How much are you earning per annum?

Originally Posted by Unregistered

Education level: ITE Nitec
Job: IT Engineer
Exp: 5 yrs
Salary Monthly: 10K
Bonus: 120K

Which firm?
What's your specialty?

Originally Posted by Unregistered

Working professionals, 48 & 40 yo, husband degree holder, wife diploma holder.
Combined annual income $120k pa.
Sold our fully paid flat for $600k and bought a 3 bedroom resale condo for $1m.
Took a loan of $500k for the condo, paying close to $30k pa in mortgage payments.
Bought a new car, serving a loan of $1k pm ($12k pa).
Other expenses include food, car expenses, children, parents, insurance, etc.
Saves $30k pa. Current total net worth (include net value of condo) $900k.
How are we doing?
Can we afford to retire in our condo or do we have to downgrade to a 3 room flat when we retire? Any gurus here can advise? Thanks.

The combined salary seems unrealistic and on the low side. Any reason for this?

Originally Posted by Unregistered

What if I have about $500k cash and $240k shares? How much do I need to earn a month to qualify?

It depends on the amount of loan you need to take for the condo. Let's assume the condo costs $1m, if you sell your shares and use all your cash, you will have $750k as downpayment. This is however not recommended as you should have cash of at least $100k for emergencies.

Assumptions
1. Condo $1m
2. Interest rates 3.5% (conservative)
3. MSR 25%
4. Loan period 20 years

If loan is $250k (not recommended), your annual income should be at least $58k pa
If loan is $350k, $97k pa
If loan is 450k, $125k pa

Originally Posted by Unregistered

It depends on the amount of loan you need to take for the condo. Let's assume the condo costs $1m, if you sell your shares and use all your cash, you will have $750k as downpayment. This is however not recommended as you should have cash of at least $100k for emergencies.

Assumptions
1. Condo $1m
2. Interest rates 3.5% (conservative)
3. MSR 25%
4. Loan period 20 years

If loan is $250k (not recommended), your annual income should be at least $58k pa
If loan is $350k, $97k pa
If loan is 450k, $125k pa

Useful as a rough guide. Thanks much!

46, income $80k pa, spending $50k pa, saves $30k pa.
Spouse, 44, income $100k pa, spending $50k pa, saves 50k pa.
Home, a 3 bedroom condo, currently worth $1.2m, paid up.
New car, paid in full.
2 kids in secondary schools.
We plan to work until 60.
Upon retirement, we plan to do charity work and many other things we didn't have time for right now.

I think this week we will witness the first COE decline below $60k for CatA since CNY .
And down it will go. Huat ah!

Good advice in the quoted post below.

I'm surprised that 30 years ago, starting salaries for graduates were about the same as today! Figures cited below are $1600 and $2500. From what I heard, some fresh graduates today, even those from NUS, are getting less than $2500, in today's dollars!

Originally Posted by Unregistered

30 years ago one of my older wind surfing buddies said that he would be happy if his salary could stay at $2500 per month. He said this because his job was not secure and his monthly income was not steady, sometimes more, sometimes less. I was earning $1600 then as I had just started work after graduation. At first I didn't understand why he said that, as to me, he was earning more than me.

I have lost touch with him years ago after we both got married and moved on. But what he said struck me. Although I was earning less than him I felt more secure in my job. My company is an established company, and there were many senior people working in the company. I could envisage then that if I work there long enough, I could progress in my career with my pay rising over the years. That is true today. I just had my long service gift (30 years) and my annual salary is above $250k. Again I still secure as there are older colleagues still around.

My point is: one must look beyond the present pay. See whether there is longevity in the job, and the company. It is not enough to be earning a high income now but only to lose it 2 years later. Look at whether there is opportunity for career progression. Is your job a dead end one?

It is ok to be earning a lower salary when younger so long as there is job security and career progression in the longer term.

Originally Posted by Unregistered

Good advice in the quoted post below.

I'm surprised that 30 years ago, starting salaries for graduates were about the same as today! Figures cited below are $1600 and $2500. From what I heard, some fresh graduates today, even those from NUS, are getting less than $2500, in today's dollars!

With BTO flats selling so cheap at $100k for 3 room flat, it's ok to get $2500 for new grads. A new grad couple with income of $5k pm combined can afford a $100k new 3 room BTO flat today.

Originally Posted by Unregistered

I think this week we will witness the first COE decline below $60k for CatA since CNY .
And down it will go. Huat ah!

Cat A $61,000

Cat B $71,509

So cheap! Rush to the showrooms NOW !!!!

HUAT AH !!!!!!!!!!!!!!!!!!!!!

8 Years Experience
Fireman 80k PA