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16-10-2014, 08:55 PM
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Quote:
Originally Posted by Unregistered
The median household income (typically two working adults) is $7.8k pm so the median income per person is $3.9k. As long as you earn $4k pm and lives in a 4 room HDB flat, you are ok. If you earn more and lives in a condo, you are then among the top earners in Singapore. Only the top 15% lives in a condo or landed.
Anyway, just be happy with what you have. Look at those with lesser and not those with more, so that you feel contented. Life is short, don't fuss too much about what you have. Just look at those poor people in many developing countries and you will feel very fortunate to be born here.
People here complain about COE prices, condo prices, everyone wants to buy a car and condo, whereas in poor countries they struggle everyday to survive. Many are hungry and homeless. We should care for these people and not caught up with our petty desires and lust.
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35 year old male
basic $4.6k
4-5 month bonus
average over 12 month is $6.4k
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17-10-2014, 07:09 AM
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The median income should not used to gauge whether you are ok or not. It is just a mathematical number separating the 2 halves of income earners.
To know whether your income is sufficient is to know your expenses well. For eg, a family of 5 with household income of $8k (about the median) may be financially worse off than a couple with no kids but with an income of $5k - young couple starting off.
This was my case when we first started working, then got married. For many years, our combined income was below the country's median, but we were financially ok.
Luckily when our kids came along, we got our promotions and we were able to sustain our growing family comfortably.
Quote:
Originally Posted by Unregistered
The median household income (typically two working adults) is $7.8k pm so the median income per person is $3.9k. As long as you earn $4k pm and lives in a 4 room HDB flat, you are ok. If you earn more and lives in a condo, you are then among the top earners in Singapore. Only the top 15% lives in a condo or landed.
Anyway, just be happy with what you have. Look at those with lesser and not those with more, so that you feel contented. Life is short, don't fuss too much about what you have. Just look at those poor people in many developing countries and you will feel very fortunate to be born here.
People here complain about COE prices, condo prices, everyone wants to buy a car and condo, whereas in poor countries they struggle everyday to survive. Many are hungry and homeless. We should care for these people and not caught up with our petty desires and lust.
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17-10-2014, 09:28 AM
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Thanks for the wise words.
It reminded me of my own situation. After many years in the financial world as an executive and after making enough, I decided to be independent. Age was catching up on me and my health was getting real bad due to the highly stressed, high paced environment and frequent travel. So I decided to quit and manage my own money. Now I am more relaxed and my health got better. I am earning more than enough.
I believe in the virtues of charity and that is why during my free time from my trading, I help out in charities.
I am now feeling very contented as I no longer need to report to any bosses and I am very much healthier and happier. I am no longer a corporate slave. As a multi millionaire, I am free to decide what I want to do with my time and not dictated by my office calendar.
Life is great.
Quote:
Originally Posted by Unregistered
The median household income (typically two working adults) is $7.8k pm so the median income per person is $3.9k. As long as you earn $4k pm and lives in a 4 room HDB flat, you are ok. If you earn more and lives in a condo, you are then among the top earners in Singapore. Only the top 15% lives in a condo or landed.
Anyway, just be happy with what you have. Look at those with lesser and not those with more, so that you feel contented. Life is short, don't fuss too much about what you have. Just look at those poor people in many developing countries and you will feel very fortunate to be born here.
People here complain about COE prices, condo prices, everyone wants to buy a car and condo, whereas in poor countries they struggle everyday to survive. Many are hungry and homeless. We should care for these people and not caught up with our petty desires and lust.
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17-10-2014, 03:37 PM
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Sorry John Doe, the wise words not meant for you.
If you didnt have your multi millions (by the way how many millions do you have? $2M? or $3M?) would you be so smuck and say you can drop out of the rat race?
Enjoy now, but dont come running back to us hardworking people for charity later on. We dont like to help free loaders.
Quote:
Originally Posted by Unregistered
Thanks for the wise words.
It reminded me of my own situation. After many years in the financial world as an executive and after making enough, I decided to be independent. Age was catching up on me and my health was getting real bad due to the highly stressed, high paced environment and frequent travel. So I decided to quit and manage my own money. Now I am more relaxed and my health got better. I am earning more than enough.
I believe in the virtues of charity and that is why during my free time from my trading, I help out in charities.
I am now feeling very contented as I no longer need to report to any bosses and I am very much healthier and happier. I am no longer a corporate slave. As a multi millionaire, I am free to decide what I want to do with my time and not dictated by my office calendar.
Life is great.
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17-10-2014, 06:54 PM
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It is close to 7pm and the property agent poster of
" XX years old & YY years old going to upgrade to EC " fellow and his reliable side kick
" staying in a condo means you have made it - top 15% in singapore "
still has not posted today!!
WOLS!!!
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17-10-2014, 06:57 PM
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Quote:
Originally Posted by Unregistered
It is close to 7pm and the property agent poster of
" XX years old & YY years old going to upgrade to EC " fellow and his reliable side kick
" staying in a condo means you have made it - top 15% in singapore "
still has not posted today!!
WOLS!!!
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I wish but I don't think will come true....
That one day MDA will require all forum contributors of all singapore related I.e. .sg sites with forums to be registered so that we know who is the joker "top 15%" regular poster... Lol
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18-10-2014, 08:09 AM
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Employer CPF contribution
Hi guys, just wondering when you all posted your income, did you include the employer CPF contribution.
For those earning $5k and more per month, the employer CPF contribution is 14% (below 55 years of age) of gross salary but capped at $5k salary. That will be $700 per month from your employer. If both spouses working and earning above $5k each per month, that will result in $1400 per month to add to the income.
Not big not small, but in long term can add up to quite a lot.
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18-10-2014, 10:41 AM
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Quote:
Originally Posted by Unregistered
Hi guys, just wondering when you all posted your income, did you include the employer CPF contribution.
For those earning $5k and more per month, the employer CPF contribution is 14% (below 55 years of age) of gross salary but capped at $5k salary. That will be $700 per month from your employer. If both spouses working and earning above $5k each per month, that will result in $1400 per month to add to the income.
Not big not small, but in long term can add up to quite a lot.
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While it is a std practice by DOS and MOM to include the 16% employer contribution, the No from IRAS would exclude that. In any case, I doubt the posters here include the 16%....
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18-10-2014, 11:22 AM
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Ok, 16% if below 50. I now above 50, so mine is 14%.
When I first started work, more than 25 yrs ago, employer CPF contribution rate was 25%! Employees' contribution was another 25%. So our CPF savings grew very fast.
Oh well, looks like we will never get back to those days.
Quote:
Originally Posted by Unregistered
While it is a std practice by DOS and MOM to include the 16% employer contribution, the No from IRAS would exclude that. In any case, I doubt the posters here include the 16%....
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