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How much are you earning per annum?

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  #8301 (permalink)  
Old 28-07-2015, 09:38 AM
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High income couple, 57 & 55 yo, makes $600k pa combined. We save $450k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays once a month, eating out, taxes, insurance, etc.

Home is a bungalow bought in 2003 for $2.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $5m in total. Total net worth $13m.

Do you think we are managing our finances well?

We want to retire in 3 years time. Possible?

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  #8302 (permalink)  
Old 28-07-2015, 10:12 AM
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I dont even need to work hahahahaha.

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  #8303 (permalink)  
Old 28-07-2015, 01:04 PM
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Quote:
Originally Posted by Unregistered View Post
I dont even need to work hahahahaha.
Yes, that is what I think too.

My passive investments bring in 300k yearly on average. I take a small director fee of 100k per annum for 2 companies that I advise on technical matters. Usually I spend most of that income on investing in young entrepreneurs who want to try out new ideas. I believe in giving them a chance if they have good ideas and the right attitude towards entrepreneurship. A 20-30k personal grant to them is nothing much to me but priceless to them.

Properties and cars, nothing much to discuss as you can imagine them yourselves. No point having toilets as big as master bedrooms or sports cars that have to stop every 500m at the traffic lights and travel below 90km/h on expressways. We live comfortably but not ostentatiously.

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  #8304 (permalink)  
Old 28-07-2015, 07:20 PM
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Quote:
Originally Posted by Unregistered View Post
High income couple, 57 & 55 yo, makes $600k pa combined. We save $450k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays once a month, eating out, taxes, insurance, etc.

Home is a bungalow bought in 2003 for $2.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $5m in total. Total net worth $13m.

Do you think we are managing our finances well?

We want to retire in 3 years time. Possible?
Another BS post.

Why do people post like that, I will never know!
Let me explain,
Assuming the best case scenario of minimum taxation ie both hubby and wife makes 300k, taxes payable will be around 38.5k x 2 = 77k. With some minor reliefs, it drops to 75k.

Parental allowance, well if your HH earns 600k, you should be each giving at least 1k to your parents so 1k x 2 x 12 = 24k.

Holiday once a month. Let's say you are a cheapo and goes to Taiwan or similar cost places for 4d3n, that will be about 2k and that's just you and wife. A year that will be 24k.

Insurance. If you cover yourself for 1m and your wife 1m, which is very very low considering that it is only 3x your annual income, you will need to pay about 30k of premium a year.

And guess what? Your expenses have just exceeded the 150k that you implied (600k-450k). And we have not even included HH expenses, car/carS installment, eating out and possibility childREN (>1) Uni tuition fees and living expenses. And I hav not included the installment payment (which you will conveniently say is all from CPF lol) for your "bungalow"

So, mr BS, I guess you will learn from this mistake and of course you will give us a more realistic but still fictional post.

Bye.
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  #8305 (permalink)  
Old 28-07-2015, 11:36 PM
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Middle income couple, 47 & 45 yo, makes $184k pa combined. We save $45k pa.

Our expense items are home mortgage, car instalment and expenses, household expenses, parental allowance, children's expenses, holidays twice a year, eating out, taxes, insurance, etc.

Home is a condo bought in 2013 for $1.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $500k in total. Total net worth $1.3m.

Do you think we are managing our finances well?

We want to retire in 10 years time. Possible?
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  #8306 (permalink)  
Old 28-07-2015, 11:38 PM
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Middle income couple, 35 & 33 yo, makes $210k pa combined. We save $80k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays five times a year, eating out, taxes, insurance, etc.

Home is a condo bought in 2013 for $1.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $500k in total. Total net worth $2.3m.

Do you think we are managing our finances well?

We want to retire in 10 years time. Possible?
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  #8307 (permalink)  
Old 28-07-2015, 11:39 PM
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Middle income couple, 27 & 25 yo, makes $84k pa combined. We save $15k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays once a year, eating out, taxes, insurance, etc.

Home is a HDB bought in 2013 for $300k with outstanding mortgage of $280k left.

Other assets (stocks, cash, CPF) $50k in total. Total net worth $50k.

Do you think we are managing our finances well?

We want to retire in 38 years time. Possible?
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  #8308 (permalink)  
Old 28-07-2015, 11:40 PM
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Low income couple, 25 & 25 yo, makes $54k pa combined. We save $5k pa.

Our expense items are home rental, MRT transport and expenses, household expenses, parental allowance, self improvement expenses, holidays once a year to Malaysia, eating home cook, taxes, insurance, etc.

Other assets (stocks, cash, CPF) $10k in total. Total net worth $10k.

Do you think we are managing our finances well?

We want to retire in 40 years time. Possible?
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  #8309 (permalink)  
Old 28-07-2015, 11:42 PM
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High income couple, 57 & 55 yo, makes $600k pa combined. We save $400k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays once a month, eating out, taxes, insurance, etc.

Home is a bungalow bought in 2003 for $2.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $5m in total. Total net worth $13m.

Do you think we are managing our finances well?

We want to retire in 3 years time. Possible?
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  #8310 (permalink)  
Old 29-07-2015, 08:38 AM
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My spouse and I will be retiring in a couple of years when we reach 55. Our condo unit is paid up and our children will be financially independent. As a retired couple, we will not need much, just food, holidays once a year and some recreation. We don't drive and do not have a maid, this saves a lot of money.

We will need about $36k pa in retirement and this will be financed by our passive income of $50k pa from our investments. An added bonus will be contributions from our children. When we reach 65, we will get an additional $3.6k pm ($43.2k pa) from our CPF Life. We can save a portion of this and spend the rest on more traveling around the world.

We both like reading and outdoor activities. So we will be spending our retirement doing lots of those activities. We hope to also do some volunteer work in local charitable organizations.

We are excited to embark on our active retirement journey. After working for so long, it is time for us to get a good rest.
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