How much are you earning per annum?

Why not you buy an OCR penthouse condo for $1.5m and then invest $4m cash in an investment portfolio that can give you 5% dividend yield. You get passive cash inflow of $200k pa. You can then retire and enjoy life. How old are you?

Originally Posted by Unregistered

Thanks to all for your interesting and rational views and comments.

We have a budget of $6m, so GCBs and even detached houses are definitely out. As we don't intend to take on any loan, realistically, we are looking at $5.5m for the property leaving some money for furnishing and expenses.

The wife loves the space and the garden that landed property accords. I prefer making my money work for me so having 2 condos is a more attractive option.

We have seen some beautiful semi Ds within $5.5m range. On the other hand if we go for condos, we could get get 2 decent size 2000sf OCR condo/penthouses and still have money left over.

Does earning 4.3k per month as a research engineer with 4 years experience seen normal?

Have a bachelor and masters from an Australia uni (studied in Australia)

It is usually a 5% increment and on average a 16months package.

Thanks for the response.

Originally Posted by Unregistered

Does earning 4.3k per month as a research engineer with 4 years experience seen normal?

Have a bachelor and masters from an Australia uni (studied in Australia)

It is usually a 5% increment and on average a 16months package.

Thanks for the response.

not normal at all, my brother working 2.5 years in a bank already 4.6k

Everyone is "normal" just "some are more equal than others". I think 4.3k in 4years is decent though yes I have come across 4.7k after 5years and 3.9k after 4 years. No big difference la. The difference is only how smart you are in making your money work harder in earning returns. Small thing dun fret over the penny difference.

Couple in late 40s

Our HH income $167k pa
Our HH expenses $134k pa
Our HH savings $33k pa

Our expenses

Condo mortgage $14.4k pa
Food & utilities $24k pa
Car related expenses $7k pa (car paid up)
Medical insurance $20k pa
Children $12k pa
Parents $22k pa
Holidays $10k pa
Miscellaneous $24.6k pa
Total expenses $134k pa

HH net worth
Condo (home equity) $800k
Cash & CPF $600k
Total $1.4m

We are in the middle class group.

But are we in the mid middle class or upper middle class group?

Originally Posted by Unregistered

Couple in late 40s

Our HH income $167k pa
Our HH expenses $134k pa
Our HH savings $33k pa

Our expenses

Condo mortgage $14.4k pa
Food & utilities $24k pa
Car related expenses $7k pa (car paid up)
Medical insurance $20k pa
Children $12k pa
Parents $22k pa
Holidays $10k pa
Miscellaneous $24.6k pa
Total expenses $134k pa

HH net worth
Condo (home equity) $800k
Cash & CPF $600k
Total $1.4m

We are in the middle class group.

But are we in the mid middle class or upper middle class group?

Upper middle class.

I will said mid of the middle class.

Condo is not above 1 mil and cash saving (minus the CPF) likely below 500k.

Why the HH saving is low in percentage term? I would suggest to find way to increase it from current 20% to 30%.

Originally Posted by Unregistered

Couple in late 40s

Our HH income $167k pa
Our HH expenses $134k pa
Our HH savings $33k pa

Our expenses

Condo mortgage $14.4k pa
Food & utilities $24k pa
Car related expenses $7k pa (car paid up)
Medical insurance $20k pa
Children $12k pa
Parents $22k pa
Holidays $10k pa
Miscellaneous $24.6k pa
Total expenses $134k pa

HH net worth
Condo (home equity) $800k
Cash & CPF $600k
Total $1.4m

We are in the middle class group.

But are we in the mid middle class or upper middle class group?

Upper middle class group (top 20%).

13.9% of the population lives in condos. About 6% live in landed properties. Top 20% of the population lives in private properties.

So, you are in the top 20% of society. You own a condo and car.

Since your condo equity (condo value minus mortgage) is $800k, assuming you still have a mortgage of $200k - $300k, your condo would be worth $1m or more.

Your household income is about $14k pm whereas the median household income is about $8k plus.

So, you are definitely in the upper middle class group.

Originally Posted by Unregistered

Couple in late 40s

Our HH income $167k pa
Our HH expenses $134k pa
Our HH savings $33k pa

Our expenses

Condo mortgage $14.4k pa
Food & utilities $24k pa
Car related expenses $7k pa (car paid up)
Medical insurance $20k pa
Children $12k pa
Parents $22k pa
Holidays $10k pa
Miscellaneous $24.6k pa
Total expenses $134k pa

HH net worth
Condo (home equity) $800k
Cash & CPF $600k
Total $1.4m

We are in the middle class group.

But are we in the mid middle class or upper middle class group?

The median household income of $8k pm is across all age groups covering very young households to very mature households.

Since the couple is in their late 40s, they should be comparing their household income with the mature household incomes.

I think the median income of mature households is likely to be in the $15k pm range or more.

And more specifically, since they are staying in a condo, they should compare with incomes of condo households which was $19k to $20k pm on average.

Originally Posted by Unregistered

Upper middle class group (top 20%).

13.9% of the population lives in condos. About 6% live in landed properties. Top 20% of the population lives in private properties.

So, you are in the top 20% of society. You own a condo and car.

Since your condo equity (condo value minus mortgage) is $800k, assuming you still have a mortgage of $200k - $300k, your condo would be worth $1m or more.

Your household income is about $14k pm whereas the median household income is about $8k plus.

So, you are definitely in the upper middle class group.

Originally Posted by Unregistered

not normal at all, my brother working 2.5 years in a bank already 4.6k

Hmm, banking usually have a better pay jump?

University research engineer might not ba..