Banks' Pay and Bonuses

Originally Posted by Unregistered

Not to that extent of caipng every meal. Just ask if you can continue to pay off expenses with no job tmr.

Many will be tight down to loans, normal expenses etc.

Obviously you’re not earning $300k. If you earn $100k or $300k, you’ll still have lots of financial worries. Your auto loan is bigger, your mortgage is bigger. People always think that earning more will solve lots of their financial worries, but in reality it isnt.

Originally Posted by Unregistered

Obviously you’re not earning $300k. If you earn $100k or $300k, you’ll still have lots of financial worries. Your auto loan is bigger, your mortgage is bigger. People always think that earning more will solve lots of their financial worries, but in reality it isnt.

You only have yourself to blame if you don't know how to live within your means.

Originally Posted by Unregistered

Anybody have any idea on HSBC Life annual bonus averagely speaking? 2 months?

Anybody has any idea on this?

Originally Posted by Unregistered

Obviously you’re not earning $300k. If you earn $100k or $300k, you’ll still have lots of financial worries. Your auto loan is bigger, your mortgage is bigger. People always think that earning more will solve lots of their financial worries, but in reality it isnt.

Actually, lifestyle inflation doesn't have to happen.

The same person earning $100k - $300k can choose to live the exact same way as he/did when earning $3k (i.e. eat at the same places, live at the same house, etcl

If the person is smart, he/she will invest majority of their salary, start a business of their own or find ways to create passive income so that he/she doesn't have to work for the money and if retrenchment, dismissal or whatever happens, it doesn't matter because there will still be money coming in. The best part is with compounding interest, if someone earns $100k to $300k and invest it, he/she can be out of the rat race in just a few years compared to peers that decide to choose to spend the salary on depreciating items.

Originally Posted by Unregistered

Actually, lifestyle inflation doesn't have to happen.

The same person earning $100k - $300k can choose to live the exact same way as he/did when earning $3k (i.e. eat at the same places, live at the same house, etcl

If the person is smart, he/she will invest majority of their salary, start a business of their own or find ways to create passive income so that he/she doesn't have to work for the money and if retrenchment, dismissal or whatever happens, it doesn't matter because there will still be money coming in. The best part is with compounding interest, if someone earns $100k to $300k and invest it, he/she can be out of the rat race in just a few years compared to peers that decide to choose to spend the salary on depreciating items.

This is exactly what people not earning $300k pa would say. Live within your means. Pfft. Plebs

Originally Posted by Unregistered

This is exactly what people not earning $300k pa would say. Live within your means. Pfft. Plebs

Lol imagine living a 3k pm peasant life on 300k pa salary. Work so hard for what then? Siao ah

Originally Posted by Unregistered

Actually, lifestyle inflation doesn't have to happen.

The same person earning $100k - $300k can choose to live the exact same way as he/did when earning $3k (i.e. eat at the same places, live at the same house, etcl

If the person is smart, he/she will invest majority of their salary, start a business of their own or find ways to create passive income so that he/she doesn't have to work for the money and if retrenchment, dismissal or whatever happens, it doesn't matter because there will still be money coming in. The best part is with compounding interest, if someone earns $100k to $300k and invest it, he/she can be out of the rat race in just a few years compared to peers that decide to choose to spend the salary on depreciating items.

This is the point. Many are not getting it. All the best to you.

Originally Posted by Unregistered

Lol imagine living a 3k pm peasant life on 300k pa salary. Work so hard for what then? Siao ah

The point is that you only need to do that for a few years.

Let's say there are 2 people.

Both earn 300k takehome.

A spends all of it.
B spends only 36k and invest 264k a year (let's just say 22k monthly in bonds of 4% interest per year).

After 5 years at the job, A has no savings. B has $1.43M.

Now, recession hits. Both lose job.

A has no choice. He has to go find a job even if it pays less than 300k because he has expenses to pay.

B can literally just live off the interest of 4% per year which is 57k a year or 4.7K a month if he wants to while taking his own sweet time to find a job that pays him 300k or more. He will in fact even has excess because his expenses is same as when he earning 3k a month.

Now, I used bonds as example. Imagine stock market.

Compounding interest is the key. Literally earning interest on interest.

Originally Posted by Unregistered

The point is that you only need to do that for a few years.

Let's say there are 2 people.

Both earn 300k takehome.

A spends all of it.
B spends only 36k and invest 264k a year (let's just say 22k monthly in bonds of 4% interest per year).

After 5 years at the job, A has no savings. B has $1.43M.

Now, recession hits. Both lose job.

A has no choice. He has to go find a job even if it pays less than 300k because he has expenses to pay.

B can literally just live off the interest of 4% per year which is 57k a year or 4.7K a month if he wants to while taking his own sweet time to find a job that pays him 300k or more. He will in fact even has excess because his expenses is same as when he earning 3k a month.

Now, I used bonds as example. Imagine stock market.

Compounding interest is the key. Literally earning interest on interest.

Your example is far too simplistic because nobody earning 300k is going to spend all of it. Btw which bonds which aren't complete junk are going to pay 4% in the current market?

Originally Posted by Unregistered

Your example is far too simplistic because nobody earning 300k is going to spend all of it. Btw which bonds which aren't complete junk are going to pay 4% in the current market?

put in cpf lor hahahhaahahahahaha