How much are you earning per annum?

Originally Posted by Unregistered

23 going-on-24
Investment banking analyst
120K (ex bonus)

I think that's hog-wash....

60, retired. Debt free. 4 room flat paid up. Gets passive income from stocks dividends of $4k per month. Wife, 50, earns $5k per month working in a company. Our only daughter is married and living in a condo with husband. Daughter gives me and my wife $1k per month each.

Our monthly spending is only $5k per month now as we no liabilities and no commitments. Spend most of my time meeting old friends.

Originally Posted by Unregistered

Married couple, 46 & 49, with 2 beautiful teenage kids.
Combined annual income, $150k.
Home is a condo worth $1.1m with outstanding loan of $500k.
Owns a European car, loan left $30k.
Holidays spending, twice a year, $12k.
Annual expenses, $120k.
Annual savings, $30k.

We are in the middle class group, struggling to survive in this modern life, full of high expectations. We are actually among the less well off as many of our friends and family members earn $300k pa (combined couple income).

Hi,

$150k pa is actually considered HIGH INCOME.

See the home page of this blog.

Here is the cut and paste.


Chinese New Year Ang Bao Market Rate

January 28th, 2014

As the lunar new year is coming, those who are involved in it in one way or another have to be prepared to give out the customary red packets aka “Ang Baos”.

We saw the following “market rates” in social media and it was attributed to PerfectWeddings.sg:

High Income - Combined income of $150k and above annually

Parents $88 – $200
In Laws $88 – $200
Own Children $20 – $80
Nephews and Nieces $20 – $50
Children of Friends and Colleagues $20 – $50
Grandchildren $20 – $50

Middle Income - Combined income of $30k – $150k annually

Parents $48 – $100
In Laws $48 – $100
Own Children $8 – $28
Nephews and Nieces $5 – $18
Children of Friends and Colleagues $8 – $28
Grandchildren $5 – $10

Low Income - Combined income of $30k and below annually

Parents $8 – $20
In Laws $8 – $20
Own Children $2 – $5
Nephews and Nieces $2 – $5
Children of Friends and Colleagues $2 – $5
Grandchildren $2 – $5

Happy New Year!

This is so true. Personally, I have some relatives who do that. Their family income is at least 250k PA. They live in HDB all their lives. They own investment properties in D9, D10. But they never reveal this to ppl outside the family. Neither do they hao lian hao lian display the condo decal on their humble car. Sometimes, I wonder how these ppl contain their joy on such financial successes.

Originally Posted by Unregistered

Income wise, your household is in the middle middle income group. But your lifestyle - staying in condo (I am guessing a 2 bedroom one), conti car and twice yearly holidays, is that of an upper middle income household. Keeping up with the Joneses is not a good idea. Better to set aside more buffer for emergencies. They have a bad habit of springing up on you without notice.

Saving $30k pa means you will need at least 6 - 7 years of saving before you can pay up for another car! At 46, 49 already there isn't that much time to build up a solid nest egg.

On the other hand, I know of many upper middle income people who are very frugal. Some of them will swear by their HDB flats - they are happy staying in the same HDB since they got married even though their incomes have increased many fold. Many prefer Jap cars for their reliability. The most extravagant car they are willing to spend on is the Camry or Jap MPV. Their watches are practical Casio watches. If they have multiple properties, they are not telling. They don't boast. But we know they earning at least $300k pa for the position they hold.

Originally Posted by Unregistered

I think that's hog-wash....

100+K is the going rate for fresh grads joining BBs in FO positions...

45, $118k pa. NW $1.8m.
Wife, 42, $108k pa. NW $0.7m.
Home is a condo, fully paid up.
Car is a 8 year old car, fully paid up.
Our assets - our condo home, cash, CPF, blue chip stocks.
Zero liability.

Our retirement plan at 65 years old - downgrade from our expensive 3 bedroom condo to a one bedroom condo. Balance of net cash proceeds after the transactions to be invested in high dividend yield blue chips. We will then get dividends as well as payout from CPF Life.

The RM continue to weaken against the SGD. This is good news for you since you plan to retire there. The RM will continue to go down over the long term. In 5 years time, it will go to SGD1 = RM3 and in 10 years time, SGD1 = RM3.5.

Originally Posted by Unregistered

I'm 44 while my wife is 38. I earn $120k pa as a working professional while my wife is a housewife, taking care of our 3 year old twin kids. We live in a condo in Chua Chu Kang which I bought in 2005 for $500k. Due to the good economic growth and the well managed economy, my condo appreciated to $1m today. I am very happy with this. I still have $100k in outstanding loans to clear over the next 20 years. I am richer today than 7 year ago. I love our government for making my property value grow because my property is for my retirement.

My CPF and cash savings is now about $400k. I hope to grow this until 65 when I retire. We plan to sell our condo when I retire and me and my wife will retire in our terrace house in JB. We will convert our cash to RM and expect to have RM5m cash for us to retire with.

Retired couple, 50 & 51 years old. For the past 10 years, we have been very successful in our investing in stocks. Today, our stocks dividends is about $120k pa. We live a simple life in a 3 bedroom condo. We spend only $70k pa. We now devote our time to social work, volunteering in a few organisations. We feel very happy. We realized that you don't need so much money to retire if you are debt free. We don't go to restaurants very often as we feel that we can donate more money to the poor. We will donate half of our $6m wealth to the poor when we die.

Hey folks,

After all the sharing, real or just dreams, and the ensuing debates, comments and critiques, I hope we have emerged the better for it.

Today is the eve of another new lunar year. I guess every Chinese family is home busy spring cleaning or getting ready for the reunion dinner later.

Not to forget those who still have to work during this festive period, I would like to wish all, young and old, rich and poor, employed and retired a Properous, Happy and Healthy Lunar New Year!

Originally Posted by Unregistered

Retired couple, 50 & 51 years old. For the past 10 years, we have been very successful in our investing in stocks. Today, our stocks dividends is about $120k pa. We live a simple life in a 3 bedroom condo. We spend only $70k pa. We now devote our time to social work, volunteering in a few organisations. We feel very happy. We realized that you don't need so much money to retire if you are debt free. We don't go to restaurants very often as we feel that we can donate more money to the poor. We will donate half of our $6m wealth to the poor when we die.

Congrats. You did well. Very kind hearts too. But 50 is too young to retire.