Salary.sg Forums

Salary.sg Forums (https://forums.salary.sg/)
-   Investments and Net Worth (https://forums.salary.sg/investments-net-worth/)
-   -   How much savings do you have? (https://forums.salary.sg/investments-net-worth/1199-how-much-savings-do-you-have.html)

Unregistered 09-12-2013 01:56 AM

27..
I Don't think I am doing well enough..

Cash 42 000

Unregistered 09-12-2013 07:18 PM

48, my savings is only $1m. Owns a condo, still paying mortgage.

Unregistered 10-12-2013 09:06 AM

Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.

At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.

For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.

Quote:

Originally Posted by Unregistered (Post 46146)
48, my savings is only $1m. Owns a condo, still paying mortgage.


Unregistered 10-12-2013 10:53 AM

Don't just depend on work income to build your wealth, make your money work hard for you. See how AK71 does it with Reits. A Singaporean Stockmarket Investor (ASSI): $120k annual passive income from S-REITs next?


Quote:

Originally Posted by Unregistered (Post 46163)
Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.

At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.

For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.


Unregistered 10-12-2013 11:35 AM

Our D10 condo is now worth $2.5m with outstanding mortgage of $200k. By the time we retire at 60, we will sell our condo and buy a cheaper $1m studio condo in the Jurong Lake District. We will have about $3m (plus savings) to invest in stocks, to give us a passive income of $150k pa. Our current expenditure is only $80k pa.


Quote:

Originally Posted by Unregistered (Post 46163)
Your $1m is it net worth or savings? If it is savings, it means your net worth will be lower since you still have outstanding home loan. Are you single or married? If married, that amount will be halved.

At 48, you still have some time to build up your wealth. Let's say you can save $100k pa, if you can sustain that for 10 yrs (till you are 58) you will save up another $1m. At 48, you probably have 2 yrs to get your next promotion, because by 50, you can forget about promotion.

For our case, we were able to save the most and consistently from around this age (49). Children were in Uni and JC. Loans all paid up. Expenses were stabilized year to year. Our savings for the past 6 years were $280k pa. That allowed us to acquire another condo.


Unregistered 02-01-2014 05:33 PM

Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.

Our 3-room BTO will be ready this year - I have the following questions:

1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)

We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.

As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.

How do you guys feel about our lifestyle and method of saving? Is this realisti?

darkstar 05-01-2014 02:48 AM

28 yrs old degree holder (actually 29 this year)

60K cash
15K stocks

Working 4 yrs

Annual salary: 36K-37K

I think I can do better......

darkstar 18-01-2014 10:29 AM

Quote:

Originally Posted by Unregistered (Post 46866)
Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.

Our 3-room BTO will be ready this year - I have the following questions:

1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)

We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.

As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.

How do you guys feel about our lifestyle and method of saving? Is this realisti?

Maybe try to slowly increase up to saving 1K a month?


You and your fiance are really thrifty!

But i think a large chunk of your salary seems to go to paying off your housing loan?

Unregistered 18-01-2014 01:53 PM

Quote:

Originally Posted by darkstar (Post 46960)
28 yrs old degree holder (actually 29 this year)

60K cash
15K stocks

Working 4 yrs

Annual salary: 36K-37K

I think I can do better......

Not bad. Are you married? How old is your hubby?

Unregistered 18-01-2014 04:44 PM

Quote:

Originally Posted by Unregistered (Post 46866)
Both my fiance and I are 28, and our combined salary is 6.5k. We're both diploma holders and have been working since we graduated from poly.

Our 3-room BTO will be ready this year - I have the following questions:

1. Our combined savings are about 28k, is this a good amount?
2. We have no debt, nor investments are we are both too chicken for it so we save up the traditional way by plonking all our savings into a savings account. We try to save about 800 each month combined. Is this a good amount? (Ha similar question to #1, I know)

We lead a comfortable lifestyle and we eat out/drink regularly. We also have a habit of buying higher-end clothes, but only as a treat. We hardly take cabs and rely mostly on public transport. We aim to keep our home renovations minimal (read: really plain) and hope to DIY and keep it to below 8k.

As for other expenses such as wedding, I don't think we'll be having a lavish one or even holding one at all... yes, we're pretty much non-traditionalists haha.

How do you guys feel about our lifestyle and method of saving? Is this realisti?

cut down on drinking in pubs. unhealthy. buy good wine and drink at home.


All times are GMT +8. The time now is 01:22 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2