1 in 2 high income earners have financial problems

[awhtc]

@ToyotaShuttle The wealth manager is probably looking at the other half of the group that has plenty of savings.

[Cheesey74]

I live by the below mantra nowadays, simple 13 words but make hell lots of sense, hope it help u guys..

人需要的并不多，想要的却很多。。

[1fast1]

3 hours ago, Cheesey74 said:

I live by the below mantra nowadays, simple 13 words but make hell lots of sense, hope it help u guys..

人需要的并不多，想要的却很多。。

I am jiak kantang, so for me it's the Stones that said it best. 😁

 

Edited June 20, 2021 by Turboflat4

[RadX]

3 hours ago, Cheesey74 said:

I live by the below mantra nowadays, simple 13 words but make hell lots of sense, hope it help u guys..

人需要的并不多，想要的却很多。。

Needs vs wants 

 

always a balance 

[Throttle2]

7 hours ago, Windwaver said:

Many respondents, who have monthly incomes of at least $6,000 to over $20,000, find that their earnings are not enough to cover their expenses.

 

Yeah, not surprising but I wouldn't consider $6000 to be high earners in Singapore, maybe $8000 and above.

Having said that, I know of colleagues that are traders and RMs having a monthly paycheck of 5 figures a month still have the need to borrow money from colleagues; not easy to know because everybody starts talking about it after some time.

It's not a loan for investment, it's just because they ran out of pocket money and that's on top of all the entertainment claims 

 

Bro, $8k is high income?

then $80k is 神？ 

[Jamesc]

No wonder so many BMs and Mercs

have to tailgate out of HDB parking.

 

[Jamesc]

Why worry about high earners?

Low earners like me also have financial problems.

[Jamesc]

1 in 1 low income earners have financial problems

I am 1 of them.

[DOBIEMKZ]

1 hour ago, Jamesc said:

No wonder so many BMs and Mercs

have to tailgate out of HDB parking.

 

Their buying BMs and Mercs initially might be easy; then they got difficulties in servicing the loan repayments and the upkeeping of the cars, and so they got to resort to hooks and crooks to evade whatever the car ongoing expenses.
 

[DOBIEMKZ]

1 hour ago, Jamesc said:

Why worry about high earners?

Low earners like me also have financial problems.

Me too!

[Chongster]

rich people pretending to be poor is very common lah.  this forum also many many.  at a minimum can avoid people come and borrow money

Edited June 20, 2021 by Chongster

[Ct3833]

4 minutes ago, Chongster said:

rich people pretending to be poor is very common lah.  this forum also many many.  at a minimum can avoid people come and borrow money

not true , MCFers mostly cash and carry when buying car.  dont tell me i have a wrong  impression 😂

Edited June 20, 2021 by Ct3833

[Thaiyotakamli]

10 hours ago, Windwaver said:

Many respondents, who have monthly incomes of at least $6,000 to over $20,000, find that their earnings are not enough to cover their expenses.

 

Yeah, not surprising but I wouldn't consider $6000 to be high earners in Singapore, maybe $8000 and above.

Having said that, I know of colleagues that are traders and RMs having a monthly paycheck of 5 figures a month still have the need to borrow money from colleagues; not easy to know because everybody starts talking about it after some time.

It's not a loan for investment, it's just because they ran out of pocket money and that's on top of all the entertainment claims 

 

Depending on how much the loan repayment he need to make. If earning 20k but try to take huge loan for landed then 20k per month isnt enough

 

and earning 20k but whole family 5-6pax depend on him as sole bread winner. Each pax less than 4k ald. by then 20k doesnt sound much too

[Thaiyotakamli]

4 hours ago, RadX said:

Needs vs wants 

 

always a balance 

Its also more about being content and satisfied. 
 

 

ok tmr i don’t order meat for my mixed vege rice

[Throttle2]

The reason why the results show that 50% of “high” earners are in financial problem is becos 50% of them think they are high earners and spend as if they are “high” earners thinking that they can continue to always be “high” earners

Here is a simple litmus test, if you are truly a high earner, there is not reason to spend more than half your income unless you are just going all out to push it.  
 

eg. A Govt official earning $100k per month probably spends a fifth of his or her salary.  Now thats a decent true high earner for you. 

[Throttle2]

2 minutes ago, Thaiyotakamli said:

Its also more about being content and satisfied. 
 

 

ok tmr i don’t order meat for my mixed vege rice

Yalor instead of buying $100k patek, just buy $30k Rolex, can liao.  

[Albeniz]

11 hours ago, Jamesc said:

Why worry about high earners?

Low earners like me also have financial problems.

Ya.   It is a universal problem, not just limited to one class.

[Albeniz]

$6k to $20k range is not high income.  

They are just wannabes.