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1 in 2 high income earners have financial problems


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2 hours ago, sake said:

i subscribe, therefore i am high income earner? 

You subscribe meaning you have no financial problems😀😀. I have to come to MCF to read free news .

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Supersonic
37 minutes ago, Alfc said:

YOLO (enjoy the moment in case you die suddenly, but which is higher probablity: die sunddenly at 40 or live at least till 60? Plan for something 2% or plan for something 80%?) and FOMO ( only upside, downside simply ignored and cast aside) dominate. 

Anyway these are personal choices. Bottomine, whichever happens, answer for it oneself, not pass the bill especially to people around you ( your family or "loved" ones).

Even though there is still some probability that a person might die suddenly, but i think chances still not high la. Many times you think you will die suddenly and yet you will live even much longer than you think. 😅

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Supercharged

it is not how much you earn, but how much you save lor....

Earn high but spend a lot, in the end also end up broke.

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Eh irrrlevant here lah

$6-20k is definitely not high in MCF. At best average.

anyway the article is say everything that i hv been preaching since day 1

"be the ant not the grasshopper "

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Supersonic
10 minutes ago, Starry said:

it is not how much you earn, but how much you save lor....

Earn high but spend a lot, in the end also end up broke.

True, how much we spend is important. If you spend every cents you earned, even salary is $30k per month still broke.

If you dont anyhow spend, even your salary is $3k per month can also richer than those high salary people.

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Supercharged
(edited)
10 minutes ago, Throttle2 said:

Eh irrrlevant here lah

$6-20k is definitely not high in MCF. At best average.

anyway the article is say everything that i hv been preaching since day 1

"be the ant not the grasshopper "

Sorry lor......I am not in that bracket now, last time used to....but funny thing is, my savings grew after earning much less...

And best of all,  way less stress, better health,  sleep better and got lots more time with family

 

Edited by Starry
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Serious bo? 50% of high income earners face financial problems?

Condo selling like hot cake,  you mean what, 50% of these buyers have financial problems?

People who buy new cars now, 50% of them have financial problems?

Bo koh leng leh..

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Expensive cars and condominiums are still selling like hotcakes during pandemics.  I guess many did not factor in the higher interest rates, potential job loss or pay cut, and higher medical costs for themselves and their dependents (e.g. chronic treatments and insurance costs).

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15 minutes ago, Roh96 said:

Serious bo? 50% of high income earners face financial problems?

Condo selling like hot cake,  you mean what, 50% of these buyers have financial problems?

People who buy new cars now, 50% of them have financial problems?

Bo koh leng leh..

Told you liao

this report irrelevant  

$6k to $20k certainly not high income

moreover people who buy condo or cars now dont know they are in trouble now. They only realise 6mths down the road

😂🤣

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4 hours ago, RadX 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 :lll._.:

 

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Supercharged
(edited)

Honestly, how much does a person need $$$ just to survive?

Problem is, people go for the most branded car, want the largest house,  the most expensive watch/bag, want the best furniture, the most comfortable bed, etc....half of wanting all those is just for bragging rights. They earn high and they go for all these things.

Things that doesn't worth a cent if he is gonna die tommorrow.  Neither would any bragging rights save him if he is terminally ill.

I would rather drive a COE car, live a right size house, eat zi-char, sleep on a average mattress, etc but have a life that is contended and stress free which helps in having a healthier and happier life.

 

 

Edited by Starry
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3 hours ago, RadX said:

Yes

 

yoi joined the 1M65?

1M65 maybe ok strategy 20yrs ago.  Irrelevant today also.

1M50 is the new benchmark to hit if you ask me.

and even with 1M50, outside CPF must also have a few more M lah….😎🤣

muayhahahahahah.   

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37 minutes ago, Starry said:

Honestly, how much does a person need $$$ just to survive?

Problem is, people go for the most branded car, want the largest house,  the most expensive watch/bag, want the best furniture, the most comfortable bed, etc....half of wanting all those is just for bragging rights. They earn high and they go for all these things.

Things that doesn't worth a cent if he is gonna die tommorrow.  Neither would any bragging rights save him if he is terminally ill.

I would rather drive a COE car, live a right size house, eat zi-char, sleep on a average mattress, etc but have a life that is contended and stress free which helps in having a healthier and happier life.

 

 

Sadly, how many people know this? We also have a YOLO mindset generation.

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Hypersonic
(edited)
2 hours ago, 13177 said:

$6k salary must see the person overall expenses and commitments, also if the person is single or married.

You see many people not even have $6k salary and yet still able to feed a whole family. So must see how is the person lifestyle and spending.

ya lor... i only a quarter of 6k single income still must feed whole family

is really jin cham.... need a lot of assistance from ah gong 

50% high income got financial problem but for low income like me is 100%

😓

Edited by Enye
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2 minutes ago, Enye said:

ya lor... i only a quarter of 6k single income still must feed whole family

is really jin cham.... need a lot of assistance from ah gong 

50% high income got financial problem but for low income like me is 100%

😓


$1500 per day, enough already lah

dont always want more

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Quote

Wealth management company St James's Place (SJP) recently polled around 1,000 Singaporeans aged 25 to 54 with monthly incomes of at least $6,000 to over $20,000 and found that close to half of them are worried because they do not have high savings.

lol. wealth management company wants to manage your wealth for you so you have savings.

 

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