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24-10-2011, 11:39 AM
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Verified Member
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Join Date: Apr 2011
Posts: 13
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How many income groups are there - Low, Middle-low, Middle, Middle-high, High?
I read with interested in particularly to Straits Times report yesterday, where Demsey Hill is considered to be targeting middle-high income group.
How do you consider middle-high income group? I mean, is it based on the income or the property he's residing?
Ok, I know earning about $800-1200 pm and staying in rental HDB flats may be considered to be lower income; but how about the rest?
Is there any proper definition or line for the groups?
IMHO, I think there are mainly 6 groups.
I start the ball rolling by guessing:
Low income - earning lower than $2000 per mth
Middle-low - earning somewhat between $2000 to $5000
Middle - earning between $5000 to $8000 (normally from here onwards, people start to use per annum instead of per month; but I still use pm for illustrative purposes)
Middle-high - earning between $8000 to $12000
High - earning $12000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
My guess is based on income, but I could be wrong because maybe everyone is based on assets, just like the ultra-high.
Of course, there would be people who are very nice and humble who have $10-20 million in their banks, but they consider themselves to be the 'middle' income bracket; but objectively, I don't think they are in middle income group.
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24-10-2011, 12:25 PM
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Super Member
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Join Date: Oct 2011
Posts: 309
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then how they are classified?
by household (total income of all family members living in the same house/home)?
by each individual income?
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24-10-2011, 12:41 PM
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income by definition means you are still working. there are a number of people who don't have to work. these are the jobless rich. unless they collect rent, they typically don't have regular income - when they need money, they'll sell some shares or a condo. if you classify them based on rental income, they will probably just be middle-high or high by your classification.
that's why these jobless rich may even get largest growth packages from the government. nice right?
just sharing.
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24-10-2011, 01:56 PM
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Verified Member
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Join Date: Apr 2011
Posts: 13
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Quote:
Originally Posted by Unregistered
income by definition means you are still working. there are a number of people who don't have to work. these are the jobless rich. unless they collect rent, they typically don't have regular income - when they need money, they'll sell some shares or a condo. if you classify them based on rental income, they will probably just be middle-high or high by your classification.
that's why these jobless rich may even get largest growth packages from the government. nice right?
just sharing.
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you're right.
so, in a way, it actually depends case-by-case, would you say?
very difficult to gauge i guess.
I have a friend who are semi-retired at age 30, but has about 2 mil in his bank, and he may be considered to be middle-high as he also owns a property (fully paid). Lifestyle that follows: drink at hotel lounges, goes holiday bi-monthly, always eat at restaurants.
I also have another friend in her 48 yrs of age, has about 100k in her bank without any property, earns about $9k, but similar lifestyle. Somehow she is more like middle-income.
But how about the masses? Any proper definition by IRAS or index by employment agencies?
Otherwise, what does Straits Times mean when they say 'middle-high' earners...
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24-10-2011, 02:48 PM
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Quote:
Originally Posted by xtrasaver
you're right.
so, in a way, it actually depends case-by-case, would you say?
very difficult to gauge i guess.
I have a friend who are semi-retired at age 30, but has about 2 mil in his bank, and he may be considered to be middle-high as he also owns a property (fully paid). Lifestyle that follows: drink at hotel lounges, goes holiday bi-monthly, always eat at restaurants.
I also have another friend in her 48 yrs of age, has about 100k in her bank without any property, earns about $9k, but similar lifestyle. Somehow she is more like middle-income.
But how about the masses? Any proper definition by IRAS or index by employment agencies?
Otherwise, what does Straits Times mean when they say 'middle-high' earners...
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It means those people who are able to get a loan from the bank. If the unit costs $2m, the couple has to make $15k at least.
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24-10-2011, 03:02 PM
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Quote:
Originally Posted by xtrasaver
IMHO, I think there are mainly 6 groups.
I start the ball rolling by guessing:
Low income - earning lower than $2000 per mth
Middle-low - earning somewhat between $2000 to $5000
Middle - earning between $5000 to $8000 (normally from here onwards, people start to use per annum instead of per month; but I still use pm for illustrative purposes)
Middle-high - earning between $8000 to $12000
High - earning $12000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
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Your numbers are too low for Singapore in this day & age. The more accurate understanding is
Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
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24-10-2011, 04:48 PM
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Quote:
"Your numbers are too low for Singapore in this day & age. The more accurate understanding is
Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc."
Does these numbers include bonuses as well?
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24-10-2011, 04:50 PM
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Quote:
Originally Posted by Unregistered
Your numbers are too low for Singapore in this day & age. The more accurate understanding is
Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
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wah, you got 8 levels.
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24-10-2011, 11:30 PM
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Quote:
Originally Posted by Unregistered
Your numbers are too low for Singapore in this day & age. The more accurate understanding is
Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
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FISH!!!
I'm in my late 20s and I'm in the low income level.
FML!!!
I guess i should visit Bedok Reservoir tomorrow. Sigh...
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25-10-2011, 09:56 AM
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Quote:
Originally Posted by Unregistered
FISH!!!
I'm in my late 20s and I'm in the low income level.
FML!!!
I guess i should visit Bedok Reservoir tomorrow. Sigh...
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damn i'm only in the High zone.
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