How much are you earning annually

Originally Posted by Unregistered

Banking, 40 yo

Basic $240K

Bonus $100K

Many people say banking is risky- hire and fire culture. But yet, it seems if you can make it to VP level, you get to make 20k/month for base, and get to collect a bonus that's more than the total annual income of many common folks.

Originally Posted by rj1915

Do you get bonus every year? Is your bonus always that of 100k or more?

Unless you underperform, there will be bonus. Last 2 years is that amount.

Originally Posted by Unregistered

Many people say banking is risky- hire and fire culture. But yet, it seems if you can make it to VP level, you get to make 20k/month for base, and get to collect a bonus that's more than the total annual income of many common folks.

It's highly meritocratic and the opportunities are great, but don't perform and you will be fired.

Middle class couple
My earnings $176k pa (47 yo)
Wife's earnings $160k pa (45 yo)
Annual savings $210k pa
Home, mortgage outstanding $130k
Car, loan outstanding $40k
Cash & CPF, total $750k
Net worth, total $3.1m
How are we doing?
When can we retire?

Originally Posted by Unregistered

Middle class couple
My earnings $176k pa (47 yo)
Wife's earnings $160k pa (45 yo)
Annual savings $210k pa
Home, mortgage outstanding $130k
Car, loan outstanding $40k
Cash & CPF, total $750k
Net worth, total $3.1m
How are we doing?
When can we retire?

Good for you, what you have should be above average in Sg, but play safe better to work at least till 55.

It seems like the bulk of your net worth is tied to your property.

I don't think you can retire as you have not reach upper class yet.

Got to work till 67yo and ensure that you have a saving of min. $5M.

Originally Posted by Unregistered

Middle class couple
My earnings $176k pa (47 yo)
Wife's earnings $160k pa (45 yo)
Annual savings $210k pa
Home, mortgage outstanding $130k
Car, loan outstanding $40k
Cash & CPF, total $750k
Net worth, total $3.1m
How are we doing?
When can we retire?

Age: 38, 36.
Married couple with two children
We earn $390K so around $32.5K a month but more than 20% of the total comes from discretionary bonus. We save $15-20k pm.
Home: Condo worth $1.4m. Mortgage outstanding $650k.
4-yr old car fully paid up (ard $90k value).
Liquid assets (cash/CPF/investments) $1.1m
Illiquid assets (insurance/endowment policies) surrender value $250k

Middle class couple
My salary $390k pa, bonus this yr $310K (42 yo)
Wife's salary $180k pa, bonus this yr $33K (40 yo)
Annual savings $400k pa
Home mkt value $2.1m, mortgage o/s $1.5m
HDB $800k paid up, rented out at $2750/mth
Car mkt value $70k paid up
Cash and investments (including invt pty) total $4m
Combined CPF around $800K
Net worth just over $6m

seems like banking still the top payer industry in sg...

Originally Posted by Unregistered

seems like banking still the top payer industry in sg...

why do you say so?