Is My Salary OK?

[lifeafter41]

Yup thought of that from day 1 when I started working. That is why I am 49 retired with a passive income of 4k and a saving of 700k debt free too.

Does that mean you have least 2 house, 1 rent out, the other for staying. If both fully paid still got 700k savings.... you are good.

 

[Fishypie]

Yup thought of that from day 1 when I started working. That is why I am 49 retired with a passive income of 4k and a saving of 700k debt free too.

Yup.Agree with the 'passive income' side of it..

 

[KINGFALCON]

Looks good but stay single.

 

[1sickpuppy II]

Does that mean you have least 2 house, 1 rent out, the other for staying. If both fully paid still got 700k savings.... you are good.

rented out both staying at my wife's house in Seremban

 

[lifeafter41]

rented out both staying at my wife's house in Seremban

I guess you are not working now if you are staying in Seremban, unless you have your own business there.
It make sense to do that if wifey is malaysian.

 

[Equalisation]

rented out both staying at my wife's house in Seremban

I went to Seremban once some years back. The place was quite boring. One or two small department stores and some coffeeshops only. Or did I missed out any other attractions?

 

[boylover]

hi, boss sam, how much higher??? can you please explain in detail?:p

If you want to succeed in life, you have to aim much higher.

 

[po2wq]

I went to Seremban once some years back. The place was quite boring. One or two small department stores and some coffeeshops only. Or did I missed out any other attractions?

u din visit chicken farms? ... ... now u comprain iz boring! ...

 

[tanwahp]

I graduate from poly in 1994
Start work end 1996 with a starting pay of $1400
my current salary is abt $4050 now
am i doing ok?
am i doing average, below average or very good?

Depends on what you mean by good. If you are here to check if you are underpaid compared to your peers, it will depend on your industry. In my industry, some grads are even earning $3,500 after 10 years.

If you are here to check if your salary is ok for Singapore living, then I say it is. Unlike what the others said, you can afford a simple car if you know how to manage your money.

Of course, if you want to break through that amount, you either need to work a lot harder and smarter than now, or be on your own (which also needs you to work harder and a lot smarter).

Some people are not suited to be on their own. They will be lost on things outside their scope, pick up slow, be too slow for changes and are not people-friendly. You may be like that. In this case, I would suggest you invest in some property and rent it out.

 

[chootchiew]

I graduate from poly in 1994
Start work end 1996 with a starting pay of $1400
my current salary is abt $4050 now
am i doing ok?
am i doing average, below average or very good?

I consider it to be average to slightly below average..I started about $1300 with diploma in engineering and went up to $6.5k in about 10 yrs but drop to 3k+ in the next 8 yrs.

Currently I have about $300k savings. I have thought of quitting my job and retire as I really dislike my job and industry , but if I do this, my retirement will be tight. Perhaps i can only spend $1k per mth before my $300k will be dried up with inflations. The tricky part is how to predict life expectancy.

 

[Leongsam]

hi, boss sam, how much higher??? can you please explain in detail?:p

It's entirely up to you how high you want to aim.

If you're simply aiming for an ordinary life with financial security thrown in, a net worth of $5 million would be about right.

If you want the luxuries.. a 15 metre yacht, a Ferrari, a penthouse, staff at your beck and call, first class air travel or private jet charter, you're talking $50 million or more.

To help you with your goals, go to https://www.sorted.org.nz/calculators/retirement and decide what sort of lifestyle you want to lead.

If you're happy with one which costs $10,000 per month, enter that figure and let the calculator do the math and tell you how much net worth you need to build up.

If you want to enjoy a luxurious lifestyle, enter $100,000 per month and see what it works out to.

Life is all about setting goals. If you have no goals, it means you have no plan to get there. Without goals and a plan, you'll go nowhere. You just drift with the tide.

 

[tanwahp]

I consider it to be average to slightly below average..I started about $1300 with diploma in engineering and went up to $6.5k in about 10 yrs but drop to 3k+ in the next 8 yrs.

Currently I have about $300k savings. I have thought of quitting my job and retire as I really dislike my job and industry , but if I do this, my retirement will be tight. Perhaps i can only spend $1k per mth before my $300k will be dried up with inflations. The tricky part is how to predict life expectancy.

Invest in a good property. $300K is more than enough for downpayment and others and rent it out but do calculate that your rental collected exceeds the monthly loan repayment by an amount that you can live with. After some years when market is good, sell the property and buy two properties and do the same. The story goes on.

 

[chootchiew]

Invest in a good property. $300K is more than enough for downpayment and others and rent it out but do calculate that your rental collected exceeds the monthly loan repayment by an amount that you can live with. After some years when market is good, sell the property and buy two properties and do the same. The story goes on.

Buying property was the first in my mind, but since I already owned a HDB flat, I can only go for pte property, which 300k is just a fraction of it, which also means I will need to continue to work like a cow. With my current pay of about 3.4-3.8k on average, looks tough for the instalment.

 

[shawna]

I graduate from poly in 1994
Start work end 1996 with a starting pay of $1400
my current salary is abt $4050 now
am i doing ok?
am i doing average, below average or very good?

for me, no u r not doing ok.

this year is 2012 and u have past 18 yrs just to get your wages to $4k only from 1.4k.

that's only 2.6k increase over 18 yrs which breaks down to only $147 increment a year, $12 a month and about 41c a day.

do u think the increment is good?

 

[neddy]

I graduate from poly in 1994
Start work end 1996 with a starting pay of $1400
my current salary is abt $4050 now
am i doing ok?
am i doing average, below average or very good?

Just a quick calculation.
After inflation, your $4050 is closer to $2000 in 1996 money.

 

[tonychat]

for me, no u r not doing ok.

this year is 2012 and u have past 18 yrs just to get your wages to $4k only from 1.4k.

that's only 2.6k increase over 18 yrs which breaks down to only $147 increment a year, $12 a month and about 41c a day.

do u think the increment is good?

He is an employee , what do you expect? I always laugh when they try to equate 4k per month as doing ok.

when you can earn about 100k per month or more, Money is just a tool to do things and it can be achieved by human effort, why dun he do it? It is much more fun this way and enjoyable.

 

[neddy]

He is an employee , what do you expect? I always laugh when they try to equate 4k per month as doing ok.

Please don't make fun of employees. They are very important people.

Without them, who do work for employers & shareholders.

 

[ionzu]

During this retirement period, I've started, nurtured and sold more than 5 companies and made good money with 3, broke even with one and lost $20,000 on another and I enjoyed myself immensely regardless of the outcome.

if you care to share, it would be good to hear and learn more about selling the companies you nurtured.

what was the process like from nurturing to eventual sale? this is not something we learn in O and A levels.

 

[hawker]

if you care to share, i would like to hear and learn more about selling the companies you nurtured.

what was the process like from nurturing to eventual sale? this is not something we learn in O and A levels.

I think Boss counted his sex website as 1 of the companies.

 

[tonychat]

Please don't make fun of employees. They are very important people.

Without them, who do work for employers & shareholders.

I am not making fun of employee. I am just amused of their naiveness. This is where they are easily controlled by those who has more money.

Just some education and awareness will make them get out of such mindset and work towards true freedom and finanical abandance.