How much are you earning per annum? - Page 501 - 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
  #5001 (permalink)  
Old 04-08-2014, 10:21 PM
Unregistered
Guest
 
Posts: n/a
Default

What I don't understand is why those who can qualify for EC not go for EC? The qualifying salary ceiling is $12k pm.

Why stretch your finances unnecessarily and compete out of your league. After taking out a huge loan for the condo, you will be hard pressed to follow through with a car to keep appearances with your neighbors. All these are unnecessary.

Live within your means and your life will be happier. There is enough stress from work already, no need to take on more on the home front!

Quote:
Originally Posted by Unregistered View Post
If you are buying a $5m condo, you need income of $400k pa.

For $1m condo, if you loan only $500k, your income need only be $100k pa assuming no other loans.

Reply With Quote
  #5002 (permalink)  
Old 05-08-2014, 12:46 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What I don't understand is why those who can qualify for EC not go for EC? The qualifying salary ceiling is $12k pm.

Why stretch your finances unnecessarily and compete out of your league. After taking out a huge loan for the condo, you will be hard pressed to follow through with a car to keep appearances with your neighbors. All these are unnecessary.

Live within your means and your life will be happier. There is enough stress from work already, no need to take on more on the home front!
Because one is freehold, the other is only 99 years lease.

Reply With Quote
  #5003 (permalink)  
Old 05-08-2014, 02:12 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
There is no end to the debate whether the rich or the poor is happier. People on both sides of the debate tended to see things at the extremes and treat wealth and happiness as mutually exclusive. We all know this is not so in real life. The rich can be happy, just as the poor can also find happiness in non fiduciary aspects.

For me, believe it or not, every time I have a bad at the office, I will come home, take a look at my little excel sheet detailing my investments, net worth and passive income, and I will be at peace.

More than a decade ago when I found myself at a cross road in my career, it dawn on me that I better not just depend on my job for income. That was when I started investing in earnest. It helped that my wife was a career woman. Together our combined income allowed us to consistently save and invest every year. Our dividend income was very modest at the beginning and now we are getting $40k per year (give or take a thousand or two year on year).

To spread our risk, we also invested in a condo for rental income generating another $45.6k per year (gross). On top of that, we are also getting interest from our CPF of about $20K per year. We cannot draw out the CPF interest as we are not yet 55, but the thought of having yearly interest coming in has a very calming effect for us.

We were looking forward to retiring by 55, but not so now. Each time we reviewed our net worth and investment income, we get this satisfied and happy feeling that we will be alright. We joked that it has become the anti-dote to office stress.

So I guess my point is, building up your wealth can be a good thing if you take a positive mindset to it, and not be overly obsessed by it.
Why do you not want to retire now? Is it because your expenses are still more than your passive income?

Reply With Quote
  #5004 (permalink)  
Old 05-08-2014, 04:05 PM
Unregistered
Guest
 
Posts: n/a
Default

In this forum, it is amazing to see to many Singaporean professionals earning big bucks. While our story is not as amazing, we are grateful and happy for what we have. Married couple with two teenage kids, we live in a new condo which we bought at $1m last year. As we like to be debt free we paid in full after we sold our previous property. We live a humble life, earning $150k pa only.

Our combined net worth is just $1.5m. We describe ourselves as a middle class couple in our late forties. We are neither rich nor are we poor. We are contented with what we have achieved so far in our blessed life. Someone mentioned 85% of Singaporeans live in public housing (HDB flats) and we are lucky enough to be among the top 15% of Singapore families who live in a private property. It has always been our Singapore dream to own and live in a condo and we have made it.
Reply With Quote
  #5005 (permalink)  
Old 05-08-2014, 04:26 PM
Unregistered
Guest
 
Posts: n/a
Default

Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?
Reply With Quote
  #5006 (permalink)  
Old 05-08-2014, 05:41 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?
Please don't belittle other people's dreams/ambitions or project your materialism onto others.

While I personally don't think that moving to a condo is consider having "made it" either, everyone doesn't have the same resources and same goals.

A family in a 3-room flat without and combined savings of $50k might be contented and thus feel like they have "made it".

A family in a landed property and 2nd hand Japanese car might have considered themselves to have "made it".

A family that has next to no savings, heavily overleveraged, but finally have their 3 storey bungalow and Bentley might consider that they have yet to "make it".
Reply With Quote

  #5007 (permalink)  
Old 05-08-2014, 05:42 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Is it the same joker who keeps emphazing that he has "made it" just that he moved to a condo? REALLY?
Does everyone believe that?
The Singapore dream is

Cash
Condo
Car
Reply With Quote
  #5008 (permalink)  
Old 05-08-2014, 06:34 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
The Singapore dream is

Cash
Condo
Car
Wrong. It should be

1. Fully paid up condo.
2. Financial independence. Have choice to not work anymore.
3. Fully paid up car.
4. Lots of cash.
5. Millionaire status.

These are the ultimate Singapore dream.
Only the smart ones will achieve this.
Reply With Quote
  #5009 (permalink)  
Old 05-08-2014, 06:42 PM
Unregistered
Guest
 
Posts: n/a
Default

I wanted to applaud you on your happy life, but there are certain parts in your story I took issue with.

1. Those staying in condos are not necessary the top 15% (neither in wealth nor achievements). For eg, your household income and net worth will be below many HDB dwellers. It would have been enough to just say that you are among the 15% staying in a condo, rather than among the top 15%.

2. You bought a brand new condo last year at $1m -- this must be a MM unit. Last year, the prices for most new condos especially newly TOP ones were still commanding >$1K psf. If that were true, your condo would be smaller than a 5 roomer HDB.

3. It would be more appropriate to describe your lifestyle as simple rather than humble. If you want a humble life you shouldnt have moved to a condo. Your aspiration to own a condo also dont quite jell with living a simple lifestyle.



Quote:
Originally Posted by Unregistered View Post
In this forum, it is amazing to see to many Singaporean professionals earning big bucks. While our story is not as amazing, we are grateful and happy for what we have. Married couple with two teenage kids, we live in a new condo which we bought at $1m last year. As we like to be debt free we paid in full after we sold our previous property. We live a humble life, earning $150k pa only.

Our combined net worth is just $1.5m. We describe ourselves as a middle class couple in our late forties. We are neither rich nor are we poor. We are contented with what we have achieved so far in our blessed life. Someone mentioned 85% of Singaporeans live in public housing (HDB flats) and we are lucky enough to be among the top 15% of Singapore families who live in a private property. It has always been our Singapore dream to own and live in a condo and we have made it.
Reply With Quote
  #5010 (permalink)  
Old 05-08-2014, 10:40 PM
Unregistered
Guest
 
Posts: n/a
Default

You are a sour grape. He is happy, let him be. You just need to work harder and maybe one day you can afford a condo. Hahaha.



Quote:
Originally Posted by Unregistered View Post
I wanted to applaud you on your happy life, but there are certain parts in your story I took issue with.

1. Those staying in condos are not necessary the top 15% (neither in wealth nor achievements). For eg, your household income and net worth will be below many HDB dwellers. It would have been enough to just say that you are among the 15% staying in a condo, rather than among the top 15%.

2. You bought a brand new condo last year at $1m -- this must be a MM unit. Last year, the prices for most new condos especially newly TOP ones were still commanding >$1K psf. If that were true, your condo would be smaller than a 5 roomer HDB.

3. It would be more appropriate to describe your lifestyle as simple rather than humble. If you want a humble life you shouldnt have moved to a condo. Your aspiration to own a condo also dont quite jell with living a simple lifestyle.
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 06:46 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
UOB Management Associate Program ( 1 2 3... Last Page)
239 Replies, 148,692 Views
Whats your net worth ( 1 2 3... Last Page)
2,685 Replies, 748,701 Views
Compare civil service salary ( 1 2 3... Last Page)
8,914 Replies, 5,122,113 Views
is it crazy to give up a 100k P.A... ( 1 2 3)
26 Replies, 20,554 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
2,857 Replies, 1,724,318 Views
Career as Teacher ( 1 2 3... Last Page)
2,010 Replies, 1,359,495 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,007 Replies, 803,071 Views
SPF (Direct-Entry Inspector)
8 Replies, 817 Views
ST Electronics ( 1 2 3... Last Page)
371 Replies, 165,693 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
2,547 Replies, 1,213,808 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
609 Replies, 306,636 Views
GovTech career grade ( 1 2 3... Last Page)
83 Replies, 104,808 Views
aerospace engineer (rolls royce) ( 1 2 3... Last Page)
36 Replies, 57,209 Views
Shell TDP ( 1 2 3... Last Page)
142 Replies, 42,371 Views
OCBC Graduate Talent Programme... ( 1 2 3... Last Page)
148 Replies, 50,305 Views
Schneider Electric - EGP (Grad... ( 1 2 3... Last Page)
33 Replies, 12,632 Views
Job offer from Apple ( 1 2 3... Last Page)
290 Replies, 48,490 Views
Singtel Management Associate... ( 1 2 3... Last Page)
114 Replies, 75,044 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
1,688 Replies, 478,530 Views
Constituency Manager (People... ( 1 2 3... Last Page)
810 Replies, 411,479 Views
DBS Management Associate Program... ( 1 2 3... Last Page)
1,138 Replies, 195,619 Views
Career advice
0 Replies, 153 Views
anyone working at NCS ? ( 1 2 3... Last Page)
333 Replies, 254,311 Views
OCBC Young Bankers Programme ( 1 2 3... Last Page)
95 Replies, 70,219 Views
Govtech bonus ( 1 2 3)
27 Replies, 11,464 Views
Civil/Public Sector -... ( 1 2 3... Last Page)
384 Replies, 194,074 Views
Lawyer Salary ( 1 2 3... Last Page)
4,843 Replies, 2,068,947 Views
Monetary Authority of Singapore...
1 Replies, 353 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
1,368 Replies, 533,090 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
36 Replies, 42,083 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 10:42 AM.


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