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How much are you earning per annum?

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  #5931 (permalink)  
Old 15-11-2014, 02:08 PM
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I got a new Lexus $240k with COE $70k which is considered relatively cheap

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  #5932 (permalink)  
Old 15-11-2014, 02:32 PM
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Need comments from you guys.
I'm quite old, 48, but I'm not progressing much in my career. Earning only $60k pa.
Wife is 42, earning $75k pa.
What should I do? Should I quit my job and start a business so that I can earn like $90k pa?
I have some savings of $200k to start the business.
Comments?
Lol before starting already thinking about how much u can earn. I don't think u r prepared for wat u r getting urself into.

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  #5933 (permalink)  
Old 15-11-2014, 07:01 PM
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I paid about 235K thereabouts, I intend to hold the car for least 5 - 7 years so I considered factors like petrol consumption maintenance etc. COE wasn't really on my mind it was more of the overall sum + maintenance of the car.

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70k is cheap in view of inflation over the past 10 years.
How much do you pay for your car overall?

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  #5934 (permalink)  
Old 15-11-2014, 07:27 PM
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I paid about 235K thereabouts, I intend to hold the car for least 5 - 7 years so I considered factors like petrol consumption maintenance etc. COE wasn't really on my mind it was more of the overall sum + maintenance of the car.
That's quite a reasonable price. Is the car price (including COE) 50% of your annual salary?
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  #5935 (permalink)  
Old 15-11-2014, 08:58 PM
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Didn't give it too much thought actually, after calculations its about 60% of annual income.

The decision actually stemmed from needing a larger car and consideration of my liquid assets Mainly if I would miss the cash used to pay for the car (about 9%) if needed to make future investments.




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That's quite a reasonable price. Is the car price (including COE) 50% of your annual salary?
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  #5936 (permalink)  
Old 15-11-2014, 10:05 PM
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10 years ago, our combined net worth (my wife and I) was $400k at best. Today, fast forward, our net worth is $2.5m. The increase is due to increase in salaries, savings, property appreciation, CPF increase, other assets appreciation, etc.

To us, a $63k or a $70k or even a $100k COE is nothing. Just a small % of our wealth. So, we can just buy a new car. 10 years ago, $100k is big to us, today it's small.

I'm sure there are many families with net worth more than ours, so many families will be buying new cars no matter what the COE will be.
I hope readers realize this poster is not being wise about how to spend. They have a net worth of 2.5m and he thinks that 100k is considered small and nothing. Assuming they have only 1 property they stay in and it is worth 2m and leveraged 50%, minus misc assets, this means their investible asset is about 1m or so. So a car which cost about 200k all in is about 20% of investible asset. This is not nothing by any measure. Probably 3-4 years return? Buying the car probably set them back a few years in terms of retirement goal.

My point is that net worth of 2.5m should not view 200k expense as nothing. It is a sizable portion! Only if they earn income say 300-400k per year, then perhaps they can feel it is something they can do every 3-5 years. Even then, I would rather save until net worth about 10m before feeling that I can afford easily a 200k car. Btw, I am speaking as someone whose passive income is >1m. I don't even view 100k as nothing!
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  #5938 (permalink)  
Old 15-11-2014, 10:44 PM
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$38,000 pa. Diploma holder 2yrs working exp.

doing admin support job.
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  #5939 (permalink)  
Old 16-11-2014, 01:02 AM
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I hope readers realize this poster is not being wise about how to spend. They have a net worth of 2.5m and he thinks that 100k is considered small and nothing. Assuming they have only 1 property they stay in and it is worth 2m and leveraged 50%, minus misc assets, this means their investible asset is about 1m or so. So a car which cost about 200k all in is about 20% of investible asset. This is not nothing by any measure. Probably 3-4 years return? Buying the car probably set them back a few years in terms of retirement goal.

My point is that net worth of 2.5m should not view 200k expense as nothing. It is a sizable portion! Only if they earn income say 300-400k per year, then perhaps they can feel it is something they can do every 3-5 years. Even then, I would rather save until net worth about 10m before feeling that I can afford easily a 200k car. Btw, I am speaking as someone whose passive income is >1m. I don't even view 100k as nothing!
millionaires minus the value of their dwellings are nobody. these millionaires prepared to stay with strangers for meager sum by renting out 2 out of three bedrooms of their apartments. what is privacy to them carry no meaning. are they millionaires in real terms? only they themselves know.
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  #5940 (permalink)  
Old 16-11-2014, 06:22 AM
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Didn't give it too much thought actually, after calculations its about 60% of annual income.

The decision actually stemmed from needing a larger car and consideration of my liquid assets Mainly if I would miss the cash used to pay for the car (about 9%) if needed to make future investments.
You earn a lot. Assuming your wife earns as much as you, your household annual income is more than $700k. That's a big sum. You must be living in an Orchard penthouse condo or landed in D9.

A $235k car for you is very cheap. I have a weakness for cars, if I have your income, I would buy a $500k sports car. That's me. But alas I can only afford a $100k Korean car and that's 100% of my annual income.
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