How much are you earning per annum?

If you keep on comparing, you will never be happy. There will always be someone smarter, richer, prettier, etc more than you. Be contented with what you have.

I've gone through the path. Now I don't care about what others think of me.

I am now happy living in my penthouse condo even though I have friends and families living in bungalows. I'm happy and that what matters most.

Originally Posted by Unregistered

I am 34 now earning 127K from salary, total 155K including rental income. I am not in banking.

But did not feel as happy as my expectations rose together with my salary.

As the income rose, and my lifestyle changed, keep getting exposed to people earning more and more and so feel somewhat the same...

10 years ago I earned $40K and dreamed of buying my own condo and car.
3 years ago I earned 100K and bought my condo. But my friends and colleagues also bought condos and cars. Or they upgraded from HDB to EC.
Now I earn 155K and living in a nicer condo where my neighbours drive Audis BMW and Merc.

Then doing the maths I realise that if I also want to drive a Merc, it would wipe out my annual savings. I wouldn't be able to save at all. Then its stupid to drive a Merc but not actually being able to save for retirement rite? But everyday I see the nice cars in the car park and I feel poor in comparison. Everyday I wonder what I must do to be able to afford the lifestyle I aspire to.

Comparisons can make people frustrated (ren bi ren qi si ren)

You are doing very well. Why?

1. You own and live in a condo. More than 80% of Singaporeans live in HDB flat. So you are among the lucky top 10-15% of Singaporean households.

2. You own a car. Many families don't own a car.

3. You can retire easily. Just go for the $241,500 CPF Life scheme for both you and wife. You will get $3500 pm as a retired couple at 65. Your kids can give you $2000 pm (two kids) and you stocks dividends can give you $1000 pm. So your passive income is $6,500 pm which is sufficient for your retirement.

Originally Posted by Unregistered

45 & 43, married couple with two secondary school children. Our combined income is $140k pa. We sold our fully paid HDB flat for $600k and bought a resale condo for $1.1m. Paid downpayment of $600k and took a mortgage loan of $500k.

Ever since we lived in a condo, we felt very happy to enjoy the privacy, security and social status. The facilities are really nice. Our kids enjoy the swimming pool very much.

Our combined net worth:

Condo (net of loan) $600k
Stocks $65k
Cash and CPF funds $485k
Car $50k

Total combined net worth $1.2m

How are we doing?

Both myself and wife is in our mid 40s and last year we filed $300k to IRAS
was just checking the chargeable income tax.
we are contributing $20+k to nation building every year
effective tax rate is about 10-12%.
but as government say, people do not mind contributing to income tax.
how true is it?

Originally Posted by Unregistered

Both myself and wife is in our mid 40s and last year we filed $300k to IRAS
was just checking the chargeable income tax.
we are contributing $20+k to nation building every year
effective tax rate is about 10-12%.
but as government say, people do not mind contributing to income tax.
how true is it?

Your income is very high. Are you planning to upgrade to a GCB? Btw, the richer you are the more you would appreciate a good stable country, so you should not mind paying more tax. Actually you are paying too little tax now given the benefit you enjoy.

Originally Posted by Unregistered

Your income is very high. Are you planning to upgrade to a GCB? Btw, the richer you are the more you would appreciate a good stable country, so you should not mind paying more tax. Actually you are paying too little tax now given the benefit you enjoy.

I dont think $300k for a couple is high, this level of income cannot afford GCB.
There are many many more household making excess of $500k ~ exceeding $1mil.

Originally Posted by Unregistered

Weekend time again... time to do my car shopping.... likely to finalize my choice this weekend as COE looks to creep up again with the CEVS changes and government has hinted they will claw back... Fear is in the air.... I don't want to miss out the temporary low priced COEs today.... Cheers everyone.

Just came back from my car shopping this afternoon- finally decided to book a Mazda3 (cheap and stylish looking). What a crowded day at the show room. you should see the more popular ones - looks like a fish market.

Hope to get my COE successful bid next round. pray hard!

Originally Posted by Unregistered

Just came back from my car shopping this afternoon- finally decided to book a Mazda3 (cheap and stylish looking). What a crowded day at the show room. you should see the more popular ones - looks like a fish market.

Hope to get my COE successful bid next round. pray hard!

i hope you get your COE too...

so that you can finally shut up about your car in this salary thread.

Originally Posted by Unregistered

Just came back from my car shopping this afternoon- finally decided to book a Mazda3 (cheap and stylish looking). What a crowded day at the show room. you should see the more popular ones - looks like a fish market.

Hope to get my COE successful bid next round. pray hard!

If you bought with guaranteed COE, then you should get it.

Originally Posted by Unregistered

I dont think $300k for a couple is high, this level of income cannot afford GCB.
There are many many more household making excess of $500k ~ exceeding $1mil.

Looks like there are so many rich Singaporean households. Not surprising why COE prices continue to creep higher. Households with income of $500k or more can easily afford 5 new cars.

Originally Posted by Unregistered

Your income is very high. Are you planning to upgrade to a GCB? Btw, the richer you are the more you would appreciate a good stable country, so you should not mind paying more tax. Actually you are paying too little tax now given the benefit you enjoy.

Your threshold is very low. With a 300k income, that is only about the 90th percentile of HH income.

At most is a 4 bedder FH condo in non core region.

GCB buyers typically corporatism their earnings so it is their "companies" that earn money...