How much are you earning per annum?

Originally Posted by Unregistered

30yo, public sector scholar, annual salary $240,000

Wow? Which field? I doubt when i reached 30 i will be having such a high annual salary.

I just started working in Jan at a Ministry doing Cyber security related. Getting around 4k+/mth. Any idea how long it would take for me to have an annual income of 100k in public service?

Originally Posted by Unregistered

Wow? Which field? I doubt when i reached 30 i will be having such a high annual salary.

I just started working in Jan at a Ministry doing Cyber security related. Getting around 4k+/mth. Any idea how long it would take for me to have an annual income of 100k in public service?

In 3 to 4 years with one promotion - if you are a consistent above average performer.

If just average performer, then in 7 years?

[BusinessSingapore]

Originally Posted by Unregistered

In 3 to 4 years with one promotion - if you are a consistent above average performer.

If just average performer, then in 7 years?

How is that possible? Mathematically pay increment has to be around 25% on a yearly basis.

Gov job is either parachute appointment or climbing the mountain.

Originally Posted by BusinessSingapore

How is that possible? Mathematically pay increment has to be around 25% on a yearly basis.

Gov job is either parachute appointment or climbing the mountain.

This is how it works.

His starting pay is $4k+, say $4.5k. I know FCH engineers (with NS) starts close to $5k in certain public sectors.

Above average performers get 4months bonus or more. In their second year of service they can get $5k x 17 months = $85k pa.

In 3 to 4 years, with one promotion, and maintaining the above average performance, a guy can get $6k x 17 = $102k.

Originally Posted by Unregistered

30yo, public sector scholar, annual salary $240,000

Lol. What an honour for a high flying public service scholar to grace this every-man forum

Self doubt that appear in every reply whenever knowing that there is someone much better than him.

LOL

No wonder you think this forum is for every man that can't make it much better than you.

Originally Posted by Unregistered

Lol. What an honour for a high flying public service scholar to grace this every-man forum

Myth : The more people earn, the costlier their lifestyle, with the end result of low savings.

Fact (at least in Singapore) :

Income----------Ave expense---Ave Income----Savings

1st to 20th%---$2,231--------- $2,022------- -$209
21st to 40th%--$3,536--------- $5,299-------- $1,763
41st to 60th%--$4,699--------- $8,378-------- $3,679
61st to 80th%--$5,590--------- $12,270------- $6,680
81st to 100%---$7,568--------- $24,544------- $16,976

The above data from a Business Times report, showed that contrary to popular belief, the high income earners here on average, are actually living well within their means and thus saving a significant amount of their income.

Originally Posted by Unregistered

Myth : The more people earn, the costlier their lifestyle, with the end result of low savings.

Fact (at least in Singapore) :

Income----------Ave expense---Ave Income----Savings

1st to 20th%---$2,231--------- $2,022------- -$209
21st to 40th%--$3,536--------- $5,299-------- $1,763
41st to 60th%--$4,699--------- $8,378-------- $3,679
61st to 80th%--$5,590--------- $12,270------- $6,680
81st to 100%---$7,568--------- $24,544------- $16,976

The above data from a Business Times report, showed that contrary to popular belief, the high income earners here on average, are actually living well within their means and thus saving a significant amount of their income.

According to DOS (Department of Statistics), there is a total of 1.26M households in Singapore. Thus the top 20% represents 252,000 households. Are these top 20% families staying in landed property and condos? I dont think so, as I have friends and colleagues who are in the top 20% earners but are happily staying in their very first homes - their HDBs. But they also own condos which they rented out for passive incomes.

Talking about passive income, the above stats counted only income earned from employment. If they include passive incomes, the income figures for the top 20 to 40% will be even higher.

It is not uncommon among the top 20% households to have passive incomes upwards of $150k pa. Per month, that would easily add another $12.5k to their overall income.

Including the passive income, the top 20% income per month will look like this:

Income----------Ave expense---Ave Income----Savings

1st to 20th%---$2,231--------- $2,022------- -$209
21st to 40th%--$3,536--------- $5,299-------- $1,763
41st to 60th%--$4,699--------- $8,378-------- $3,679
61st to 80th%--$5,590--------- $12,270------- $6,680

81st to 100%---$7,568--------- $37,000------- $29,500

This means a saving of $1,000 per day or a total of $365,000 a year for the top 20% households.

Agreed and it would be double for 2 professional working couple.

Originally Posted by Unregistered

According to DOS (Department of Statistics), there is a total of 1.26M households in Singapore. Thus the top 20% represents 252,000 households. Are these top 20% families staying in landed property and condos? I dont think so, as I have friends and colleagues who are in the top 20% earners but are happily staying in their very first homes - their HDBs. But they also own condos which they rented out for passive incomes.

Talking about passive income, the above stats counted only income earned from employment. If they include passive incomes, the income figures for the top 20 to 40% will be even higher.

It is not uncommon among the top 20% households to have passive incomes upwards of $150k pa. Per month, that would easily add another $12.5k to their overall income.

Including the passive income, the top 20% income per month will look like this:

Income----------Ave expense---Ave Income----Savings

1st to 20th%---$2,231--------- $2,022------- -$209
21st to 40th%--$3,536--------- $5,299-------- $1,763
41st to 60th%--$4,699--------- $8,378-------- $3,679
61st to 80th%--$5,590--------- $12,270------- $6,680

81st to 100%---$7,568--------- $37,000------- $29,500

This means a saving of $1,000 per day or a total of $365,000 a year for the top 20% households.

Happily retired after 45 years of hard work. I've decided to quit the rat race. Enjoying every minute of my retired life.

Since primary school, I studied very hard and went to top schools. Total number of years of studying hard from primary one (6 years old) to university - 20 years.

Then I excelled in my career. Total number of years of salaried work - 25 years.

I now deserve a good rest. I plan to pursue many interests such as traveling the world, reading extensively, writing, mentoring, volunteering for worthy causes, etc.

I have accumulated enough wealth. I have been extremely successful in my investments. My luxury condo and luxury car are both fully paid up and I have good passive income. I don't need to earn more and more from salaried work.

I'm happy retiring in place in my modern luxury condo which has full facilities and a high level of security. It is located in a good district.

My family's quality of life is definitely much better now. That's what matters most.