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How much are you earning per annum?

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  #3461 (permalink)  
Old 11-01-2014, 01:53 PM
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We are a couple who made a combined 230k for 2013. Age 29 and 26. Because of the industry we are in, it doesn't seem like a lot. We are in sales.

We have been cutting back on unnecessary expenses such as restaurants and luxuries. We don't own a car nor branded watches. The furthest we've travelled to for our holidays is Taiwan.

Even though we are keen on getting a place, the income ceiling for BTOs is in the way. With the property market softening, we suspect there is more downside coming and would be looking at a resale HDB for starters.

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  #3462 (permalink)  
Old 11-01-2014, 04:05 PM
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Are you all from investment banking or property agents?

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  #3463 (permalink)  
Old 11-01-2014, 05:48 PM
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That's the Status for the upper middle class only. The upper class status is

1. Donation of $10m or more to charitable foundations
2. Own Bungalow and/or whole block of condo
3. Own football club
4. Own business or a majority share holder of big business
5. Fast cars

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Looks like Singapore's new status symbol: the new Cs

2 fully paid Condos
2 fully paid Continental Cars
Lots of Cash

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  #3464 (permalink)  
Old 12-01-2014, 07:08 PM
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I'm in my 40s, I was doing well but due to office politics, I left. Ever since, I tried getting a job but was not successful. I then thought of driving a taxi but decided not to as it is simply unthinkiable for me as I am a very learned and experienced professional.

Since I am good at investing, I decided to invest full time. But to make this sustainable, I need a significant amount of capital. I discussed with my wife and she is supportive. So we sold our landed property and downgraded to a 3 bedroom condo. I was able to sell my landed property at a good profit and buy my condo, paying in full. I was also able to pay off all my other loans, and have $1m as a start up investment capital for me. I manage to get a decent amount of returns from my stocks investments, better than any fund manager in the world. I manage my portfolio actively full time.

Now my family income (together with my wife's salary) is about $170k pa while our expenses is $120k pa. I have no debt.
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  #3465 (permalink)  
Old 13-01-2014, 07:39 AM
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You are not alone. Quite a number of mid-career professionals have taken this path. More than 3 of my friends are doing this. The key is sustainability. One told us he made $1m in one year only to lose it and more subsequently. Income from employment is sustainable. I am not sure if trading in stocks can give consistent returns over the years. To provide some level of certainty to their income, some enterprising ones even conduct seminars and courses on technical analysis. All of them have wives working and is their backup during bad years. They told us if their wives not working, they will die die look for a job.

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I'm in my 40s, I was doing well but due to office politics, I left. Ever since, I tried getting a job but was not successful. I then thought of driving a taxi but decided not to as it is simply unthinkiable for me as I am a very learned and experienced professional.

Since I am good at investing, I decided to invest full time. But to make this sustainable, I need a significant amount of capital. I discussed with my wife and she is supportive. So we sold our landed property and downgraded to a 3 bedroom condo. I was able to sell my landed property at a good profit and buy my condo, paying in full. I was also able to pay off all my other loans, and have $1m as a start up investment capital for me. I manage to get a decent amount of returns from my stocks investments, better than any fund manager in the world. I manage my portfolio actively full time.

Now my family income (together with my wife's salary) is about $170k pa while our expenses is $120k pa. I have no debt.
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  #3466 (permalink)  
Old 13-01-2014, 11:02 AM
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Quote:
Originally Posted by Unregistered View Post
You are not alone. Quite a number of mid-career professionals have taken this path. More than 3 of my friends are doing this. The key is sustainability. One told us he made $1m in one year only to lose it and more subsequently. Income from employment is sustainable. I am not sure if trading in stocks can give consistent returns over the years. To provide some level of certainty to their income, some enterprising ones even conduct seminars and courses on technical analysis. All of them have wives working and is their backup during bad years. They told us if their wives not working, they will die die look for a job.
Your friend has little investment experience or grredy. He should be better off driving a taxi.
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  #3467 (permalink)  
Old 13-01-2014, 02:26 PM
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Good for you. I'm like you but instead of office politics, it was restructuring. I sold my condo and bought a 4 room hdb flat. Paid off all my loans too. I'm able to get $70k pa from my $1.2m stocks portfolio. My wife earns $90k pa. We sold our car and now my expenses is only $80k pa. We are coping well.

Quote:
Originally Posted by Unregistered View Post
I'm in my 40s, I was doing well but due to office politics, I left. Ever since, I tried getting a job but was not successful. I then thought of driving a taxi but decided not to as it is simply unthinkiable for me as I am a very learned and experienced professional.

Since I am good at investing, I decided to invest full time. But to make this sustainable, I need a significant amount of capital. I discussed with my wife and she is supportive. So we sold our landed property and downgraded to a 3 bedroom condo. I was able to sell my landed property at a good profit and buy my condo, paying in full. I was also able to pay off all my other loans, and have $1m as a start up investment capital for me. I manage to get a decent amount of returns from my stocks investments, better than any fund manager in the world. I manage my portfolio actively full time.

Now my family income (together with my wife's salary) is about $170k pa while our expenses is $120k pa. I have no debt.
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  #3468 (permalink)  
Old 13-01-2014, 04:00 PM
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Hi

My spouse and I are 30 years old, with combined income of about 120k pa (exclude bonuses). We both worked for the civil service.

Bought an EC at Punggol in early 2012, for about $800k, expected TOP in 2015, with bank loan of about $600k. Planning to get a 2nd hand car when house is ready, yearly holidays and probably kids in a few years time.

Not sure if we are able to live comfortably with our finances? For your advise and comments please.

Thank you.


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  #3469 (permalink)  
Old 13-01-2014, 04:01 PM
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I was a corporate executive and now I am a millionaire and now retired at 45. My stocks portfolio gives me $65k pa in dividends. We live in a brand new fully paid up condo (99 years lease) with a big swimming pool and modern gym. I paid up most of the mortgage.

My wife is still not a millionaire and she is working towards being a millionaire. She gets about $120k pa from her work and spends $50k pa on the family expenditures and saves $70k pa. I spend $50k pa for the family (from my dividends) and saves $15k pa. My wife will need to work for another 10 years to reach millionaire status and then she can retire. So our family income is now $185k pa while our expenditure is $100k pa.
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  #3470 (permalink)  
Old 13-01-2014, 04:58 PM
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Your mortgage will be about $2k pm and your car loan and expenses will be about $2k pm. In total, you pay $48k pa. You have plenty left for food, holidays, etc. Some more you pay will rise to $300k pa by the time you reach 40.

Quote:
Originally Posted by Unregistered View Post
Hi

My spouse and I are 30 years old, with combined income of about 120k pa (exclude bonuses). We both worked for the civil service.

Bought an EC at Punggol in early 2012, for about $800k, expected TOP in 2015, with bank loan of about $600k. Planning to get a 2nd hand car when house is ready, yearly holidays and probably kids in a few years time.

Not sure if we are able to live comfortably with our finances? For your advise and comments please.

Thank you.
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