1 in 2 high income earners have financial problems

[Alfc]

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.

[DOBIEMKZ]

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. 

[Beregond]

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🤣

[Voodooman]

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.

[Beregond]

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...

[Dp26]

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. 

[Weez911]

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

[13177]

21 minutes ago, Voodooman said:

Got money but don't know how to spend also quite sad.

Thats why those people who have money will spend on travelling. I have one uncle has too much money, and so he and his wife default travel many times per year, to spend off some of his money. Lol.

[Jellandross]

I've been paying for my purchases in full my whole life except car and house. But been told that my thinking already outdated and I'm not even 50yr old 😞

But I still don't understand how is resorting to buy household items on installments considered normal?!

The 32-year-old account director of a digital media agency has been using GrabPay since 2019 to pay for rides and food orders.

Recently, she decided to give PayLater Instalments a try while shopping at HipVan.

“We had to replace our trash bin as it was small and old and bought a new one for $32,” says Ms Vitya, who paid for the item in $8 instalments across four months. 

“It is a small amount. But for bigger ticket items in the $100 to $200 range, we can use PayLater Instalments without having to bust our monthly household budget.”

https://www.straitstimes.com/singapore/buy-now-pay-later-boon-or-bane

 

Edited June 22, 2021 by Jellandross

[Throttle2]

3 hours 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).  😂

 

I very humble leh, never showhand.

[Throttle2]

32 minutes ago, Jellandross said:

I've been paying for my purchases in full my whole life except car and house. But been told that my thinking already outdated and I'm not even 50yr old 😞

But I still don't understand how is resorting to buy household items on installments considered normal?!

The 32-year-old account director of a digital media agency has been using GrabPay since 2019 to pay for rides and food orders.

Recently, she decided to give PayLater Instalments a try while shopping at HipVan.

“We had to replace our trash bin as it was small and old and bought a new one for $32,” says Ms Vitya, who paid for the item in $8 instalments across four months. 

“It is a small amount. But for bigger ticket items in the $100 to $200 range, we can use PayLater Instalments without having to bust our monthly household budget.”

https://www.straitstimes.com/singapore/buy-now-pay-later-boon-or-bane

 

 

 

Its normal LAME loh.  Breeds bad money habits and also makes you penny foolish, pound more foolish

muayhahaha. 

 

[Throttle2]

4 hours 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/

Confirm not enough lah, come on! 
lets not lie to ourselves.this guy in sweden better not come here

kee chiu who says $7200 salary is enough to live comfortable.

ask W911 enough or not, ask Turboflat enough or not, 😄

Edited June 22, 2021 by Throttle2

[Angcheek]

On 6/21/2021 at 10:47 AM, Silverkris said:

I am in my Mid-40s now, and starting to realize that Retirement age is indeed coming up fast.

Luckily my family has always been prudent, and therefore my wife and me will be looking at Full ERS in our CPF by the age of 55, + some cash in insurance maturity and stocks. 

If need be then downgrade our housing after our kid (no s) has grown up.

But I have been hearing on the other side too that the youngsters nowadays do not think they need to save up so much. They are born in an era where they think that they will be well taken care of either by parents or the government (Western thinking). If the government abandons them and not letting them have a "decent" lifestyle, they will vote the government out. The youngsters can say that by that time they will be the ones left smiling.

This is partly parents fault too. They shielded the kids too much... young gen always felt Nothing to worry, there is always parents around. 😅

[1fast1]

11 minutes ago, Throttle2 said:

Confirm not enough lah, come on! 
lets not lie to ourselves.this guy in sweden better not come here

kee chiu who says $7200 salary is enough to live comfortable.

ask W911 enough or not, ask Turboflat enough or not, 😄

Hahaha, I was wondering when my name was going to be taken in vain. 😂

But for the record, I agree with you. 7.2k is not enough, especially for an FT (they often have to rent, and if they have kids, they will insist on international schools etc). Definitely not comfortable. 

[Throttle2]

1 minute ago, Turboflat4 said:

Hahaha, I was wondering when my name was going to be taken in vain. 😂

But for the record, I agree with you. 7.2k is not enough, especially for an FT (they often have to rent, and if they have kids, they will insist on international schools etc). Definitely not comfortable. 

Never in vain, mate, never in vain. 

[Throttle2]

By the way, @Turboflat4 you got financial problems or not? 😂

[Throttle2]

1 hour 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🤣

Show me evidence of this group.😜

[1fast1]

9 minutes ago, Throttle2 said:

By the way, @Turboflat4 you got financial problems or not? 😂

Always lah. Can you help a brother out? 😂