Is My Salary OK?

[thinkorsink]

i have a question, how do you start? this question seems moronic but really what is the first step?

i thought of going to australia to be a bus driver, do you think i will be able to have a ferrari there or should i fantasize that bus is a ferrari?:o

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.

 

[lifeafter41]

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.

While not many people will have 30k in savings, what more at 300k, it will not be a easy retirement if there are kids, or parents are still living, unless they too are financially independent.

Based on oyur estimation, you are looking at 25years to last with your saving (300k/12month), with inflation, in mind, can hardly last till there, even without any medical issues.

If 300k already foresee problem, much less 30k savings.

 

[Leongsam]

i have a question, how do you start? this question seems moronic but really what is the first step?

i thought of going to australia to be a bus driver, do you think i will be able to have a ferrari there or should i fantasize that bus is a ferrari?:o

I can't tell you how to start. It's entirely up to you based on your interests, your skills, your passion and your circumstances.

I started by learning photoshop and taking a course in graphic design. My first foray into the business world was printing instant name cards.

I told the story a couple of months ago. http://www.sammyboy.com/showthread.php?122279-savings&p=1138489#post1138489

It goes without saying that the same formula wouldn't work anymore as times have changed and so has technology so you have to take stock and chart your own course.

The basic principles remain the same though.... decide what you want to do.. invest time and effort... grow revenue..make it profitable.... sell.

 

[erection2015]

my below head very big.....no hat is big enough :p

hi there


1. alan, don't compare!
2. it will start up everything.
3. live within your means.
4. never wear any hat bigger than your own head, up & down there!

 

[tanwahp]

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.

300K is enough for just the downpayment and whatever is left + your salary + the rental is enough to service quite many months of the loan. When the market is good, sell.

Anyway may not be good to buy now, but keep in mind. Wait for property prices to cool.

 

[1sickpuppy II]

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?

LOL that must b around 5yrs back now its going to be a city status instead of town ( Damn my property tax gona be double :( ) Since they built high ways connecting to KL and the electric train to KL those not so rich people or middle management are all moving over to Seremban. Now got quite a few hypermarts. I bought my wife's 3flr SemiD for around RM200k around 7yrs back now people asking me to sell for RM400+k. True its not as good as KL but the crime rate is not as bad as KL too.

 

[chonburifc]

To TS,

Don't let these NPNT TUA KANG YAO SIU spoil your day. As long as you are not in any big debts, you are still OK. Hope you have some savings too. If got opportunities outside Sinking Land, go for it.

For the bro with 300K savings, you don't need 300K to retire. I did it with much less than the amount and used almost every single cent for investments. The investments has grown and continue growing. Capital investments already recovered long time ago. However, I do control my daily spendings to SGD 100 per day (around THB 2500). Usually do not spend that much unless I fall in love and heartbroken again. Retirement got lots of free time to think about investments.

Biggest problem I have now is waking up everyday not knowing what to do. In short, zho bo lan everyday. No need to believe in everything I say, just make a trip to Pattaya and see for yourself.

 

[chootchiew]

To TS,

Don't let these NPNT TUA KANG YAO SIU spoil your day. As long as you are not in any big debts, you are still OK. Hope you have some savings too. If got opportunities outside Sinking Land, go for it.

For the bro with 300K savings, you don't need 300K to retire. I did it with much less than the amount and used almost every single cent for investments. The investments has grown and continue growing. Capital investments already recovered long time ago. However, I do control my daily spendings to SGD 100 per day (around THB 2500). Usually do not spend that much unless I fall in love and heartbroken again. Retirement got lots of free time to think about investments.

Biggest problem I have now is waking up everyday not knowing what to do. In short, zho bo lan everyday. No need to believe in everything I say, just make a trip to Pattaya and see for yourself.

[B[/B]

Bro Chonburific, may I know what kind of investment you did ? Most of the investment I gathered so far are not good enough for passive income with 300k e.g. bonds

 

[chonburifc]

[B[/B]

Bro Chonburific, may I know what kind of investment you did ? Most of the investment I gathered so far are not good enough for passive income with 300k e.g. bonds

Hehehe. My first successful investment was from agriculture. No longer doing it now cos' of different views with ex-partner. Still own some farming machinery and equipment which I rented out. Currently, just a sleeping partner in some retail biz.

 

[chootchiew]

Hehehe. My first successful investment was from agriculture. No longer doing it now cos' of different views with ex-partner. Still own some farming machinery and equipment which I rented out. Currently, just a sleeping partner in some retail biz.

OIC, thanks for sharing. I respect you ! Wish u huat ah !

 

[chonburifc]

OIC, thanks for sharing. I respect you ! Wish u huat ah !

You can do it and everyone can do it if they make a decision. Not making a decision is the biggest crime of all.

 

[shawna]

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.

hey tonychat bro, can u up my points?

 

[ionzu]

Biggest problem I have now is waking up everyday not knowing what to do. In short, zho bo lan everyday.

hi bro, i look forward to the day when i have this very unique problem.

how long have you been there? i assume you must have learnt thai to enjoy life there, or are you surviving on english only?

 

[Liquigas]

While not many people will have 30k in savings, what more at 300k, it will not be a easy retirement if there are kids, or parents are still living, unless they too are financially independent.
Based on oyur estimation, you are looking at 25years to last with your saving (300k/12month), with inflation, in mind, can hardly last till there, even without any medical issues.
If 300k already foresee problem, much less 30k savings.

My former colleague retired last year at age 52 with 300K. Told me expected this sum to last for 13 years until he reaches 65 whereupon CPF Life will kick in with monthly cash payout.

He is single and his HDB flat fully paid up. On average, his 300K yield him a monthly income of around 2K. Enough he told me even with inflation factored in for he lives modestly and does not smoke or drink nor visit the casino. To enjoy life a bit, my friend goes for massage at least twice a month and occasionally go for short trips to nearby places such as Penang, Pattaya and Xiamen.

Without children he intends to die broke leaving only a small sum for funeral expenses. Well, for someone like my friend he can manage it with 300K but for those of us with children and esp so when we have to save up to pay for their overseas university education then definitely not sufficient lah....

 

[seesuatah]

If you ask this question it is not OK.

People who are contented will never ask this question.

Go and ask your boss for a raise!

 

[Leongsam]

Go and ask your boss for a raise!

No salary "raise" is going to change your life. If you want to take a step forward towards financial independence, you have to take charge of your own finances. Bosses aren't there to make you rich. Their goal is to make themselves rich.

 

[seesuatah]

Well there are some people who don't enjoy being bosses?

Will you respect their choices?

 

[eatshitndie]

Without children he intends to die broke leaving only a small sum for funeral expenses. Well, for someone like my friend he can manage it with 300K but for those of us with children and esp so when we have to save up to pay for their overseas university education then definitely not sufficient lah....

for that amount to last for 13 years, everything has to go according to plan without the slightest hiccup. life is never so predictable. there are many perils along the way, just when he thinks he can coast smoothly. an syt may show up, and he may fall crazily in love. a sudden medical condition may warrant high expense. a sinkie scam may be so convincing he parts with a huge sum. an online nigerian or belarussian fraud may trick him into cutting a big check. relatives, friends and even family may need monetary assistance and borrow large sums. etc. he needs at least a 20% extra buffer and cannot rely on precise calculation down to the dime.

 

[shawna]

No salary "raise" is going to change your life. If you want to take a step forward towards financial independence, you have to take charge of your own finances. Bosses aren't there to make you rich. Their goal is to make themselves rich.

this is well said. nobody is responsible for your own welfare except yourself. U need to control your own life journey. u r the writer of your own destiny.

 

[shawna]

Well there are some people who don't enjoy being bosses?

Will you respect their choices?

yes of coz why would u not respecting their choices. everyone is entitled to their own choice of living.

if u want to stay contented, u r not committing any crime.

if u want to be rich, then ONLY u can make the difference.