How you figure how much they at least earn?

[KARTer]

Every time I see people driving nice cars, I wonder how much they earn to afford such nice machines?

 

Let's say Mr Driver drives a $400k car, most likely he has more than one car, his other car may worth say another $180k. At the same time, being able to afford the cars, he is unlikely to live in a 2-room HDB flat, more likely at least a place worth say $1m to be very very conservative. Let's say he has only one property, though unlikely.

 

For the purpose of simplifying the calculation, let's say he manages to arrange full loans for his cars and property, and stretches his loans to max repayment periods, he's likely to be paying about $13k monthly combined installment. (maybe some bros can check / correct this figure to make it as realistic as possible?) ..... Assuming car loans:- 6-yr, housing loan:- 20-yr

 

Let's say he spend about $1k on rdtx, petrol, insur etc per month, another say $3k on daily expenses eg food, cloths, etc etc.... This is quite a tight budget for some singles.

 

Total:- 13 + 1 + 3 = 17 k

 

Assuming he saves 5% of his earning, he will needs to earn $17k x 1.05 = approx $18k per month

 

Is this figure close to what some mcf bros are earning when they are/were single and owning cars + property as Mr Driver?

Edited March 28, 2012 by KARTer

[2009k]

The table wiper earns about 30k at least. Dunno which Mr. Driver you talking about.

[13177]

Thought many people now is earning 5 figures or even 6 figures per month?!

 

400K way too atas for me and figures too high for me. I only see those people buying close to 100K car or 100K plus car, i also wondering how much they earn? How come can afford to pay for the car?

[FastFastCar]

you talking about RadX the a-----e?

[2009k]

Thought many people now is earning 5 figures or even 6 figures per month?!

 

400K way too atas for me and figures too high for me. I only see those people buying close to 100K car or 100K plus car, i also wondering how much they earn? How come can afford to pay for the car?

 

Almost every other car is more than 100k today leh...

[Vid]

$18k is way too little to afford that kind of lifestyle unless that person is prepared to be very tight on himself. If he ever get retrenched during bad economic times, he will have a hell of a time. At least need $25k to $40k/mth to be at least comfortable.

[13177]

Almost every other car is more than 100k today leh...

That's why i wonder how come they can afford? Wonder how much a person must earn per month to afford 100K car?

[Porker]

Radx makes only $1.7k per month and he can afford Maserati. Who says cannot?

[Twinturbo]

Why worry about others?

Either you can afford or cannot .If cannot but got guts also can.

You may disapprove but remember, people who are successful in life are mostly risk taker.

Edited March 28, 2012 by Twinturbo

[Enye]

Some people I know who drives S class or 7 series type cars are provided by companies to senior management as benefits and under company expense.

 

If you ask them, they will tell you if they were to buy their own cars, they will never buy S class or 7 series. From their own pockets, at most E class or 5 series.

 

Some company bosses also use retained earnings to purchase property. So these purchases are strictly not out of their salaries.

[Kiadaw]

Every time I see people driving nice cars, I wonder how much they earn to afford such nice machines?

 

Let's say Mr Driver drives a $400k car, most likely he has more than one car, his other car may worth say another $180k. At the same time, being able to afford the cars, he is unlikely to live in a 2-room HDB flat, more likely at least a place worth say $1m to be very very conservative. Let's say he has only one property, though unlikely.

 

For the purpose of simplifying the calculation, let's say he manages to arrange full loans for his cars and property, and stretches his loans to max repayment periods, he's likely to be paying about $13k monthly combined installment. (maybe some bros can check / correct this figure to make it as realistic as possible?) ..... Assuming car loans:- 6-yr, housing loan:- 20-yr

 

Let's say he spend about $1k on rdtx, petrol, insur etc per month, another say $3k on daily expenses eg food, cloths, etc etc.... This is quite a tight budget for some singles.

 

Total:- 13 + 1 + 3 = 17 k

 

Assuming he saves 5% of his earning, he will needs to earn $17k x 1.05 = approx $18k per month

 

Is this figure close to what some mcf bros are earning when they are/were single and owning cars + property as Mr Driver?

 

You also have very nice car meh, got people ask you how much you earn.

 

Last time, I in tire shop, the boss ask me what I doing to afford such car, & mine is B&B car only. Very funny. I told him I "ta kong cai" (working class) only.

 

Anyway, you should see the film "In pursue of Happyness", One day the charecter play by Will Smith was in the City (think New York), he saw a guy driving a nice sports car, & ask him, " I have 2 questions. What do you do, & how can I get the job", the rest is history, he later become a boss of a big investment comnpany or something.

 

Oh, another thing, I always tell others, to know whelther your workplace has good prospect in $$$ term, look at the carpark. If most car is B&B, then sorry. If it is fill with alots of nice cars & sports car, high chance of good potiential.

 

My current workplace have many nice cars, no Ferrari unfortunately, but lots of high end luxury cars (somehow the people here like Audi alot, much more than mercs & BMW, I drive one too (but the low end one)) and some Porsches. So I know I am in the right place.

Edited March 28, 2012 by Kiadaw

[Tigershark1976]

i only know that at current car price, even driving a bread n butter korean/ japs car at 5K salary is very siong... the owner must prepare to fork out around 1/2 of his take home pay on car...

[Thaiyotakamli]

dont ask me, i am living in 4 room flat :)

 

weird?? hahaha

[Thaiyotakamli]

$18k is way too little to afford that kind of lifestyle unless that person is prepared to be very tight on himself. If he ever get retrenched during bad economic times, he will have a hell of a time. At least need $25k to $40k/mth to be at least comfortable.

18k can afford condo and nice car but no saving

u need at least 40k to own a big house and nice car

and one important thing is how long has he been earning that amount? some people earn 70k but still in HDB and drive normal conti cos they only start to earn that amount recently

[Hub_n_mona]

did you read in the papers where the female director sued a company because they gave her a paycut of 10k from her pay of 60k per mth? that's the kind of level you should be talking about, not sub 20-k

[Alim]

 

FYI...Rich people do not take loan for cars. Even if there is, it will be minimal.

 

Secondly, rich people don't make their money on salary alone, they have a large investment portfolios.

 

 

[Toothiewabbit]

I have known a shipping manager who earns 18k and a HR director who earns 27k per month. And there many more like them out there who are in this salary bracket.

 

Having a 200k to 400k ride is no sweat for them man.

[Kangadrool]

If you are in sales, your good company should have given you good car allowance and petrol fleet card. Most will just max out the benefits.

 

If you're in senior management / management team (not lower line manager), your good company would have also given you very good car allowance + petrol fleet card. Heard some US MNC paying departmental head car allowance of $2K a month. So, you either buy an Altis and keep the difference or simply buy a more luxurious car.

 

If you are in regional role, most likely you'll be given a company car, at least a Camry.