How much are you earning per annum?

I worked in this IT company since Feb 2009. I am a fresh grad graduated from a part time IT degree.

Salary for first year till now is as follow :

1st year (2009) : $2400
2nd year (2010) : $2700
3rd year (2011) : $2950
4th year (2012) : $3050
5th year (2013) : $3350
6th year (2014) : $3790
Current year (2015) : $4090

Am I underpaid ?

your pay is growing at the same rate of wage inflation. This means a 2nd upper fresh graduate in 2015 may be earning as much as you.
So yes, you may be underpaid if you have acquired good skills set to deliver more value for your company.

Originally Posted by Unregistered

I worked in this IT company since Feb 2009. I am a fresh grad graduated from a part time IT degree.

Salary for first year till now is as follow :

1st year (2009) : $2400
2nd year (2010) : $2700
3rd year (2011) : $2950
4th year (2012) : $3050
5th year (2013) : $3350
6th year (2014) : $3790
Current year (2015) : $4090

Am I underpaid ?

Originally Posted by Unregistered

I worked in this IT company since Feb 2009. I am a fresh grad graduated from a part time IT degree.

Salary for first year till now is as follow :

1st year (2009) : $2400
2nd year (2010) : $2700
3rd year (2011) : $2950
4th year (2012) : $3050
5th year (2013) : $3350
6th year (2014) : $3790
Current year (2015) : $4090

Am I underpaid ?

Given that 2009 was tough times, you may have been desperate for a job. But now it's probably time to change. Any reason why you have stayed on for 6 years? By the way, your part time degree is a factor that will reduce your salary compared to other graduates from local universities.

Originally Posted by Unregistered

Given that 2009 was tough times, you may have been desperate for a job. But now it's probably time to change. Any reason why you have stayed on for 6 years? By the way, your part time degree is a factor that will reduce your salary compared to other graduates from local universities.

Reason I stayed is because i got good colleagues and good working environment. I also forgot to include .. Each year there is 4 month bonus (included 13th month AWS)

Originally Posted by Unregistered

Reason I stayed is because i got good colleagues and good working environment. I also forgot to include .. Each year there is 4 month bonus (included 13th month AWS)

I will stay on. A good working environment is more important than money.

Originally Posted by Unregistered

Reason I stayed is because i got good colleagues and good working environment. I also forgot to include .. Each year there is 4 month bonus (included 13th month AWS)

Bonus is on the low side but i guess decent.

Increment is too low.

But if you like your colleagues and working environment, that is a huge plus point. It's not all about the money.

As long as you find you are earning enough for the lifestyle you desire as well as to prepare for retirement, i guess no harm staying on. No need to earn more just to feel like you are on par with the rest. Many people earn much more but hate their jobs.

Almost everyone I know seems not to escape the malaise of mid life crisis. It can strike anyone in their 30s to late 40s. They will typically find themselves at cross roads in their careers and even marriage.

At this point in their lives, they will change their jobs choose a different career, go for long holidays, buy themselves an expensive car or even divorced!

Among my colleagues when in mid-life crisis, many have "promised" to quit saying they had enough and wanted to move onto other careers or pursue their passions/hobbies etc. The interesting observation I made was that those did carry out their promise of quitting, did so before they hit 50. Those who did not quit by 50, surprisingly continued to work even till today when they are already in their early 60s.

I went through mid life crisis too when I was 40. I wanted out, take a break and travel the world but didn't have the guts to do so as my children still in primary schools. I stayed on to my job till this day, at 55.

Financially, staying on was a good choice, but I am not so sure about the life I have missed.

Originally Posted by Unregistered

I worked in this IT company since Feb 2009. I am a fresh grad graduated from a part time IT degree.

Salary for first year till now is as follow :

1st year (2009) : $2400
2nd year (2010) : $2700
3rd year (2011) : $2950
4th year (2012) : $3050
5th year (2013) : $3350
6th year (2014) : $3790
Current year (2015) : $4090

Am I underpaid ?

It depends on which company that is.

Your combined net worth with your wife is already $5m. You can afford to retire now if you wish. As long as your passive income is greater than your expenses (just you and wife and assuming you no longer have dependents), you will be ok.

Don't make the mistake of working too long and dying young or becoming sick young and leaving all your hard earned wealth to your children. As long as you have given your children a proper education, they will survive on their own. Don't worry about their housing as our good system allow our citizens to own BTO flats very cheaply. You can own a nice 4 room BTO flat for only $200k. This cost less than your current annual savings of $350k pa.

Originally Posted by Unregistered

Almost everyone I know seems not to escape the malaise of mid life crisis. It can strike anyone in their 30s to late 40s. They will typically find themselves at cross roads in their careers and even marriage.

At this point in their lives, they will change their jobs choose a different career, go for long holidays, buy themselves an expensive car or even divorced!

Among my colleagues when in mid-life crisis, many have "promised" to quit saying they had enough and wanted to move onto other careers or pursue their passions/hobbies etc. The interesting observation I made was that those did carry out their promise of quitting, did so before they hit 50. Those who did not quit by 50, surprisingly continued to work even till today when they are already in their early 60s.

I went through mid life crisis too when I was 40. I wanted out, take a break and travel the world but didn't have the guts to do so as my children still in primary schools. I stayed on to my job till this day, at 55.

Financially, staying on was a good choice, but I am not so sure about the life I have missed.

Each has to find his own way. While some are "allergic" to work, others find fulfillment, purpose and of course, financial rewards from their work.

So yes, quit your work and retire if you don't find it rewarding nor fulfilling. And downgrade your lifestyle if you have not saved enough. But make sure to occupy your time when retired, because boredom and lack of mental stimulation is not good for mind, soul and health. Worse is when you find that more and more things are getting out of your reach while your friends who are still working are buying new cars, going for holidays and leading meaningful lives.

Retiring from work, especially at a relatively young age of 55 or younger, is not an answer to unhappiness from work, as you could be unwittingly plunging into another set of problems - boredom, stress from insufficient savings, reduced social interaction and in general, lack of sense of purpose in life.

$5m in savings should be sufficient to last a couple a good 50 years at $100k pa. If not including their home value (say at $1.5m for a condo), then they still have a respectable $3.5m to depend on. If they are able to invest that money to generate 5% return, they could reap a passive income of $175k pa. This is more than enough to afford them a comfortable life! But for some people, it is not always about money anymore, it is about deriving the meaning of life.

Originally Posted by Unregistered

Your combined net worth with your wife is already $5m. You can afford to retire now if you wish. As long as your passive income is greater than your expenses (just you and wife and assuming you no longer have dependents), you will be ok.

Don't make the mistake of working too long and dying young or becoming sick young and leaving all your hard earned wealth to your children. As long as you have given your children a proper education, they will survive on their own. Don't worry about their housing as our good system allow our citizens to own BTO flats very cheaply. You can own a nice 4 room BTO flat for only $200k. This cost less than your current annual savings of $350k pa.