full of crap.... a lot of post are just BS
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$60k pa is low, but like you said, it is more important that you are happy with the job.
Last year's fresh grads salaries can start from $3500k pm (engineering, finance, teaching, etc ) to $6000k pm (law, doctors). You add in 3 months bonus (including the 13th month AWS), and you see them taking home $52.5k pa to $90k pa. Mind you, that is just for their first year of working. Quote:
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Why doubt?
I read the post about single personal income of $120K-$200K p.a. for age group in the 40's.
This is highly attainable for a graduate and that's definitely not BS. I'm in early 40's, earning income of $120K (engineering) and has seen many younger generation that earn in the range of $120K-$160K. It is not surprising at all which explain why many of this young generation live in condo and drive luxury cars (Myself drive a Jap car and stayed in a HDB). For me, it is about long term income sustainability which is very unstable when you reach the age of 40's. Therefore I am working toward to passive income and read with wide interest of poster who achieve high passive income. Breakdown of my financial status: Myself (early 40's) Income: Avg $120K pa Cash: $30K Investment(comprises of SD, ELN, Annuity): $680K, Passive return est $42K SRS: $25.5K CPF OA: $44K CPF SA: $137K (regulary top up to minimise tax) CPF Medisave: $44K (don't include this as networth as considering it for Medical expenses and paying of Shield premium). Life Insurance Value (Current): $11K Shares (Current): $21K Jap Car (fully paid up left 2yrs): $11K scrap value HDB 5rm: market price $600K up Outstanding Mortgage Loan: $117K Wife(early 40's) Income: Stop working 2yrs ago Cash: $432K CPF OA: $2K CPF SA: $9K CPF Medisave: $11K Life Insurance Value (Current): $192K Shares (Current): $4K * Just in case someone who wonder why wife holding so much cash but low CPF, she is not a typical local employee, something like self-employed trust the reason why she consider to safeguard her retirement thru insurance as she has no CPF contribution. Our networth include HDB (but exclude Medisave) is slightly above $2M. Networth exclude Life Insurance, CPF & SRS (can see but can't touch) and HDB (prmary residence so can't sell) is $987K * Have never invested in property (missed the boat and has given up then) Considering myself as struggling as children are still very young. I am reading the forum daily with open mind to learn from each others. Would not consider retirng in other countries and aiming fast to achieve FF from passive income because of unhappiness working in the company. Salary would not always work for you as primary income when there is new policy, boss and business economy reason. Hope to pick up how and what others invested in. |
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You have done well. You are a HDB millionaire couple. You both can look forward to a good retirement. You can sell your flat and buy the HDB studio unit for the elderly. You then invest your cash balance of $2m to get 5% dividend yield or $100k pa. This is enough provided you don't have a maid, no car and you don't smoke, don't drink, don't gamble and don't womanize.
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Why doubt 2?
Agree with the previous poster. Earning above 100k is a "NORM" now.
Self: Late 30s in the education line Income: $120k Consultancy: $50k Rental income from 2nd property: $30k So that makes my annual income: $200k House: freehold apartment, mkt value $1.5m, outstanding loan $0.9m Investment property: freehold 1bedder condo, mkt value $850k, outstanding loan $400k CPF: very low, not worth mentioning as I use the OA to finance housing, SA about $40k Cash: $300k Insurance cash value: $50k Wife: Late 30s, also in education line: Income: $80k House: As above (shared) CPF: also very low due to financing mortgage Insurance cash value: $40k I think we are doing OK. mind you we are not scholars, but hardworking individuals (degree holders) who dont just sit there and complain why people earn more i earn less, we take action to improve our income and net worth. Networth not that much: about $1.4M. But every year we aim to add 100k savings. |
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