How much are you earning per annum? - Page 662 - 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
  #6611 (permalink)  
Old 01-02-2015, 07:38 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Home is a condo bought in 2013. Current value $1.05m. Mortgage outstanding $238k. Home equity $0.812k. Other assets are cash, cpf and stocks worth $700k. Total net worth $1.512m. Total income $170k pa. Expenses $120k pa. Savings $50k pa. We are 45/ 43 years old. Kids are 15/ 18.

How are we doing? Any advice on how to prepare for retirement?
I think you are on the right track towards a good retirement.

Since you save $50k pa, you would then be able to save $1m over 20 years. You should also have paid up your mortgage. Your condo should appreciate to say $1.2m over 20 years. So, by the time you retire at 65, your total net worth will be $2.9m ($1.2+0.7+1).

Your passive income will come from CPF Life. Assuming the CPF minimum sum continue to rise, you may get $1600 pm for each person at 65. So, in total you receive $3200 pm.

You should have $1m cash to invest in 5% dividend yield stocks hence giving you $50k pa or $4.1k pm in dividends.

Your children may give you $1k pm ($500 from each child).

So, in total, your passive income should be $8,367 pm. This should be enough for you and spouse to retire in comfort.

Reply With Quote
  #6612 (permalink)  
Old 01-02-2015, 09:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Tomorrow the 1st Feb 2015 COE bidding starts. Even though supply of COE has increased, demand will increase more. We can expect a lot of bookings during the Singapore Motor Show last month. With petrol prices now very low, people are switching from taking the taxi to driving their own cars.

When demand is greater than supply, price will rise.

Reply With Quote
  #6613 (permalink)  
Old 01-02-2015, 10:29 PM
Unregistered
Guest
 
Posts: n/a
Default

I am 50 this year, income expected to be $80k pa. Wife is older than me, she's 55 and her income is expected to be $100k pa. We live in an EC which we bought many years ago. Today it can fetch about $1m and we have cleared the mortgage. Our focus now is to save up for our retirement.

Reply With Quote
  #6614 (permalink)  
Old 02-02-2015, 02:30 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
I must say you doing very well indeed. This is only Feb (1st Feb) and you already got 6 months bonus for the year!

If I were you, just focus on this job and great company and you will surpass the $100k pa in no time at all.
oops I might have been unclear. the 6 months received was for last year's annual bonus. company tends to give out before CNY to avoid suayness or whatever. 13th month given last month and another 5 months afterwards.
Reply With Quote
  #6615 (permalink)  
Old 02-02-2015, 02:41 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Tomorrow the 1st Feb 2015 COE bidding starts. Even though supply of COE has increased, demand will increase more. We can expect a lot of bookings during the Singapore Motor Show last month. With petrol prices now very low, people are switching from taking the taxi to driving their own cars.

When demand is greater than supply, price will rise.
Many dealers are pricing their cars at rebates of discounts $5-10k cheaper than last bidding. Even dealers are expecting prices to decline. Those who can wait will have the last laugh with cheaper COE.
Reply With Quote
  #6616 (permalink)  
Old 02-02-2015, 07:44 AM
Unregistered
Guest
 
Posts: n/a
Default

This is a known dirty industry trick to draw in bookings for their cars. I was tricked before. After 3 biddings, they tell you they cannot get the COE at the price you booked and asked you to top up. If not, they will just continue to bid without increasing the bid until the contract runs out. By that time, you would have lost 3 months!

Make sure when you sign the purchase agreement that you are gauranteed the COE and car without further top up.

Quote:
Originally Posted by Unregistered View Post
Many dealers are pricing their cars at rebates of discounts $5-10k cheaper than last bidding. Even dealers are expecting prices to decline. Those who can wait will have the last laugh with cheaper COE.
Reply With Quote

  #6617 (permalink)  
Old 02-02-2015, 08:57 AM
Unregistered
Guest
 
Posts: n/a
Default

The price of COE is determined by demand and supply. Even a primary school educated person know this. Price is not only determined by supply, so if supply of COE increase, that does not mean price will go down as demand is high and rising. We all know that supply of COE has increased but we can also expect demand to increase much more than the supply increase.

Here are the factors that cause demand to rise:

1. Replacement demand. What this means is people who scrap their 10 year old cars will go back to the new car market to buy new cars. Most would prefer not to buy a resale car due to the "lemon car" problem. You may get a used car which gives you so much problem and cost not only time but thousands of dollars to repair. Brand new cars are prefered by most drivers. In 2015, there will be 100,000 replacement demand and in 2016, there will be another 100,000 replacement demand.

2. Rising income and wealth of the Singapore population. The family income of a household today is higher than 10 years ago. For instance, the household income 10 years ago could be $60k pa and the family cannot afford a new car but today their income could increase to $120k pa and they can afford a new car. Many families also make a lot of money from flipping their properties and they have cash to buy new cars. For instances, they bought a BTO flat five years ago for $200k and today they can sell their flat for $500k and make $300k profit. They can use $100k to buy a new car paid in cash. They can then use the balance $200k to pay for a new BTO flat costing $200k.

3. Higher population. With more population, the demand for cars will also rise.

4. Low oil prices. With low petrol prices, it may be more economical and beneficial to buy a new car than to take the taxis. Even though petrol prices have gone down, taxi fares have not gone down and may increase in the future. Why should you make taxi uncles rich?

5. Well paid young graduates. Many young graduates are earning more than their parents. They can even earn as much as $150k pa in their 20s.

6. Snob appeal. Shiny, brand new cars are objects of snob appeal. So, many people buy new cars just to show off to show that they are successful and they have made it. There are people who change cars every 2 - 3 years.

7. People working longer. With more people working longer beyond 65 years old, they will need to buy new cars.

8. More families owning more than one car. More and more families are buying their 2nd and 3rd cars. These are for their wife and children. The wife may be working and so need a car of their own. The car for their child is for their 21st birthday.

9. Many more reasons.
Reply With Quote
  #6618 (permalink)  
Old 02-02-2015, 10:29 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
This is a known dirty industry trick to draw in bookings for their cars. I was tricked before. After 3 biddings, they tell you they cannot get the COE at the price you booked and asked you to top up. If not, they will just continue to bid without increasing the bid until the contract runs out. By that time, you would have lost 3 months!

Make sure when you sign the purchase agreement that you are gauranteed the COE and car without further top up.
Last time u can't get because the quota is tight.
Now with the flood of COE looks like everyone who waited patiently will get their desired affordable COE!!
Reply With Quote
  #6619 (permalink)  
Old 02-02-2015, 10:43 AM
Unregistered
Guest
 
Posts: n/a
Default Another Fair View on "Singapore already gone case ?"

Quote:
Originally Posted by Unregistered View Post
Don't lumped yourself with the majority, because you are not one of them. Here is why.

1. You repeated this post, lock stock and barrel, without any new argument. It is a sign of mental illness or sign that it is going that direction.

2. People like you are not welcome by societies any where, not to mention any government. This is because your basic problem is jealousy. People like you want to have As in your exam result without studying hard for it. You want promotion and big bonuses in your job without pulling your weight.

3. You want your wealth to grow without making effort (and taking on the attendant risks) to grow it.

4. The vast majority of HDB dwellers are quite contented.

I strongly suggest you seek contentment through a religion, or see a psychiatrist.


Singaporean mostly having kiasu kiasi mentality.
If one stay in GCB, then many will try to compare, kiasu mah!
If that kiasu fellow grumble a bit, then he will attract kiasi fellow to attack!

I find it interesting to copy and paste some of the comments here :-

1) Spore Govt is now trying to weaken Sing Dollar due to erosion of competitiveness. A Strong Sing Dollar is Bad For Singapore Exports. Many Singapore Company CEOs are pessimistic now.
(The Singapore government has to come in to intervene to deliberately weaken the SGD. The M'sian government is helpless to stop the weakening ringgit.)
((Try to imagine one SGB equals one USD or one Swiss Franc, then Singapore hotel rooms is only good for Singaporean keeping mistress from China))

2) Singapore might appear well off to Malaysians. "APPEARANCE ONLY"
(Many Singaporeans can easily landed properties in M'sia if there was no restrictions. Many M'sians cannot afford even 3 room flats in Singapore)
((If they earn in SGD in Singapore, spend in Ringgit in JB, they are rich. They will appear much richer if they spend in India using Rupee. BUT...BUT if they are born in Malaysia, or India, they will be earning what the local earn, and the 'Singaporean' will be at the same shoes as the locals.... So be thankful to what the present Govt giving you right now.))

3) The reality is this. Singapore Citizens are paying for everything at "SKY HIGH" Prices. Cars must be Scrapped by 10 Years when COE expires. Most Singaporeans cannot afford a car. Most live in pigeon holes of small HDB flats. In Malaysia most average family have 2 cars & live in a house with on small garden. In Spore it is only a dream.
(Singaporeans are paying sky high prices for cars and homes, M'sians can only talk about it)
((HDB flats form the major bulk of Singaporean's asset. If you minus the flats or EC, what is left will not be much for your retirement. That is the reason majority of Singaporean has to lower the quality of living when they retire. If they have only a 2 room HDB flat, that form the bare minimum for a roof, old people will have to work until they KO, or to sell their flats and stay in old folks home using net of the proceeds. Landed properties even if it is a single storey house is beyong 90% of Singaporean, 80% of Singaporean cannot afford to own a car, 70% of Singaporean never drive a car before. Taking public transport is a norm for 85% of Singaporean, unlike in Malaysia, Australia or US. Most Singaporean can only dream to own a car, and to think and think to buy one praying very hard for COE to drop to 30k. Living in a landed property with a small garden of your own is what an average Malaysian can afford, buying a car need to think and think and think before to decide to have one))

4) Singaporeans are Avid Shoppers. Most don't have enough savings for retirement. I think over the longer term many will have to work till 90 years old. Some might even work till 100 years old.
(Those Singaporeans who cannot afford to retire in Singapore will retire in M'sia)
((How much do you think you need in order to survive? How much is the minimum rent for a pigeon hole? You can rent a house in self-contained township similar to that of Punggol New Town for 300 ringgit, home cook food for 300 ringgit, riding a motorcycle or bicycle for practically free, plus everything for another 400 ringgit. One thousand ringgit will be able to have a decent living. Can you survive with one thousand SGD in Singapore? That is the reason why you see so many old women still force to work as a cleaner in office or hawker centre. Some may argue if they cannot afford to retire in Singapore, they can retire in Malaysia. Problem is whether they are qualified for MM2H, or whether they have a relative in Malaysia? ))


5) Singapore FD is less than 1% with 3% inflation rate. It is detrimental for savers and pensioners. So Don't Exchange Your Ringgit For Sing Dollar.
(Bank interest rates are low in singapore. But if you keep them in ringgit in M'sian banks, you will lose much more through currency depreciation)
((The question is not whether you lose money if you place in Malaysian Banks, it is negative return if you place in Singapore bank seeing your SGD losing purchasing power each day))

6) Better invest in Under Value Stocks of KLSE.
(KLSE stocks are not undervalued, that's their true values.)
((What about when ringgit strengthen against SGD in 10 years to come? Compare JB to Singapore with Shenzhen to Hongkong, and compare RMB to HK$ ten years ago and ten years later))
Reply With Quote
  #6620 (permalink)  
Old 02-02-2015, 10:17 PM
Unregistered
Guest
 
Posts: n/a
Default

46, millionaire, retired from corporate life, now fully occupied with trading, investing and managing family's wealth. 3 bedroom condo in the central area, fully paid up. One year old car fully paid up.

Make enough from dividends and profits to more than meet family's expenses. Hope to double our wealth over the next 10 years.

We don't travel on business class but on economy class. However we stick to 5 star hotels.

We are contented and happy with what we have.
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 25 23-04-2021 10:40 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
If you can't find a company here... ( 1 2)
18 Replies, 1,747 Views
GIC (Government of Singapore... ( 1 2 3... Last Page)
333 Replies, 455,394 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
2,728 Replies, 1,297,995 Views
Lawyer Salary ( 1 2 3... Last Page)
13,827 Replies, 4,649,945 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
4,093 Replies, 2,536,324 Views
Compare civil service salary ( 1 2 3... Last Page)
12,656 Replies, 7,373,919 Views
Heineken APAC Graduate Programme ( 1 2 3... Last Page)
276 Replies, 135,278 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
740 Replies, 203,200 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,724 Replies, 4,367,375 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
1,849 Replies, 612,230 Views
Roles in accenture singapore ( 1 2 3... Last Page)
2,033 Replies, 527,931 Views
IMDA (under MCI) ( 1 2 3... Last Page)
121 Replies, 59,017 Views
GovTech Tech Associate Program... ( 1 2 3... Last Page)
70 Replies, 37,010 Views
DBS tech seed programme ( 1 2 3... Last Page)
880 Replies, 228,378 Views
Starting Pay for CS/Ministries... ( 1 2 3... Last Page)
250 Replies, 112,485 Views
DXC Technology
0 Replies, 46 Views
Y Ventures Group
0 Replies, 32 Views
Career as Teacher ( 1 2 3... Last Page)
4,022 Replies, 2,515,763 Views
Breaking the Letter Of Commitment... ( 1 2 3... Last Page)
33 Replies, 26,753 Views
Tax ( 1 2 3)
22 Replies, 9,029 Views
How is HTX Associate Programme... ( 1 2 3... Last Page)
31 Replies, 7,789 Views
UOB Management Associate Program ( 1 2 3... Last Page)
458 Replies, 279,171 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
487 Replies, 276,658 Views
How is life as a doctor in... ( 1 2 3... Last Page)
2,788 Replies, 1,421,562 Views
Process Engineer Salary
3 Replies, 5,237 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
3,914 Replies, 1,762,455 Views
Maybe it's rosy after all
1 Replies, 1,673 Views
Best-paying jobs in the US
1 Replies, 2,844 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:37 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2