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How much are you earning per annum?

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  #12191 (permalink)  
Old 10-04-2021, 12:49 PM
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Apart from my full-time job, looking at options to further increase my income. Apart from investing, anyone else has a side job? Would love to hear on any side-job ideas. Thanks!

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  #12192 (permalink)  
Old 10-04-2021, 01:40 PM
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You are a wise person. No money in the world will be able to buy time you have lost. Donít regret not spending enough time with your family and contributing to society. Too many people are so caught up chasing that extra dollar and lose sight of what is truly important. At your death bed, no amount of wealth really matters. What matters is what you have done on this earth to make the world better. If the world mourns your death, then you have led a meaningful and happy life.

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Iím the high flyer you talked about. Retired in my 40s to focus on family, health and charity. Iím not a greedy person, happy with my achievements, beyond my wildest dreams. My apartment is debt free, I still drive a luxury car and I enjoy travelling. You donít need so much to be financially free. You also donít need to leave behind so much wealth to your children. Let them work hard to build their own wealth.


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  #12193 (permalink)  
Old 10-04-2021, 11:36 PM
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great to see many sharing their experience.
im in my early 30s, still single and bought a hdb jointly with one of my sibling. parents staying with us and do not have a house under their name... prefer not to share too much about it...
i currently earn about base annual 145k before any bonuses. even if there are, probably just 1 to 2.5mths on average. i save about 50% of my take home pay on average... and at times when im really giam i can save up to 70% of it. majority of my expenses come from supporting my parents medical expenses/ daily neccessities/ paying my maid- all these are shared with my other sibling. most of my makan r just at kopitiam n hawker, and ocasional indulgence at mcdonalds lol.
have also bought a brand new japanese car to ferry my folks around. even after factor in car costs i can still save within the range of 50-60% ( i spent 80% of my free time at home).

i have a really low risk appetite for invmt... chugged away a small portion of my savings in roboadvisors and plan to DCA into it for at least the next 5-10yrs.
i believe there is still plenty of room to grow my earning capability (in finance; non-FO) and also have plans to settle down in the coming yrs (hopefully can find the right one).

maybe its part of getting old recently im getting more worried about my retirement... the average retirement age in my line of work is abt 57... how do u all 'ration' yr monies post retirement? esp if u got insurance prem that wld last till around 75-80
May I ask how much exp do you have? 12k pm in early 30s is great.

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  #12194 (permalink)  
Old 11-04-2021, 12:00 AM
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Originally Posted by Unregistered View Post
great to see many sharing their experience.
im in my early 30s, still single and bought a hdb jointly with one of my sibling. parents staying with us and do not have a house under their name... prefer not to share too much about it...
i currently earn about base annual 145k before any bonuses. even if there are, probably just 1 to 2.5mths on average. i save about 50% of my take home pay on average... and at times when im really giam i can save up to 70% of it. majority of my expenses come from supporting my parents medical expenses/ daily neccessities/ paying my maid- all these are shared with my other sibling. most of my makan r just at kopitiam n hawker, and ocasional indulgence at mcdonalds lol.
have also bought a brand new japanese car to ferry my folks around. even after factor in car costs i can still save within the range of 50-60% ( i spent 80% of my free time at home).

i have a really low risk appetite for invmt... chugged away a small portion of my savings in roboadvisors and plan to DCA into it for at least the next 5-10yrs.
i believe there is still plenty of room to grow my earning capability (in finance; non-FO) and also have plans to settle down in the coming yrs (hopefully can find the right one).

maybe its part of getting old recently im getting more worried about my retirement... the average retirement age in my line of work is abt 57... how do u all 'ration' yr monies post retirement? esp if u got insurance prem that wld last till around 75-80
Thanks for sharing! Do you mind diving deeper into your job progression? 145k in non-FO finance in early 30s -> guessing you are a junior VP? Thatís pretty good!
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  #12195 (permalink)  
Old 11-04-2021, 11:14 AM
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hi, i'm the "in finance;non-FO" guy.

my total years of exp is that of a typical sporean male who served ns and went on to complete 3yrs of U studies.. less than 10yrs for obvious reason since im only in my early 30s haha.
when i started out years ago in another bank as a contractor n my starting pay was not all that fantastic.. about $2.4k all in per mth. all my lunches were the $2.30 cai png at the old golden shoe complex in order to manage my finances haha. to date im still eating cai png so not much have changed lol.
i moved around diff banks few times over the years, and each move would be at least 20% upwards. Most of the hiring bosses werr my ex bosses and/or snr ex-colleagues so i didnt really have to bargain much... of coz over the years (pre covid) there were also few times i had more than 10-15% adjustment internally as part of the yr end reviews...

anw i dont know if my situation is indeed 'very good' becoz in my professional circle there quite many around my age grp doing way better than me. that said, im contented w what i have considered i came/grew up in a really poor family, and will continue to strive for better career prospects for myself haha (and for my family as well)
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  #12196 (permalink)  
Old 12-04-2021, 12:08 PM
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hi, i'm the "in finance;non-FO" guy.

my total years of exp is that of a typical sporean male who served ns and went on to complete 3yrs of U studies.. less than 10yrs for obvious reason since im only in my early 30s haha.
when i started out years ago in another bank as a contractor n my starting pay was not all that fantastic.. about $2.4k all in per mth. all my lunches were the $2.30 cai png at the old golden shoe complex in order to manage my finances haha. to date im still eating cai png so not much have changed lol.
i moved around diff banks few times over the years, and each move would be at least 20% upwards. Most of the hiring bosses werr my ex bosses and/or snr ex-colleagues so i didnt really have to bargain much... of coz over the years (pre covid) there were also few times i had more than 10-15% adjustment internally as part of the yr end reviews...

anw i dont know if my situation is indeed 'very good' becoz in my professional circle there quite many around my age grp doing way better than me. that said, im contented w what i have considered i came/grew up in a really poor family, and will continue to strive for better career prospects for myself haha (and for my family as well)
From 2.4k to 12k pm in less than 10 years, that is pretty incredible. Congrats.
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  #12197 (permalink)  
Old 12-04-2021, 12:41 PM
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Quote:
Originally Posted by Unregistered View Post
hi, i'm the "in finance;non-FO" guy.

my total years of exp is that of a typical sporean male who served ns and went on to complete 3yrs of U studies.. less than 10yrs for obvious reason since im only in my early 30s haha.
when i started out years ago in another bank as a contractor n my starting pay was not all that fantastic.. about $2.4k all in per mth. all my lunches were the $2.30 cai png at the old golden shoe complex in order to manage my finances haha. to date im still eating cai png so not much have changed lol.
i moved around diff banks few times over the years, and each move would be at least 20% upwards. Most of the hiring bosses werr my ex bosses and/or snr ex-colleagues so i didnt really have to bargain much... of coz over the years (pre covid) there were also few times i had more than 10-15% adjustment internally as part of the yr end reviews...

anw i dont know if my situation is indeed 'very good' becoz in my professional circle there quite many around my age grp doing way better than me. that said, im contented w what i have considered i came/grew up in a really poor family, and will continue to strive for better career prospects for myself haha (and for my family as well)
Which bank are you at and are you a VP? Assuming a degree from NTU since 3 years?
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  #12198 (permalink)  
Old 12-04-2021, 03:08 PM
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Which bank are you at and are you a VP? Assuming a degree from NTU since 3 years?
nope. I studied at SIM... and gotten my deg from one of its affiliated partners (i.e. DL deg).
Probably also the main reason i started off low relative to what some of my peers from local U were drawing in their first job.

Not wise for me to reveal which bank i am at or my corp title... but its a foreign bank with relatively big presence and brand name in APAC region, as well as globally. U can probably guess from my pay grade alrdy given my exp so far.

i started off in some boutique banks that some people may never even heard before hahaha.
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  #12199 (permalink)  
Old 12-04-2021, 03:09 PM
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nope. I studied at SIM... and gotten my deg from one of its affiliated partners (i.e. DL deg).
Probably also the main reason i started off low relative to what some of my peers from local U were drawing in their first job.

Not wise for me to reveal which bank i am at or my corp title... but its a foreign bank with relatively big presence and brand name in APAC region, as well as globally. U can probably guess from my pay grade alrdy given my exp so far.

i started off in some boutique banks that some people may never even heard before hahaha.
No worries, thanks for sharing! You are doing very well though, happy for you!
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  #12200 (permalink)  
Old 18-04-2021, 07:10 AM
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We will be 55 soon and plan to retire. When we reach 55, we will go for the Enhanced Retirement Sum option of the CPF Life. This gives us about $2.1k pm from age 65 onwards. So our passive income will be $4.2k pm or $50k pa. This is a lot for a retired couple as we plan to cook our meals and will travel by public transportation.

Between age 55 to 65, we will need about $5k pm or $60k pa. In total $600k over 10 years. We can get this amount of cash by selling our $1 mil condo and then buying a 3 room HDB flat for $300k paid in full cash. Living in a 3 room HDB flat has many advantages as we get to enjoy utilities rebate which we donít enjoy now as we are living in a condo.

Life is short.
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