Thanks for taking an interest in my profile.
Let me try to address your queries:
Which organization - a large foreign bank (that's where I will stop at)
Which function - one of the support functions in risk mgt (again that's where I will stop at)
proportion of basic salary bonus - bonus vary from year to year depending on bank and individual performance. last few years bonus vary from 5-9 months.
A forumer mentioned that I live below my means, which is exactly right. I don't know when I will lose my job, or my bonus will get affected so I thot it safe to make sure I save as much as possible and not have my life affected if something bad happens.
I do have aspirations to live in a private property (who doesn't) but I will only do it on my own timing and terms.
Again I have aspirations to drive a conti car (better still fully paid up) but I recognise it is depreciating asset and therefore focus on having an arrangement that fulfils my transport needs during weekends but take public transport to and from work.
In this way, I hope to gain financial freedom asap (defined as getting passive income which equal my expenses, or better yet equal my income). That's when I will retire and finally enjoy life.
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. |