Family of 4-5, high end condo, 2 investment properties, annual income 1m, net worth 10m
$1000 - maid
$2000 - car x 2 (no loan)
$5000 - travel 3-4 times per year
$2000 - donations
$5000 - gift to parents (who are financially independent)
$2000 - dining outside
$2000 - household groceries, utilities etc
$6000 - private bank fees + revolving/housing loans interest
$5000 - clothing & luxury items (watch, jewelry etc)
$2000 - children education
$2000 - misc items
Total 34k or about 408k per month. Save about 400k after tax.
Quote:
Originally Posted by Unregistered
This forms the basic expenses for a family. Adding some extras, you will get the monthly expenses of a upper middle class family.
$500 - maid salary
$245 - maid levy
$100 - car insurance (x2 if got 2 cars)
$100 - car road tax (x2 if got 2 cars)
$350 - petrol (+$150 if got 2 cars)
$100 - car maintenance (x2 if got 2 cars)
$1000 - overseas holiday
$500 - restaurant meals
$2500 - monthly income tax payment
$3000 - 2nd condo mortgage monthly payment
What this shows is how much an upper middle income family can save by downgrading its lifestyle. The thing is it would be a very difficult adjustment. But when one is above 70, this will be easier. What you guys think?
|