How much are you earning per annum?

Originally Posted by Unregistered

Stop making me horny. You are such a tease, notti boy. *blush*

I'm also extremely horny NOW.

It's funny
How can a salary forum turn people to be horny?!?

Originally Posted by Unregistered

You are doing well. Let's say you are now 40 years old. By 60, you would have saved $700k. Invest this in a 5% dividend yield portfolio to get $35k pa in dividends. If you have two kids and they each give you $500 pm, you will get an extra $12k pa. your total passive income will be $47k pa or $3.9k pm. When you reach 65, your cpf life will give you $3600 pm or $43.2k pa and your passive income will be $90.2k pa.

Thanks for the advice. With all those numbers you spouted, you sound really intelligent. You must be a financial guru. I believe you and take comfort in your advice. Thank you!

Originally Posted by Unregistered

I'm also extremely horny NOW.

Need any help?

Couple, 47 & 48 years old with two teenage children. Our income is $160k pa in total.
Condominium is currently valued at $1m with loan remaining $400k. Just bought a new car with some loan.

Our expenses are: mortgage, car loan, car petrol, food and groceries, condo maintenance fee, taxes, insurance, children's various expenses, eating out, holidays, parents' allowance, cable, utilities, gifts to loved ones, donations, etc.

Total expenses $130k pa. We save $30k pa.

Our total net worth $1.1m. Are we managing our finances correctly?

If you are in our age group, please share your financial situation here.

We were in your age group 7 years ago, also with 2 teenager children. Two things can happen from here. But I will share what happened to us. At that time our networth was $2.4m.

We talked about letting my wife quit and become a housewife or a "tai-tai". Well we did our sums and felt the "tai-tai" option was out for her. With her not working, we will have to sell off one car and either she will be a "tai-tai" without a car or I will be taking public transport to work. She will also be the poorest "tai-tai" then.

So, we both continued working. Things turned out well for us as it should for most people. You get established in your career, maybe get promoted, your housing loans, car loans get paid down/off, your children grow up and enter uni, and your savings grow!

At 47/48, I think we were saving about $80k a year, but we saw the savings rate steadily increasing each year to about $350k-$400k now. As you pass 50, you see your expenses stabilized or reduced while your income grow, investment returns grow.

As long as you and your wife continue to work you should do alright financially. I see a few of my colleagues quit prematurely from their work before 55 missing out the "golden" years of their earning and savings.

Originally Posted by Unregistered

Couple, 47 & 48 years old with two teenage children. Our income is $160k pa in total.
Condominium is currently valued at $1m with loan remaining $400k. Just bought a new car with some loan.

Our expenses are: mortgage, car loan, car petrol, food and groceries, condo maintenance fee, taxes, insurance, children's various expenses, eating out, holidays, parents' allowance, cable, utilities, gifts to loved ones, donations, etc.

Total expenses $130k pa. We save $30k pa.

Our total net worth $1.1m. Are we managing our finances correctly?

If you are in our age group, please share your financial situation here.

You are doing well. By 60, you have saved $360k. You can retire at 60 if you cleared your mortgage. From 60 - 65, you will spend $4k pm or $48k pa. total spending $240k over 5 years. At 65, you get $3600 pm from cpf life. Your kids give you $500 pm each, so your total passive income is $4600 pm or $55.2k pa.

Originally Posted by Unregistered

Couple, 47 & 48 years old with two teenage children. Our income is $160k pa in total.
Condominium is currently valued at $1m with loan remaining $400k. Just bought a new car with some loan.

Our expenses are: mortgage, car loan, car petrol, food and groceries, condo maintenance fee, taxes, insurance, children's various expenses, eating out, holidays, parents' allowance, cable, utilities, gifts to loved ones, donations, etc.

Total expenses $130k pa. We save $30k pa.

Our total net worth $1.1m. Are we managing our finances correctly?

If you are in our age group, please share your financial situation here.

Originally Posted by Unregistered

Need any help?

Not now. I just used my right hand. Tomorrow can?

Feeling like I'm in a mid life crisis here.

37 this year. Wife 34, not working with a 2 year old kid.
Earning 230k per annum. Total expenses @ 9k per month on average, with mini trips each year.
Savings of 200k in cash. CPF probably around 150k only.

I think we're saving around 80k per year.

Owns a property returning 1k net gains each month. If minus off the loan net value will be around 230k.

Are we over spending?

Do you own one or two condos?

Originally Posted by Unregistered

Feeling like I'm in a mid life crisis here.

37 this year. Wife 34, not working with a 2 year old kid.
Earning 230k per annum. Total expenses @ 9k per month on average, with mini trips each year.
Savings of 200k in cash. CPF probably around 150k only.

I think we're saving around 80k per year.

Owns a property returning 1k net gains each month. If minus off the loan net value will be around 230k.

Are we over spending?