How much savings do you have?

Originally Posted by Unregistered

For a Singaporean male you are pretty much screwed.

LOL at the watches. You saved 1 year for them/it?

A SG male should earn at least >$5k before thinking of getting married. Might want to consider 3RM HDB

I already bought a 4 room with my Soon to be wife. our income range is almost the same. except her income will be more then mine in the future due to her being in the private sector and holding a Degree from NUS.
The watches, well, i saved a little here and there and when i get bonus, i just go buy them with no regrets.

So, i am pretty much screwed huh.

Originally Posted by Unregistered

Male, Single 26 getting married in 3 years

Cash - 25K
CPF - 30K
Equities - 5.1K
Watches - 20K
No loans, car, house. Earning 3 Plus a month in the civil service. Gross income for 2010 was 47K Gross. Projecting a 49K Gross Income for 2011.

Please tell me what kind of position am i in, good, bod or average.

Thanks all who give constructive advice!

you are average for your age. but stop buying the watches. keep the cash for when the property market tanks then go buy the best location condo you can afford.

Originally Posted by Unregistered

you are average for your age. but stop buying the watches. keep the cash for when the property market tanks then go buy the best location condo you can afford.

how to afford a condo with such an income? I understand where you are coming from but is it almost impossible to afford a condo, even if market is in the junker. Thanks for the advice though, i will work towards that!

Originally Posted by Unregistered

I already bought a 4 room with my Soon to be wife. our income range is almost the same. except her income will be more then mine in the future due to her being in the private sector and holding a Degree from NUS.
The watches, well, i saved a little here and there and when i get bonus, i just go buy them with no regrets.

So, i am pretty much screwed huh.

you just said no loan, car, house, now u said u bought a 4 room. ur r really screwed. haha

Originally Posted by Unregistered

you just said no loan, car, house, now u said u bought a 4 room. ur r really screwed. haha

Thanks for the un-constructive comments. Really helpful, all i needed was some advice to improve my position. Thanks.

Originally Posted by Unregistered

I already bought a 4 room with my Soon to be wife. our income range is almost the same. except her income will be more then mine in the future due to her being in the private sector and holding a Degree from NUS.
The watches, well, i saved a little here and there and when i get bonus, i just go buy them with no regrets.

So, i am pretty much screwed huh.

What's wrong? Why do you say you're screwed? The median household income in Singapore is only 7k. That means 50% of all households make less than that, some much even lower. You are totally so not screwed.

Originally Posted by Unregistered

I already bought a 4 room with my Soon to be wife. our income range is almost the same. except her income will be more then mine in the future due to her being in the private sector and holding a Degree from NUS.
The watches, well, i saved a little here and there and when i get bonus, i just go buy them with no regrets.

So, i am pretty much screwed huh.

Don't listen all those mean and critical remarks. For a 26 year old, I think you are doing pretty well. At 26, you already have savings of $25K whereas many people doesn't even have enough savings to tie them through 3 - 6 months without work. Work hard to accumulate your savings and invest them wisely in blue chips company after setting aside a small sum for contingency. When I was 26 (year 2000), I was only earning 2k plus a month and only few thousands of savngs since I had barely worked for a year. So how you manage your finance and grow your income in the coming years are far more important than worrying about how much you have now.

Hey, You guys are scary. I am 31 this year. Single. But monthly income has been about SGC 4.5 - 5.5k/mth for the last few years. But I have only managed to save the following:

Cash: $110K
CPF: $130K (including SA and medisave)
Stocks, Preference Shares, Bonds: $30K
Endowment funds: $40K

I will be hopping on to another job that pays me an annual package of $90K per annum. But I have no idea how you guys can have a net worth of close to SGD 1 million when you are older than me by 5 to 6 years. Are you guys sure you are talking about SGD and not some other currencies?

Would like to hear more from you guys.

Thanks

Originally Posted by Unregistered

Hey, You guys are scary. I am 31 this year. Single. But monthly income has been about SGC 4.5 - 5.5k/mth for the last few years. But I have only managed to save the following:

Cash: $110K
CPF: $130K (including SA and medisave)
Stocks, Preference Shares, Bonds: $30K
Endowment funds: $40K

I will be hopping on to another job that pays me an annual package of $90K per annum. But I have no idea how you guys can have a net worth of close to SGD 1 million when you are older than me by 5 to 6 years. Are you guys sure you are talking about SGD and not some other currencies?

Would like to hear more from you guys.

Thanks

You are doing pretty good too. If you make more, you will save even more. If you're married and bought property at the right time, you can consider upgrading or buying a second property.

Originally Posted by Unregistered

Hey, You guys are scary. I am 31 this year. Single. But monthly income has been about SGC 4.5 - 5.5k/mth for the last few years. But I have only managed to save the following:

Cash: $110K
CPF: $130K (including SA and medisave)
Stocks, Preference Shares, Bonds: $30K
Endowment funds: $40K

I will be hopping on to another job that pays me an annual package of $90K per annum. But I have no idea how you guys can have a net worth of close to SGD 1 million when you are older than me by 5 to 6 years. Are you guys sure you are talking about SGD and not some other currencies?

Would like to hear more from you guys.

Thanks

I think you are doing fine. With higher salaries and savings over the next 5 to 6 years, you can probably save another $100 to $200K.

If you want to grow your wealth, you need to up your risk appettite to generate greater returns on your savings. Have you been keeping much of your wealth in the form of cash in the past few years? Holding $110K in cash and only $30K in stock/pref share/bonds is too conservative for your age unless this $110k cash is your warchest in which you are bidding the time to enter the market. Otherwise, it will take you at least another 2 decades to save $1m.


That's just my 2 cents.