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23-09-2014, 09:38 AM
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Working class nobody, 48, earns an income of $67,000 pa. Saves $12,000 pa. Household expenditure, $55,000 pa. Just enough to afford a 3 room HDB flat and a motorbike. Not complaining much because I was not working hard enough during school days, always playing a fool. It's my fault. My more hardworking classmates are now living in condos, landed and driving big, nice cars. They deserve it.
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23-09-2014, 10:14 AM
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To the gentleman who admitted that he was not working hard enough during school days, always playing a fool.
It's the reality of life. Every phase of our lifetime has some responsibilities to perform. If we do not do the right necessary things in each phase, our next phase will be uncertain. This is what we need to ensure that our kids understand, but in reality many do not follow the advise from experienced elderly. I am only 32 years old, but I have learnt it from real life experiences around the society.
However, I believe you understood it and managed to work hard to maintain a level for yourself. Just enjoy the current situation as we cannot get back what we have left out.
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23-09-2014, 11:31 AM
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Verified Member
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Join Date: Sep 2014
Posts: 12
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Good article
Quote:
Originally Posted by Unregistered
When it was reported that Singapore's average household income was $10,503, quite a few people protested in the social media questioning if it was realistic. It seems they could not believe that households could have such incomes.
What the report should have included was the median household income. That would give a better perspective of how each household does in terms of whether they are in the upper half or lower half. Averages do not give one a sense of how well the "average" household really does. For eg. 9 in ten families could be earning $5k per month, but the last family could be earning $20k per month, and you will see the average household income for the 10 families as $6.5K per month.
But the important point to note is that the household income is rising every year. Currently our household income is comfortably above the average, but if either my wife or I were to stop work, our income will be lower than the average. We can really feel the pressure to build up our passive income to be able to replace one of our salaries as we approach retirement. Rising income levels usually leads to higher cost of living!
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High growth rate will attract high inflation. High income associated with high cost for every type of services including workman. Cost of living is not govern by goods sold in market only. Affluent society like Singapore, most of take home pay goes to rental, restaurant food, entertainment, healthcare, house maintenance and repair.
Low income will stay in HDB flat, upper low income in EC, middle income in private condo, the rich in double storey terrace, very rich in bungalow, super rich in Sentosa Cove.
To compare living in Malaysia, the poor living in flat, upper lower income in single storey terrace, middle income in double storey terrace or semi-D, rich will stay in bungalow, very rich in resort home in exclusive zone, super rich in Sentosa Cove.
Quality of life is actually relative to your neighbour. Sad to see forumer keep on saying my pay is so much, my wife's pay is so much. It does't make sense at all. Actually what do you want to say? If you think you want to upgrade your living quarters, you should know better than others if you can afford it. No body know whether you have any undeclare source of income/ investment/windfall, neither is your other commitments.
In nutshell, live within your means you should be ok. To have too much comparison will make your life very miserable.
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23-09-2014, 02:11 PM
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Quote:
Originally Posted by Unregistered
Working class nobody, 48, earns an income of $67,000 pa. Saves $12,000 pa. Household expenditure, $55,000 pa. Just enough to afford a 3 room HDB flat and a motorbike. Not complaining much because I was not working hard enough during school days, always playing a fool. It's my fault. My more hardworking classmates are now living in condos, landed and driving big, nice cars. They deserve it.
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The average household income is $10k pm, so assuming most households are two income households, the average income per person in $5k pm. Your income is $5.5k pm, so you earn more than average. You are doing not bad at all. Your income is also higher than the median income which is $3.9k. Get on with life, don't compare with the high flyers, they are just excellent performers. Knowing that your income is higher than both the median and mean income should make you happy.
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23-09-2014, 04:36 PM
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Verified Member
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Join Date: Sep 2014
Posts: 12
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Self pity ?
Quote:
Originally Posted by Unregistered
Working class nobody, 48, earns an income of $67,000 pa. Saves $12,000 pa. Household expenditure, $55,000 pa. Just enough to afford a 3 room HDB flat and a motorbike. Not complaining much because I was not working hard enough during school days, always playing a fool. It's my fault. My more hardworking classmates are now living in condos, landed and driving big, nice cars. They deserve it.
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Meaningless posting. There are already thousand and one such postings.
What you actually want to tell us?
Regret can't get your message.
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23-09-2014, 07:59 PM
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What do I want to say? My points were:
1. Like it or not household incomes will keep rising, if nothing else, it will be because of inflation. Other drivers would be with better skill sets and qualifications of the work force wages will go up - unless the gahmen reopen the gate to more foreign talents.
2. For those thinking of retiring early or already retired with children still schooling, their household income will drop to zero, artificially bringing down the average. In other words the average household incomes could be even higher than the $10,503 reported.
3. For those heeding the gahmen's advise to work as long as they can, will see their household income rising especially when their children also enter the workforce, before they start their own families.
So, to avoid being caught off guard financially, best to keep working, saving and investing.
Quote:
Originally Posted by ks55
High growth rate will attract high inflation. High income associated with high cost for every type of services including workman. Cost of living is not govern by goods sold in market only. Affluent society like Singapore, most of take home pay goes to rental, restaurant food, entertainment, healthcare, house maintenance and repair.
Low income will stay in HDB flat, upper low income in EC, middle income in private condo, the rich in double storey terrace, very rich in bungalow, super rich in Sentosa Cove.
To compare living in Malaysia, the poor living in flat, upper lower income in single storey terrace, middle income in double storey terrace or semi-D, rich will stay in bungalow, very rich in resort home in exclusive zone, super rich in Sentosa Cove.
Quality of life is actually relative to your neighbour. Sad to see forumer keep on saying my pay is so much, my wife's pay is so much. It does't make sense at all. Actually what do you want to say? If you think you want to upgrade your living quarters, you should know better than others if you can afford it. No body know whether you have any undeclare source of income/ investment/windfall, neither is your other commitments.
In nutshell, live within your means you should be ok. To have too much comparison will make your life very miserable.
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23-09-2014, 08:44 PM
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I have been following your posts and wanted to just say that while you have some good reminders about working as long as you can, please note that there are people, like myself, who have other objectives in life and do not intend to work until I drop dead.
I am already 50 years old. I have a paid up landed property worth $3m and my other assets are worth $1m. My plan when I reach 60, is to sell my landed property and downgrade to a cheaper 3 room condo. With my current pay and savings and assuming it remains the same, my investable asset (apart from the condo which I plan to retire in), will be about $4m. I'm sure I can invest in low risk instruments that generate 3% pa or $120k pa or $10k pm. On top of that I will also get CPF Life payouts every month when I reach 65.
Quote:
Originally Posted by Unregistered
What do I want to say? My points were:
1. Like it or not household incomes will keep rising, if nothing else, it will be because of inflation. Other drivers would be with better skill sets and qualifications of the work force wages will go up - unless the gahmen reopen the gate to more foreign talents.
2. For those thinking of retiring early or already retired with children still schooling, their household income will drop to zero, artificially bringing down the average. In other words the average household incomes could be even higher than the $10,503 reported.
3. For those heeding the gahmen's advise to work as long as they can, will see their household income rising especially when their children also enter the workforce, before they start their own families.
So, to avoid being caught off guard financially, best to keep working, saving and investing.
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23-09-2014, 09:52 PM
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Quote:
Originally Posted by Unregistered
I have been following your posts and wanted to just say that while you have some good reminders about working as long as you can, please note that there are people, like myself, who have other objectives in life and do not intend to work until I drop dead.
I am already 50 years old. I have a paid up landed property worth $3m and my other assets are worth $1m. My plan when I reach 60, is to sell my landed property and downgrade to a cheaper 3 room condo. With my current pay and savings and assuming it remains the same, my investable asset (apart from the condo which I plan to retire in), will be about $4m. I'm sure I can invest in low risk instruments that generate 3% pa or $120k pa or $10k pm. On top of that I will also get CPF Life payouts every month when I reach 65.
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Quite close to mine. I am 38 and my wife is 36. $2.6M freehold terrace, $900K in cash, unit trusts and stocks. Debt free.
Annual income $300K, plan to work for another 10 years to build up savings and investments then retire or semi-retire at 48.
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24-09-2014, 07:56 AM
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Nobody is advocating that one should work until drop dead. It is about striking a balance. Far too often we hear of people saying there are "other things in life" other than just work. But what is this "other things in life?" Unless one is very clear what other things in life we want to do, it is not wise to just leave work for it.
Looking at your networth: $3m tied up in your home and $1m in other assets, you are not making them "work" for you. At age 50, you should have established or establishing your passive income sources. Believe me, it will be difficult to do it only when you are retired.
First, you will not dare to put all your money into what you called safe investment to generate your 3% return. You will take a step at a time. But in the meantime you will need to finance your daily expenses. So you will have to chip away your capital even before you can make them generate passive income.
Secondly, you may not be getting into the investment at the best of timing. You have to be consistently and gradually building that investment over the years, and not only at the point of retirement.
Thirdly, you will be surprised that you may not be able to get even 3% return for all your investment as there is every likelihood you will be spreading your money over some very safe investment like FDs.
Quote:
Originally Posted by Unregistered
I have been following your posts and wanted to just say that while you have some good reminders about working as long as you can, please note that there are people, like myself, who have other objectives in life and do not intend to work until I drop dead.
I am already 50 years old. I have a paid up landed property worth $3m and my other assets are worth $1m. My plan when I reach 60, is to sell my landed property and downgrade to a cheaper 3 room condo. With my current pay and savings and assuming it remains the same, my investable asset (apart from the condo which I plan to retire in), will be about $4m. I'm sure I can invest in low risk instruments that generate 3% pa or $120k pa or $10k pm. On top of that I will also get CPF Life payouts every month when I reach 65.
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24-09-2014, 08:10 AM
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Overrated
Condos in Singapore are overrated. We are all still stacked on each other.
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