Ex high flyer in finance, multi millionaire, retired

local bank 7yr trader base 15k bonus 5% of pnl

Finance
 

Troll in forum ~ 100k a month

Forgot to add that the salary doesn't include profit sharing.

Studies on wealth distribution and human behavior have shown that people of the same income class tended to stay in the same neighbourhood. That is, the wealthy ones tend to stay in wealthier neighborhoods while the middle income ones stay in middle income neighborhoods and the poor ones, well, they cluster together in poorer districts. When you think of it, it is logical since you stay where you can afford.

In Singapore, although we are a tiny city state, this behavior or pattern is also apparent, although the gahmen tries to level up the wealth gap as much as possible and to build better quality HDB flats. Segregation of abode by income still exists, after all the rich will prefer to stay in exclusive areas like districts 10 for example. The upper middle income class will stay in landed properties or condos, thus separating themselves from the masses who stayed in HDBs.

One of the effects of such segregation, the studies found, was that people, no matter where they stay, no matter what their income level was, think and feel they are middle income. This was because they look around their neighborhood and saw that their neighbors are similar to them, have about the same possessions as themselves. Sounds logical right?

There is another interesting effect. Because of this staying in the "same neighborhood", poor people tended to underestimate the incomes of the rich, while the rich tended to overestimate the incomes of the poor.

For example, to a lower income person, staying in a poor neighborhood, his impression and estimation of a rich person's income is that it's just a few thousands more than his, when it could be tens of thousands more! In the local context, a person earning $3k pm staying in a poor district may think that the rich guy may be just earning $8k pm when in actual fact that the rich guy is earning $25k pm.

Conversely, the rich guy, because he see around him all his equally rich neighbors, may think the lower income guy just earn a few thousands less than him when in actual fact, it could be tens of thousands less. It is like a guy earning $20k pm thinking that the lower income is earning $13k - $15k pm when in fact, the guy is only earning $3k pm.

So, here in this forum as well as in the other forums (especially in the "How much are you earning per annum" forum), you get a lot of disbelief and howls of complaints when they see posters claiming their incomes are such and such. They forgot that Singapore has one of the highest concentration of millionaires. All you need is 10 of them posting their earnings here and you upset the whole equilibrium, where the expected income levels are more down to earth.

No the disbelief is more due to the fact that rich guys usually have better things to do than to post in a forums for jobs

Lol, yes & no. The lifestyles of the wealthy can vary widely. Those who were born into wealthy families would likely behave differently from those who came from humble backgrounds.

Then there are varying levels of wealth in the ranks of the upper class (read as above $10m). Some are still in the thick of churning more money while others are taking it slow and enjoying their "fruits".

I would not rule out some coming here to pass time...

Business owner financial journey.
 

Salary at 25 - $ 30k per year
Net worth at 25 - $0
Salary at 30 - $ 100k per year
Net worth at 30 - $ 500k (hit 1m net worth around 32)
Salary at 35 - $ 300k per year
Net worth at 35 - $9m
Salary at 40 - $ 0k per year. Last drawn at 38 475k per year
Net worth at 40 - $22m

Salary earned as gm of own company. Later sold to mnc and salary as regional head.
Net worth mainly via sale of company 17m, 5m coupons and gains from portfolio last 5 years. Not much savings from salary. Just up standard of living until stabilize at about 400k per year last 3-4 years.

First year in finance industry gotten 50k/yr
Is that consider alright?
Should I look to jump to seek for faster increment.

Why a Harvard Professor Has Mixed Feelings When Students Take Jobs in Finance
://.nytimes.com/2015/04/12/upshot/why-a-harvard-professor-has-mixed-feelings-when-students-take-jobs-in-finance.html