How much are you earning per annum?

is 42k pa considered low?

Age 27

Originally Posted by Unregistered

is 42k pa considered low?

Age 27

No it is not.

Originally Posted by Unregistered

You are a rich couple. Now is a good time for you to upgrade to a 5 room executive HDB flat. Pay off as much mortgage as possible. Then you can grow your savings for your retirement at age 78. This is the ideal retirement age. Also bear in mind, you may be retrenched when you reach your forties. Be prepared. Don't be a stupid fool who over leverage, someone in this forum is a fool who over leverage.

Staying in a 5 room hdb. We choose not to pay off the mortgage as we keep the cash to invest instead and so far is yielding us slightly higher returns than the mortgage interest. And me and wife not rich la. seriously... there's so many couple i know of that make much more. but not to compare, i'm contented at the moment.
in fact, i'm looking to switch jobs at the moment and most likely will pay lesser.

Originally Posted by Unregistered

is 42k pa considered low?

Age 27

It's normal.
Can be higher.

currently working in civil services, earning 2800 per mnth with diploma cert. promoted once.

however just gotten a oversea degree, should i venture out to private sector? or stay in government sector?

What is your qual? Degree or diploma? if degree got honours or not?

Fresh grads with good honours joining civil Service (aged 25 for male) already got $4K - $4.5K pm or $60k pa (with bonuses).

At 27, they will be drawing $70K.

Other degrees, at 25, they would be getting $52k pa

Originally Posted by Unregistered

is 42k pa considered low?

Age 27

If you are a grad, you can get a feel of where you stand from here:Graduate Employment Survey 2012 (Published 2013) | Salary.sg - Your Salary in Singapore

At 27, $42k pa (assuming 2 mths bonus + 13th mth AWS), your monthly pay is $2.8k.

Fresh grads at 23 - 25 are already getting that or much more for law & medicine. So if you are a degree holder, your pay is low.

Originally Posted by Unregistered

is 42k pa considered low?

Age 27

I was a corporate executive a year ago, earned $200k pa. Unfortunately due to restructuring, I was retrenched. Now at 45, I only managed to secure a $80k pa job. It is less stressful but paying much lower. Luckily I have paid off my condo's mortgage. My wife now goes back to work, earning $70k pa. Now, we manage to survive with an annual income of $150k pa. Life is tough. To own a condo and maintaining a car in Singapore is not easy, but we manage, out of sheer determination.

Originally Posted by Unregistered

I was a corporate executive a year ago, earned $200k pa. Unfortunately due to restructuring, I was retrenched. Now at 45, I only managed to secure a $80k pa job. It is less stressful but paying much lower. Luckily I have paid off my condo's mortgage. My wife now goes back to work, earning $70k pa. Now, we manage to survive with an annual income of $150k pa. Life is tough. To own a condo and maintaining a car in Singapore is not easy, but we manage, out of sheer determination.

Sorry to hear about your misfortune. But don't be sad, count your many blessings. You still have a job, even though the pay is lower but it is less stressful which means the chances of you getting a heart attack is lower. Also luckily your wife can still work. And most importantly, you have a secure roof over your head since you now own your condo fully. To be able to still own a condo and a car in Singapore is a big thing. So, you are very lucky despite the misfortune of losing a high paying job. A good lesson learn from your experience is that we should not assume our jobs and pay will always be the same, always expect the worst. This reminds us not to overleverage and be over confident of our jobs. Undortunately, there are foolish people who over leverage and those who encourage such foolish behaviour.

You have much to be thankful for. Living in a condo, some more fully paid, is an aspiration for many. If you are able to save some money every month then you should be alright. Financial experts recommended saving 10% pm when just starting out work, but to increase the savings when older (eg 30-40% by late 40s). This is assuming most of the loans are paid up.

For us, we finally achieved our aspiration to live in a condo when we were 50 after years of saving. We didn't want to take loan, which was a big big mistake! We should have bought earlier with loan. But at least we are now enjoying the condo. It was sweet reward after so many years of work and savings.

With our children grown up and no loans, we are now able to save 60% of our income every year. Having tasted the good life of living in a condo, we are eyeing buying another. Just waiting for the market correction. Depending on the magnitude of the correction, we might not even need to take loan for the 2nd condo. Waiting.....

Originally Posted by Unregistered

I was a corporate executive a year ago, earned $200k pa. Unfortunately due to restructuring, I was retrenched. Now at 45, I only managed to secure a $80k pa job. It is less stressful but paying much lower. Luckily I have paid off my condo's mortgage. My wife now goes back to work, earning $70k pa. Now, we manage to survive with an annual income of $150k pa. Life is tough. To own a condo and maintaining a car in Singapore is not easy, but we manage, out of sheer determination.