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How much are you earning per annum?

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  #7131 (permalink)  
Old 20-03-2015, 04:38 PM
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On the topic of cars, do you realize we have too many cars on the road? Everyday during peak hours, it is difficult to move with the big traffic jams. So many cars hogging the roads. I hope we implement a negative car growth policy so that the number of cars will go down. Hopefully COE prices will go to $100k so that there will be less buyers to cause traffic jams on our small island.

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  #7132 (permalink)  
Old 20-03-2015, 06:11 PM
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Overall, you have done well as you own BOTH a condo and a car which are the most desired things in Singapore. Your achievement puts you among the top 10% - 15% of the population in terms of net worth and social status.

As for retirement, you are on the right path. First, by the time you reach 65, your condo would be paid up. Second you would save $680k. Third you and wife will have your CPF Life and you can choose the enhanced option to give you each $1750 pm.

Since you have paid up your condo, you need not pay any rent or mortgage and that saves a lot. Your CPF will be $3500 pm and with $680k, you can invest in 5% dividend yield stocks to give you income of $34k pa or $2833 pm. Your kids will give you $1000 pm and if you have two kids, you get $2000 pm. In total your passive income is $8333 pm. This is more than enough.

In summary, if you want to retire well, you must have 5 Cs:

1. Condo - Retire in style to enjoy the facilities and nice landscaping.
2. CPF Life - to give you monthly payouts
3. Children - to give you money every month
4. Cash - to buy dividend stocks
5. Control - dont overspend and do not engage in gambling, smoking, drinking, womanising, etc.


Quote:
Originally Posted by Unregistered View Post
Lives in a 3 bedroom condo in the North region.
Drives a car to work, to send kids to school & to send wife to her office.
We live a typical middle class family of four. Our children go to neighbourhood schools.
Household income $140k pa. Savings $40k pa.
Condo latest valuation $900k. Loan left $200k. Paying by CPF.
Car loan left $30k.
Our household net worth (including home equity) is $1.2m.
Our assets are condo, cash and CPF savings. No stocks or other financial products.

Can any experts in this forum comment where we stand financially compared to our peers (we are 47/48 years old respectively)?

How can we prepare for our retirement at 65?


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  #7133 (permalink)  
Old 20-03-2015, 06:45 PM
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bro its too easy to say children give $1000 etc.
We are living at an age where we ourselves are not earning much. The take home salary is around $3000 after working for years. Do you think our children when they start working can afford to give us $1000 right from the start? I don't think so. We cant expect them to pay us such a high proportion of their pay.
Let me ask you, how much did you pay your parents to begin with? Did you increase that payment with inflation, pay rise or other intervening circumstances?

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  #7134 (permalink)  
Old 20-03-2015, 07:08 PM
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Quote:
Originally Posted by Unregistered View Post
bro its too easy to say children give $1000 etc.
We are living at an age where we ourselves are not earning much. The take home salary is around $3000 after working for years. Do you think our children when they start working can afford to give us $1000 right from the start? I don't think so. We cant expect them to pay us such a high proportion of their pay.
Let me ask you, how much did you pay your parents to begin with? Did you increase that payment with inflation, pay rise or other intervening circumstances?
I started giving my parents on Day One when I started working. The amount grows over the years. Initially since they were still working, they don't really need the money but by the time they are 65 and retired, I gave them on average $1000 pm. Right now I earn $80k pa so the $12k pa I gave them is 15% of my annual income. How about you?
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  #7135 (permalink)  
Old 20-03-2015, 07:24 PM
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Quote:
Originally Posted by Unregistered View Post
I started giving my parents on Day One when I started working. The amount grows over the years. Initially since they were still working, they don't really need the money but by the time they are 65 and retired, I gave them on average $1000 pm. Right now I earn $80k pa so the $12k pa I gave them is 15% of my annual income. How about you?
With an average take home salary of $3000, these are my expenses:
$350 - hdb house mortgage repayment (cash portion)
$150 - electricity, water, gas and town council
$150 - tv and internet
$150 - travelling expenses (husband, wife, son) - we take bus/mrt
$500 - retirement plan insurance
$100 - phone plan (husband and wife)
$700 - child school, tuition classes, enrichment classes
$800 - groceries and food for family of 3
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  #7136 (permalink)  
Old 20-03-2015, 07:44 PM
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Quote:
Originally Posted by Unregistered View Post
With an average take home salary of $3000, these are my expenses:
$350 - hdb house mortgage repayment (cash portion)
$150 - electricity, water, gas and town council
$150 - tv and internet
$150 - travelling expenses (husband, wife, son) - we take bus/mrt
$500 - retirement plan insurance
$100 - phone plan (husband and wife)
$700 - child school, tuition classes, enrichment classes
$800 - groceries and food for family of 3
your wife not working?
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  #7137 (permalink)  
Old 20-03-2015, 07:46 PM
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Quote:
Originally Posted by Unregistered View Post
With an average take home salary of $3000, these are my expenses:
$350 - hdb house mortgage repayment (cash portion)
$150 - electricity, water, gas and town council
$150 - tv and internet
$150 - travelling expenses (husband, wife, son) - we take bus/mrt
$500 - retirement plan insurance
$100 - phone plan (husband and wife)
$700 - child school, tuition classes, enrichment classes
$800 - groceries and food for family of 3

Wife working? If not very tough..
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  #7138 (permalink)  
Old 20-03-2015, 09:23 PM
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Quote:
Originally Posted by Unregistered View Post
Wife working? If not very tough..
Are you saying your combined (you and wife) take home salary is $3000?

If so, how much is your gross monthly salary and how much is hers?

How old are you both?
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  #7139 (permalink)  
Old 21-03-2015, 11:19 AM
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Quote:
Originally Posted by Unregistered View Post
On the topic of cars, do you realize we have too many cars on the road? Everyday during peak hours, it is difficult to move with the big traffic jams. So many cars hogging the roads. I hope we implement a negative car growth policy so that the number of cars will go down. Hopefully COE prices will go to $100k so that there will be less buyers to cause traffic jams on our small island.
The number of cars need to be reduced by 10% over the next 10 years to reduce our traffic congestion during peak hours. The number of COEs must be cut. We need to start cutting the numbers now.
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  #7140 (permalink)  
Old 21-03-2015, 12:01 PM
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This forms the basic expenses for a family. Adding some extras, you will get the monthly expenses of a upper middle class family.

$500 - maid salary
$245 - maid levy
$100 - car insurance (x2 if got 2 cars)
$100 - car road tax (x2 if got 2 cars)
$350 - petrol (+$150 if got 2 cars)
$100 - car maintenance (x2 if got 2 cars)
$1000 - overseas holiday
$500 - restaurant meals
$2500 - monthly income tax payment
$3000 - 2nd condo mortgage monthly payment

What this shows is how much an upper middle income family can save by downgrading its lifestyle. The thing is it would be a very difficult adjustment. But when one is above 70, this will be easier. What you guys think?

Quote:
Originally Posted by Unregistered View Post
With an average take home salary of $3000, these are my expenses:
$350 - hdb house mortgage repayment (cash portion)
$150 - electricity, water, gas and town council
$150 - tv and internet
$150 - travelling expenses (husband, wife, son) - we take bus/mrt
$500 - retirement plan insurance
$100 - phone plan (husband and wife)
$700 - child school, tuition classes, enrichment classes
$800 - groceries and food for family of 3
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