How much are you earning per annum? - Page 423 - 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?

Reply
 
Thread Tools
  #4221 (permalink)  
Old 02-05-2014, 09:40 AM
Unregistered
Guest
 
Posts: n/a
Default

I think you are doing just fine.
Let's assume you work till 67, that's another 20 years.
By then, you would have cleared your mortgage and your condo would have gone up in value to say, $1.6m. So you have $1.6m in equity in your condo.
Since you save $40k pm, over 20 years, your additional savings will be $800k.
Your CPF, which is now $420k, would have grown since you will earn 2.5% pa on your OA and 4% on your SA and MA. Let's say it will grow to $600k.

So, at 67, your net worth will be $(1.6 + 0.8 + 0.6 + 0.1) = $3.1m.
This is sufficient for you and your wife.
You can sell your condo and downgrade to buy a 4 room HDB flat, costing say $500k, and you will have cash balance of $1.1m and plus your savings, you have $2m to invest in high dividend yield stocks, giving you 5% pa or $100k pa dividends. You will also get a CPF retirement account payout of $24k pa in total. So, you will have $124k pa or $10k pm. For an old couple, $10k pm is a lot of money to retire on, the most you would spend is $5k pm if you don't drive nor have a maid. You don't even need to depend on your children to give you both any allowances, if they do, that will be a bonus.

So, you are on your way to financial freedom at 67. Hopefully, you will still be alive to enjoy your retirement. All the best.


Quote:
Originally Posted by Unregistered View Post
47, $110k pa.
Wife, 42, $80k pa.
Savings, 40k pa.
Condo, $1.1m, loan left $300k.
Car, paid up.
Cash, $100k.
CPF, $420k.

Are we doing ok financially?
What is the best retirement plan for us?

Reply With Quote
  #4222 (permalink)  
Old 02-05-2014, 10:51 AM
Unregistered
Guest
 
Posts: n/a
Default

haha. You forgot about the inflation. Most people forgot this.

The $10,000 he will get at age 67 is not the $10,000 today. If inflation is 3% a year, that $10,000 is worth only $5,500 when he reaches 67. Hopefully it will give a comfortable level of living, but it certainly not a lot of money.

Do you remember the Old Chunky curry puff when it was at $1 per piece? That wasnt too long ago, now one piece is selling for $1.40. A 40% increase!

Really in 20 years time, nobody would want to pick up a $5 note on the floor. Probably cant even pay for a cup of Kopi-O. scary isnt it?


Quote:
Originally Posted by Unregistered View Post
I think you are doing just fine.
Let's assume you work till 67, that's another 20 years.
By then, you would have cleared your mortgage and your condo would have gone up in value to say, $1.6m. So you have $1.6m in equity in your condo.
Since you save $40k pm, over 20 years, your additional savings will be $800k.
Your CPF, which is now $420k, would have grown since you will earn 2.5% pa on your OA and 4% on your SA and MA. Let's say it will grow to $600k.

So, at 67, your net worth will be $(1.6 + 0.8 + 0.6 + 0.1) = $3.1m.
This is sufficient for you and your wife.
You can sell your condo and downgrade to buy a 4 room HDB flat, costing say $500k, and you will have cash balance of $1.1m and plus your savings, you have $2m to invest in high dividend yield stocks, giving you 5% pa or $100k pa dividends. You will also get a CPF retirement account payout of $24k pa in total. So, you will have $124k pa or $10k pm. For an old couple, $10k pm is a lot of money to retire on, the most you would spend is $5k pm if you don't drive nor have a maid. You don't even need to depend on your children to give you both any allowances, if they do, that will be a bonus.

So, you are on your way to financial freedom at 67. Hopefully, you will still be alive to enjoy your retirement. All the best.


Reply With Quote
  #4223 (permalink)  
Old 02-05-2014, 11:45 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
haha. You forgot about the inflation. Most people forgot this.

The $10,000 he will get at age 67 is not the $10,000 today. If inflation is 3% a year, that $10,000 is worth only $5,500 when he reaches 67. Hopefully it will give a comfortable level of living, but it certainly not a lot of money.

Do you remember the Old Chunky curry puff when it was at $1 per piece? That wasnt too long ago, now one piece is selling for $1.40. A 40% increase!

Really in 20 years time, nobody would want to pick up a $5 note on the floor. Probably cant even pay for a cup of Kopi-O. scary isnt it?
bs king lah...try dropping $1 coin today in the street and see how long it will stay there...

Reply With Quote
  #4224 (permalink)  
Old 02-05-2014, 12:07 PM
Unregistered
Guest
 
Posts: n/a
Default

Don't BS. $3.1m in 20 years time is still a lot of money. Many people may not even have a net worth of $1m in 20 years time.


Quote:
Originally Posted by Unregistered View Post
haha. You forgot about the inflation. Most people forgot this.

The $10,000 he will get at age 67 is not the $10,000 today. If inflation is 3% a year, that $10,000 is worth only $5,500 when he reaches 67. Hopefully it will give a comfortable level of living, but it certainly not a lot of money.

Do you remember the Old Chunky curry puff when it was at $1 per piece? That wasnt too long ago, now one piece is selling for $1.40. A 40% increase!

Really in 20 years time, nobody would want to pick up a $5 note on the floor. Probably cant even pay for a cup of Kopi-O. scary isnt it?
Reply With Quote
  #4225 (permalink)  
Old 02-05-2014, 02:10 PM
Unregistered
Guest
 
Posts: n/a
Default

Aiyoh, not BS lah. Just using Math and past trends to "see" the future.

Last time, my parents gave me $1 per day for school. I pay 20 cts bus fare to go to school and 20cts back. Buy mee siam in tuck shop for 30cts, and 10cts for drinks. I save 20cts each day.

Today I give my children $5 per day, and they still ask for top up because take MRT what.

now kopi at food court is $1.20? last time $1.20 can buy 2 cups.

last time see doctor at downstairs HDB clinic $10, now smelly smelly $35.

Quote:
Originally Posted by Unregistered View Post
Don't BS. $3.1m in 20 years time is still a lot of money. Many people may not even have a net worth of $1m in 20 years time.
Reply With Quote
  #4226 (permalink)  
Old 02-05-2014, 04:31 PM
Unregistered
Guest
 
Posts: n/a
Default

I'm 45, income $70k pa, net worth $1.7m.
Wife, 42, income $110k pa, net worth $0.7m.
Condo, worth $1m, fully paid.
Car, fully paid.
Reply With Quote

  #4227 (permalink)  
Old 02-05-2014, 05:02 PM
Unregistered
Guest
 
Posts: n/a
Default

How much is enough depends on how much you have compared to other people. If everyone else is richer than you, then you need to worry. If you are better off than most people, then there is no need to worry too much.
Reply With Quote
  #4228 (permalink)  
Old 02-05-2014, 05:03 PM
Unregistered
Guest
 
Posts: n/a
Default

How you manage to grow your net worth to $1.7m? Not bad for an income of $70K pa.

Assuming you worked for 20 years earning $70k every year, you will only get $1.4m.

Did your wife pay for everything - condo, car, living expenses?


Quote:
Originally Posted by Unregistered View Post
I'm 45, income $70k pa, net worth $1.7m.
Wife, 42, income $110k pa, net worth $0.7m.
Condo, worth $1m, fully paid.
Car, fully paid.
Reply With Quote
  #4229 (permalink)  
Old 02-05-2014, 06:12 PM
Unregistered
Guest
 
Posts: n/a
Default

I used to earn a lot more, between $150k - $190k pa. I invested my big bonuses in stocks and properties and made a lot of money buying and selling them. Then I got very sick, my highly stressful job, with the long hours in the office, lack of sleep and frequent travel took a toll on my health. Upon my doctor's advice, I quit my job and now working in a more relaxed job with shorter working hours but with a huge pay cut. Had I continued in my previous job, I could drop dead before 50. Now I just keep most of my wealth in cash as I no longer can take the stress of holding risky assets. Bad for my heart.


Quote:
Originally Posted by Unregistered View Post
How you manage to grow your net worth to $1.7m? Not bad for an income of $70K pa.

Assuming you worked for 20 years earning $70k every year, you will only get $1.4m.

Did your wife pay for everything - condo, car, living expenses?
Reply With Quote
  #4230 (permalink)  
Old 02-05-2014, 06:56 PM
Unregistered
Guest
 
Posts: n/a
Default

Still quite impressive to have achieved $1.7m net worth, as you know $150k - $190k pa is not exactly top salary. Lucky you quit that job because it is definitely not worth trading your life for that measly sum. People earn much more for much less effort.

On a per hour basis, your current job actually pays more than the previous one. So count yourself very lucky indeed.

Quote:
Originally Posted by Unregistered View Post
I used to earn a lot more, between $150k - $190k pa. I invested my big bonuses in stocks and properties and made a lot of money buying and selling them. Then I got very sick, my highly stressful job, with the long hours in the office, lack of sleep and frequent travel took a toll on my health. Upon my doctor's advice, I quit my job and now working in a more relaxed job with shorter working hours but with a huge pay cut. Had I continued in my previous job, I could drop dead before 50. Now I just keep most of my wealth in cash as I no longer can take the stress of holding risky assets. Bad for my heart.
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 25 23-04-2021 10:40 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
GovTech ( 1 2 3... Last Page)
5,825 Replies, 2,306,216 Views
Career as Teacher ( 1 2 3... Last Page)
11,208 Replies, 6,850,014 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
16,077 Replies, 5,110,860 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,351 Replies, 3,465,955 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
745 Replies, 415,688 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,684 Replies, 2,392,999 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,825 Replies, 1,448,537 Views
Lawyer Salary ( 1 2 3... Last Page)
21,159 Replies, 10,474,121 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
419 Replies, 502,378 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,161 Replies, 3,806,541 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,350 Replies, 1,167,437 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,037 Replies, 1,088,710 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,902 Replies, 4,731,524 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,284 Replies, 639,281 Views
Compare civil service salary ( 1 2 3... Last Page)
16,441 Replies, 12,603,901 Views
Julius Baer Graduate Program 2023 ( 1 2 3... Last Page)
31 Replies, 16,962 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,768 Replies, 1,519,227 Views
ST Electronics ( 1 2 3... Last Page)
3,811 Replies, 1,579,976 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,489 Replies, 806,898 Views
Maritime and Port Authority of... ( 1 2 3)
20 Replies, 20,218 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
825 Replies, 389,926 Views
NUS (National University of... ( 1 2 3... Last Page)
323 Replies, 328,227 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,503 Replies, 1,403,564 Views
DBS ACE Programme ( 1 2 3... Last Page)
163 Replies, 83,263 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,057 Replies, 452,473 Views
ITE (lecturer) ( 1 2 3... Last Page)
279 Replies, 393,562 Views
Any Ministry or Statboard still... ( 1 2)
12 Replies, 12,673 Views
Work culture in CPF board ( 1 2 3... Last Page)
34 Replies, 78,049 Views
Work culture in IHiS ( 1 2 3... Last Page)
722 Replies, 554,863 Views
Private Banking Salaries ( 1 2 3... Last Page)
83 Replies, 139,261 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:16 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2