Quote:
Originally Posted by Unregistered
Ok, what do you need to be convinced. I can provide as much info as possible as long as it doesn't compromise my anonymity.
Age: 39, 37
Work: both in financial industry, in a support function (so not your banker, salesperson, trader etc)
Total income: $509K, $230K (I didn't say I earned $740K, I said "We")
Residence: 5rm HDB, our first property and lived for 14 years.
Car: 6-yr MPV (red-plated as we work downtown and don't drive to work. Use the car only on weekends to ferry kids).
Income tax for FY2014: $44.5K, $1.7K cos of working mothers' tax relief, SRS, CPF top-up etc.
Savings: $1.7m (adding around $300K per year not counting investment returns, as I mentioned we save 65% of MONTHLY income plus whatever is left over from spending the bonus)
Networth: $4.3m at end 2013.
Agree we are in a good position but as I said, I know of many people of my age who are much better financially. So I learn not to compare, but am really sincere in learning from the forumers here to increase my wealth and financial knowledge. tks.
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I don't doubt you. It is possible to have very high bonuses in your industry. And like you said, the bonuses is not confirmed and I would think it depends on performance of the business a lot. By not treating those past bonuses as indication of future pay you will get, I guess that's why you live below your means. It is a good and wise move , compared to others who live the high life, only to come crashing down, it forced to go into serious trouble to upkeep their lifestyle when those bonuses don't appear the next fee years.
Your cash position is very strong, it is a good war chest for the next downturn, where you can put it into good use to sweep up value buys in properties and stocks, without borrowing a single cent or affecting your lifestyle.
Well done sir.