1 in 2 high income earners have financial problems

[Weez911]

27 minutes ago, Throttle2 said:

Zhun bo, bro.

you better just buy a few Rolexes from me lah, help me to retire

Just kidding bro. I thought this is a subtle product placement the moment I read it. 

[Rickster]

7 hours ago, 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.

I think that's a good way to look at things. Another way is to look at it is net worth.

If your net worth is 1 million, for example, and have only 1 property (your own residential), you are better off than someone with a net worth of 500K, but have 2 investment properties serviced by loans.

So it might be worth looking at retirement goals from net worth perspective.

Edited June 21, 2021 by Rickster

[Dp26]

1 hour 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."

Can’t understand how they survive this business with their high charges. 
 

 

[Weez911]

36 minutes ago, Dp26 said:

Can’t understand how they survive this business with their high charges. 

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.

Edited June 21, 2021 by Weez911

[Windwaver]

4 hours ago, Throttle2 said:

Well i can straight tell you in the face, bro.  $8kpm is NOT high income.  
why ?  Becos $8k per month cant allow you to enjoy the things that high income earners enjoy.  
of course some smart ass is gonna say, “ its all relative, whats high to him is not high to you , blah blah blah”  

but seriously if $8k is high, what is $80k , 神 ah?🤣😂

 

In a way yes, can you imagine $8K per month how to become private bank customer? Like that I no job leh

However, must respect the reporter that wrote that article , must be humble also.

 

[Spidey10]

15 hours ago, Windwaver said:

Your dad and my parents are very wise people and luckily I took their advice too 

yup....i think their generation where life was really difficult, (my mom used to sell stuff in the wet market and wakes up at 5 30 every morning and finishes at 10 at night, mind you she is on her feet ALL the time).

They only have work and work and save for the kids and ask us to get a good education and not give up easily....miss those kampung days ..

 

 

[Vidz]

actually its a wake up call for me. took time to learn about investments. was too lazy but got some cash to put into investment than keep in saving corner, not high income but through years of savings.

delayed gratification is the best! cash is king for present, but not the future... food for thought 😀

[Spidey10]

18 hours ago, 13177 said:

Cannot buy house after mid 40s liao. Since housing loan is the most biggest loan.

Can lah.....can still buy...………………………………………………………..but must be fully paid in CASH!!! 

[Throttle2]

19 hours ago, Karoon said:

For all u noe they have 2mil stashed away but still worried as they think its low.

$2mil is pretty low

[Voodooman]

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).  😂

 

[13177]

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.

[Rickster]

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

[Rickster]

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.

[Jamesc]

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?

[Voodooman]

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.

 

[Ct3833]

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

[BanCoe]

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 🤣🤣  

[Rickster]

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. 😂