Salary.sg Forums - View Single Post - How much are you earning per annum?
View Single Post
  #11149 (permalink)  
Old 26-08-2017, 01:13 AM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for being so comprehensive in your answer! Our jobs are secure and not commission based - regular salary and there is quite a clear and definite upward salary adjustment.

We still take mrt and bus, no car. No expensive hobbies either. Luckily for us, we managed to get a bto when one of us was still studying and within the income ceiling. Plan to wait for the 5 years mop (and amass cash for deposit) for the next condo.

The 6m still sounds so unattainable... I will update 30 years down the road (or if I hit that along the way)!

Quote:
Originally Posted by Unregistered View Post
That's very good income at your ages. What professions are you in?

Whether you can attain $6M or not depends a great deal on your lifestyle and income source longevity. Income source longevity refers to whether your job and salary are secure over the long run.

For eg., when the children come along, will your wife decide to take a break from her career and look after them? If so, that would reduce your income. If you're in the civil service, that would be relatively secure. Then it is just time to incubate your savings and investment. Over a 30 to 35 year timeframe, hitting $6M to $10M is achievable for those with steady and consistently good income.

If you are in non-secure, cyclic kind of industries, then it is a lot harder to build up that nest egg. In good times, when the bonuses are good, save and invest them. But many people who received big bonuses in good times succumbed to the temptations to treat themselves - going for expensive holidays, buying expensive cars and what not.

Among my cohorts (> 55 yo) many of us have around $5m networth. We see our younger colleagues starting with much higher salaries than we did 30+ years ago. So we know in time to come, their networth (when they reached mid 50s) will be more than what we achieved currently.

So, yes, $6M networth should be attainable, if not easily attainable given your current high income.
Reply With Quote