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How much are you earning per annum?

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  #8541 (permalink)  
Old 21-09-2015, 07:58 PM
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Quote:
Originally Posted by Unregistered View Post
Being awake at 4 am, waiting for some kind soul to reply to your post, shows you are at a verge of mental breakdown. Talk to your wife on your mental condition. If she loves you, she will let you quit now. How much cash savings do you have? What's your total net worth (you and wife in total)?
My HDB worth $600k paid
Car $100k paid
CPF total $300k OA
Cash about $300k
Stocks about $200k

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  #8542 (permalink)  
Old 21-09-2015, 09:03 PM
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My HDB worth $600k paid
Car $100k paid
CPF total $300k OA
Cash about $300k
Stocks about $200k
You have done quite well. Your total net worth excluding CPF SA & MA, is $1.5m. Let's say your CPF SA and MA is $400k in total. So combined net worth is $1.9m. You have $500k of cash and stocks which you can last you for many years if you need to spend them. You can quit any time. Your wife earns $10k/month. If your household expenses is $12k/month, you just need to top up $2k/month from your $500k. You can also reduce expenses by not having a maid, eat less outside and shop wisely.

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  #8543 (permalink)  
Old 21-09-2015, 11:03 PM
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Its hard to advise without knowing what you do but general consensus would be at your age and income bracket it will be wise not leave without securing another job first. You options really are either to find another role which you are more suited to within the firm or negotiate with your HR Dept, either offer to pay off the 3 month the alternative takes more balls Pal of mine had a similar 3 month notice clause he used his leave and MC to clear out least 1.5 months and join another firm midway during his absence.

Applying for a job without a current one already makes the potential employer look at you different, first thing they will think about is why the other firm didn't want you etc etc. Also we are going into an economic downturn do you really want to have no job security?

The only thing I will say is unless you have a solid stream or rec-curing income, great contacts in the industry who are willing to recommend friends to employ you or a huge pot of cash don't make any rash decisions.

I stopped working for a while back when trying some businesses, didn't work out and I can tell you the period I did not work I spent much more than if I had worked. Free time gives you more opportunities to spend or try reckless risk taking (not gambling).


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Originally Posted by Unregistered View Post
hello everyone. i am 45 this year, and married with two kids. i make about $10k per month with US MNC. my wife is also working and earns about $10k per month also. recently i have been transferred to a new role under another boss. unfortunately the job scope has drifted, and it is causing me undue stress. i have spoken to my boss, but chose to ignore on it. i am having bad anxiety, and keeps waking up at 2am or 3 am midnight. I dont think it is getting better. i think i have to quit. however at my age i dont think i can get another similar industry job with this salary level. i want to ask the people out here if there's anyone of similar experience? i have paid up my HDB and a paid up new car, so i basically debt free. please help to advise me. thank you.

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  #8544 (permalink)  
Old 21-09-2015, 11:39 PM
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Originally Posted by Unregistered_101 View Post
Its hard to advise without knowing what you do but general consensus would be at your age and income bracket it will be wise not leave without securing another job first. You options really are either to find another role which you are more suited to within the firm or negotiate with your HR Dept, either offer to pay off the 3 month the alternative takes more balls Pal of mine had a similar 3 month notice clause he used his leave and MC to clear out least 1.5 months and join another firm midway during his absence.

Applying for a job without a current one already makes the potential employer look at you different, first thing they will think about is why the other firm didn't want you etc etc. Also we are going into an economic downturn do you really want to have no job security?

The only thing I will say is unless you have a solid stream or rec-curing income, great contacts in the industry who are willing to recommend friends to employ you or a huge pot of cash don't make any rash decisions.

I stopped working for a while back when trying some businesses, didn't work out and I can tell you the period I did not work I spent much more than if I had worked. Free time gives you more opportunities to spend or try reckless risk taking (not gambling).
Appreciate the kind advise... I do agree that leaving without a job now is almost equivalent to early retirement.... i will try to endure out for 2 years and see if can ask for an internal company transfer... anyway just pray that i don't break down mentally before that...!
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  #8545 (permalink)  
Old 22-09-2015, 12:32 AM
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Anytime, its nothing you don't know anyway I believe.

Would suggest you develop a hobby or exercise, I can't do the former so I try doing the latter. Running clears your mind and actually relaxes you or maybe invest in a good headphone and amplifier play some soothing music (Jazz, Classics etc) I find that helps too.

Anyway whatever you do keep your cool, don't burn bridges cause they will come in handy. I have ex colleagues who did just that and still jobless lol.

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Originally Posted by Unregistered View Post
Appreciate the kind advise... I do agree that leaving without a job now is almost equivalent to early retirement.... i will try to endure out for 2 years and see if can ask for an internal company transfer... anyway just pray that i don't break down mentally before that...!
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  #8546 (permalink)  
Old 22-09-2015, 07:54 AM
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I was in an almost similar situation as you when I was 40. I was posted to another department where I was not sure I was going to make it. From having a team to work with, I was suddenly doing everything myself. It was a lateral move, as I didn't get any pay raise. Job scope was drastically different.

But looking back, the posting sparked a chain of (good) events. Because I was not really confident I could pull it off in my new post, I started reviewing my financial situation preparing for the worse case scenario where I might have to throw in the towel. I started investing! Instead of just squirrelly away my bonuses, I started investing in shares that pay dividend to ensure I have cash flow if I had to tender my resignation. The dividends in the initial years were pitiful because the investment amount was small. But grow it did. Now I am looking at $60k dividends pa.

That was not all, I hung on to that job for 6 grueling years and in the process build up a good network of contacts and friends. Something I would not done had I not moved.

In that time, my wife and I also decided to invest in another condo for rental income. That is giving us another $40k pa of income.

And the impossible became the possible. I was brought back to my previous job after that 6 years. This time to lead the team I was working with originally. It has already been 10 years since I was posted back.

Never say never.

Quote:
Originally Posted by Unregistered View Post
hello everyone. i am 45 this year, and married with two kids. i make about $10k per month with US MNC. my wife is also working and earns about $10k per month also. recently i have been transferred to a new role under another boss. unfortunately the job scope has drifted, and it is causing me undue stress. i have spoken to my boss, but chose to ignore on it. i am having bad anxiety, and keeps waking up at 2am or 3 am midnight. I dont think it is getting better. i think i have to quit. however at my age i dont think i can get another similar industry job with this salary level. i want to ask the people out here if there's anyone of similar experience? i have paid up my HDB and a paid up new car, so i basically debt free. please help to advise me. thank you.
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  #8547 (permalink)  
Old 22-09-2015, 08:09 AM
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Hahaha. False alarm. I thought you are really that bad. You're just imagining. LOL.
Anyway, if so bad, just quit. You can take your time to get a new job since you have a ton of cash. You can do full time day trading in shares if you're an expert trader. If you're inexperienced, then forget about it. Just get another job.

Quote:
Originally Posted by Unregistered View Post
Appreciate the kind advise... I do agree that leaving without a job now is almost equivalent to early retirement.... i will try to endure out for 2 years and see if can ask for an internal company transfer... anyway just pray that i don't break down mentally before that...!
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  #8548 (permalink)  
Old 22-09-2015, 08:37 AM
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Hahaha. False alarm. I thought you are really that bad. You're just imagining. LOL.
Anyway, if so bad, just quit. You can take your time to get a new job since you have a ton of cash. You can do full time day trading in shares if you're an expert trader. If you're inexperienced, then forget about it. Just get another job.
Yes its really that bad.
I say 2 years is because that is the minimum period the company can allow employees to request to internal transfer.
For me If it continues to affect my mental, I will probably throw within next 1-2 months..
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  #8549 (permalink)  
Old 22-09-2015, 09:50 AM
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Yes its really that bad.
I say 2 years is because that is the minimum period the company can allow employees to request to internal transfer.
For me If it continues to affect my mental, I will probably throw within next 1-2 months..
all the best. do keep us updated if you do quit within next 1-2 months.
remember, money is not everything.
your mental health is your first priority.
the best judge of your situation is yourself.
take care.
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  #8550 (permalink)  
Old 22-09-2015, 10:58 PM
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It's true I am 55+. Nowadays it is hard for anyone to feel secure in their jobs, not least for those in my age group unless you happened to be in the civil service. As I have gathered, even those in their late 40s are at risk of losing their jobs. It is tragic to lose your job at this age (late 40s) where it is difficult to find another one, especially one that will pay the same salary as the old one. At this age, you are probably still paying down your home mortgage, children are still young and haven't build up your retirement fund.

However at 55, things are significantly different, at least for me. While it is true I no longer have that much market value, I am also not bothered by it. Gone are the days where I will be working hard and fighting for promotion and big bonuses. Now I work because I want to, derive meaning from it and I feel useful. (Actually I know I will be bored if I am not at work)

My home is fully paid, cars are paid in full, children are grown up and most importantly our retirement nest egg is ready. (You already know our net worth). And our expenses are fully covered by our passive income.

I have contemplated working half time (as one of my colleagues have done) and slowly ease into retirement. But you know what? That colleague who is 58, decided to return to full time work after just half a year because he was bored! I know it can't be because of money as I know he is loaded. He told me his wife is working, his children are working and the home is very quiet. I fear it will be the same for me.

And I guess you already know how I fill my time - by writing to this forum. Lol!



Quote:
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The guy makes a big deal of making $500 per day. His income is only $200k pa but he makes it sound so much. Nowadays, people in their 30s already making $500k pa. LOL. He is already 55, any time can be retrenched. He needs to be more humble.
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