Salary.sg Forums - View Single Post - Whats your net worth
View Single Post
  #2734 (permalink)  
Old 20-07-2020, 10:48 PM
Back in SG
Guest
 
Posts: n/a
Default How long more should we grind it out?

40m/35f (wife), 3 young children (all under 6)
Working since 2006 / wife since 2008

Cash: $1.4m
Investments (mostly equity): $0.6m
Property 1: FH landed $3.7m (outstanding $2.5m)
Property 2: Overseas Condo $2.1m (outstanding $1m)
Property 3: Overseas Condo $1.4m (fully paid)
Insurance: Term $3m ($1.5m each) and Life $1m
CPF/MPF: $0.5m (minimal CPF as we spent most of our careers overseas)
Net worth: c. 7m (incl. life insurance, excluding unvested shares)

Salary (incl. bonus): c. $400k (me) / c. $800k (wife)
Passive income: c. $100k (mostly rental income from Property 1 & 2)

So I think we’ve both done quite well for ourselves given where I was when I first started out (monthly base salary of 2.2k back as a fresh grad in 2006; albeit in a global MNC). We got a few lucky breaks, weren’t impacted too severely by the GFC, moved to HK (for almost a decade) and managed to catch onto the property surge fairly early on there.

Now that we’re back in SG (for the kids' primary school education), just thinking about how long more should we continue to work our asses off (we both clock 60-70+ hours weekly; excluding weekends) - given sacrifices that have been made in terms of time spent on just living, with our kid, etc.

Ideally, we would like to continue for another 5 years to pay off our outstanding loans and also to capitalise on our peak earning potential now. We would also like
to ramp up our passive income in order to keep things sustainable in the long term.

Any thoughts to share (fully aware that we're in a very enviable position)?
Reply With Quote