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How much are you earning per annum?

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  #4011 (permalink)  
Old 12-04-2014, 11:17 PM
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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.

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  #4012 (permalink)  
Old 12-04-2014, 11:27 PM
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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.


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  #4013 (permalink)  
Old 12-04-2014, 11:35 PM
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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)?

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  #4014 (permalink)  
Old 12-04-2014, 11:44 PM
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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)?
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  #4015 (permalink)  
Old 12-04-2014, 11:51 PM
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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.
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  #4016 (permalink)  
Old 13-04-2014, 12:11 AM
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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.
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  #4017 (permalink)  
Old 13-04-2014, 10:56 AM
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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.
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  #4018 (permalink)  
Old 13-04-2014, 11:08 AM
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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...
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  #4019 (permalink)  
Old 13-04-2014, 11:16 AM
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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...


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  #4020 (permalink)  
Old 13-04-2014, 02:04 PM
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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.
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