Oh the bright side, I think a lot a lot of Singaporeans made money from BTO and EC, so their savings will be skewed by a lot once they cash out 😊 so pretty sure if we invest prudently in stocks or property, it’s doable to hit those figures even with lesser savings/earnings power than those listed! So jiayoussss everyone!!!
Give parents allowance, buy house, big ticket items, there are times that you can't even save 30% of your take home. But good thing is, this sheet doesn't includes CPF, so we still have another saving sums parked away
If 30% is $500k when retired, it did not account for buy flat cash downpayment, parent allowance, wedding cost, renovation cost and etc. if all those included, basically medium salaried sporean not much saving when retiring
In theory, most Singaporeans can become a millionaire before 60years old, if only we can save 20% of our salary every month. But real life, it's not possible for the majority
You need to do basic / essential expenses from same age categories to validate if 30% is realistic. Because at difficult age, u have more responsibility to other expenses Food Transport Insurance Home Raising children Inflation Income tax Essential bills Parent expenses
Just taking 30% since that’s the stat I could find. Probably gonna differ wildly from person to person 😂 Some have no children, some have 3… impossible to cater to everyone
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all these saving is all your entire life just to survive, imagine what's the meanful life. where my enjoyment. do i enjoy my life before i left this world
High savings rate really made a really big difference for me! But depending on family circumstances and fundamental lifestyle choices (marriage, children, car, condo etc), this could be a difficult thing for many people to achieve.
@@Sethisfy ya but I'm not a fast climber I'm my industry.. Point here is that the income curve really skews up at the top 30% onwards for base of all uni grads (sry by uni meaning NUS/NTU/SMU grads as there were only 3 universities during my time)
@@conniekuan3920 I work in one of the big international banks in CBD.. They always hire, every single year from universities, hearing grads now getting paid 12.5k/month, my time was only 9k.
Your plan and guidelines sounds easy but hard to fulfill for someone who is married with 2 kids and need to support parents and parents in laws. MOM really show the salary always at the higher side even if is AVERAGE.
@user-qy7lk7ht7e MOM’s stats are median. Average income is higher than median in Singapore. Sandwiched generation would definitely find it challenging to save. Not a plan; just simulating some numbers to see what amount can be saved based on the statistics
Impossible to save that much. I havent been able to save even 15-20% of my disposable income ever since i have kids in my 20s. Haha. And we have to take into account the amount we give to our parents right?
It's still a good guideline afterall. I agree that we should try our best to save and invest as much as we can during our early 20s. I was actually able to save and invest close to 70% when living with my parents. The investment can be in s&p which will be so much less risky than company's, and yield better in the long run. And another form of investment is on self improvement - post-grad, attending professional courses, learn how to groom and communicate effectively etc. Oyah, important to get good insurance policies even if you are super healthy and fit. I never had any surgery before but I had 3 surgeries in my 20s due to a bacteria infection.
If you can afford it, do it. But every Singaporean should be able to feed themselves. Everyone has equal opportunities. I wouldn't burden my children in the future and demand a monthly allowance from them.
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Oh the bright side, I think a lot a lot of Singaporeans made money from BTO and EC, so their savings will be skewed by a lot once they cash out 😊 so pretty sure if we invest prudently in stocks or property, it’s doable to hit those figures even with lesser savings/earnings power than those listed! So jiayoussss everyone!!!
Give parents allowance, buy house, big ticket items, there are times that you can't even save 30% of your take home. But good thing is, this sheet doesn't includes CPF, so we still have another saving sums parked away
I often feel that CPF is one of the greatest things we have in Singapore 🙃
If 30% is $500k when retired, it did not account for buy flat cash downpayment, parent allowance, wedding cost, renovation cost and etc. if all those included, basically medium salaried sporean not much saving when retiring
In theory, most Singaporeans can become a millionaire before 60years old, if only we can save 20% of our salary every month. But real life, it's not possible for the majority
i am reaching 34, am not even earning half of the salary stated.
You need to do basic / essential expenses from same age categories to validate if 30% is realistic. Because at difficult age, u have more responsibility to other expenses
Food
Transport
Insurance
Home
Raising children
Inflation
Income tax
Essential bills
Parent expenses
Just taking 30% since that’s the stat I could find. Probably gonna differ wildly from person to person 😂 Some have no children, some have 3… impossible to cater to everyone
if by 30 years old u save 100k u go thru one round wedding, rennovation, proposal ring photo shot , honey moon GG liao.. no more left ..
lol, as a chinese yup. for wedding now mordern days buffet also can one most parent also agree.
Wealth, prosperity and happiness is not determined by how much you have but how you manage what you have.
Probably true only after a certain baseline is met
you are very well spoken esp for a nondegree holder🎉
Thanks for the kind words and taking the time to leave a comment. Much appreciated 🙏🏼
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📈 Free Shares: sethisfy.com/trading-apps/
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🔥 Hot deals: sethisfy.com/deals
all these saving is all your entire life just to survive, imagine what's the meanful life. where my enjoyment. do i enjoy my life before i left this world
High savings rate really made a really big difference for me! But depending on family circumstances and fundamental lifestyle choices (marriage, children, car, condo etc), this could be a difficult thing for many people to achieve.
Yeah great point. I’m always telling people to save more but I have to remind myself it’s easier for me as someone without children 😅
0.8 take home doesn’t apply across all ages 😅
Well this is embarrassing 😅 Thanks for the correction!
saved 1m in cash, age 33 now.. uni grad. front office finance professional...
Congrats! Seems like both a high income and savings rate
@@Sethisfy ya but I'm not a fast climber I'm my industry..
Point here is that the income curve really skews up at the top 30% onwards for base of all uni grads (sry by uni meaning NUS/NTU/SMU grads as there were only 3 universities during my time)
is your company... hiring? I'm a law grad and I don't have that kind of savings even though I save 30-50% of my income
@@conniekuan3920 front office pay is insane. Doctor and lawyer cannot even compare (For initial years)
@@conniekuan3920 I work in one of the big international banks in CBD.. They always hire, every single year from universities, hearing grads now getting paid 12.5k/month, my time was only 9k.
Your plan and guidelines sounds easy but hard to fulfill for someone who is married with 2 kids and need to support parents and parents in laws. MOM really show the salary always at the higher side even if is AVERAGE.
He always has crappy content with sponsorships.
@@babyrace87 thanks for always watching! 👍🏼
@user-qy7lk7ht7e MOM’s stats are median. Average income is higher than median in Singapore.
Sandwiched generation would definitely find it challenging to save. Not a plan; just simulating some numbers to see what amount can be saved based on the statistics
1:00 The amount here is before or after cpf deductions?
Gross so before deduction
@@Sethisfy Ur amt here is more reliable than what I saw in the media a few months ago
Nice hair cut Seth!
The 30% savings rate is recently last time was 17% ish. Does MOM have the median saving rate.
Average for past ten years is around 30%. Saving stats come from Dept of Statistics
These numbers dont tell anything. In my circle of 40s to 50s $500k is probably the median
The data sample may not have included me, as I would lower the average level.
Impossible to save that much. I havent been able to save even 15-20% of my disposable income ever since i have kids in my 20s. Haha.
And we have to take into account the amount we give to our parents right?
Maybe savings rate skewed by higher earners.
Yeah parental allowance goes into the 70% of expenses then.
It's still a good guideline afterall. I agree that we should try our best to save and invest as much as we can during our early 20s. I was actually able to save and invest close to 70% when living with my parents.
The investment can be in s&p which will be so much less risky than company's, and yield better in the long run. And another form of investment is on self improvement - post-grad, attending professional courses, learn how to groom and communicate effectively etc. Oyah, important to get good insurance policies even if you are super healthy and fit. I never had any surgery before but I had 3 surgeries in my 20s due to a bacteria infection.
Nice hair cut..
Anyway saving is a habit.
🙏🏼 Yes I agree. It is a habit that can be cultivated
U very loso. Keep say all the loopholes till they nerfed
Once u work u should give allowance to parents.
Yes of course, or at least chip in with the bills
@@Sethisfy 百善以孝为先
If you can afford it, do it. But every Singaporean should be able to feed themselves. Everyone has equal opportunities. I wouldn't burden my children in the future and demand a monthly allowance from them.
@@MrProFutsal 孝顺父母是世间最大的福田，“百善孝为先”，一个不孝父母、忤逆父母的人，人生是难以有大福报的。佛曾经说过，如果这个世界上没有佛的存在，那就去孝顺供养父母，孝顺父母等于供养佛的功德。人生要想福报连连，就去孝顺奉养父母。一个知恩报恩、孝养父母的人，他的人生必有厚报
I have 500k in blue chip SG stocks at age 27 and still feel poor af lol.