How much are you earning per annum?

What biz should I go into? Should I be a property agent? I heard there are a lot of rich agents. Or should I go into the food industry? How much capital must I have? Please advise. I want to be a millionaire soon. Can the millionaire gurus here please advise? Thank you.

Originally Posted by Unregistered

Salaried income & savings from it will never get anyone rich to millionaire. but your family annual saving of S$40k is decent for rainy days. (is this amount including your interest, passive income,etc )

its the investment that would make one rich or u strike out your own bbiz .

You should have used your savings & leverage on loan to but properties few years ago. that would have lifted your net worth. BUT, you may have missed the boat...... property cycle is coming to its peak and correction is imminent. buy now and you may need 7-10 years to get back to your buy-in value. but of course in long long run, property is going uptrend.

Staying in a condo is really good, especially one with full facilities (tennis courts, swimming pools, gym, etc), so I can understand your desire to stay in one.

How old are you? With children in primary school, I take it that you are in your late 30s or early 40s. It is not clear whether you or your wife is earning $40k. But the fact that your family is able to save $40k pa means that your expenses are covered by one of your incomes.

People are paid high salaries for their skills, knowledge, responsibilities and experience. Even among doctors, lawyers they start out with relatively average salaries. They are paid higher only when they gained more experience, start specializing and / or take on higher responsibilities. Among the engineers I know, most start earning $200k only when they become managers.

If you think your current job scope has no more upside, you can change industry. Doing more jobs is not really the solution. I mean how much do you think a taxi driver (on shift sharing) can earn? As for insurance and property agents, I think sometimes they end up spending more than than they earn. They spent a lot on advertising, printing name cards, driving here and there to conduct open houses without securing any deals. My retired neighbor is doing exactly this - part time insurance and property agent. I see him like everyday shake leg at home.

Originally Posted by Unregistered

I have a wife, earning $40k pa. My children are in primary school. We live in a 4 room BTO flat (2nd time) which we have paid up using the sale of our first BTO and savings. We don't have a car and we eat home cooked food most of the time. We only manage to save $40k pa. Are we doing ok? How can I earn more? Should I take up part time taxi driving, part time property agent or part time insurance agent? Appreciate advice from those who has made it big. How do you earn $200k pa? I want to buy a condo and enjoy swimming pool, gym, tennis court in a nice, peaceful environment. Can I ever afford to live in a condo? Please help. Thank you.

Male, 48, retired. Passive income S$82k pa from dividends. Lives in a condo in Bukit Timah. No debt. Spends time as a volunteer in overseas missions with a global charitable organisation to feed the poor. My life feels great now. Feeling very fulfilled, realised how lucky I am. I think I am among the top richest 1% of the world's population. I feel sinful if I don't do something to help the world's poor. The poor in our blessed country is nothing compared to those in parts of Asia, Latin America and Africa. My net worth can feed thousands of these destitutes.

Originally Posted by Unregistered

Male, 48, retired. Passive income S$82k pa from dividends. Lives in a condo in Bukit Timah. No debt. Spends time as a volunteer in overseas missions with a global charitable organisation to feed the poor. My life feels great now. Feeling very fulfilled, realised how lucky I am. I think I am among the top richest 1% of the world's population. I feel sinful if I don't do something to help the world's poor. The poor in our blessed country is nothing compared to those in parts of Asia, Latin America and Africa. My net worth can feed thousands of these destitutes.

thanks for sharing. if your dividend yield is 4%, it means you have about $2m in your stock investments. assuming you have another $3m of assets outside of stocks, you have a total net worth of $5m. does that put you among the "top richest 1%"?

[Darkzi0n]

Originally Posted by Unregistered

thanks for sharing. if your dividend yield is 4%, it means you have about $2m in your stock investments. assuming you have another $3m of assets outside of stocks, you have a total net worth of $5m. does that put you among the "top richest 1%"?

it probably dosnt take an astronomical value to be the top 1% of the world... given the vast number of ppl living in poverty around the world.

it will be a different story if u r toking about top 1% of singapore or some other developed countries tho.

Originally Posted by Darkzi0n

it probably dosnt take an astronomical value to be the top 1% of the world... given the vast number of ppl living in poverty around the world.

it will be a different story if u r toking about top 1% of singapore or some other developed countries tho.

your maths very good. can teach me? poly student.

Originally Posted by Unregistered

thanks for sharing. if your dividend yield is 4%, it means you have about $2m in your stock investments. assuming you have another $3m of assets outside of stocks, you have a total net worth of $5m. does that put you among the "top richest 1%"?

There are about 12 million millionaires in the world today.
The world's population is about 7 billion today.
So actually, that is about 0.2%.
So you are in the top 0.2% of the world's population.
If your net worth is more than US$2m, you could even be in the top 0.1% !!!!!!
Thanks to our government and our system.

Originally Posted by Unregistered

There are about 12 million millionaires in the world today.
The world's population is about 7 billion today.
So actually, that is about 0.2%.
So you are in the top 0.2% of the world's population.
If your net worth is more than US$2m, you could even be in the top 0.1% !!!!!!
Thanks to our government and our system.

I was born into a relatively poor family. My parents were labourers and they know the value of education as they themselves could not afford to further their studies due to financial contraints during their time. I followed their advice and studied hard. I was one of the top students in my cohort for the major national exams. Eventually I graduated with flying colours from the top local U. I got good jobs in the private sector and was paid very well.

I did not splurge my pay and big bonuses as I knew the value of money from my parents. I drive a cheap asian car even though I could afford a 5 series. I am good at investing in stocks and properties and after 10 years of successful active investing, I now own 3 condos (all paid up) and a portfolio of high dividend stocks. I am one of the 157,000 millionaires in Singapore and one of the 12 million in the world. I think I am in the top 0.1% of the world's population as my personal net worth in total is about US$4m. If I had been born in other country, I dont think I will be this successful. I have achieved the Singapore dream. Yes, the government and our system made this possible. I thank the ruling government for making this a reality.

Now I can afford to semi retire at a young age of 47, doing part time consultancy work and enjoying more quality time with my family and exercise more at the gym and swimming pool. My passive income is more than sufficient for my family's needs. I have zero debt.

I'm 23 this year, I have my own F&B business shared with partners.
Currently still staying with parent,

I draw 3,000 per mth just to manage and oversee the operations, without any bonus.
I have lots of free time everyday which makes me feel lethargic.
Profit per year from business is only about 36k

However I have very high expenses as I own a Luxury Japanese car..
And I'm really into expensive Hobby such as collecting watches.

[lordlad]

31 this year

Annual wage 72k equivilant not including bonuses though only started this year. I started way low (1.5k monthly) and job hopped my way through my current pay. Not Uni grads.

Field: Enterprise IT (servers, VMware, SAN & stuff)
Sector: Banking

around 15k cash and USD15k shares with near 100k CPF. Single, no house, no car still staying with my parents' 5room flat