How much savings do you have?

You know why they all so much money?

NO KIDS YET.

Originally Posted by lordlad

Age 31 single,

Cash in Hand: 15k equivilant
Stocks and share: USD15k equivilant
CPF Ordinary only: 91k equivilant
Monthly gross salary: 6k

No debts, no installment, no house, no car....

I dunno what what's wrong with me when it seems everybody here around my age is having so much cash-in-hand than me? I travel alot but i don't gamble and/or have any bad habits and wasting money on alcohol....so i really don't understand how it is you guys can accumulated so much cash.

An overview from here is almost like everyone here is at least a millionaire (or near) in net value.

statiscally speaking only 1 in 10 singaporeans are millionaires, and most millionaires i know don t have time to visit online forums everyday. So I guess either we ve got millionaires from all over the world reporting their net worth here, or maybe millionaires do have plenty of time to visit online forums after all

Originally Posted by Unregistered

statiscally speaking only 1 in 10 singaporeans are millionaires, and most millionaires i know don t have time to visit online forums everyday. So I guess either we ve got millionaires from all over the world reporting their net worth here, or maybe millionaires do have plenty of time to visit online forums after all

millionaires have much more free time than you expect. social media and casinos are a godsend to them. they used to just hang around in country clubs and hotel cafes.

Originally Posted by Unregistered

millionaires have much more free time than you expect. social media and casinos are a godsend to them. they used to just hang around in country clubs and hotel cafes.

Yes, nowadays there are young millionaires who are tech savvy and connected online and via social media. Being a young millionaire myself, I am very much connected. Gone are the days when millionaires are old uncles and aunties. Young millionaires like myself don't go around flashing our wealth, we dress like any other guy and we drive a simple conti car instead of million dollar sports car. The real rich guys invest their money and they don't look rich. So if you see some guy walking along Orchard Road and he is dressed simply, don't look down at him, he could be me, a young multi millionaire. I'm now actually sipping coffee in a cafe along Orchard Road.

Many Singaporean millionaires also do not feel rich. This is primarily because the net worth came from the inflated value of their primary home. Also the mandatory savings in their CPF take up another huge chunk, for some it could be as much as $1m!

So their disposal income may not be high. Finally you dont see yourself as rich when living among many millionaires (>100,000) or near-millionaires here.

Originally Posted by Unregistered

Yes, nowadays there are young millionaires who are tech savvy and connected online and via social media. Being a young millionaire myself, I am very much connected. Gone are the days when millionaires are old uncles and aunties. Young millionaires like myself don't go around flashing our wealth, we dress like any other guy and we drive a simple conti car instead of million dollar sports car. The real rich guys invest their money and they don't look rich. So if you see some guy walking along Orchard Road and he is dressed simply, don't look down at him, he could be me, a young multi millionaire. I'm now actually sipping coffee in a cafe along Orchard Road.

Here is my savings journey.

Started work in 1983 immediately after NUS - pay was $1800 pm. Saved $500 pm
3 yrs later, 1986, spent all my savings to buy 1st car- Datsun 120Y. Zero saving, but proud car owner. (nowadays young people must drive conti car then got pride)

1986 - 89, saved $1k pm. Got married in 89. Together with spouse's saving bought HDB exec flat. Again zero savings, but this time got loan of $100k to service.

1990 - 95, now as working couple, and also earning more, saved more - $25k - $30k pa
1998 - upgraded to condo. Increased debt to $250k. But savings per yr also increased to $50k pa.

2003 - bought 2nd condo for investment. Debt increased to $500k
2003 - 2005 savings per yr increased to $100k. Housing loan serviced by rental.

2005 - 2010 savings increased to $150k - $180k pa. Augmented by dividend income
2010 - now savings at $250k pa including $80k dividend & rental income. Loan cleared.

That's not bad. For me, I save $500k pa and donate $300k pa. Hope to donate more to the poor in the future.

Originally Posted by Unregistered

Here is my savings journey.

Started work in 1983 immediately after NUS - pay was $1800 pm. Saved $500 pm
3 yrs later, 1986, spent all my savings to buy 1st car- Datsun 120Y. Zero saving, but proud car owner. (nowadays young people must drive conti car then got pride)

1986 - 89, saved $1k pm. Got married in 89. Together with spouse's saving bought HDB exec flat. Again zero savings, but this time got loan of $100k to service.

1990 - 95, now as working couple, and also earning more, saved more - $25k - $30k pa
1998 - upgraded to condo. Increased debt to $250k. But savings per yr also increased to $50k pa.

2003 - bought 2nd condo for investment. Debt increased to $500k
2003 - 2005 savings per yr increased to $100k. Housing loan serviced by rental.

2005 - 2010 savings increased to $150k - $180k pa. Augmented by dividend income
2010 - now savings at $250k pa including $80k dividend & rental income. Loan cleared.

It is good to be charitable whatever your religion. Giving must come from the heart and not something to gloat over. The jury is still out whether it is better to just give money or to create jobs.

I believe the best of form of welfare is to create jobs for the people. People get dignity and pride when they work for their money. People want to feel useful and needed.

Consider this simple economic cycle and see if blind charity is better than creating jobs.
The car you buy will provide a job for the car salesman, the service guy to maintain your car, the petrol station guy for the petrol, COE administration for the LTA staff and so forth. By being too thrifty, you are instead killing jobs.

Will the money you saved and then give to charity to the jobless people make them feel better? Will it help them help themselves? Dont think so.

Originally Posted by Unregistered

That's not bad. For me, I save $500k pa and donate $300k pa. Hope to donate more to the poor in the future.

I'm 51 and my savings is only $1m, I'm sad cos my friends have more than me, their savings are at least $4m or more. How can I retire? Do I have to work till I reach 80 years old? Or should I retire somewhere else?

Originally Posted by Unregistered

I'm 51 and my savings is only $1m, I'm sad cos my friends have more than me, their savings are at least $4m or more. How can I retire? Do I have to work till I reach 80 years old? Or should I retire somewhere else?

i'm close to your age. 46 single. my savings per year is $15k.
I get $38xx per month.
How much you paid?