Anyone here regret working in the family business? - 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




Anyone here regret working in the family business?

Reply
 
Thread Tools
  #1 (permalink)  
Old 05-01-2023, 11:02 AM
Junior Member
 
Join Date: Jan 2023
Posts: 4
familybiz is on a distinguished road
Default Anyone here regret working in the family business?

I have been working for them for many years. This year would be the 12th year. The first year my pay was $1.6k gross. Every year there is a increase of $100-200. After working for so long my pay right now is $3.8k gross. Previously, it was lower at $3.2k before I convinced them to increase a bit because I really felt it was too low. Bonus is always standard 1 month.

My dad is mid 60s, mom is few years younger. Both are working in this same business and I work for them. Some background, We live in a 4 room neighborhood condo maybe worth estimated $2.3mil now fully paid. They are lucky in the sense that they don't earn much but have some kind of property luck. The first condo they bought was like $600k++ many years ago and through flipping they managed to get to here. But while assets we are not bad I can sense that they are cash tight and we are probably "poor" if you were to measure wealth by liquid cash.

Because of this situation, they are probably going to working as long as possible. They have repeatedly used the guise that this is "My business" eventually to convince me to stay and keep repeating that I am very blessed while many people don't have a job.

Personally, I feel that I am being made used of. Pay after working 12 years is other people's starting pay or lower. I feel like I'm always in their grip and there isn't much earning potential in this job. Granted, I am only a diploma holder and there are some pros to this job. For e.g, always go home on time 9-6pm. Weekends free and also there are times where there is nothing much to do. So if you are looking for a comfy job it is ideal but then my focus is trying to make as much money when I am relatively young.

Reply With Quote
  #2 (permalink)  
Old 05-01-2023, 07:15 PM
Unregistered
Guest
 
Posts: n/a
Default

if they will everything to you after they pass on, then might be worth it

Reply With Quote
  #3 (permalink)  
Old 06-01-2023, 11:16 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by familybiz View Post
I have been working for them for many years. This year would be the 12th year. The first year my pay was $1.6k gross. Every year there is a increase of $100-200. After working for so long my pay right now is $3.8k gross. Previously, it was lower at $3.2k before I convinced them to increase a bit because I really felt it was too low. Bonus is always standard 1 month.

My dad is mid 60s, mom is few years younger. Both are working in this same business and I work for them. Some background, We live in a 4 room neighborhood condo maybe worth estimated $2.3mil now fully paid. They are lucky in the sense that they don't earn much but have some kind of property luck. The first condo they bought was like $600k++ many years ago and through flipping they managed to get to here. But while assets we are not bad I can sense that they are cash tight and we are probably "poor" if you were to measure wealth by liquid cash.

Because of this situation, they are probably going to working as long as possible. They have repeatedly used the guise that this is "My business" eventually to convince me to stay and keep repeating that I am very blessed while many people don't have a job.

Personally, I feel that I am being made used of. Pay after working 12 years is other people's starting pay or lower. I feel like I'm always in their grip and there isn't much earning potential in this job. Granted, I am only a diploma holder and there are some pros to this job. For e.g, always go home on time 9-6pm. Weekends free and also there are times where there is nothing much to do. So if you are looking for a comfy job it is ideal but then my focus is trying to make as much money when I am relatively young.

why not see the situation in a better outlook? Look for ways to improve their customer network, more leads, more sales. Use your youth to modernise their business potential. With more sales, more profit sharing will follow. I dont see how your parents property has a link to you working for them. Your parents will likely pass it to you anyway. They are probably waiting for you to level up and grow their business. Give your all, regret none.

Reply With Quote
  #4 (permalink)  
Old 06-01-2023, 04:48 PM
Unregistered
Guest
 
Posts: n/a
Default

You are lucky to have a family biz to work in in the first place. Most of us do not have such luxury. Clearly it will be your company in the future.
Reply With Quote
  #5 (permalink)  
Old 06-01-2023, 08:35 PM
Unregistered
Guest
 
Posts: n/a
Default

Well, you can consider venturing out and see how you fare. If things don't work out, you can always go back to your family biz. Have an honest discussion with your family first.

The other way is to help innovate your family biz like what the other poster suggested.
Grow your family biz.
Reply With Quote
  #6 (permalink)  
Old 16-01-2023, 08:19 AM
Junior Member
 
Join Date: Jan 2023
Posts: 4
familybiz is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
You are lucky to have a family biz to work in in the first place. Most of us do not have such luxury. Clearly it will be your company in the future.
I don't consider 3.8k after more than 10 years lucky. And I started really peanuts pay and work my way up. Also, they don't seem to be wanting to pass to me anytime soon. The general feel I get is there will be working till they physically or mentally cannot work. Also, I've seen before my dad doesn't earn much. He only earned $100k a year all in and that's on a good year. So basically, I'm screwed probably taking home $3k+ for another 10 years.
Reply With Quote

  #7 (permalink)  
Old 16-01-2023, 08:23 AM
Junior Member
 
Join Date: Jan 2023
Posts: 4
familybiz is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
why not see the situation in a better outlook? Look for ways to improve their customer network, more leads, more sales. Use your youth to modernise their business potential. With more sales, more profit sharing will follow. I dont see how your parents property has a link to you working for them. Your parents will likely pass it to you anyway. They are probably waiting for you to level up and grow their business. Give your all, regret none.
It's a niche business. Actually, we already have most of the customers in singapore but still earning very little. Possibly only way is to expand overseas but easier said than done.

Also they will probably cash out their condo and downgrade to HDB most likely as if they retire in another 10 years or so they have no other source of income.


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
  #8 (permalink)  
Old 16-01-2023, 03:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by familybiz View Post
It's a niche business. Actually, we already have most of the customers in singapore but still earning very little. Possibly only way is to expand overseas but easier said than done.

Also they will probably cash out their condo and downgrade to HDB most likely as if they retire in another 10 years or so they have no other source of income.
what replies were u looking for anyway? you seem to have only 1 answer for all your own doubts.
Reply With Quote
  #9 (permalink)  
Old 10-12-2023, 08:15 PM
Unregistered
Guest
 
Posts: n/a
Default

TS is your family business earning a sizeable amount of profit? A lot of business owners would prefer to earn less on personal income so that they can pay less taxes and have the house and car to be bought under company name. Don't get blindsided by just the low income that you are getting.


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
  #10 (permalink)  
Old 11-12-2023, 02:34 AM
Unregistered
Guest
 
Posts: n/a
Default

only if you do not have any siblings to share the inheritance, and that your parents are not in good health will pass on soon kind it will be worth it. Else better to move on.
Reply With Quote
Reply

Bookmarks

« 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
family life Alexander General Discussions 4 05-02-2022 10:07 PM
Working at Changi Business Park Miguelogy Income and Jobs 20 28-10-2021 09:57 AM
Family nightmare TiaaTiaa General Discussions 2 19-12-2019 11:24 AM
Would you rather have low pay and well to do family or the other way round? icyboy Income and Jobs 4 27-12-2014 04:17 PM
Enough for a family of 3? fercasa83 Income and Jobs 10 02-03-2011 09:47 AM

» 30 Recent Threads
Career as Teacher ( 1 2 3... Last Page)
10,211 Replies, 6,359,761 Views
Enterprise Singapore hiriing... ( 1 2 3... Last Page)
181 Replies, 221,906 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
882 Replies, 479,005 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
14,626 Replies, 4,833,203 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,725 Replies, 1,340,111 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,776 Replies, 4,563,518 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
609 Replies, 357,653 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,063 Replies, 2,233,239 Views
Graduate Employment Survey 2023...
0 Replies, 186 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,174 Replies, 3,311,204 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,745 Replies, 1,006,681 Views
Singapore Airlines ( 1 2)
17 Replies, 9,032 Views
MOT (Ministry of Transport)
5 Replies, 5,525 Views
IBM salaries ( 1 2)
16 Replies, 7,591 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,745 Replies, 1,468,042 Views
Lawyer Salary ( 1 2 3... Last Page)
20,864 Replies, 10,158,615 Views
Jobs with travel opportunities
7 Replies, 3,606 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
618 Replies, 315,743 Views
GovTech ( 1 2 3... Last Page)
4,960 Replies, 2,084,914 Views
Work culture in IHiS ( 1 2 3... Last Page)
700 Replies, 520,034 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,262 Replies, 697,335 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,264 Replies, 735,562 Views
Compare civil service salary ( 1 2 3... Last Page)
16,235 Replies, 12,263,414 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,066 Replies, 3,665,283 Views
ITE (lecturer) ( 1 2 3... Last Page)
275 Replies, 377,531 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
4,983 Replies, 4,498,548 Views
Anyone work in JPM/GS/Morgan... ( 1 2 3... Last Page)
413 Replies, 155,134 Views
ST Electronics ( 1 2 3... Last Page)
3,638 Replies, 1,487,701 Views
Salary ranges in Big Tech in...
0 Replies, 338 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:08 AM.


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