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-   -   How much savings do you have? (https://forums.salary.sg/investments-net-worth/1199-how-much-savings-do-you-have.html)

Unregistered 16-02-2012 11:51 PM

Educated guess
 
Very impressive Atascouple...

Let me try to reverse engineer what you do :

Based on your declared net worth of almost 3m after just 8 years of working each... That means combined you save 375k per year since graduation. I assume you spend decently well of about 150k-200k per year. This implies income of 500+ per year or 250+k each since grad on avg! impossible for all govt including AO. For private sector, only traders and IB... But you said IT and science. Which leads to 3 possible scenario : (can be combination)

1) inherited wealth and gifts.

2) very savvy investments. Eg bought aud property cheap and gained on currency and appreciation.

3) one or both of u are entrepreneurs. This one any line also if make it can have 3m by end 32.

Care to comment if i got it right ?

ATAScouple 17-02-2012 12:48 AM

Quote:

Originally Posted by Unregistered (Post 20795)
How much of your wealth came from inheritance or gifts?

What's your annual income?

I don't doubt your abilities, but to be able to go to US private universities, you guys are either scholars or born with silver spoons.

Non-AO scholars don't have much earning power, so I doubt you are even scholars.

Hello.

We are not scholars but our parents are upper middle class and they were able to fund us through private universities 100%. So, yes essentially we are born with silver spoons. My parents used to work in the finance sector but they are now retired. Her parents are small business owners (no education). So after graduation, we have house to stay, and car to drive. No need to pay rent or buy ourselves. So all of our income goes into our investments. But in terms fo the assets we accumulated, it was 100% through our own means and capital. Jobs wise, we also got them 100% by ourselves without daddy or mummys help.

Unregistered 17-02-2012 12:55 AM

Quote:

Originally Posted by Unregistered (Post 20804)
Very impressive Atascouple...

Let me try to reverse engineer what you do :

Based on your declared net worth of almost 3m after just 8 years of working each... That means combined you save 375k per year since graduation. I assume you spend decently well of about 150k-200k per year. This implies income of 500+ per year or 250+k each since grad on avg! impossible for all govt including AO. For private sector, only traders and IB... But you said IT and science. Which leads to 3 possible scenario : (can be combination)

1) inherited wealth and gifts.

2) very savvy investments. Eg bought aud property cheap and gained on currency and appreciation.

3) one or both of u are entrepreneurs. This one any line also if make it can have 3m by end 32.

Care to comment if i got it right ?

1) See below
2) Yes we had some very lucky breaks. Truly lucky. Think of it as buying AAPL in Nov 2008 and selling it now. Yes you are also right on the AUS property.
3) We started off as salaried workers and we still are. But the crucial point here is that we work in positions that brought in revenue for the company. Also, we have a sideline that was generating few k a month, managed by my wife's sister.

ATAScouple 17-02-2012 12:56 AM

Thats me above. Forgot post with username

Unregistered 17-02-2012 11:37 AM

Quote:

Originally Posted by Unregistered (Post 20807)
1) See below
2) Yes we had some very lucky breaks. Truly lucky. Think of it as buying AAPL in Nov 2008 and selling it now. Yes you are also right on the AUS property.
3) We started off as salaried workers and we still are. But the crucial point here is that we work in positions that brought in revenue for the company. Also, we have a sideline that was generating few k a month, managed by my wife's sister.

can you tell us more about the sideline? is it an online business?

hardluck 17-02-2012 03:02 PM

Quote:

Originally Posted by ATAScouple (Post 20806)
Hello.

We are not scholars but our parents are upper middle class and they were able to fund us through private universities 100%. So, yes essentially we are born with silver spoons. My parents used to work in the finance sector but they are now retired. Her parents are small business owners (no education). So after graduation, we have house to stay, and car to drive. No need to pay rent or buy ourselves. So all of our income goes into our investments. But in terms fo the assets we accumulated, it was 100% through our own means and capital. Jobs wise, we also got them 100% by ourselves without daddy or mummys help.

I envy you. So different from my background.

My father was a drunkard and never home. My mother a seamstress. My brother was in jail.

We lived in a rental HDB flat. No car. No motorbike. No bicycle.

We owed relatives money and always had to hang our heads in shame and I even got slapped by my cousin in front of everyone.

But at least I made it to NUS.

Buy HDB flat for parents. Pay for siblings education.

Unregistered 17-02-2012 04:48 PM

Quote:

Originally Posted by hardluck (Post 20826)
I envy you. So different from my background.

My father was a drunkard and never home. My mother a seamstress. My brother was in jail.

We lived in a rental HDB flat. No car. No motorbike. No bicycle.

We owed relatives money and always had to hang our heads in shame and I even got slapped by my cousin in front of everyone.

But at least I made it to NUS.

Buy HDB flat for parents. Pay for siblings education.

Considering your hard background, you have done very well to make it to NUS.

Unregistered 17-02-2012 05:24 PM

Quote:

Originally Posted by hardluck (Post 20826)
I envy you. So different from my background.

My father was a drunkard and never home. My mother a seamstress. My brother was in jail.

We lived in a rental HDB flat. No car. No motorbike. No bicycle.

We owed relatives money and always had to hang our heads in shame and I even got slapped by my cousin in front of everyone.

But at least I made it to NUS.

Buy HDB flat for parents. Pay for siblings education.

I salute you! Keep your head high up. Wish you all the best.

NotSoAtas 17-02-2012 05:56 PM

Quote:

Originally Posted by Unregistered (Post 20807)
1) See below
2) Yes we had some very lucky breaks. Truly lucky. Think of it as buying AAPL in Nov 2008 and selling it now. Yes you are also right on the AUS property.
3) We started off as salaried workers and we still are. But the crucial point here is that we work in positions that brought in revenue for the company. Also, we have a sideline that was generating few k a month, managed by my wife's sister.


impressive. don't mind can you share what is the % of your assets earned through investments vs earned income?

i'm 35 and my wife isn't working, so far managed to reach a net worth around 2.3m. i hope to be able to reach 3m like you in a few years' time

Unregistered 17-02-2012 10:37 PM

Quote:

Originally Posted by Unregistered (Post 20807)
1) See below
2) Yes we had some very lucky breaks. Truly lucky. Think of it as buying AAPL in Nov 2008 and selling it now. Yes you are also right on the AUS property.
3) We started off as salaried workers and we still are. But the crucial point here is that we work in positions that brought in revenue for the company. Also, we have a sideline that was generating few k a month, managed by my wife's sister.

Ah yes, I missed out 1 more high earning group. Anyone who does sales. So both u and wife doing corporate sales is my guess?

Also, did most of your wealth creation happen on a exponential curve and pay increased and investments rose in last 3 years due to liquidity bubble?


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