How much are you earning per annum? - Page 402 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

 Citibank Cash Back Card - up to $350 cash back* - Click to Apply Now 
Reply
 
Thread Tools
  #4011 (permalink)  
Old 12-04-2014, 10:17 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Ok, what do you need to be convinced. I can provide as much info as possible as long as it doesn't compromise my anonymity.

Age: 39, 37
Work: both in financial industry, in a support function (so not your banker, salesperson, trader etc)
Total income: $509K, $230K (I didn't say I earned $740K, I said "We")
Residence: 5rm HDB, our first property and lived for 14 years.
Car: 6-yr MPV (red-plated as we work downtown and don't drive to work. Use the car only on weekends to ferry kids).
Income tax for FY2014: $44.5K, $1.7K cos of working mothers' tax relief, SRS, CPF top-up etc.
Savings: $1.7m (adding around $300K per year not counting investment returns, as I mentioned we save 65% of MONTHLY income plus whatever is left over from spending the bonus)
Networth: $4.3m at end 2013.

Agree we are in a good position but as I said, I know of many people of my age who are much better financially. So I learn not to compare, but am really sincere in learning from the forumers here to increase my wealth and financial knowledge. tks.
I don't doubt you. It is possible to have very high bonuses in your industry. And like you said, the bonuses is not confirmed and I would think it depends on performance of the business a lot. By not treating those past bonuses as indication of future pay you will get, I guess that's why you live below your means. It is a good and wise move , compared to others who live the high life, only to come crashing down, it forced to go into serious trouble to upkeep their lifestyle when those bonuses don't appear the next fee years.

Your cash position is very strong, it is a good war chest for the next downturn, where you can put it into good use to sweep up value buys in properties and stocks, without borrowing a single cent or affecting your lifestyle.
Well done sir.

Reply With Quote
  #4012 (permalink)  
Old 12-04-2014, 10:27 PM
Unregistered
Guest
 
Posts: n/a
Default

well done. you should continue to stay in your hdb flat to be safe. you both can be retrenched any time as you get older and are more expensive. i was let go too. but i was prepared, now i am a retired millionaire, staying in my humble condo. my passive income and wealth is enough for me and my children and maybe can last till my grandchildren. i'm 45.


Quote:
Originally Posted by Unregistered View Post
Ok, what do you need to be convinced. I can provide as much info as possible as long as it doesn't compromise my anonymity.

Age: 39, 37
Work: both in financial industry, in a support function (so not your banker, salesperson, trader etc)
Total income: $509K, $230K (I didn't say I earned $740K, I said "We")
Residence: 5rm HDB, our first property and lived for 14 years.
Car: 6-yr MPV (red-plated as we work downtown and don't drive to work. Use the car only on weekends to ferry kids).
Income tax for FY2014: $44.5K, $1.7K cos of working mothers' tax relief, SRS, CPF top-up etc.
Savings: $1.7m (adding around $300K per year not counting investment returns, as I mentioned we save 65% of MONTHLY income plus whatever is left over from spending the bonus)
Networth: $4.3m at end 2013.

Agree we are in a good position but as I said, I know of many people of my age who are much better financially. So I learn not to compare, but am really sincere in learning from the forumers here to increase my wealth and financial knowledge. tks.


Reply With Quote
  #4013 (permalink)  
Old 12-04-2014, 10:35 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Ok, what do you need to be convinced. I can provide as much info as possible as long as it doesn't compromise my anonymity.

Age: 39, 37
Work: both in financial industry, in a support function (so not your banker, salesperson, trader etc)
Total income: $509K, $230K (I didn't say I earned $740K, I said "We")
Residence: 5rm HDB, our first property and lived for 14 years.
Car: 6-yr MPV (red-plated as we work downtown and don't drive to work. Use the car only on weekends to ferry kids).
Income tax for FY2014: $44.5K, $1.7K cos of working mothers' tax relief, SRS, CPF top-up etc.
Savings: $1.7m (adding around $300K per year not counting investment returns, as I mentioned we save 65% of MONTHLY income plus whatever is left over from spending the bonus)
Networth: $4.3m at end 2013.

Agree we are in a good position but as I said, I know of many people of my age who are much better financially. So I learn not to compare, but am really sincere in learning from the forumers here to increase my wealth and financial knowledge. tks.
Which support function are you in? Because $509K seems to be on the really high side for a 39 year old (~14 years of experience) support-function employee. Assuming a 6-months bonus, your basic is 339k (i.e. 28.2k monthly)?

Reply With Quote
  #4014 (permalink)  
Old 12-04-2014, 10:44 PM
Unregistered
Guest
 
Posts: n/a
Default

I suspects he lies or telling half truths.

Quote:
Originally Posted by Unregistered View Post
Which support function are you in? Because $509K seems to be on the really high side for a 39 year old (~14 years of experience) support-function employee. Assuming a 6-months bonus, your basic is 339k (i.e. 28.2k monthly)?
Reply With Quote
  #4015 (permalink)  
Old 12-04-2014, 10:51 PM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for taking an interest in my profile.

Let me try to address your queries:

Which organization - a large foreign bank (that's where I will stop at)
Which function - one of the support functions in risk mgt (again that's where I will stop at)
proportion of basic salary bonus - bonus vary from year to year depending on bank and individual performance. last few years bonus vary from 5-9 months.

A forumer mentioned that I live below my means, which is exactly right. I don't know when I will lose my job, or my bonus will get affected so I thot it safe to make sure I save as much as possible and not have my life affected if something bad happens.

I do have aspirations to live in a private property (who doesn't) but I will only do it on my own timing and terms.

Again I have aspirations to drive a conti car (better still fully paid up) but I recognise it is depreciating asset and therefore focus on having an arrangement that fulfils my transport needs during weekends but take public transport to and from work.

In this way, I hope to gain financial freedom asap (defined as getting passive income which equal my expenses, or better yet equal my income). That's when I will retire and finally enjoy life.

Quote:
Originally Posted by Unregistered View Post
Ok, what do you need to be convinced. I can provide as much info as possible as long as it doesn't compromise my anonymity.

Age: 39, 37
Work: both in financial industry, in a support function (so not your banker, salesperson, trader etc)
Total income: $509K, $230K (I didn't say I earned $740K, I said "We")
Residence: 5rm HDB, our first property and lived for 14 years.
Car: 6-yr MPV (red-plated as we work downtown and don't drive to work. Use the car only on weekends to ferry kids).
Income tax for FY2014: $44.5K, $1.7K cos of working mothers' tax relief, SRS, CPF top-up etc.
Savings: $1.7m (adding around $300K per year not counting investment returns, as I mentioned we save 65% of MONTHLY income plus whatever is left over from spending the bonus)
Networth: $4.3m at end 2013.

Agree we are in a good position but as I said, I know of many people of my age who are much better financially. So I learn not to compare, but am really sincere in learning from the forumers here to increase my wealth and financial knowledge. tks.
Reply With Quote
  #4016 (permalink)  
Old 12-04-2014, 11:11 PM
Unregistered
Guest
 
Posts: n/a
Default

You are true to your RM profession. You have managed your risk well and has prepared for tail events. Based on your Monte Carlo simulation, you would have predicted that your time as MD of RM in the bank is coming to an end. You have done a fine job.

Anyway, with your net worth of S$4.3m, you need not worry too much as you can always retire now and move to Malaysia. In Malaysia, you will get RM11m, which is enough to retire on. You can live in a big GCB with swimming pool there. Think about it.



Quote:
Originally Posted by Unregistered View Post
Thanks for taking an interest in my profile.

Let me try to address your queries:

Which organization - a large foreign bank (that's where I will stop at)
Which function - one of the support functions in risk mgt (again that's where I will stop at)
proportion of basic salary bonus - bonus vary from year to year depending on bank and individual performance. last few years bonus vary from 5-9 months.

A forumer mentioned that I live below my means, which is exactly right. I don't know when I will lose my job, or my bonus will get affected so I thot it safe to make sure I save as much as possible and not have my life affected if something bad happens.

I do have aspirations to live in a private property (who doesn't) but I will only do it on my own timing and terms.

Again I have aspirations to drive a conti car (better still fully paid up) but I recognise it is depreciating asset and therefore focus on having an arrangement that fulfils my transport needs during weekends but take public transport to and from work.

In this way, I hope to gain financial freedom asap (defined as getting passive income which equal my expenses, or better yet equal my income). That's when I will retire and finally enjoy life.
Reply With Quote

  #4017 (permalink)  
Old 13-04-2014, 09:56 AM
Unregistered
Guest
 
Posts: n/a
Default

Hi,

I am a humble millionaire, who now spends my time working from home. I am a full time investor, and earn income from dividends and trading gains. I live in a nice 3 bedroom condo in an exclusive district in Singapore in a luxury, prestigious condominium development. I earn S$100k pa income from my investments while my wife earns S$110k pa from work. Since we are totally debt free (no more loans from my luxury condo and luxury European car), our annual spending is only S$90k pa.

I am happy with my investments as I am good at it. My investment portfolio value (excludes the value of my luxury condo home) grows every year, and I hope it will grow to S$5m by the time I retire at 65. I will continue to work very hard for the next 20 years in managing my investment portfolio. I think S$5m would be just nice for me and my wife to retire with as the dividends will be able to more than cover my expenditures. We do not need to downgrade from our luxury condo unit when we retire. When we die, our kids will be multi millionaires.
Reply With Quote
  #4018 (permalink)  
Old 13-04-2014, 10:08 AM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for all the suggestions on where I should live, what I should do with my money etc.

There seems to be a common perception among forumers that if you earn $X, you SHOULD live in HDB. If you earn $XXXX you SHOULD live in condo, if you earn a million you SHOULD live in a GCB. I really don't see the connection between where you live and what you earn, just look at Warren Buffett.

Again some forumers say that because I earn this much, I should sell my HDB to someone who is more deserving to live here and should not be taking up a place meant for the lower-income. This is nonsense, as long as I meet the HDB rules for living in one, I'm fully entitled to do so. I pay tax as everyone else, I did my NS like all Singaporean males, I make charitable donations like some of you do, why am I not entitled to a HDB? Again, I will upgrade to private property at some point in time, but only on my own terms.

Where and how you live depends on your goals. For me, it's about financial freedom. Whichever way gets me to my goals the fastest is the right way (for me). A lot of what we achieved it through the lessons thought in the book, The Millionaire Next Door, where we strive to be frugal but not miserly. The way for me - is aggressive savings and deploying these savings into investments for $$ to make more $$. If you spend more than you earn, you will never be rich. If you save but leave them in the bank (with the miserly rates) you will never be super rich. It is when you save and invest (intelligently), that you start to establish the foundation of being rich.

Over the years, I saw how good investments are only available to the rich or high income earner. It is really ironic that these investments could have been made available to the lower income but the reality is that it is not. It is only when you get to a certain income level that you can partake in them. But that's for another forum...


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iPhone


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #4019 (permalink)  
Old 13-04-2014, 10:16 AM
Unregistered
Guest
 
Posts: n/a
Default

Wow, what a turn around. You started off asking for advise and suggestions to grow your wealth faster (that is, if you were the that poster with the $750k pa income), and now you ended up lecturing all and sundry who gave suggestions.

Well done hypocrite!

Quote:
Originally Posted by Unregistered View Post
Thanks for all the suggestions on where I should live, what I should do with my money etc.

There seems to be a common perception among forumers that if you earn $X, you SHOULD live in HDB. If you earn $XXXX you SHOULD live in condo, if you earn a million you SHOULD live in a GCB. I really don't see the connection between where you live and what you earn, just look at Warren Buffett.

Again some forumers say that because I earn this much, I should sell my HDB to someone who is more deserving to live here and should not be taking up a place meant for the lower-income. This is nonsense, as long as I meet the HDB rules for living in one, I'm fully entitled to do so. I pay tax as everyone else, I did my NS like all Singaporean males, I make charitable donations like some of you do, why am I not entitled to a HDB? Again, I will upgrade to private property at some point in time, but only on my own terms.

Where and how you live depends on your goals. For me, it's about financial freedom. Whichever way gets me to my goals the fastest is the right way (for me). A lot of what we achieved it through the lessons thought in the book, The Millionaire Next Door, where we strive to be frugal but not miserly. The way for me - is aggressive savings and deploying these savings into investments for $$ to make more $$. If you spend more than you earn, you will never be rich. If you save but leave them in the bank (with the miserly rates) you will never be super rich. It is when you save and invest (intelligently), that you start to establish the foundation of being rich.

Over the years, I saw how good investments are only available to the rich or high income earner. It is really ironic that these investments could have been made available to the lower income but the reality is that it is not. It is only when you get to a certain income level that you can partake in them. But that's for another forum...
Reply With Quote
  #4020 (permalink)  
Old 13-04-2014, 01:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Thanks for appreciating for posts, unlike others who just pour cold water or chose not to believe what I said.

I am here to learn from everyone. At the same time I am happy to share my experiences but some of the responses I get make me think twice about contributing further. Some say I lie or am telling half-truths, others call me hypocrite...sigh...what I can say is that I'm sincere in contributing, and whatever I have said about myself and my financial situation are all true and it's up to this group whether you believe it or not. tks.

@3937

Quote:
Originally Posted by Unregistered View Post
I don't doubt you. It is possible to have very high bonuses in your industry. And like you said, the bonuses is not confirmed and I would think it depends on performance of the business a lot. By not treating those past bonuses as indication of future pay you will get, I guess that's why you live below your means. It is a good and wise move , compared to others who live the high life, only to come crashing down, it forced to go into serious trouble to upkeep their lifestyle when those bonuses don't appear the next fee years.

Your cash position is very strong, it is a good war chest for the next downturn, where you can put it into good use to sweep up value buys in properties and stocks, without borrowing a single cent or affecting your lifestyle.
Well done sir.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 23 06-08-2017 05:46 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 02:42 PM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
7,499 Replies, 2,591,076 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
156 Replies, 74,570 Views
DBS Management Associate Program... ( 1 2 3... Last Page)
1,733 Replies, 267,374 Views
need some info on CNB
0 Replies, 31 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,290 Replies, 1,902,519 Views
Working in HDB ( 1 2 3... Last Page)
335 Replies, 262,850 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,183 Replies, 965,686 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
2,905 Replies, 1,081,878 Views
Career as Teacher ( 1 2 3... Last Page)
2,653 Replies, 1,602,324 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
1,379 Replies, 563,582 Views
Android, iPhone and iPad Apps For...
1 Replies, 2,278 Views
Compare civil service salary ( 1 2 3... Last Page)
10,084 Replies, 5,572,600 Views
High Finance Thread ( 1 2 3... Last Page)
88 Replies, 15,149 Views
Whats your net worth ( 1 2 3... Last Page)
2,727 Replies, 796,233 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,289 Replies, 905,447 Views
What's the graduate officer... ( 1 2 3... Last Page)
51 Replies, 12,456 Views
Interviews related ( 1 2)
10 Replies, 1,012 Views
Summer Internships 2020 ( 1 2 3... Last Page)
70 Replies, 7,907 Views
As a web designer, how much should... ( 1 2)
19 Replies, 9,665 Views
Please Share DBS Average Months... ( 1 2)
11 Replies, 2,602 Views
anyone working at NCS ? ( 1 2 3... Last Page)
386 Replies, 286,138 Views
ST Electronics ( 1 2 3... Last Page)
661 Replies, 209,684 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
1,785 Replies, 516,308 Views
Roles in accenture singapore ( 1 2 3... Last Page)
375 Replies, 249,936 Views
Starting Pay for CS/Ministries... ( 1 2 3... Last Page)
97 Replies, 18,800 Views
MFA- Foreign Service... ( 1 2)
13 Replies, 770 Views
Feeling helpless, need advice...
7 Replies, 476 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 03:43 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2