How much are you earning per annum?

It depends on how much you earn. When I earned $150K, I was like you, a simple man, but now I am 51 and earn $800K per year with another $350K in investment/rental income. Things are different.

I gave up the cheap Japanese car, drive a Porsche and intend to buy another one. COE is irritating but it's only about 15% of the car cost. The new car tax structure is annoying but it's not like I can't afford it.

My tax bill is over $100K, but I don't mind at all paying tax in Singapore because the tax rate is one of the lowest in the world. Government is good.

Every year I put in about $1m into investments, about $600K cash and $400K of borrowings. I get about $50K in extra income each year. I figure if I work until 55, my investment/rental income will rise to about $500K.

My point is that your priorities change over time. When you are relatively poor, the relationships are very important. When you are rich, too many people want relationships with you.

Originally Posted by Unregistered

Every now and then we will get a doubter. People doubt because they don't have the facts, not exposed to people of wealth and high income, and don't earn high income themselves.

Using the kind of car a person drive to gauge his income level & wealth is a big NO. Many senior people in civil service and even stat boards are not inclined to own big flashy European cars for good reason. Many earn $200k to $300k pa or more if they are directors or CEO level. So if a CEO only drives a Teana or Camry, you think their staff will go and drive a BMW or big Merz? Very few would do that, and it would not be because they cannot afford it.

I am not saying many people are rich, but it is important to recognize there are. All it takes is for a few of them to post here. $100k pa for up and coming young (early 30s to mid 30s) executives are indeed the norm. By their 40s they could be smelling $200k. Some of these people will still be staying in HDB and driving their faithful and reliable toyota, Nissan or Honda.

I am not saying there are no one who is rich, I am just saying rich people rarely boast on forums let alone visit forums specialised in FINDING JOBS, they do it in your face. Trolls on the otherhand...they are plentiful

Originally Posted by Unregistered

Every now and then we will get a doubter. People doubt because they don't have the facts, not exposed to people of wealth and high income, and don't earn high income themselves.

Using the kind of car a person drive to gauge his income level & wealth is a big NO. Many senior people in civil service and even stat boards are not inclined to own big flashy European cars for good reason. Many earn $200k to $300k pa or more if they are directors or CEO level. So if a CEO only drives a Teana or Camry, you think their staff will go and drive a BMW or big Merz? Very few would do that, and it would not be because they cannot afford it.

I am not saying many people are rich, but it is important to recognize there are. All it takes is for a few of them to post here. $100k pa for up and coming young (early 30s to mid 30s) executives are indeed the norm. By their 40s they could be smelling $200k. Some of these people will still be staying in HDB and driving their faithful and reliable toyota, Nissan or Honda.

That is exactly the problem. People don't have the facts, so how should they judge the credibility of these posts? I like to think my suggested self check would help provide some sanity checks to these posts.

True, there are some people who might be earning that amount, but how many? and it would so happen that these people who are normally humble need to find a venue to show off their wealth and choose to do so in this forum? Maybe, I'll let the reader decide.

I do remember one the litmus test was for the reader to look around and decide for himself what is the more realistic salary. Just as the reader should decide if the neighbor next door happens to be some closet big shot CEO who's pretending to be humble, or if all his neighbors are CEOs or VPs somewhere else that he didn't know of. Again, I am not saying its not possible, just how likely is that going to be the case?

And just to set the record straight, lets just say that I considered myself to be doing pretty with a salary probably in the top 10 to 20% percentile based on my own assessment among my peers and in comparison to published statistics. I know several few senior management fellows, bankers and fellow investment professionals and even among them, the salary here are, well, not that common. I know, as a guide, that the usual number of senior management in a reasonable sized corporation should usually less than 5%. And, if you look up MOM statistics, you might noticed that finance sector takes up only a small percentage of the employment. So why is it that so many of them are in this forum?

Seriously, for readers who are curious of where they stand, take a look at the statistics out there and decide for yourself.

32yo male, local degree no honours
annual income only 100k

100k means about $6k - 8k pm depending how much bonus you got. You are just above the $5k pm income level that the gahmen thinks will need financial help in buying the new 2 rm flats.

So assuming you remain single in 3 yrs time (when you reach 35), you may qualify for gahmen help in getting your 2 rm flat. With inflation, surely the $5k limit for financial assistance will be raised.

So while your pay is low, the silver lining is that you will qualify for financial help.

Originally Posted by Unregistered

32yo male, local degree no honours
annual income only 100k

Originally Posted by Unregistered

100k means about $6k - 8k pm depending how much bonus you got. You are just above the $5k pm income level that the gahmen thinks will need financial help in buying the new 2 rm flats.

So assuming you remain single in 3 yrs time (when you reach 35), you may qualify for gahmen help in getting your 2 rm flat. With inflation, surely the $5k limit for financial assistance will be raised.

So while your pay is low, the silver lining is that you will qualify for financial help.

Yes, buy the 2 room at on $76k, after 5 years can sell at $300k. Then use profits to upgrade to a condo. By then your income should be about $200k pa.

Originally Posted by Unregistered

It depends on how much you earn. When I earned $150K, I was like you, a simple man, but now I am 51 and earn $800K per year with another $350K in investment/rental income. Things are different.

I gave up the cheap Japanese car, drive a Porsche and intend to buy another one. COE is irritating but it's only about 15% of the car cost. The new car tax structure is annoying but it's not like I can't afford it.

My tax bill is over $100K, but I don't mind at all paying tax in Singapore because the tax rate is one of the lowest in the world. Government is good.

Every year I put in about $1m into investments, about $600K cash and $400K of borrowings. I get about $50K in extra income each year. I figure if I work until 55, my investment/rental income will rise to about $500K.

My point is that your priorities change over time. When you are relatively poor, the relationships are very important. When you are rich, too many people want relationships with you.

Yes, I think our lifestyle will probably evolve with income, but it is still a choice. You chose to buy a Porsche. Porsche didn't choose you. That being said, $$ is earned to be spent, we can't bring any of it with us. So spend it we must.

As long as I meet the basic Maslow's hierarchy of needs, I can progress to luxuries but not because I want to show off, but because well, the cost of a porsche is but a minute sum of my income, and it is affordable.

Maybe I will get my dad and sister a porsche each as well, come to think of it.

I always like to say, those friends that are with you when you are poor and struggling, are your true friends. Those friends that come with $$, those are fair-weathered friends.

So unless you need an ego boost (fair weathered friends usually say nice things since you have $$), you are better off without that poison near your heart.

Which Porsche are you driving? I was eyeing the Carrara 911 which cost just slightly $1m. Spare change to me; I paid more taxes to the government than that!

Quite interestingly, you manage to only pay $100k. At 20% tax above $400k or $500k (cant remember, it has always been too low for me, not that I care, since I make at least hundred times more!), i thought you'd be paying that amount above $1m per annual. You should be making more than that, right?

Oh, would you me attending the billion dollar club event tomorrow? We could meet to talk about Porsche.

While there are rich people who prefer to live simply, the opposite is also true for a lot of other folks who felt the urgent need to flaunt although haven't quite arrived. One of my friends promised to "reward" himself with a European car when his pay hit $10k per month. True to his word, he promptly bought himself a BMW 3 series when his salary got raised just above $10k. Luckily this was before the measures on car loans. We are not complaining as we get "sikit atas" free rides from him.

Interestingly our bosses / seniors earning much more are still happily driving their camry, cefiro and some even altis. While most are staying in condos, a few at the director level are still staying in HDBs.

Originally Posted by Unregistered

That is exactly the problem. People don't have the facts, so how should they judge the credibility of these posts? I like to think my suggested self check would help provide some sanity checks to these posts.

True, there are some people who might be earning that amount, but how many? and it would so happen that these people who are normally humble need to find a venue to show off their wealth and choose to do so in this forum? Maybe, I'll let the reader decide.

I do remember one the litmus test was for the reader to look around and decide for himself what is the more realistic salary. Just as the reader should decide if the neighbor next door happens to be some closet big shot CEO who's pretending to be humble, or if all his neighbors are CEOs or VPs somewhere else that he didn't know of. Again, I am not saying its not possible, just how likely is that going to be the case?

And just to set the record straight, lets just say that I considered myself to be doing pretty with a salary probably in the top 10 to 20% percentile based on my own assessment among my peers and in comparison to published statistics. I know several few senior management fellows, bankers and fellow investment professionals and even among them, the salary here are, well, not that common. I know, as a guide, that the usual number of senior management in a reasonable sized corporation should usually less than 5%. And, if you look up MOM statistics, you might noticed that finance sector takes up only a small percentage of the employment. So why is it that so many of them are in this forum?

Seriously, for readers who are curious of where they stand, take a look at the statistics out there and decide for yourself.

Singapore has what? 2.5 - 3 million workers? Top 20% household income is above $15k per month. The top 10% household earns twice that at $30k per month.

Even if we just use the top10% household, we would have the range of 12,500 to 25,000 people already. Just have 20 - 50 of these people posting here would be enough to create the impression that everyone is rich. By the way, unlike last time where wives stayed home to be housewives (even for those with degrees), nowadays most households are dual income. So even if individually each may be earning just $150k pa, together it is $300k pa. The $300k pa are for younger households (maybe late 30s).

Originally Posted by Unregistered

That is exactly the problem. People don't have the facts, so how should they judge the credibility of these posts? I like to think my suggested self check would help provide some sanity checks to these posts.

True, there are some people who might be earning that amount, but how many? and it would so happen that these people who are normally humble need to find a venue to show off their wealth and choose to do so in this forum? Maybe, I'll let the reader decide.

I do remember one the litmus test was for the reader to look around and decide for himself what is the more realistic salary. Just as the reader should decide if the neighbor next door happens to be some closet big shot CEO who's pretending to be humble, or if all his neighbors are CEOs or VPs somewhere else that he didn't know of. Again, I am not saying its not possible, just how likely is that going to be the case?

And just to set the record straight, lets just say that I considered myself to be doing pretty with a salary probably in the top 10 to 20% percentile based on my own assessment among my peers and in comparison to published statistics. I know several few senior management fellows, bankers and fellow investment professionals and even among them, the salary here are, well, not that common. I know, as a guide, that the usual number of senior management in a reasonable sized corporation should usually less than 5%. And, if you look up MOM statistics, you might noticed that finance sector takes up only a small percentage of the employment. So why is it that so many of them are in this forum?

Seriously, for readers who are curious of where they stand, take a look at the statistics out there and decide for yourself.