Sorry, Cat B closed at $75k

Yes! Huat ah! Lucky I already bought my new car!

Not many meh?

Me early 30s, earn >$170kpa, net worth >$1mn, and my closest friends all earn more and I am guessing have higher net worth than me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Everyone here is so rich. I earn so little. 46, making only $65k pa.

Anyone in this forum of my age making less than me?

$65k pa ok what... that's more than $5k a month. How much more u want? How much is enough?

And he said to them, "Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions."

48, income $100k pa. savings $30k pa.
wife, 45, income $110k pa. savings $30k pa.
two children in secondary schools.
Expenses:
Food and utilities $24k pa
Condo mortgage $24k pa
Car loan $10k pa
Car related expenses $15k pa
Children's expenses, including tuition and enrichment $20k pa
Family insurance $20k pa
Parents' allowances $20k pa
Holidays $10k pa
Misc $7k pa

Total net worth $1.2m

What's your assessment of our family's finances?

You seriously seeking an assessment or just want to tell people how much you have?

I'm seriously seeking sincere feedback and advice from those knowledgable here. Thanks.

This thread is purely for showing off your wealth and finances. Even though you provided some breakdown of your expenses, who can advise you if it's good or not? Only you can assess yourself to find out if you are doing well or not.

24k mortgage - a good buy for 1k psf in good location, or overpaid 2k psf in poor location during property bubble?

10k car loan - is that because you paid 150k downpayment and left 50k loan for 5 years on a Merc? Or you bought a 7 year old car at 60k, put only $10k downpayment and took in house finance loan at high interest rates?

20k family insurance - you bought value for money insurances for everyone eg term insurance, health policies, or you're overpaying for ILPs that suck your money and give you poor returns?

Too many variables unknown for anybody to assess properly.

Longevity in your job
 

A few posters (could be the same poster with repeat postings) talked about being in iron or semi-iron "rice bowl" jobs in relation to their mortgages. They took on high mortgages for their homes thinking that their jobs are stable. Perhaps they are working in the civil service, uniform groups or statutory boards. But the plain truth is that no one can be certain of their tenure in any job anywhere.

Those working in the private sector know too well how much their jobs are tied to the vagaries of the economy, changing tastes, technology advancement and competition. Even big and established companies find themselves irrelevant when they don't keep up and evolve with technology and changing taste of their consumers/customers. Kodak and Nokia are very good examples of this. Private companies watch their bottom lines very keenly and don't hesitate to retrench staff when the economy tank in order to survive. So those working in the private sector do not harbor the romantic notion that their jobs are for life.

What about those working in the public sector and stats boards? While these government "employers" or agencies are not truly driven by "profits" or bottomlines, they nevertheless still have the "risks" of being closed down (become irrelevant) or "privatized". People who once worked under the government but now work under the "privatized" entities could face the same prospects and risks of the private sector world.

One of the most common risks to one's job longevity, regardless of where you work, is perhaps office politics or the alignment of goals and ideals with your bosses and colleagues. When you are a junior staff and perhaps up to middle management, you may be "shielded" from such undercurrents and happily do your work. But once you rise to a certain level where you are able to influence policies and directions, you cannot escape the clash of ideas, ideals and goals of your colleagues and bosses. And you could be at a level where no one could nor want to protect you.

I have worked continuously over 30 years in the same company and have seen how the company grow and evolve to keep up with the times and competition. But one thing remains a constant. People will still have to work and compete with each other, meaning the inevitable office politics and clamour for recognition and fight for survival is ever present.

As a junior staff, I was unaware of the undercurrent underway, sometimes wondering why certain staff resigned, never knowing the reasons. But as one moved up the ranks, you begin to get sucked into it and even become an unwitting player. 30+ years in a company allows you a long enough time to "follow" through the rise and fall of 2 "dynasties" in the company.
For example, I observed a bunch of aggressive colleagues gaining influence and control of certain departments in the company, moving up the ranks steadily, displacing their competitors along the way. In the process, I saw my old boss leave the company (5 years after he recruited me). He was 45 then. I was a young staff and just an observer, not affected by all this drama unfolding before me. 13 years later, the cycle repeated. Alliances shifted, new princes emerged and the aggressive group shrank in numbers and one by one, they left.

After what I have seen, I can only conclude that the current situation is no gaurantee for what the future will bring. How did I manage to survive for so long? I put it to 50% luck, the rest to having the right skill (including keen situational awareness) and core competencies needed by the company.