How much are you earning per annum?

full of crap.... a lot of post are just BS

Originally Posted by Unregistered

You really think that there are not many rich people here? How do you explain the many condos being sold, many cars sold even as the COE got reduced and loans get tightened?

I don't know which age group you belong to, but for those grads who are now in their late 40s or fifties, their incomes should be $150k or more. You get two married to each other, and you are looking at a combined income of $300k. Assuming they lead typical Singaporean lifestyle these dual income families can easily save $200k pa. In 5 years, they could buy a condo and pay in full.

Your reasoning is quite sound, except that it is just not typical for someone to earn 150k pa. He/she would be ranked at the 88th percentile according to the ranking calculator in the main website.

Originally Posted by Unregistered

Your reasoning is quite sound, except that it is just not typical for someone to earn 150k pa. He/she would be ranked at the 88th percentile according to the ranking calculator in the main website.

Indeed, it is not typical that people in their 40s will earn $150k pa or even $100k pa. There are many who earn much lesser than $100k pa. I'm in my 40s and work in a small organisation, I earn only $60k pa. It is low but I am happy because I have a good boss and colleagues, the job is also not so stressful and I don't work long hours. I have the time to spend with my family, tutor my kids (all subjects) and teach them swimming - all these can cost $1,000 per month for 3 kids if I engage other people. My wife earns slightly more, $70k pa. So, in total we earn $130k pa. This is enough to pay our HDB flat mortgage and bills. We don't own a car so we can save quite a bit.

$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.

Originally Posted by Unregistered

Indeed, it is not typical that people in their 40s will earn $150k pa or even $100k pa. There are many who earn much lesser than $100k pa. I'm in my 40s and work in a small organisation, I earn only $60k pa. It is low but I am happy because I have a good boss and colleagues, the job is also not so stressful and I don't work long hours. I have the time to spend with my family, tutor my kids (all subjects) and teach them swimming - all these can cost $1,000 per month for 3 kids if I engage other people. My wife earns slightly more, $70k pa. So, in total we earn $130k pa. This is enough to pay our HDB flat mortgage and bills. We don't own a car so we can save quite a bit.

Originally Posted by Unregistered

$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.

you can't compare what the new grads get. it is natural that new grads get a lot more because they have to pay more for housing. i paid $150k for my flat, nowadays you need to pay $400k for a similar flat. when i first started work, i was paid only $2000 pm and got increment over the years.

Originally Posted by Unregistered

It is indeed nice (actually very nice) to have money coming in without having to work for it. Everyone dreams of it, but to achieve an adequate amount on a persistent basis is something else.

John D Rockefeller was quoted as saying "Do you know the only thing that gives me pleasure? It's to see my dividends coming in."

Although there are other things that can give me pleasure, I must say seeing my passive income growing ranks high on the list. Let me recount my passive income journey.

I got married 2 years after I started work. With both of us working, we managed to scrimp and save $100k within 4 years. All our bonuses went into it. At that time, interest rates from FDs were still decent at 4%. We were so pleased with the $4K interest earned that we volunteered to host the annual gathering for our extended families for that year. That was our first taste of "passive income". It felt good.

As our income and savings grew, we started buying blue chip stocks. It opened up a new world of passive income for us. As young and rather inexperienced investors, we were very cautious and bought only blue chips. We also dare not trade, what we bought we kept. After a further 5 years, we were getting close to $10k of dividends and interests (from FDs) combined. We were ecstatic. The $10k helped to pay our car road tax, insurance, parking, maintenance and petrol with enough left for short holidays to Malaysia.

Fast foward another 5 years, we switched most of our FDs into stocks encouraged by the steady dividends payout as well as the rapidly declining interest from FDs. We bought more dividend stocks. The dividend payout grew to $20K! That was more than enough to fund our vacation to Europe for a family of four.

5 years ago, our dividend income plateaued at around $40K (about 5% of our investments in stocks). We decided that it was time to diversify our investment to spread the risks, instead of pumping more into stocks. We bought an investment property for rental income. That added another $45K (gross rental income) to our passive income stream.

Today, together with the interest from our CPF of about $25K, we got $110k pa total in passive income. And we used it to buy a new jap car!

When we reach 65, we should get another $28K from the Annuity Life payout.

Are you now retired? Or still working?

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.

Originally Posted by Unregistered

this forum is a joke where people come here to bullsh*t since everyone is unregistered.

I suspect there's one or two people who keep boasting the high incomes, high passive income, retire by 45, Singapore is a great place to retire etc....

Ya, seriously this forum is a joke. Why even allow unregistered users to post?

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.

Originally Posted by Unregistered

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.

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.