How much are you earning per annum?

Originally Posted by Unregistered

Well done. Congratulations. You lucky couple.

Huat ah!

I come from a very poor family. We used to live in a 1 room HDB flat. Eating 3 meals a day was a luxury. But, I am very thankful to our current government. They gave us plenty of opportunities and today as the only son of my parents, I am earning $94,000 per annum. We have upgraded to a 4-room flat and I am grateful to the govt. Thank you.

It is a common misconception that high pay equates to lack of family time or time for yourself.

It may be true for jobs where the remuneration are based on volume of the output. Examples are sales job, tradesmen type of work. Taxi drivers are a good example. For them, to earn a higher income they will have to drive more hours.

For professionals, this is not quite true. University professors earn a decent salary ($200k pa) and they don't have to work that many hours as a lowly production operator. Likewise for other skilled and highly qualified professionals.

In fact, the irony is that the lower income typically have to work two to three jobs to support their families leaving very little time for themselves and their loved ones. The truth is that families with high HH incomes have a lot more choices and quality time together. They go out together in their family cars, they go holidays together, they indulge in interesting hobbies together, they eat in restaurants where they can hear each other talk instead of being drowned out by the crowd.

What children grow to be depends on both nature and nurture. Nature is based by your genes. Parents with nasty disposition will likely pass this on to their children, whether they are at home lazing around or working hard to earn big money.

That's all for now. Gotta go.

Originally Posted by Unregistered

That's good parenting. Spending lots of time with your children is a lot more meaningful than earning that extra dollar. Don't be like those who substitute their lack of care and attention with money and toys for their kids. These kids will grow up not having time for them when they are old. The kids will treat their parents just like how their parents treat them. Serve the the parents right.

Good post. Parents who display materialistic, greedy attributes will raise children with similar attributes. Their greed and lust for more and more money will make their children demand from them more and more money. Their children will use the money to indulge in branded bags, watches, etc, clubbing, drinking alcohol, smoking, engage in pre marital sex with many partners, substance abuse, etc. The parents will destroy their children with their wealth. The curse of too much money and materialism.

Originally Posted by Unregistered

It is a common misconception that high pay equates to lack of family time or time for yourself.

It may be true for jobs where the remuneration are based on volume of the output. Examples are sales job, tradesmen type of work. Taxi drivers are a good example. For them, to earn a higher income they will have to drive more hours.

For professionals, this is not quite true. University professors earn a decent salary ($200k pa) and they don't have to work that many hours as a lowly production operator. Likewise for other skilled and highly qualified professionals.

In fact, the irony is that the lower income typically have to work two to three jobs to support their families leaving very little time for themselves and their loved ones. The truth is that families with high HH incomes have a lot more choices and quality time together. They go out together in their family cars, they go holidays together, they indulge in interesting hobbies together, they eat in restaurants where they can hear each other talk instead of being drowned out by the crowd.

What children grow to be depends on both nature and nurture. Nature is based by your genes. Parents with nasty disposition will likely pass this on to their children, whether they are at home lazing around or working hard to earn big money.

That's all for now. Gotta go.

Originally Posted by Unregistered

Couple in late 40s. Household income $500k. Two teenage kids. Husband work life standard 8-5 job and goes home on time. Wife work very relax, can watch korean drama during work, knocks off at 5pm. Have a newly paid up condo and car. Total net worth $2m.

How are we doing? Can we retire by 55?

Household income 500K and networth only 2M after 20+ years of work? If your networth includes condo and car, dont think you can retire in 5 years time.
If you plan to retire, you may want to take a long look at your expenses and lifestyle.
Otherwise your funds could easily be wipe out in 5 years time.

With 2 M, you probably can get decent income of 40-100 K per year on a conservative basis (FD , Dividends stock), but it may not match your expenses. Consider retirement only when your returns on savings can match expenses.

Originally Posted by Unregistered

47, $80k pa. 45, $100k pa. Savings $40k pa.
Condominium unit, $1m. Loan outstanding $200k. 10 years left to pay.
Car, 1 year old, fully paid up. Total net worth $1.2m.
When can we retire? Any advice? Thank you.

Net Worth 1.2M
cash 400K

Savings 40 K ( expenses 140 K)

Age 55
Savings 40 * 8 = 320 K
Cash 720K , loan outstanding 100 K , net cash 620K

at 620K at 3% annual return, you will get 18.6K pa


Age 65
Saving 40*18 = 720K
Cash 1.12M , Loan outstanding - 0

AT 1.12 M , 3% annual return, you will get 33.6 K pa
If no other expenses ( children education, new car, etc)
it should be a comfortable retirement.

[lazyplane]

Should be a bit more cos both couples working and CPF OA contributions with their income level should actually wack off the loan of $200k by 5-7 yrs.

Originally Posted by Unregistered

Net Worth 1.2M
cash 400K

Savings 40 K ( expenses 140 K)

Age 55
Savings 40 * 8 = 320 K
Cash 720K , loan outstanding 100 K , net cash 620K

at 620K at 3% annual return, you will get 18.6K pa


Age 65
Saving 40*18 = 720K
Cash 1.12M , Loan outstanding - 0

AT 1.12 M , 3% annual return, you will get 33.6 K pa
If no other expenses ( children education, new car, etc)
it should be a comfortable retirement.

Originally Posted by Unregistered

I come from a very poor family. We used to live in a 1 room HDB flat. Eating 3 meals a day was a luxury. But, I am very thankful to our current government. They gave us plenty of opportunities and today as the only son of my parents, I am earning $94,000 per annum. We have upgraded to a 4-room flat and I am grateful to the govt. Thank you.

My spouse and I were from low income families too. We went through the system and excelled. Today we live in a fully paid condo. We are grateful for the opportunities given to us.

An unintended result, but never mind. The point I was trying to make was that one cannot equate high income to long hours on the job. There are professionals who earn high incomes without working themselves to the bone.

Being too materialistic is not good of course, but many people work hard because they want a better life for themselves and their loved ones. Let me elaborate what this meant for me. We have 2 children, our aged parents and a maid. We used to stay in a 4 room HDB and don't own a car. It was cramped in the house. Going out together meant taking 2 taxis! Eating in hawker centers was difficult because most don't have tables with enough seats. Going to places of interest in Singapore was costly affairs to us. So what do we do? We cannot just say don't go out, and let the world passes us by. Our children also complained that their friends did this and that, visited this and that country for their holidays.

So we worked hard, save and invest. Now we stay in a 4 bedroom condo, own an MPV and a saloon car. We eat in restaurants because we can always sit all together in a table, travel all together in comfort and privacy, holiday overseas and exposed our children to other cultures and people. They are definitely richer for the experience and exposure. We are also closer to each other as we do more things together.

Yes, having money did wonders for us. Do not slack and take the easy path. Your children, especially if in their teens and older don't actually appreciate slacking parents. In fact, these children are embarrassed of their slacker parents.

Originally Posted by Unregistered

Good post. Parents who display materialistic, greedy attributes will raise children with similar attributes. Their greed and lust for more and more money will make their children demand from them more and more money. Their children will use the money to indulge in branded bags, watches, etc, clubbing, drinking alcohol, smoking, engage in pre marital sex with many partners, substance abuse, etc. The parents will destroy their children with their wealth. The curse of too much money and materialism.

Don't be arrogant.

Originally Posted by Unregistered

An unintended result, but never mind. The point I was trying to make was that one cannot equate high income to long hours on the job. There are professionals who earn high incomes without working themselves to the bone.

Being too materialistic is not good of course, but many people work hard because they want a better life for themselves and their loved ones. Let me elaborate what this meant for me. We have 2 children, our aged parents and a maid. We used to stay in a 4 room HDB and don't own a car. It was cramped in the house. Going out together meant taking 2 taxis! Eating in hawker centers was difficult because most don't have tables with enough seats. Going to places of interest in Singapore was costly affairs to us. So what do we do? We cannot just say don't go out, and let the world passes us by. Our children also complained that their friends did this and that, visited this and that country for their holidays.

So we worked hard, save and invest. Now we stay in a 4 bedroom condo, own an MPV and a saloon car. We eat in restaurants because we can always sit all together in a table, travel all together in comfort and privacy, holiday overseas and exposed our children to other cultures and people. They are definitely richer for the experience and exposure. We are also closer to each other as we do more things together.

Yes, having money did wonders for us. Do not slack and take the easy path. Your children, especially if in their teens and older don't actually appreciate slacking parents. In fact, these children are embarrassed of their slacker parents.

Originally Posted by Unregistered

Don't be arrogant.

Huat ah!!!