Voodooman Supersonic June 22, 2021 Share June 22, 2021 No wonder a lot of my friends who made a lot more than me are all complaining they cannot retire at 50 or 55 coz they still have shitloads of debts. Maybe they are just being humble like many here (save for T2 of course). 😂 ↡ Advertisement 1 Link to post Share on other sites More sharing options...
13177 Supersonic June 22, 2021 Share June 22, 2021 13 minutes ago, yishunite said: I feel like this thread headed here 😅 https://theindependent.sg/man-comments-in-fb-group-indians-in-singapore-that-a-s7200-salary-may-not-be-enough-to-live-comfortable/ Wa this FT given a salary of $7,200 siah, consider not bad liao, and still say not enough? I believe many locals out there not even earn near to such salary lo. Link to post Share on other sites More sharing options...
Rickster 5th Gear June 22, 2021 Share June 22, 2021 (edited) 19 minutes ago, Voodooman said: No wonder a lot of my friends who made a lot more than me are all complaining they cannot retire at 50 or 55 coz they still have shitloads of debts. Maybe they are just being humble like many here (save for T2 of course). 😂 Gotta see their net worth bro, being debt free dose not mean one is wealthy. Your friends might be well over a million in debt/loans, but have assets and cash well over 10 million. 😁 Edited June 22, 2021 by Rickster Link to post Share on other sites More sharing options...
Rickster 5th Gear June 22, 2021 Share June 22, 2021 9 minutes ago, 13177 said: Wa this FT given a salary of $7,200 siah, consider not bad liao, and still say not enough? I believe many locals out there not even earn near to such salary lo. Quite possible if his FT is here with his family. Rental alone can eat up half of his pay liao, if still need to pay for child education and family expenses here... I'd be surprised if he has anything left over every month. 2 Link to post Share on other sites More sharing options...
yishunite Turbocharged June 22, 2021 Share June 22, 2021 14 minutes ago, 13177 said: Wa this FT given a salary of $7,200 siah, consider not bad liao, and still say not enough? I believe many locals out there not even earn near to such salary lo. Sg median income inclusive of employer CPF contribution is only $4.5k... so you think? Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 22, 2021 Share June 22, 2021 Its not how much you earn, its how much you save is just nonsense. Its how much you earn lah. Anyone here earning a million or more a month having financial problems? 1 Link to post Share on other sites More sharing options...
Voodooman Supersonic June 22, 2021 Share June 22, 2021 17 minutes ago, Rickster said: Gotta see their net worth bro, being debt free dose not mean one is wealthy. Your friends might be well over a million in debt/loans, but have assets and cash well over 10 million. 😁 Then their net worth is more than $9m, right? Why cannot retire early har? They are just being humble lah or like the article said, 50% are spending beyond their means and not saving up or retiring their loans fast enough. Link to post Share on other sites More sharing options...
Ct3833 Supersonic June 22, 2021 Share June 22, 2021 (edited) On 6/21/2021 at 8:32 AM, Albeniz said: $6k to $20k range is not high income. They are just wannabes. Wah you like that say, like that I am the high income wannabe wannabe 😅😅 Edited June 22, 2021 by Ct3833 Link to post Share on other sites More sharing options...
BanCoe Hypersonic June 22, 2021 Share June 22, 2021 16 hours ago, Weez911 said: Investing all my money with St James Place now! https://www.sjp.asia/what-we-do/retirement "Calculating how big your retirement fund needs to be is relatively simple. Take into account all your likely living costs to estimate how much annual income you think you would need from 65 onwards. Allow for inflation and then multiply the figure by 25. This give you an estimate of your ‘magic number’; the retirement fund you will need to provide the income you require." Boss you 65 already ?? Steady lah 🤣🤣 1 Link to post Share on other sites More sharing options...
yishunite Turbocharged June 22, 2021 Share June 22, 2021 19 minutes ago, Voodooman said: Then their net worth is more than $9m, right? Why cannot retire early har? They are just being humble lah or like the article said, 50% are spending beyond their means and not saving up or retiring their loans fast enough. Cannot retire on a private yacht and cruise the world? 😥 1 Link to post Share on other sites More sharing options...
Rickster 5th Gear June 22, 2021 Share June 22, 2021 57 minutes ago, Voodooman said: Then their net worth is more than $9m, right? Why cannot retire early har? They are just being humble lah or like the article said, 50% are spending beyond their means and not saving up or retiring their loans fast enough. Maybe their life's aim is to have a private jet or super yacht. So 9M net worth no enough. 😂 1 Link to post Share on other sites More sharing options...
Alfc 5th Gear June 22, 2021 Share June 22, 2021 This kind of networth reminds me of those old folks staying in landed property yet living like a life of poverty, dependent on handouts. Look like a king but live like a pauper. Link to post Share on other sites More sharing options...
DOBIEMKZ Turbocharged June 22, 2021 Share June 22, 2021 On 6/21/2021 at 11:31 AM, Jamesc said: Actually a lot of people having financial problems but want to save face and pretend like every thing hunky dory like that. I am not like that. I think everyone here knows when I kenna pok I ended up not by choice to be a professional physio therapist right? Aiyah its just a grand sounding name for massage uncle lah. I am not shy to say its a dirty job rubbing good looking young ladies for a living. I don't like to pretend to be something I am not like very successful and doing well and act all howlian like that. Its just not me and I don't know why so many people need to pretend pretend one. Me too. I tried to save by wearing my clothes for several years don't want to change till my wife nagged at me. Because my body can still fit or squeeze into those clothings. Got one CNY I forgot to buy a piece of new shirt and got kena wacked. :/ Shoes I generally wear for several years too till they open mouth or no more thread left. Also couldn't afford to buy a watch so I wear my daughter's hand-me-down xiaomi mi band 3. 3 4 Link to post Share on other sites More sharing options...
Beregond Supersonic June 22, 2021 Share June 22, 2021 37 minutes ago, Alfc said: This kind of networth reminds me of those old folks staying in landed property yet living like a life of poverty, dependent on handouts. Look like a king but live like a pauper. there is another group. live small flat. drive coe toyota, wear slippers, take every discount voucher available. save every drop of water, but u look at their bank account, a few Ms sitting there nicely🤣 1 5 Link to post Share on other sites More sharing options...
Voodooman Supersonic June 22, 2021 Share June 22, 2021 15 minutes ago, Beregond said: there is another group. live small flat. drive coe toyota, wear slippers, take every discount voucher available. save every drop of water, but u look at their bank account, a few Ms sitting there nicely🤣 Got money but don't know how to spend also quite sad. 5 2 Link to post Share on other sites More sharing options...
Beregond Supersonic June 22, 2021 Share June 22, 2021 1 minute ago, Voodooman said: Got money but don't know how to spend also quite sad. Exactly. Dun know how to spend dun dare to spend..... Alway have the feeling the saving is not enough... 1 Link to post Share on other sites More sharing options...
Dp26 5th Gear June 22, 2021 Share June 22, 2021 16 hours ago, Weez911 said: They have an AUM of £136b, not the biggest globally but will definitely survive. Not relating to this AM specifically but the performing ones pay their top guys very well. I know of an Investment Analyst (yes that's his title) of an US AM who made U$5m last year. His tax alone is 7-digit in USD. He is not even among the Exec Management Team. Don't worry for them. Well not disputing that AM pays very well, at least for those that I know of. One of my friend in AM thinking of buying a Ferrari for her husband. And it’s not a cheapish Ferrari. (If they have one, I dunno…) but SJP is a strange one in local context. It’s not cheap, not near the best, not here not there. Still a FTSE 500 company though. More expat business here last I know of so maybe there’s some tax advantage 🤷🏼? High or Low income, the crux is to manage it well. All within one’s means with an eye for the future, I hope. On 6/21/2021 at 12:33 PM, awhtc said: I guess from the mid-40s onward, one should not take up new large loans that are more than 2x the annual income. Instead, try to clear as many loans as possible to become financially independent by the mid-50s or earlier. Agree with the second part, try to be on as low a debt as possible unless have better opportunity cost. But 2x income as a benchmark for loan is quite limited I feel. 1 Link to post Share on other sites More sharing options...
Weez911 Supersonic June 22, 2021 Share June 22, 2021 (edited) 9 minutes ago, Dp26 said: but SJP is a strange one in local context. It’s not cheap, not near the best, not here not there. Still a FTSE 500 company though. More expat business here last I know of so maybe there’s some tax advantage 🤷🏼? To these global AM, adding more clients (and assets) in other countries is one major way to scale up. The incremental costs (local payroll and rental) are not significantly more and the additional cost of local regulatory compliance is not expected to be much higher given Singapore (and HK) have very similar AML regulations with UK. If you visit these AM offices locally, most of the time you will just see a local manager, maybe a finance & ops person and a compliance manager. Most times they double or triple hat to save cost. The heavy lifting is done at their HQ via outsourcing or to other FI intermediaries. Edited June 22, 2021 by Weez911 ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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