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How much are you earning per annum?

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  #8571 (permalink)  
Old 25-09-2015, 08:47 AM
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How much cash savings to do you have? If you have $500k of cash and stocks, you can just quit and take your time to find another job. This is especially so if the job cause you be in a deep depression. Don't listen to people who don't understand what it feels like to be in a depression.
I may not have $500k disposable cash, maybe $200k
But I don't have any debts now and wife has a stable job and willing to support to tide over
Just that I am thinking it might take longer (6mth to 1 year) to land another job
That would another kind of mental stress....
Sigh.

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  #8572 (permalink)  
Old 25-09-2015, 11:14 AM
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Full time trader, 49. Spouse, office worker, 46.
My income, $100k pa. Spouse income, $110k pa.
Household expenses, $130k pa. Expenses shared equally.
3 bedroom condo in central area, fully paid up a few years ago.
One year old car, paid up.
Children's Uni fund ready.
Debt free.
My net worth is 2x of spouse's net worth.
Enjoy a comfortable middle class lifestyle, overseas holidays twice a year, eat good food at restaurants, etc.
I will not retire so soon as I enjoy my trading job from my home office. I am the boss. No more office politics.
What do you trade? Short term or long term?

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  #8573 (permalink)  
Old 25-09-2015, 11:49 AM
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Dun mind me asking whats ur line of work? And whats you day to day responsibilities? Maybe from there you can get better quality advise?

Quote:
Originally Posted by Unregistered View Post
I may not have $500k disposable cash, maybe $200k
But I don't have any debts now and wife has a stable job and willing to support to tide over
Just that I am thinking it might take longer (6mth to 1 year) to land another job
That would another kind of mental stress....
Sigh.

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  #8574 (permalink)  
Old 25-09-2015, 12:07 PM
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Quote:
Originally Posted by Unregistered View Post
I may not have $500k disposable cash, maybe $200k
But I don't have any debts now and wife has a stable job and willing to support to tide over
Just that I am thinking it might take longer (6mth to 1 year) to land another job
That would another kind of mental stress....
Sigh.
Good to know that your wife is supportive of you quitting. This makes it less stressful for you. How much is your wife earning? How much is your HH expenses? If your wife earns $200k pa and your HH expenses is $100k pa, effectively you don't need to spend any of your cash savings. This gives you less stress to get a new job immediately. To make your wife happy, you can tell her that you will send and fetch her to and from work everyday so that she won't have to be in crowded buses and MRT or get frustrated of not getting taxis when she needed it most. She also save on transport costs especially the expensive taxi fares.

You can also offer cost savings actions by not employing a maid and you do the work of the maid. In this way, you save on maid cost of $1000 pm. This will make your wife happy since she will have convenience of travel and a house husband (at least for the moment) to take care of the household. You can always employ a new maid once you get a new job.

Your new role can actually save $20k pa so your HH expenses drop to only $80k pa which can be covered by your wife's $200k pa salary.

What do you think?
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  #8575 (permalink)  
Old 25-09-2015, 03:10 PM
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Correct me if I am wrong, my impression of stock traders are that they are more or less gambling.

They can make a bundle in some days and lose everything and then some, in other days. So the income that they "earn" is not actually there to be spent unlike the salaries that people earn in normal jobs.

As you are basically "self employed" you also dont have CPF savings, which is another problem. The employer CPF contribution can add up to a tidy sum over 30 years of employment, not to mention the accrued interest! Many of us when we quote our salaries do not include the employer CPF contribution which comes to another $15K pa or $472K over 30years of employment.

Would you be confident to depend on your trading income of $100k pa if your wife wasnt working?

It is different if it was passive income. When we retire, we will only have passive income to depend on. We aim to grow our passive income through stocks (not through trading) to our target of $100k pa by the time we retire.







Quote:
Originally Posted by Unregistered View Post
Full time trader, 49. Spouse, office worker, 46.
My income, $100k pa. Spouse income, $110k pa.
Household expenses, $130k pa. Expenses shared equally.
3 bedroom condo in central area, fully paid up a few years ago.
One year old car, paid up.
Children's Uni fund ready.
Debt free.
My net worth is 2x of spouse's net worth.
Enjoy a comfortable middle class lifestyle, overseas holidays twice a year, eat good food at restaurants, etc.
I will not retire so soon as I enjoy my trading job from my home office. I am the boss. No more office politics.


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  #8576 (permalink)  
Old 25-09-2015, 04:28 PM
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You are naive. How old are you?


Quote:
Originally Posted by Unregistered View Post
Correct me if I am wrong, my impression of stock traders are that they are more or less gambling.

They can make a bundle in some days and lose everything and then some, in other days. So the income that they "earn" is not actually there to be spent unlike the salaries that people earn in normal jobs.

As you are basically "self employed" you also dont have CPF savings, which is another problem. The employer CPF contribution can add up to a tidy sum over 30 years of employment, not to mention the accrued interest! Many of us when we quote our salaries do not include the employer CPF contribution which comes to another $15K pa or $472K over 30years of employment.

Would you be confident to depend on your trading income of $100k pa if your wife wasnt working?

It is different if it was passive income. When we retire, we will only have passive income to depend on. We aim to grow our passive income through stocks (not through trading) to our target of $100k pa by the time we retire.
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  #8577 (permalink)  
Old 25-09-2015, 08:04 PM
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James Lorinder is on a distinguished road
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Accountant
50k
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  #8578 (permalink)  
Old 25-09-2015, 08:22 PM
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Originally Posted by James Lorinder View Post
Accountant
50k
Where are you from James? How old are you? US$50k per month or per annum?
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  #8579 (permalink)  
Old 26-09-2015, 08:08 AM
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You mean to say that the trader guy was lying about his $100k pa trading profits?

Don't get me wrong, I want people to trade especially in Singapore stocks because sgx will get a cut. And I have 25 lots of sgx shares.

I have yet to come across anyone who have consistently beaten the market through trading. People will boast about the big profits but kept very quiet when they are stuck or when they sold with big loss.

On the other hand, I know people who managed to bag multi-baggers, myself included, through buying good stocks and holding for the long term.

And I know if you are only able to make $100k profit, you are a small player who can only hope to catch the wave created by the big boys. Missed the wave or be on the wrong of the wave, and your $100k pa profits will be become losses.

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You are naive. How old are you?
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  #8580 (permalink)  
Old 26-09-2015, 11:30 AM
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Good traders can make money in any kind of market conditions. But they have to be disciplined and dedicated. They are usually serious full time traders. There are many stories of millionaire traders all over the world.
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