How much are you earning per annum?

Wow so many big cannon.. 16k is already general manager or managing director in mnc.. Haha.. U also so good? Then what are you doing in this public forum about salary? Hao Liao or are u a bloody loser in life? Reflect on yourself please and your selfworth haha

Originally Posted by Unregistered

Wow so many big cannon.. 16k is already general manager or managing director in mnc.. Haha.. U also so good? Then what are you doing in this public forum about salary? Hao Liao or are u a bloody loser in life? Reflect on yourself please and your selfworth haha

16K for GM or MD in MNC?
Oh well, there are MNCs and there are MNCs...

Originally Posted by Unregistered

27 year old
12.5 k per month
own 3 properties in singapore - fully paid
ferrari and porche in garage
now buying jet and yatch.

do you think i am lying ?

Nope. You must be one of those business owners or your family gave you money to manage.

Originally Posted by Unregistered

Hello guys, I am 45 years old, bachelor, earning S$100k per annum.

Owns a one bedroom condo, fully paid. Worth S$1mil now.

How am I doing?

Well done. Now the next thing you need to do is buy a resale HDB, live there and work towards paying off the HDB.
When you retire, you are all well and good. Keep it up.

__________________
Your millionaire mentor

Originally Posted by bladez87

[Quote:]
Originally Posted by Unregistered
That's why i dont join banking.

Even though I am a high flyer academically, I prefer to teach. Even though I dont earn insane salaries here like those no value add bankers, I am at peace and have a nice and happy family. I think I am a succesful man.

Sorry bro, no worries, you can get annother wife.

How is banking related to his woes??? Cause he is so rich, that he attracted the wrong type of girls, resulting in this unfortunate situation?[/QUOTE]



Good critical thinking there.

This is an example of a person who thinks money is filthy and money brings all sort of unhappiness with it. So this person will not be as rich as he could be. He will realised his full potential when he comes to term with the fact that MONEY AND HAPPINESS IS NOT MUTUALLY EXCLUSIVE.

__________________
Your millionaire mentor

Originally Posted by Unregistered

Hi, thanks for the tips. I'm working in a bank earning $200k pa. I'm inspired by your post and now thinking of buying a landed property in the Jurong area. Saw a property selling at $1.5mil, looks affordable to me. Am thinking of buying if my fiancé agrees.

I'm surprised you are working in banking and not know of using OPM(Other People's Money) to your advantage.

With your salary, you should try to go for a $2mil property.

I always advise people to buy within your means and $2MIL IS WITHIN YOUR MEANS. Even after committing to this property, you will still have the means to buy <$1mil investment properties every 2-3yrs if you saved hard enough and bonuses are good.

You are definitely on the way to Financial freedom.

________________________
The Millionaire Mentor

Originally Posted by aimhigh

Quote:
Originally Posted by thomas
34yo
2nd lower hons
industry: media
5.6k pm
feeling depressed after reading this thread!![/qoute]

You're feeling depressed because you're actually telling the truth, unlike 90% of the ********ters on this forum thread.

This is another defeatist mindset by aimhigh (irony considering his nick) I want to highlight.
When you and your surrounding friends are earning at a certain level and you see alot of people telling you astronomical salaries, you will find it hard to believe and then find excuses to say they are falsehood. How does that make you a better person? The more positive attitude would be to go out and find out how they achieve it.

Let me relate my own youthful ignorance.
1) When I was in Poly, a friend told me his friend (not singaporean) got his masters within 3yrs. I said that's not possible! But it's possible if you are doing it overseas last time. But in my mindset, i was only able to relate to the singapore context of 3yrs degree + 1 yr honours + 1 yr masters = 5yrs! Needless to say.. you know how foolish i felt looking back when i went thru my own masters overseas and found many who are like his friend.

2) When I was working, I was only earning $2k (1st job) and someone in his late 20s told me he is earning $10k. Again , I say! Don't ********! If I do all the 15% increment yearly blah blah blah.. you will only be earning <$10k by 29yrs old! Needless to say, the mindset was wrong, In my mind, i only thought he should be like me earning at my rate. However, there are many other industries out there where people are commensurated by their SALES results, not by TASKS oriented results. Of course.. that was foolish on hindsight..

3) When I was in my early 30s, I was earning $40k monthly(YES, MONTHLY Pure profit before taxes after loan+expenses) from being a landlord. I thought wow! I was rich man! But I still couldn't afford a ferrari outright without feeling the pain. So when I saw someone driving a ferrari, I say ..aiyah.. he must be paying installment thru' his nose to support that car. Later, I found out his income is $100k monthly from his small business (YES, Small business. You wouldn't want to find out how much SMEs are earning when his is consider micro).

Needless to say.. at my age of late 30s now.. I have grown wiser and not doubt people when they dare tell me their earnings. I would rather want to find out more about how they did it.

So you see...the morale of the story is ... There's always a higher mooutain to scale.. if you cannot scale that moutain, it does not mean someone else can't.


________________________
The Millionaire Mentor

To invest in properties, especially in inflationary periods like now, requires a lot of capital. This means hard earned savings. And there's no guarantee of profitability.

Originally Posted by Unregistered

Needless to say.. at my age of late 30s now.. I have grown wiser and not doubt people when they dare tell me their earnings. I would rather want to find out more about how they did it.

So you see...the morale of the story is ... There's always a higher mooutain to scale.. if you cannot scale that moutain, it does not mean someone else can't.

Ok I'll bite. How did you achieve the above?

Here's what I can assume from above;
- you graduated with a masters at about 25
- your first job paid you $2k plus
- by early 30s you earned investment income of over $40k per month (c $500k per year)

I'm a property investor and my returns are usually 4 to 6% (6% only when I am very lucky with an expat tenant) for non landed residential. So my return without loan is about 5% and about 1% after deducting loan mortgage payments.

To achieve $500k pa on a cashflow basis, I need a property portfolio of $10m (no loan) or $50m (assume 80% loan). Please correct my numbers as appropriate.

So the most pertinent question in my (very open) mind is : how do you accumulate $10m or so in cash within 5 to 7 years in order to build your property portfolio?

And assume u are about 38 now, it appears that most of this wealth accumulation happened between 1999 and 2006 (when u were 25 to 32), a time period when the Singapore residential market was effectively flat to slightly down as a whole.

I am confounded, but curious.
________________________
The Millionaire Mentor

Sorry accidentally stole your signature in my post above. Anyway happy if you could share your story.

Cheers