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-   -   Whats your net worth (https://forums.salary.sg/investments-net-worth/817-whats-your-net-worth.html)

Unregistered 28-01-2010 05:34 PM

i wonder how you guys accumulate so much money!

For instance let's say 2 graduates from local uni:

F: grad at age 22, M: grad at age 24
Assuming 10% increment in annual package.
1st year: starting salary $3.5k annual package = 56k (including aws + 3 months bonus)
2nd year: 61.6k
3rd year: 67.8k
4th year: 74.6k
5th year: 82k
6th year: 90.2k
7th year: 99.2k
8th year: 109.1k
9th year: 120k
10th year: 132k

Total earnings = $836.5k per pax in 10 years.

I have not factored in expenses, cpf yet.

Please tell me how you guys did it?

Family well to do in the first place to pay for tertiary studies, give you the capital to start business or invest?

Unregistered 28-01-2010 06:17 PM

Below are my actual earnings and savings since i graduated at age 24 from nus in June 2006.

Please advise on how i can increase my net worth.

24, my starting salary was $2500, $2000 after CPF.

Income from June - Dec 2006: $15000 + $2500 (1 month bonus), $14000 after CPF
Monthly expenses from June - Dec 2006:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2006 is $18800)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $500 per month.
End of 2006, savings accummulated: $3000

25, salary increase to $3000
Income from Jan - Dec 2007: $36000 + $6000 (2 month bonus), $33600 after CPF
Monthly expenses from Jan - Dec 2007:
Give parents: $300 monthly
Tuition fee loan repayment: $200 (Balance at end of 2007 is $16400)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $900 per month.
End of 2007, savings accummulated: $3000 + $10,800 - $1000 (Got bonus give parents)

26, salary increase to $3200
Income from Jan - Dec 2008: $38400 + $8000 (2.5 month bonus), $37120 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2008 is $14000)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $1060 per month.
End of 2008, savings accummulated: $3000 + $10,800 -$1000 (Got bonus give parents) + $12720 - $1000 (Got bonus give parents)

At this stage, i cleared off my loan to save on the interest. So my savings decreased to $10520.

27, salary increase to $3500
Income from Jan - Dec 2009: $42000 + $10500 (3 month bonus), $42000 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $400 (Give parents more money + extra given due to bigger bonus)
Insurance: $200
Food: $600 (Got gf now, so expenses increased)
Transport: $200
Misc: $200
Savings: $1200 per month.
End of 2008, savings accummulated: $12520 + $16800 - $1000 (Got bonus give parents)

28, salary increased to $3800

I'll continue the rest at the end of the year.

So currently, i have accummulated $28320 of savings.

Please teach me how I can increase my savings. I have applied for bto which is going to to ready in 2013. So probably will be getting married in a few years time.

I have been working for 3.5 years but I don't think I can accummulate savings of 100k after 10 years of work which some of you did.

My salary is already 1 of the better ones among my peers who are working in the offices and non sales related.

Unregistered 28-01-2010 06:20 PM

Easy. Just save compulsively.

Imagine a couple only spend the earnings of 1 spouse, or less, and save the rest. In 10 years or so, both will save up about $1mio.

Then imagine they are shrewd investors and they profit a few hundred Ks from investments.

Quote:

Originally Posted by Unregistered (Post 5115)
i wonder how you guys accumulate so much money!

For instance let's say 2 graduates from local uni:

F: grad at age 22, M: grad at age 24
Assuming 10% increment in annual package.
1st year: starting salary $3.5k annual package = 56k (including aws + 3 months bonus)
2nd year: 61.6k
3rd year: 67.8k
4th year: 74.6k
5th year: 82k
6th year: 90.2k
7th year: 99.2k
8th year: 109.1k
9th year: 120k
10th year: 132k

Total earnings = $836.5k per pax in 10 years.

I have not factored in expenses, cpf yet.

Please tell me how you guys did it?

Family well to do in the first place to pay for tertiary studies, give you the capital to start business or invest?


Unregistered 28-01-2010 07:18 PM

You're on your way. Don't forget your income will increase over time, and if you maintain your rather frugal lifestyle, you will be able to save more and more.

Learn to invest wisely too.

Quote:

Originally Posted by Unregistered (Post 5116)
Below are my actual earnings and savings since i graduated at age 24 from nus in June 2006.

Please advise on how i can increase my net worth.

24, my starting salary was $2500, $2000 after CPF.

Income from June - Dec 2006: $15000 + $2500 (1 month bonus), $14000 after CPF
Monthly expenses from June - Dec 2006:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2006 is $18800)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $500 per month.
End of 2006, savings accummulated: $3000

25, salary increase to $3000
Income from Jan - Dec 2007: $36000 + $6000 (2 month bonus), $33600 after CPF
Monthly expenses from Jan - Dec 2007:
Give parents: $300 monthly
Tuition fee loan repayment: $200 (Balance at end of 2007 is $16400)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $900 per month.
End of 2007, savings accummulated: $3000 + $10,800 - $1000 (Got bonus give parents)

26, salary increase to $3200
Income from Jan - Dec 2008: $38400 + $8000 (2.5 month bonus), $37120 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2008 is $14000)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $1060 per month.
End of 2008, savings accummulated: $3000 + $10,800 -$1000 (Got bonus give parents) + $12720 - $1000 (Got bonus give parents)

At this stage, i cleared off my loan to save on the interest. So my savings decreased to $10520.

27, salary increase to $3500
Income from Jan - Dec 2009: $42000 + $10500 (3 month bonus), $42000 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $400 (Give parents more money + extra given due to bigger bonus)
Insurance: $200
Food: $600 (Got gf now, so expenses increased)
Transport: $200
Misc: $200
Savings: $1200 per month.
End of 2008, savings accummulated: $12520 + $16800 - $1000 (Got bonus give parents)

28, salary increased to $3800

I'll continue the rest at the end of the year.

So currently, i have accummulated $28320 of savings.

Please teach me how I can increase my savings. I have applied for bto which is going to to ready in 2013. So probably will be getting married in a few years time.

I have been working for 3.5 years but I don't think I can accummulate savings of 100k after 10 years of work which some of you did.

My salary is already 1 of the better ones among my peers who are working in the offices and non sales related.


Unregistered 01-02-2010 08:18 PM

doing ok
 
I'm 34, married with 2 kids.
Cash and stocks we have 250K, home value around 1.45M, no debts. Doing ok, hope to be financially free by 45

Unregistered 01-02-2010 09:31 PM

Quote:

Originally Posted by Unregistered (Post 5131)
I'm 34, married with 2 kids.
Cash and stocks we have 250K, home value around 1.45M, no debts. Doing ok, hope to be financially free by 45

Congrats on doing so well. May I know if you took up a loan and then fully redeemed it, or you fully paid up when you bought it?

Unregistered 01-02-2010 10:18 PM

Quote:

Originally Posted by Unregistered (Post 5132)
Congrats on doing so well. May I know if you took up a loan and then fully redeemed it, or you fully paid up when you bought it?

The purchase was made in cash and cpf.

Unregistered 04-02-2010 03:19 AM

nothing much..potential income 30-40k. no property or cpf...to make big bucks...go to EU/USA, [email protected]% p.a. or start own biz...

Unregistered 04-02-2010 03:39 AM

sorry, last comment was re 1.6m response...

the thing is singaporeans been brainwashed into accepting low income 2k, 3k a month etc. cos govt so good, build good roads, schools, hospitals etc. but ministers earn $2m...

firstly, dont start your 1st job 25, lmao, by that time i was heading for VP.... first job was 21 in europe, about 60k, headhunted at 23 for 90k, promoted to VP at 26, 130k+50kbonus, then a few good years at 250k-300k (dotcom boom), took a lifestyle break (50% paycut, 200% life back) headhunted again 400k+ a few years there.

spend like crazy, yachts, parties, $500 wine, cars etc, and had to pay 30-40% tax, but still stockpile some good cash, got some dosh from buy/sell 1 bed flat, and stocks, not much, never got real lucky, but now heading to 2m cash age 36. i remember i had zero dollar age 22.5, paid off all debt and had to defer my credit card bill by 2 weeks to wait for wage, but after that, it just grew... made all my own money...

key to get rich/comfy is not to save and be frugal, but spend the time making money, investing, analysing...for the same time you save 1 dollar, i'd have made 5 dollar. just look at the top 5 biggest expense you have, and forget the rest...you're not going to get rich deciding whether to take a bus or a taxi... you need to spend money to make money...

Unregistered 04-02-2010 12:16 PM

im sorry, but this does not sound believable, graduated in the UK with a degree? VP level huh?

kindly fix your grammar first before I get to believe in your millions...in the corporate world, the way you communicate your thoughts does not even meet the associate level.

unless your really lazy to fix your language properly.


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