUS and then after working for a few years, I pursued my masters. I excelled in the financial industry, earning top dollars. I managed to growth my wealth and now able to retire comfortably. I now spend my time managing my multi million investment portfolio, reading, swimming at the condo pool and exercising in the gym. I also devote my time helping others by volunteering at charities. Being a kind and generous millionaire feels good.

Originally Posted by Unregistered

NTU ME 2nd Upper

My journey thru the years. I stayed in Eng field and worked in only 2 companies throughout. Slowly raised thru the rank from design engineer to senior management.

Monthly salary:
1994 Fresh Grad $2350
1999 5 years $5300 (2nd company)
2004 10 years $8800
2009 15 years $14300
2014 20 years $18100

Nowadays youngsters are impatient, they want to get high starting pay and reach 5 figures in 10 years or less. Took me 12 years to get there, i knew of classmates who are much faster who are either high flyers or know when to hop around every 2-3 years. I am not saying i have an excellent track record but overall i think i did fairly ok, maybe a B-. Not to show off here but to show what is realistic and achievable in your salary expectation My advice to young grads is to be willing to work long, hard & smart, be the expertise in your chosen field and the reward will come. You are your best investment!

Originally Posted by Unregistered

Wow. Yours is impressive 20 years.

Is the amount monthly gross, or inclusive of bonuses?

Thanks! it just monthly gross, i.e. basic + allowances excluding bonus, employer CPF. Bonus is about 2 months. I have same age friends who are in the 30-40k/mth bracket that are really impressive. Anyway, I m very happy with current status. Cheers!

Originally Posted by Unregistered

Hi,

We're in the same age group. I graduated with top Honours from NUS and then after working for a few years, I pursued my masters. I excelled in the financial industry, earning top dollars. I managed to growth my wealth and now able to retire comfortably. I now spend my time managing my multi million investment portfolio, reading, swimming at the condo pool and exercising in the gym. I also devote my time helping others by volunteering at charities. Being a kind and generous millionaire feels good.

Hi,

Good for you! Hope to emulate your success. Understand that the financial sector pays top dollars for their top bankers. $80k/month is not uncommon.

I did my Master of science but that doesn't really bring much career advancement. Should have done MBA instead. Hope to retire at 55. Cheers!

Originally Posted by Unregistered

There is this group of elderly gentlemen who would gather in the void deck of my block to while away their time. I think their ages ranged from late 50s to 70s. Most of the time they would just stare blankly into space just waiting for time to pass. Whenever I walked past them I would smile at them and they would smile back. Sometimes I would ask if they had eaten and they would reply yes, and then say they are waiting for their time - to die.

Now would I want to be just whiling away my time when I retire? No way. Firstly I want to work as long as I can. Not necessarily at the same pace or work as I am doing now, but something that will give purpose to my life and at the same time compensate me for my contribution. Secondly I want to live a comfortable life, one where I can still have my car, a maid to take care of the household chores and the occasional overseas holiday. I want to go for high teas / dinners with my wife and buddies, play rounds of golf, tennis and reminisce about the good old days. And of course trade stocks for fun.

I did an estimate of how much I would need to lead such a lifestyle and the numbers came to $6k - $8k pm - just $2k shy of what we are spending now. Using readily available financial calculators, the projected amount I would need to sustain that retirement lifestyle for 30years is estimated at $3.5m for a couple (net of inflation and investment returns).

Casual chit chats with my buddies revealed that most of us are on track to achieve or already surpassed that financial goal.

be mindful that some people have not much choices when they are above 50 and get retrenched. chances of getting hired in your 50s is quite difficult unless you have good connections or recognisable skills set. the take away here is one must plan for retirement early.

you are in the elite group, my guess is most people will not have 3.5M when they retired. good luck!

The median household income in Singapore is $7.8k pm or $93k pa. This is very high by world's standards. Most households (85%) live in cheap HDB flats (bought direct from HDB - BTO). Many in their 40s have cleared their HDB loan. With the high income and low property cost, many families are rich, they have enough money to buy cars (look at the many cars in HDB car parks), they have money to go holidays (look at the busy Changi Airport during school holidays), they have money to eat at restaurants (look at how packed restaurants are during weekends, etc.

Our system has made so many rich. The top 15% of Singapore society can even afford to live in condos and landed houses. It shows that if you are hardworking from the day you go to school and at work, you can be very successful.

I came from a low income family. I worked hard, got into top schools and top my Uni course, worked in good companies and made millions. I am now living in luxury in a luxury condo, drives a European car and retired with enough passive income for me and my family.

My advice to the youngsters here is to work hard. Don't waste time on social media, partying, womanizing, watching TV but spend time to educate yourself well. You can be like me. If I can do it, so can you.

Originally Posted by Londonproperty123

We are in our late 30s. Both graduates with Masters degrees.

One in private sector, one in public sector.

Combined annual slightly above $300K.

We are in our early 40s. Both private sector. Last year filed $400 k. Doing about same range.

Originally Posted by Unregistered

The median household income in Singapore is $7.8k pm or $93k pa. This is very high by world's standards. Most households (85%) live in cheap HDB flats (bought direct from HDB - BTO). Many in their 40s have cleared their HDB loan. With the high income and low property cost, many families are rich, they have enough money to buy cars (look at the many cars in HDB car parks), they have money to go holidays (look at the busy Changi Airport during school holidays), they have money to eat at restaurants (look at how packed restaurants are during weekends, etc.

Our system has made so many rich. The top 15% of Singapore society can even afford to live in condos and landed houses. It shows that if you are hardworking from the day you go to school and at work, you can be very successful.

I came from a low income family. I worked hard, got into top schools and top my Uni course, worked in good companies and made millions. I am now living in luxury in a luxury condo, drives a European car and retired with enough passive income for me and my family.

My advice to the youngsters here is to work hard. Don't waste time on social media, partying, womanizing, watching TV but spend time to educate yourself well. You can be like me. If I can do it, so can you.

I am grateful for the system we have in Singapore. Which country would have given everyone equal opportunities? I came from a poor family too. Today, all my siblings and myself included are doing well. We are not filthy rich but we can afford a better life style than when we were young.

It is not easy to create this success if not for the system that we have. Imagine if you are in other countries...

Originally Posted by Unregistered

We are in our early 40s. Both private sector. Last year filed $400 k. Doing about same range.

That's a lot. Are you living in an Orchard condo or a GCB?

Agreed our system and policies have helped the general populace to move up. It is based on merit and anyone who is capable has a chance to make something of himself and for his family, regardless of his starting station in life.

Having said that I must remind everyone to be sensitive to those who tried their level best and still are struggling to achieve their dreams. Some maybe because they missed their chances, took a wrong turn in their career choices, others may lack the capability, mental strength and endurance or fell sick etc. There is a myriad range of factors, many beyond one's control that affects whether you make it in life or not, notwithstanding the fact that our government have put in place good foundation, infrastructure and policies to ensure everybody has an equal chance of making good.

Looking back at my humble beginnings I count my blessings each day I wake up healthy and is able to go to work without worrying about crime, and the safety of my family members as they go about their affairs whether it is attending school, work or whatever it is.

This feeling of having a privileged life here is reinforced each time I traveled overseas regardless of which country I visit. Needless to say, when visiting countries in our region, the difference in standard of living between us and them is very stark. The more developed western countries have their own problems like homelessness, crime, very disruptive strikes and high labour costs. Singapore is not perfect, but is good enough for me.

Originally Posted by Unregistered

I am grateful for the system we have in Singapore. Which country would have given everyone equal opportunities? I came from a poor family too. Today, all my siblings and myself included are doing well. We are not filthy rich but we can afford a better life style than when we were young.

It is not easy to create this success if not for the system that we have. Imagine if you are in other countries...

as a diploma holder (going to finish NS soon) I feel so so far away from you guys ... any high net worth individuals here who also started with diploma can inspire me and give me some guidance