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How much are you earning per annum?

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  #3511 (permalink)  
Old 20-01-2014, 08:37 AM
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Looking at the postings here, I am ashamed to share how much me and my spouse are earning. However, we will just share so as to encourage more people to share.

Our total income per year is about only $200k, we are in our early fifties. This is likely to be the max that we will earn as our earnings has plateued. Even though this amount is not as much as some of the younger forumers here who earn $250k per person or half a million per couple, we are contented. We managed to buy a condo during the early 90s and now it is fully paid up. The 4 bedroom unit is now worth $1.8m.

Our savings in CPF and cash is about $600k only. No other assets. We have friends who are more successful, many of them own 3 or 4 condos fully paid up. They bought them for their parents to stay or for their children to stay when they get married. So, we are poor in comparison, but we are satisfied as we still manage to live in a luxury condo.

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  #3512 (permalink)  
Old 20-01-2014, 08:46 AM
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No need to be ashamed and most of all no need to despair.

Two ministers over the past few days have already suggested raising the retirement age to 70. This means at least another 15 years of working life for you and spouse to accumulate your wealth.

As you have mentioned, your condo is fully paid, and I guess your children would be independent of you financially. So from now on, your income would be for your own expenses and your savings would be even higher.

As for me and spouse, we are in the same age group as you. Already we are saving about 65% of our income having cleared all our loans, only the children's education to take care of. If we can continue to work till 70 without any reduction in income, we projected that we could save 80% of our income and build up another $3.5m to $4m by then bringing our total net worth to $8m to $8.5m.

Therein lies the irony. As we retire older, we actually need less, but instead we end up saving more.

The other thing to watch out for is, when everyone is working longer, and wealth is increasing, inflation is going to go up. To those who retired early, I urge them to reconsider getting back into employment.


Quote:
Originally Posted by Unregistered View Post
Looking at the postings here, I am ashamed to share how much me and my spouse are earning. However, we will just share so as to encourage more people to share.

Our total income per year is about only $200k, we are in our early fifties. This is likely to be the max that we will earn as our earnings has plateued. Even though this amount is not as much as some of the younger forumers here who earn $250k per person or half a million per couple, we are contented. We managed to buy a condo during the early 90s and now it is fully paid up. The 4 bedroom unit is now worth $1.8m.

Our savings in CPF and cash is about $600k only. No other assets. We have friends who are more successful, many of them own 3 or 4 condos fully paid up. They bought them for their parents to stay or for their children to stay when they get married. So, we are poor in comparison, but we are satisfied as we still manage to live in a luxury condo.


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  #3513 (permalink)  
Old 20-01-2014, 10:10 AM
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Quote:
Originally Posted by Unregistered View Post
Looking at the postings here, I am ashamed to share how much me and my spouse are earning. However, we will just share so as to encourage more people to share.

Our total income per year is about only $200k, we are in our early fifties. This is likely to be the max that we will earn as our earnings has plateued. Even though this amount is not as much as some of the younger forumers here who earn $250k per person or half a million per couple, we are contented. We managed to buy a condo during the early 90s and now it is fully paid up. The 4 bedroom unit is now worth $1.8m.

Our savings in CPF and cash is about $600k only. No other assets. We have friends who are more successful, many of them own 3 or 4 condos fully paid up. They bought them for their parents to stay or for their children to stay when they get married. So, we are poor in comparison, but we are satisfied as we still manage to live in a luxury condo.
I think you and your wife are pretty successful too. What are your retirement plans? Do you intend to sell your condo and downgrade to an HDB apartment?

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  #3514 (permalink)  
Old 20-01-2014, 11:24 AM
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I think you and your wife are pretty successful too. What are your retirement plans? Do you intend to sell your condo and downgrade to an HDB apartment?
We plan to buy a 1 bedroom condo unit in one of the growth regions announced in the URA Masterplan 2013. We like the Woodlands Regional Centre plan as it will be very exciting, also it is near to JB and when the JB-Woodlands line is ready, it would be convenient for me and my wife to shop in JB.

We found a few condos in Woodlands in propertyguru.


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  #3515 (permalink)  
Old 20-01-2014, 11:55 AM
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Me & wife, both 35, combine income $260K
Supporting 1 kid & 1 aging parent
5rm HDB & no cars
CPF, cash & stocks around $400K

We lead a simple lifestyle. However i always feel we are too conservative & not brave enough to leverage in property. Hence missing the boat during property boom.

In a year or two we plan to sell the HDB & get 2 condos. One moderate size unit for own stay & another smaller one to rent out. But we'll see how the market goes.


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  #3516 (permalink)  
Old 20-01-2014, 12:16 PM
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Quote:
Originally Posted by Unregistered View Post
Me & wife, both 35, combine income $260K
Supporting 1 kid & 1 aging parent
5rm HDB & no cars
CPF, cash & stocks around $400K

We lead a simple lifestyle. However i always feel we are too conservative & not brave enough to leverage in property. Hence missing the boat during property boom.

In a year or two we plan to sell the HDB & get 2 condos. One moderate size unit for own stay & another smaller one to rent out. But we'll see how the market goes.
That's a good plan, but I think you should start saving more. 400k in savings is pretty low for a 260k pa combined income.
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  #3517 (permalink)  
Old 20-01-2014, 12:56 PM
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With your high income, you can easily afford a $2m condo.

Quote:
Originally Posted by Unregistered View Post
Me & wife, both 35, combine income $260K
Supporting 1 kid & 1 aging parent
5rm HDB & no cars
CPF, cash & stocks around $400K

We lead a simple lifestyle. However i always feel we are too conservative & not brave enough to leverage in property. Hence missing the boat during property boom.

In a year or two we plan to sell the HDB & get 2 condos. One moderate size unit for own stay & another smaller one to rent out. But we'll see how the market goes.
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  #3518 (permalink)  
Old 20-01-2014, 03:37 PM
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Quote:
Originally Posted by Unregistered View Post
That's a good plan, but I think you should start saving more. 400k in savings is pretty low for a 260k pa combined income.
Thanks! Yes, our income reached this figure not very long ago. We're slow climber. But yeah, going to try to save more.
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  #3519 (permalink)  
Old 20-01-2014, 03:42 PM
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Quote:
Originally Posted by Unregistered View Post
Me & wife, both 35, combine income $260K
Supporting 1 kid & 1 aging parent
5rm HDB & no cars
CPF, cash & stocks around $400K

We lead a simple lifestyle. However i always feel we are too conservative & not brave enough to leverage in property. Hence missing the boat during property boom.

In a year or two we plan to sell the HDB & get 2 condos. One moderate size unit for own stay & another smaller one to rent out. But we'll see how the market goes.
with your combined salary u should be enjoying life a bit more than just a "simple lifestyle", even with 2 dependents.
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  #3520 (permalink)  
Old 20-01-2014, 03:44 PM
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Quote:
Originally Posted by Unregistered View Post
Looking at the postings here, I am ashamed to share how much me and my spouse are earning. However, we will just share so as to encourage more people to share.

Our total income per year is about only $200k, we are in our early fifties. This is likely to be the max that we will earn as our earnings has plateued. Even though this amount is not as much as some of the younger forumers here who earn $250k per person or half a million per couple, we are contented. We managed to buy a condo during the early 90s and now it is fully paid up. The 4 bedroom unit is now worth $1.8m.

Our savings in CPF and cash is about $600k only. No other assets. We have friends who are more successful, many of them own 3 or 4 condos fully paid up. They bought them for their parents to stay or for their children to stay when they get married. So, we are poor in comparison, but we are satisfied as we still manage to live in a luxury condo.
do u get a sick thrill from people telling u how u are such a loser?

$200k pa is not bad, just enjoy what u have. u can't bring 3 or 4 condos to your grave.
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