How much savings do you have? - Page 72 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




How much savings do you have?

Reply
 
Thread Tools
  #711 (permalink)  
Old 19-06-2014, 06:35 PM
Super Member
 
Join Date: Aug 2010
Posts: 335
lazyplane is on a distinguished road
Default

Quote:
Originally Posted by lazyplane View Post
I dont doubt your post on your net worth.
But you are not disclosing how you arrive there completely.

You stated you & spouse 32/31. Between you and your spouse, you have average of max 8-10 yrs working. Meaning to achieve a networth of 800+k in those 8-10 yrs, you had to save approx 100k savings per year.

that around 50k per person. accompanied with the expense of reno, kids.

think you must had some help... or i will have to agree with the others that u r not the average middle income...

By the way, you said u paid your house of 400k with CPF.. Thats 200k CPF per pax with the max contribution at 5k in current CPF context... Somewhere, i think u missed stating a few key points on how u arrived.

Reply With Quote
  #712 (permalink)  
Old 19-06-2014, 07:59 PM
Unregistered
Guest
 
Posts: n/a
Default

I only say my house value is worth around $400k (based on house prices in the area) now, but i nv say i paid $400k. I only paid $230k for the flat when property prices are still low which i did mentioned earlier. So its not surprising to pay in full? Btw, not just salary, your bonus will also go into your cpf contribution.

So far we are glad we dont need any help from anybody cos we will just save whatever we have. Wedding & reno was just $70k, we definitely can absorb it in full. We are the type that dun really care about appearance, clothes torn already also can wear for years. No car, no maid to show off. live within your means & nothing is impossible.

Quote:
Originally Posted by lazyplane View Post
By the way, you said u paid your house of 400k with CPF.. Thats 200k CPF per pax with the max contribution at 5k in current CPF context... Somewhere, i think u missed stating a few key points on how u arrived.


Reply With Quote
  #713 (permalink)  
Old 19-06-2014, 10:26 PM
Super Member
 
Join Date: Aug 2010
Posts: 335
lazyplane is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
I only say my house value is worth around $400k (based on house prices in the area) now, but i nv say i paid $400k. I only paid $230k for the flat when property prices are still low which i did mentioned earlier. So its not surprising to pay in full? Btw, not just salary, your bonus will also go into your cpf contribution.

So far we are glad we dont need any help from anybody cos we will just save whatever we have. Wedding & reno was just $70k, we definitely can absorb it in full. We are the type that dun really care about appearance, clothes torn already also can wear for years. No car, no maid to show off. live within your means & nothing is impossible.
Yep.. And like i said, there is something missing in your post. Ok. Lets do the maths again .

230k for flat.Not sure how much you paid with cash/cpf. but assume 100% CPF. That means 115k per person.

Using max contribution to CPF now is around 34k based on your age and based 5000*17 mths * 20% * 2 (ur share and employer) so that brings to around payment period of 4 yrs if both of u are actively reducing your housing loan... i know there is OA/MA/SA spilt but lazy to do all the maths

Possible ? Yes...cos u have been working around max 8 ~ 10 ys.

Knowing you spent 70k on reno, and figuring around 8-10k delivery expense per kid... plus your +300k savings for 10 yrs.... that works to around 40k non CPF related savings per year since u worked. Of course these savings may not all come from your salary but due capital appreciation of stocks , etc..


Based on this data , I should think u r a good saver/investor since you are achieving a saving rate of above 30% of your current net cash salary.

If u continue this way, you should hit millionaire status or be close to it before 40 as a couple.

Good job !

Reply With Quote
  #714 (permalink)  
Old 19-06-2014, 11:23 PM
Unregistered
Guest
 
Posts: n/a
Default

Employee cpf contribution 20% & employer cpf contribution 16%, total 36%. out of which, around 66% goes to OA. Hmm. You only quoted 20%

Its probably those 1 time lump sum bonus that helps alot in building up the savings plus appreciation of stocks & stock dividends. No matter what, as compared to most pple in this forum, our savings are still far off from ideal. There seems to be alot of millionaires here. LOL. Currently we still have 2 more years to complete the hdb 5 yr min occupation period. Hope we can save enuff to pay 2nd property downpayment in 2 years time. Still praying hard for property crash. If dreams come true, we can have extra rental income too

Quote:
Originally Posted by lazyplane View Post
Yep.. And like i said, there is something missing in your post. Ok. Lets do the maths again .

230k for flat.Not sure how much you paid with cash/cpf. but assume 100% CPF. That means 115k per person.

Using max contribution to CPF now is around 34k based on your age and based 5000*17 mths * 20% * 2 (ur share and employer) so that brings to around payment period of 4 yrs if both of u are actively reducing your housing loan... i know there is OA/MA/SA spilt but lazy to do all the maths

Possible ? Yes...cos u have been working around max 8 ~ 10 ys.

Knowing you spent 70k on reno, and figuring around 8-10k delivery expense per kid... plus your +300k savings for 10 yrs.... that works to around 40k non CPF related savings per year since u worked. Of course these savings may not all come from your salary but due capital appreciation of stocks , etc..


Based on this data , I should think u r a good saver/investor since you are achieving a saving rate of above 30% of your current net cash salary.

If u continue this way, you should hit millionaire status or be close to it before 40 as a couple.

Good job !
Reply With Quote
  #715 (permalink)  
Old 24-06-2014, 10:23 AM
Unregistered
Guest
 
Posts: n/a
Default

Currently turning 26, working for 3 years savings from 15k becomes 2k (took a break from work for studies for about 6 months). enjoying life these few years, traveled to UK Japan etc, also paid for my degree (part time). too late to start now?
Reply With Quote
  #716 (permalink)  
Old 24-06-2014, 09:50 PM
Unregistered
Guest
 
Posts: n/a
Default

Early 30ies, single local male, started with less than 1K on graduation, saver more than spender
Stock $270k+ at cost
Mutual funds $10K
Other illiquid investments >$100K not sure exact
CPF ord $120-130K
Cash - $20K? not sure exact
Reply With Quote

  #717 (permalink)  
Old 28-06-2014, 10:13 AM
Unregistered
Guest
 
Posts: n/a
Default Quite an exercise

After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.
Reply With Quote
  #718 (permalink)  
Old 28-06-2014, 06:12 PM
Millionaire Member
 
Join Date: Sep 2011
Posts: 275
Hermit is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.
That was some digging. Most of us don't really go through the numbers unless and until forced by circumstances such as a divorce or death. In the latter case, someone else will do it !
Reply With Quote
  #719 (permalink)  
Old 29-06-2014, 03:17 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
After stumbling on to this site, I tried to tally up what I "amassed" all these years. Thought it would be an easy thing to but it turned out to be quite an "exercise". But I am glad I went through it because at least now I have a baseline for future reference. So for those who are young and have documented properly your assets, good for you, for those who haven't started, it is good to start doing.

The following summarised what we have, starting with the big ticket items first (combined with my missus - our assets intricately intertwined):

1. Primary residence - est. $1.7m
2. Investment property - est. $1.3m
3. Main family car (MPV) - est. $80k
4. Missus' car - est. $50k
5. Life insurances - $500 k (if surrender now - we have been holding these insurances for 30 years)
6. Single premium insurances - $200k (gotta hold till maturity)
7. CPF OA - $800k, MA - $91k, SA - $395k
8. Stocks, bonds and other like investments -$930k
9. SRS - $120k (invested in some long term NTUC products)
10. FDs (war chest for opportunistic investments) - $300k
11. Cash - $110k

Listing them down in detailed form took a few days of digging up records.
must be a high earner....CPF hardly touched


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #720 (permalink)  
Old 29-06-2014, 10:01 AM
Unregistered
Guest
 
Posts: n/a
Default

Good observation.

For our primary residence we did use quite a fair bit of our CPF over many years (15 - 17 years?)

For our investment property, we did not use our CPF money. This was possible because we had been able to save above $250k pa. for several years.

We have also been enjoying the benefit of compounding returns. Our passive income have been re-invested increasing our stock holdings steadily.

But we know stock and property prices go up and down in cycles, so that's why we left the CPF money untouched (as our fall back funds) to earn on average 3% interest from the gahmen. The money will be available to us once we hit 55. But if we are still working, we will leave the money there to earn the interest with full capital protection by the gahmen.

However, we are game to snap up another property should the price go down south further.

Quote:
Originally Posted by Unregistered View Post
must be a high earner....CPF hardly touched
Reply With Quote
Reply

Bookmarks

Tags
condo, cpf, house, retirement, savings, shares, stocks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Not enough savings for retirement Salary.sg Investments and Net Worth 0 14-05-2007 07:59 PM

» 30 Recent Threads
Roles in accenture singapore ( 1 2 3... Last Page)
7,533 Replies, 2,357,246 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,770 Replies, 5,055,018 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,311 Replies, 3,436,227 Views
GovTech ( 1 2 3... Last Page)
5,480 Replies, 2,233,806 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,918 Replies, 1,069,845 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,339 Replies, 1,154,825 Views
Career as Teacher ( 1 2 3... Last Page)
11,084 Replies, 6,784,356 Views
ST Electronics ( 1 2 3... Last Page)
3,788 Replies, 1,561,410 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,272 Replies, 627,704 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,799 Replies, 1,428,243 Views
If you can't find a company here... ( 1 2 3... Last Page)
141 Replies, 52,787 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
805 Replies, 376,909 Views
Lawyer Salary ( 1 2 3... Last Page)
21,092 Replies, 10,407,085 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
29 Replies, 15,836 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,421 Replies, 4,823,286 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,857 Replies, 4,695,238 Views
merit increment in civil service ( 1 2 3... Last Page)
275 Replies, 294,415 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,127 Replies, 3,770,020 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,478 Replies, 798,968 Views
NTU (non-faculty) ( 1 2 3... Last Page)
174 Replies, 217,945 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
911 Replies, 520,772 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
717 Replies, 403,447 Views
OCBC Graduate Talent Programme... ( 1 2 3... Last Page)
1,172 Replies, 652,553 Views
Stat Board (LTA, DSTA, HTX, DSO)... ( 1 2 3... Last Page)
39 Replies, 44,125 Views
Job Application with MOE... ( 1 2 3... Last Page)
490 Replies, 636,302 Views
Constituency Manager (People... ( 1 2 3... Last Page)
994 Replies, 819,979 Views
Working Culture in IRAS ( 1 2 3... Last Page)
74 Replies, 168,492 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,266 Replies, 715,626 Views
Election Department job application
6 Replies, 3,551 Views
Compare civil service salary ( 1 2 3... Last Page)
16,387 Replies, 12,536,830 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:48 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2