How much are you earning per annum? - Page 1152 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

Reply
 
Thread Tools
  #11511 (permalink)  
Old 06-11-2018, 02:01 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by tchen003 View Post
Hi, thanks for your feedback.

In Chinese, there is a saying: you can get fish and bear pawn at the same time. (Forgive my noob translation haha).

Reason I VC to MA and SA is that:
1. The first 60k balance, these two accounts produce 5% risk free return.
2. These VC cash, can reduce my income tax which can equal to first year return of 7%+5%!

Above is my understanding and reason to do VC. But again, if thats the case, I may have hard time paying down new condo downpayment with my future wife.

One possible solution, just possible, is to utilize home equity loan. Say my small condo appreciate to 900k sgd after 6 years and I have 500k sgd home loan remains. I can cash out 900k*80%-500=220k sgd as my contribution to downpayment.
My reason for not doing the VC is because the tax relief end result only saved me a few hundred dollars of tax. I took 5 years of working to get a 900k condo, amid paying off my 2 education loans.

My main funding was derived from cash, OA and small portion from accumulated dividend income from stocks.

If you have not much cash, make sure your OA is well sufficient and vice versa.

Home equity loan is an option for mainly for emergency funding, not advisable for it to fund another house.

Reply With Quote
  #11512 (permalink)  
Old 07-11-2018, 08:07 PM
Unregistered
Guest
 
Posts: n/a
Default

how r u all earning so much??

Reply With Quote
  #11513 (permalink)  
Old 08-11-2018, 07:55 AM
Unregistered
Guest
 
Posts: n/a
Default

The reality for most couples is that at 55, their children are still studying either at college level or uni level. If at college level, the couple will have to set aside quite a sum of money for their children's uni education 2 to 4 years down the road. What that means is that if they have not saved up sufficiently they cannot retire at 55.


I have colleagues who are in their late fifties but are unable to retire (cannot afford to retire) until their last child finishes his/her uni studies. Only then, can they start saving for their retirement. They are thus looking at slogging until 62 at least!


Luckily for me and my wife, our 2 kids graduated from uni when we hit 56. We have also been frugal, saved diligently and invested throughout our working career. We are now looking at a passive income of $170k this year. Last year it was $160k.

The passive incomes have enabled us to save practically our full salaries each month which we promptly put into investment thereby increasing the passive income. A virtuous cycle of events.



Quote:
Originally Posted by Unregistered View Post
There is no need to worry so much about retirement. As long as you can afford to buy a cheap 3 room HDB BTO flat and pay it up, you can retire comfortably. Make sure your CPF SA is enough for you to choose the CPF Life scheme which is enough for you and wife.

How to retire at 65

1. HDB flat paid up
2. CPF Life gives you $2k pm per person ($4k pm for a retired couple)

Plan your retirement activities well. You can do volunteer work at old folks homes, join activities in the community, take up hobbies, go short trip holidays, learn to cook, and many more things to do. Do your own house work and chores. Exercise and keep fit.

For high flyers, they can retire earlier than 65 if their condo is paid up and they have enough retirement income before 65.

How to retire at 55

1. Condo paid up
2. From age 55 to 65, must have passive income from investments to fund their daily expenses
3. CPF Life from age 65 onwards


Some highly successful high flyers such as top bankers and good entrepreneurs can retire in their 40s.

Reply With Quote
  #11514 (permalink)  
Old 11-11-2018, 10:01 AM
Unregistered
Guest
 
Posts: n/a
Default

Age 45, earning 260k a year
Contributed and maxed up the CPF SA account, now 200k now
CPF OA account of 150k
Dividend stocks/reits portfolio of 200k, earning around 5% return. I grow it by 30-40k a year depending on markets valuation.
SRS account = currently 80k, invested in diversified trust funds. I contribute 10k/year
1 condo investment = 3.5k/month rental - 3k/month mortgage payment
1 posb invest saving plan, contribute 400/mth into STI ETF and 100/mth into AB bond ETF
1 HDB fully paid up
Around 350k savings (150k in citibank maxi gain acct, 100k in philips mm funds, 50k SBS, 50k saving acct), earning 400/mth interest

I stay clear of endowment plans, structured products and high yield unit trusts recommended by my RM due to high cost or risks.

Looking foward to deploy my cpf OA account to unit trusts next year end when all wrapper fees are removed.

Looking to work until 62 and keep growing my stock/cpf/srs/saving pot, but many PMET I know are retrenched by early 50s, so living frugally and prudently.
Reply With Quote
  #11515 (permalink)  
Old 23-11-2018, 07:42 PM
Unregistered
Guest
 
Posts: n/a
Default

Early 50s, earning $160k pa combined.
Two bedroom condo, paid up. Debt free.
Combined net worth $1.4m.

Is this considered mid or upper middle class?
Thanks.
Reply With Quote
  #11516 (permalink)  
Old 24-11-2018, 12:38 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Early 50s, earning $160k pa combined.
Two bedroom condo, paid up. Debt free.
Combined net worth $1.4m.

Is this considered mid or upper middle class?
Thanks.
Mid class imho.

1) No other property that generate (more) cash flow
2) If CPF is not ESS, then must assume you have some other plans to enhance your retirement regular income.

Nett savings 1.4m for 2 person is decent, considering mid range, not really considered upper middle class, unless:

1) You have other property (2nd property in SG/other countries )
2) You have stocks or other generating income instruments
Reply With Quote

  #11517 (permalink)  
Old 24-11-2018, 08:57 AM
Unregistered
Guest
 
Posts: n/a
Default

What class are we ?

husband: 100k per year
Wife: 12k free lance +50k business/year

One marine parade hdb (left 90k)
One d15 landed house (inherit with 20% estimated 2.5mil at 100%)

Cash: 430k
Insurance: 100k surrender value

Both 38 n 39 year old
Reply With Quote
  #11518 (permalink)  
Old 24-11-2018, 02:42 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Early 50s, earning $160k pa combined.
Two bedroom condo, paid up. Debt free.
Combined net worth $1.4m.

Is this considered mid or upper middle class?
Thanks.
You are clearly UPPER middle class because you own a private property.
Only the TOP 20% of the local population lives in private property.
80% lives in HDB public housing.
Well done. You’re very successful.
Where you live determines your social economic status.


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #11519 (permalink)  
Old 25-11-2018, 10:39 AM
Unregistered
Guest
 
Posts: n/a
Default Class conscious

Dont be obsessed and distracted by class or status. They are meaningless.

What is important is, is what you have giving you a good comfortable life? And does it have durability? That is, is what you have sufficient to last you a lifetime.

A person can be living a comfortable and happy life without staying in a condo and without owning car. He may have only $3m networth but is confident that this amount can see him living this comfortable lifestyle throughout his life.

On the other hand, a person living in a condo and has a car with the same networth of $3m may not have same confidence of his money lasting his life time.

Obviously the first guy will be better off now and in the long run.


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #11520 (permalink)  
Old 26-11-2018, 08:16 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What class are we ?

husband: 100k per year
Wife: 12k free lance +50k business/year

One marine parade hdb (left 90k)
One d15 landed house (inherit with 20% estimated 2.5mil at 100%)

Cash: 430k
Insurance: 100k surrender value

Both 38 n 39 year old

You are in the mid middle class since you live in a HDB flat. If you are ambitious and wants to move up the social ladder to the upper middle class, you need to upgrade to a private condo. The top 20% lives in private properties.

Now is a good time to upgrade to a private condo since condo prices has not gone up much. Buy a resale condo as it is cheaper than new launch condos.

You can find very affordable resale private condos in the OCR such as those condos in the north region eg. Yishun, Sembawang and Woodlands. The north region condos are undervalued and will appreciate in the long run when the region develops further and when the Thomson MRT line opens.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 25 23-04-2021 10:40 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 02:42 PM

» 30 Recent Threads
Career as Teacher ( 1 2 3... Last Page)
10,834 Replies, 6,666,800 Views
Is getting a PMP worth it ?
4 Replies, 7,110 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,309 Replies, 4,983,612 Views
Lawyer Salary ( 1 2 3... Last Page)
21,014 Replies, 10,329,648 Views
GovTech ( 1 2 3... Last Page)
5,161 Replies, 2,163,684 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,801 Replies, 1,044,377 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
679 Replies, 388,393 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,628 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,902,723 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,455 Replies, 784,464 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,382 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,656,956 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
309 Replies, 369,061 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,338 Replies, 4,770,638 Views
Compare civil service salary ( 1 2 3... Last Page)
16,342 Replies, 12,455,966 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
169 Replies, 309,158 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 813,956 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,809 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,385 Replies, 2,324,330 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 358,462 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,049 Replies, 440,585 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,375,248 Views
ST Electronics ( 1 2 3... Last Page)
3,767 Replies, 1,544,931 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 613,624 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,738,623 Views
MX12 reappointed at MX11
8 Replies, 824 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
749 Replies, 405,590 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,329 Replies, 1,142,329 Views
MFA- Foreign Service... ( 1 2 3... Last Page)
54 Replies, 84,983 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
511 Replies, 268,615 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:05 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2