How much are you earning per annum?

IT Technical Support Advisor
Experience 6 years
Low NITEC cert from Its The End institution
$33.6k

Just started work at a statboard after grad. Take home around 3k.

Need some advice on how should I save / invest as someone who just started working? Many thanks in advance!

Originally Posted by Unregistered

Just started work at a statboard after grad. Take home around 3k.

Need some advice on how should I save / invest as someone who just started working? Many thanks in advance!

Male or Female?

Originally Posted by Unregistered

Male or Female?

Female feesh grad

Originally Posted by Unregistered

Female feesh grad

The best financial advice I can think of for fresh grads is to get married as soon as possible. This allows you to buy a very cheap BTO flat. Let's say you buy the BTO flat for $200k. After the MOP of 5 years, you sell the flat for $400k! So you make a profit of $200k easily! You can then buy another cheap BTO.

Besides getting married early, having kids early and buying a BTO flat, here are other ideas

1. Don't buy a car as it is costly to buy and maintain. A car can cost $1000pm for loan and $1000pm for other expenses.

2. Don't buy expensive branded bags or shoes. Just cheap ones will do.

3. Don't buy expensive clothings. Buy simple and cheap ones.

4. Don't splurge on expensive holidays.

5. Don't spend money wastefully on partying.

6. Invest prudently in high quality blue chips.

If you do all these, your chances of retiring early in your late 40s or early 50s is high.

I am prudent with my spending, I made a lot in my investments, I save and invest a lot from my salary and bonuses. I worked hard in my career, became a high flyer executive and made good money. I'm successfully retired now, living in my luxury condo, drive a nice car and debt free. I'm only in my early 50s. Many people of my age group are still struggling and working as they didn't plan their finances well. They spent their bonuses on expensive cars which depreciate in value and some waste money gambling, womanising and partying. Many also lost money in the stock market as they are not serious investors but gamblers. Invest your time to learn how to invest.

Originally Posted by Unregistered

The best financial advice I can think of for fresh grads is to get married as soon as possible. This allows you to buy a very cheap BTO flat. Let's say you buy the BTO flat for $200k. After the MOP of 5 years, you sell the flat for $400k! So you make a profit of $200k easily! You can then buy another cheap BTO.

Besides getting married early, having kids early and buying a BTO flat, here are other ideas

1. Don't buy a car as it is costly to buy and maintain. A car can cost $1000pm for loan and $1000pm for other expenses.

2. Don't buy expensive branded bags or shoes. Just cheap ones will do.

3. Don't buy expensive clothings. Buy simple and cheap ones.

4. Don't splurge on expensive holidays.

5. Don't spend money wastefully on partying.

6. Invest prudently in high quality blue chips.

If you do all these, your chances of retiring early in your late 40s or early 50s is high.

I am prudent with my spending, I made a lot in my investments, I save and invest a lot from my salary and bonuses. I worked hard in my career, became a high flyer executive and made good money. I'm successfully retired now, living in my luxury condo, drive a nice car and debt free. I'm only in my early 50s. Many people of my age group are still struggling and working as they didn't plan their finances well. They spent their bonuses on expensive cars which depreciate in value and some waste money gambling, womanising and partying. Many also lost money in the stock market as they are not serious investors but gamblers. Invest your time to learn how to invest.

Not confident of blue chips. Seen many pple losing lots of money on blue chips

Originally Posted by Unregistered

Not confident of blue chips. Seen many pple losing lots of money on blue chips

Yes. Better buy cheap BTO. Huat Ah!!!!

You are doing well financially and congratulations on being a millionaire couple as your combined net worth is now $1.2m.

Originally Posted by Unregistered

Profile: Married couple, both 47, with 2 kids in secondary schools.

Household expenses

Condo (3 bedroom) mortgage and maintenance fees $30,000 pa ($2500 pm x 12)
Car loan $9,000 pa ($750 pm x 12)
Car petrol, maintenance, insurance, road tax, parking, etc $12,000 pa ($1000 pm x 12)
Food, groceries, eating out, utilities $24,000 pa ($2000 x 12)
Children's expenses including tuition, enrichment, food, etc $12,000 pa ($1000 pm x 12)
Family insurance $21,600 pa ($1800 pm x 12)
Family overseas holidays $12,000 pa
Parents' allowances (both sides in total) $19,200 pa ($1600 pm x 12)
Others and miscellaneous $24,000 pa ($2000 pm x 12)
Total $163,800 pa

Household combined income $213,800 pa
Household combined savings $50,000 pa
Current combined household net worth $1.2m

By the time we retire at 65, our condo will be fully owned. We will retire in our condo and we will retire with the income we get from our CPF Life as well as from our cash savings. If our kids follow our footsteps of filial piety, they will also give us some allowances (we won't expect it, but if they give, it will be a bonus).

COE prices will shoot up tomorrow. We need to have less cars on the road. We need to be a car lite society. Many families are having too many cars. Each family should only own one car. Those family who want to buy more than one car per family must pay extra tax. They should pay the Additional Buyer Car Duty (ABCD). This ABCD should be levied 30% for second new family car and 50% for third new family car.

COE prices must shoot up. Huat Ah!!!!!!!!

Originally Posted by Unregistered

COE prices will shoot up tomorrow. We need to have less cars on the road. We need to be a car lite society. Many families are having too many cars. Each family should only own one car. Those family who want to buy more than one car per family must pay extra tax. They should pay the Additional Buyer Car Duty (ABCD). This ABCD should be levied 30% for second new family car and 50% for third new family car.

COE prices must shoot up. Huat Ah!!!!!!!!

Ho say liao
$8k more to hit my $30k prediction. Huat ah! So happy.