You probably still in the twenties , that's quite normal to be tight on cash outflow. Once you reach late thirties / early forties, cash flow issue should minimize as your pay scale should be 5 figures per month. Some expenses are controllable if you can contain your pride and ego ....e.g. sports car/ premium watches / bungalow....
(22-01-2013, 10:16 PM)mrEngineer Wrote: [ -> ]I have a big issue on savings and will appreciate advice from forumers. My saving rate is relatively about 5% of my income (not counting CPF savings) as I take into consideration that money to be spent on wedding, housing and renovation will not be considered as saving. In other words, my saving defintion is money that is added to my net worth. Does anyone share a similar experience with me?
Wow, 5 figure income in your 30's and 40's. Does everyone in their 30' s and 40's earn that amount?
I guess I am the odd one out, who is not earning that 5 figure in my 30's / 40's . sigh.
(22-01-2013, 11:14 PM)2V. Wrote: [ -> ]You probably still in the twenties , that's quite normal to be tight on cash outflow. Once you reach late thirties / early forties, cash flow issue should minimize as your pay scale should be 5 figures per month. Some expenses are controllable if you can contain your pride and ego ....e.g. sports car/ premium watches / bungalow....
(22-01-2013, 10:16 PM)mrEngineer Wrote: [ -> ]I have a big issue on savings and will appreciate advice from forumers. My saving rate is relatively about 5% of my income (not counting CPF savings) as I take into consideration that money to be spent on wedding, housing and renovation will not be considered as saving. In other words, my saving defintion is money that is added to my net worth. Does anyone share a similar experience with me?
(23-01-2013, 11:46 AM)flinger Wrote: [ -> ]Wow, 5 figure income in your 30's and 40's. Does everyone in their 30' s and 40's earn that amount?
I guess I am the odd one out, who is not earning that 5 figure in my 30's / 40's . sigh.
(22-01-2013, 11:14 PM)2V. Wrote: [ -> ]You probably still in the twenties , that's quite normal to be tight on cash outflow. Once you reach late thirties / early forties, cash flow issue should minimize as your pay scale should be 5 figures per month. Some expenses are controllable if you can contain your pride and ego ....e.g. sports car/ premium watches / bungalow....
(22-01-2013, 10:16 PM)mrEngineer Wrote: [ -> ]I have a big issue on savings and will appreciate advice from forumers. My saving rate is relatively about 5% of my income (not counting CPF savings) as I take into consideration that money to be spent on wedding, housing and renovation will not be considered as saving. In other words, my saving defintion is money that is added to my net worth. Does anyone share a similar experience with me?
The people here in this forum are not the average joe u know...
Theoretically if u invest in high dividend blue chips(eg sph) from your early 20s yearly and compound till early 30s, u should get 5 digit dividend. Do it till early 40s, u should get mid 5-digit. Do it till early 50s u get 5 digit monthly , there u go 5 digit excluding salary.
I am actually doing the above now... now at mid 30s stage with 20k yearly.
(23-01-2013, 11:46 AM)flinger Wrote: [ -> ]Wow, 5 figure income in your 30's and 40's. Does everyone in their 30' s and 40's earn that amount?
I guess I am the odd one out, who is not earning that 5 figure in my 30's / 40's . sigh.
(22-01-2013, 11:14 PM)2V. Wrote: [ -> ]You probably still in the twenties , that's quite normal to be tight on cash outflow. Once you reach late thirties / early forties, cash flow issue should minimize as your pay scale should be 5 figures per month. Some expenses are controllable if you can contain your pride and ego ....e.g. sports car/ premium watches / bungalow....
(22-01-2013, 10:16 PM)mrEngineer Wrote: [ -> ]I have a big issue on savings and will appreciate advice from forumers. My saving rate is relatively about 5% of my income (not counting CPF savings) as I take into consideration that money to be spent on wedding, housing and renovation will not be considered as saving. In other words, my saving defintion is money that is added to my net worth. Does anyone share a similar experience with me?
Flinger you are not alone. I am also not earning 5 figure gross income from employment at that age.
Personally, I don't think 5-figures/month salary is very common in the 30-40 age group. My peers are earning around the $5,000-$8,000/month range. One is earning close to $10,000/month but not quite there yet. We are in our mid to late 30s.
I think as mw says pay bracket of age group.
however If you are doing your own business or doing sales in your 20's and your are selling big ticket things like cars or big machinery/equipment or servicing big customers and your are on comission basis there's going to be a very high chance to hit 5 figure pay.
Of course if you are in your 20's you are probably a newbie lacking in sales exp so expect very few companies to none will hire you to sell big ticket items unless you are the bosses son/relative or you damn hot sexy and chio can sell on your pretty looks (one of my ex-employers hired 20 hot and gorgeous ladies to do sales)
My apologies, Im work in the financial industry, the salary range is ready wide. Some of my peers already in 20-30K range, that makes me think Im really under perform....
(24-01-2013, 02:05 PM)Musicwhiz Wrote: [ -> ]Personally, I don't think 5-figures/month salary is very common in the 30-40 age group. My peers are earning around the $5,000-$8,000/month range. One is earning close to $10,000/month but not quite there yet. We are in our mid to late 30s.
Sorry to say but the financial industry is not indicative of the average/median salary of Singaporeans.
And no offense to you, but I generally feel that bankers are overpaid!
Yes I do agree, but bankers are still underpaid compare to the ministers
(24-01-2013, 06:48 PM)Musicwhiz Wrote: [ -> ]Sorry to say but the financial industry is not indicative of the average/median salary of Singaporeans.
And no offense to you, but I generally feel that bankers are overpaid!
(24-01-2013, 06:58 PM)2V. Wrote: [ -> ]Yes I do agree, but bankers are still underpaid compare to the ministers
(24-01-2013, 06:48 PM)Musicwhiz Wrote: [ -> ]Sorry to say but the financial industry is not indicative of the average/median salary of Singaporeans.
And no offense to you, but I generally feel that bankers are overpaid!
You are comparing bankers with Ministers?
Compare apple with apple ma... Minister must compare with CFO, CEO lvl...