How much are you earning per annum?

Originally Posted by Unregistered

Life has dealt you more than a fair hand of cards, in terms of ability, job, opportunities and spouse.

I think you can take it easy and look at other aspects like giving back to society or helping the less fortunate while you have the energy instead of obsessing over how much is enough to feel financially secure.

Agreed, and that's why I have made donations ($10k last yr and aiming for $15k this yr) on various causes, and volunteering with charitable organization whenever my time permits. I also bring the kids along so that they understand their privileged position and learn to help the less fortunate.

But back to my original point, how long can I sustain such an income level with the uncertain economic environment and harsh sector I'm in, going thru the imminent loss of loved ones, and how to prepare my kids to face this uncertain world are top of my concerns.

Just curious, how much is your income tax?

Originally Posted by Unregistered

Agreed, and that's why I have made donations ($10k last yr and aiming for $15k this yr) on various causes, and volunteering with charitable organization whenever my time permits. I also bring the kids along so that they understand their privileged position and learn to help the less fortunate.

But back to my original point, how long can I sustain such an income level with the uncertain economic environment and harsh sector I'm in, going thru the imminent loss of loved ones, and how to prepare my kids to face this uncertain world are top of my concerns.

Based on his $860k pa household income, the tax payable should be around $150k (before reliefs).
After relief maybe $120k (?)

Originally Posted by Unregistered

Based on his $860k pa household income, the tax payable should be around $150k (before reliefs).
After relief maybe $120k (?)

My YA2016 income tax is around $82K, while my wife's $4.5k due to WMCR but with the $80K cap in YA2018 her tax will prob. double then.

My tax may seem low as a % of my income as I claim relief from donations ($10K but x3 in YA2016), full contributions to SRS, cash top up of parent's CPF, parent reliefs (they are living with me), and the other usual ones (earned income, NSman, CPF etc).

Originally Posted by Unregistered

Everyone here earn so much. I'm earning just $41k pa and I'm in my 40s. Anyone in this forum my age earning less than me?

It doesn't matter whether you earn $41k pa or $800k pa. At the end of the day, we will all die and all you have will not follow you to the grave. Just be happy with what you have. Be contented and you will be happy. Just look at the rich people, do you think they are really happy? Use your time well in this earth to help the poor, needy and orphans. You will be happy.

There are many ex bankers and ex engineers who are retrenched and still searching for a job. At least you have a job. Look at those who have lesser and not at this who have more. The more you have the more worried you will be. Live simple. Live happy.

Originally Posted by Unregistered

It doesn't matter whether you earn $41k pa or $800k pa. At the end of the day, we will all die and all you have will not follow you to the grave. Just be happy with what you have. Be contented and you will be happy. Just look at the rich people, do you think they are really happy? Use your time well in this earth to help the poor, needy and orphans. You will be happy.

There are many ex bankers and ex engineers who are retrenched and still searching for a job. At least you have a job. Look at those who have lesser and not at this who have more. The more you have the more worried you will be. Live simple. Live happy.

This kind of logic might as well go African make $300 a year & be content and happy as the rich people are also not happy.

Money is not everything most people agree, but in sg there is a minimal income needed otherwise really can be quite miserable living standards. $41k is barely at that level & too close for comfort.

If this $41k can be maintained with increase to keep up with inflation until 67 retirement still ok, if not really can be quite tough.

Originally Posted by Unregistered

Age: 42, 40.
Married couple with two children (g9,b6).
We earn $860K (assessable income for YA2016) so around $71.6K a month but more than 30% of the total comes from discretionary bonus. We save $31k pm.
Home: Leasehold terrace worth $2.1m. Mortgage outstanding $1.6m. Mortgage instalment $5500 pm using cash (up to 2015, home was a hdb fully paid up worth $800K, now rented out at $2.8k per month and for offsetting the mortgage payment)
6-yr old car fully paid up (ard $80k value).
Liquid assets (cash/CPF/investments) $2.8m
Illiquid assets (pty invts [2 local 3 foreign pties], unvested stock awards, cash value of ins policies) net value $2m
Total net worth around $5.3m

I know we are very comfortable compared to general population and this post is not to brag. My main concerns are:

a) now past 40 yrs old, how long can I continue earning current salary (I hope to retire at 60 by which time hopefully can get to $10m n/w)

b) kids are still relatively young, and education is quite stressful (for them and for us), concerned about their future (ins coverage around $8m so not worried financially if I die but more about whether they can survive in this uncertain world)

c) trying to build and increase annuity streams to match my salary (still long way off) but dividends/interest/cap gains now can just cover expenses (abt $15K per mth)

d) still supporting elderly parents (in their 80s) and being mentally prepared for the emotional roller-coaster that I will go thru shortly in terms of their failing health and future demise.

Interested to know what sort of positions both of you holding? CFO or CEO?

Originally Posted by Unregistered

Interested to know what sort of positions both of you holding? CFO or CEO?

We are mid-upper / middle management in the financial industry, nowhere near the CFO/CEO that you are thinking of. I'm quite sure there are a fairly large number of people (and I know quite a lot of them) that have the same wealth profile as me in the financial / legal / medical sectors.

Someone showed the no. of people for different assessable incomes, you can see there are almost 20K people with my profile or better, plus my wife's income is somewhat lower so there are even more people with her profile. All in all, easily 100K people similar to us. Of course 100K out of a population of around 5.3m (or maybe 2.6m population) is probably around the top 5% but in absolute terms, it's A LOT.

Originally Posted by Unregistered

It doesn't matter whether you earn $41k pa or $800k pa. At the end of the day, we will all die and all you have will not follow you to the grave. Just be happy with what you have. Be contented and you will be happy. Just look at the rich people, do you think they are really happy? Use your time well in this earth to help the poor, needy and orphans. You will be happy.

There are many ex bankers and ex engineers who are retrenched and still searching for a job. At least you have a job. Look at those who have lesser and not at this who have more. The more you have the more worried you will be. Live simple. Live happy.

Thank you for the consolation. You are right about being contented, at least I have a job that help to support my family's expenses. Most importantly I have a happy family. We are comfortable and can still afford to go short holidays every year. I pity those retrenched bankers, but I think they are likely to be rich after years of earning big salaries. Maybe they can just retire and relax.

Some people write in this forum to brag about their $800k pa jobs.
Some people write in this forum to complain about their $40k pa jobs.

The rich will one day die.
The not so rich will one day die.

Why worry so much about how much you have?
Everyone can only eat and drink so much. If you are a billionaire, will you eat 100x more than a poor person?
Will the billionaire who lives in a big mansion sleep as soundly as the person living in a small home?

Be happy with what you have. Make the best of it. Don't have to work so hard till you die.
Make a difference to your life. Make a difference to the lives of others.
Go out there to volunteer your time and help the poor and destitute. Don't just donate a few thousand dollars and brag about it.
Life is short.
Make the world a better place.