How much are you earning per annum?

You should rent out your flat and stay in the condo. Let your kids enjoy the facilities. Most importantly, living in a condo gives you a higher social status.

Originally Posted by Unregistered-working hard

Both myself and wife are 37 years old, both are employees with combined annual income S$190k (12 mth salary).
Staying in a fully paid up 5 room HDB (now worth around $650k)
Own a condo and rent out to earn monthly rental income of $3.5k (valued at around $1.5mil, outstanding loan $1mil)
Combined CPF balance (OA) and cash savings $180k
Have two children still in pre-school - monthly expenses $2.6k
Parents monthly allowance - $2k
Monthly insurance premiums - $1.5k
Monthly combined savings - $5.6k
Any Variable bonuses will be saved for rainy days and children's university

We don't own a car and seldom eat in restaurants unless with parents and children. We both come from humble families and understand the importance of saving $$, we don't own any shares/bonds.

Are we doing fine? Appreciate any advice on safe investings tips.

There are so far 4 millionaires in this thread. Any more?

Quite similar profile to ours when we were in our 30s. We too had 2 properties, only that both were small private properties. Salaries about the same. Two small kids too.

What I can say is, it is going to be some journey ahead but at the same time, time can pass really fast, especially if you are happy in your jobs and have a happy family life. Our children are now grown ups!

All the while, we always have 2 properties, one to stay, the other to earn rental income. Even till today, we still own 2 private properties (condos) - our 4th and 5th respectively. Only big difference is both are fully paid.

As both of you are only 37, I see a lot of upside in terms of career progression, salary increases and savings! If you don't have any gap in your work career, I don't see any problem for you as a family to accumulate your networth to over $5m when you hit 55, like we did.

Enjoy your journey!

Originally Posted by Unregistered-working hard

Both myself and wife are 37 years old, both are employees with combined annual income S$190k (12 mth salary).
Staying in a fully paid up 5 room HDB (now worth around $650k)
Own a condo and rent out to earn monthly rental income of $3.5k (valued at around $1.5mil, outstanding loan $1mil)
Combined CPF balance (OA) and cash savings $180k
Have two children still in pre-school - monthly expenses $2.6k
Parents monthly allowance - $2k
Monthly insurance premiums - $1.5k
Monthly combined savings - $5.6k
Any Variable bonuses will be saved for rainy days and children's university

We don't own a car and seldom eat in restaurants unless with parents and children. We both come from humble families and understand the importance of saving $$, we don't own any shares/bonds.

Are we doing fine? Appreciate any advice on safe investings tips.

Originally Posted by Unregistered

Welcome to the millionaire club, sir. You are the most successful among us as you are already retired and you no longer have any debt. Many of us are still working in our 50s as we can't afford to retire so early as our passive income is not enough. You're our role model, sir.

Thanks. Yes I retired young because I worked very hard during my younger days. I was very ambitious and climbed my career ladder fast. I was a high flyer. When I reached my early 40s, I realized I was working too hard till I neglected my loved ones and my health. I decided this was not a life I wanted and so decided to refocus my life to a more meaningful one. Since I already earned, saved and invested a lot, I was able to quit the rat race. Now I am 300% happier than my previous corporate life.

37 yr old male
married with 2 kids (Aged 9 yr and 6 yr)
my income: 140k (including bonus)
wife income: 100k (including bonus)

Luckily you realised your mistakes early before it was too late. No amount of money is worth the value of a happy family and a good health. What's the point of having millions but you are not happy because of unhappy relationships with your family or if you are sickly. Life is lousy like that. So many people are fooled into thinking that money solves every problem. The pursuit of money without due consideration of other more critical things in life will surely lead to ultimate failure in life. Only the wise people truly understand the true meaning of life.

Originally Posted by Unregistered

Thanks. Yes I retired young because I worked very hard during my younger days. I was very ambitious and climbed my career ladder fast. I was a high flyer. When I reached my early 40s, I realized I was working too hard till I neglected my loved ones and my health. I decided this was not a life I wanted and so decided to refocus my life to a more meaningful one. Since I already earned, saved and invested a lot, I was able to quit the rat race. Now I am 300% happier than my previous corporate life.

You are learning all the wrong lessons.

The lesson here is not that it is not good to have millions. The lesson here is not to work so hard until you neglect your health and family.

You should therefore work at a sustainable pace, one that allows you to earn a decent salary, maintain good health and family relationships. In this way, you can work for a long time beyond 60, make your millions, and have a very happy family, like the few successful forummers here.

You learn from them.

Originally Posted by Unregistered

Luckily you realised your mistakes early before it was too late. No amount of money is worth the value of a happy family and a good health. What's the point of having millions but you are not happy because of unhappy relationships with your family or if you are sickly. Life is lousy like that. So many people are fooled into thinking that money solves every problem. The pursuit of money without due consideration of other more critical things in life will surely lead to ultimate failure in life. Only the wise people truly understand the true meaning of life.

Originally Posted by Unregistered

You are learning all the wrong lessons.

The lesson here is not that it is not good to have millions. The lesson here is not to work so hard until you neglect your health and family.

You should therefore work at a sustainable pace, one that allows you to earn a decent salary, maintain good health and family relationships. In this way, you can work for a long time beyond 60, make your millions, and have a very happy family, like the few successful forummers here.

You learn from them.

How much is a decent salary?

A decent salary is one which will cover your expenses and allows some savings.

For eg, when starting out as a single, you will find that $3.5k is quite decent. For $8k pm, you will be working 10-12 hr days.

Later when you get married, buy your first BTO flat, without children and without car, your combined HH income of $6K - $10K is also ok.

In your 30s, with children and a car, a decent HH income should be around $8k - $15K
I know many grad couples in their 30s cannot qualify for BTO flats, thus their HH income must be above $10K.

From here on, many will have to decide whether they want that promotion with higher responsibilities, longer work hours but much higher pay or continue with their current portfolio of responsibilities, regular work hours and less pay. Many will choose to go for the promotion which can see them earning $180k or more pa. in their late 30s or 40s.

Those who can hack it, are still in their jobs (in their 50s/60s) earning above $250k pa or more. And they are still working alongside their peers who either didnt get or chosen not to get the promotion and ended up earning $150K or less pa ! Believe me, when you see the families, both sides are happy, except that the higher pay ones can send their children overseas for uni studies and not worry about their retirement adequacy.

The important takeaway here is earning big bucks and good health and happy family is not mutually exclusive. Conversely you can be earning low pay, have poor health and have a broken family. You must avoid this at all cost!

Originally Posted by Unregistered

How much is a decent salary?

Originally Posted by Unregistered

There are so far 4 millionaires in this thread. Any more?

This thread is about how much you make, not how much is your networth. Please go to the other thread to ask this question.