Are All Singaporeans Rich? - My Reactions | How Much Income Do You Really Need...

Рет қаралды 98,254

Күн бұрын

Someone said we need $7,500/m in salary. Another said at least $20,000/m in salary to be comfortable in Singapore without any worries. Who is right? What can we learn about the different income people in Singapore?
ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
►‌ www.theastuteparent.com/josh-tan
Get your FREE stock from Tiger Account w Josh Tan:
►‌ www.tigerbrokers.com.sg/signu...
Cheapest travel insurance (especially around Thailand, Malaysia, Vietnam...)
►‌ joshtan.starrinsurance.com.sg/
Check this Personal Accident PA Plan with referral link for SOMPO PA EASE
►‌ www.theastuteparent.com/2022/...
******
BUY SOMETHING YOU VALUE ✅ ✅ ✅ (All sales will be part of the $10,000/y JOSH TAN BURSARY to NTU for two deserving students or towards promoting financial literacy)
#1 ONLINE INVESTMENT COURSE AT JOSH TAN ACADEMY
► Follow this link - jtinvestacademy.thinkific.com...
Why you do NOT need to spend thousands on investment courses?
LEARN HOW to research into stocks and identify multi-baggers (at least in Josh Tan's way). Course price at $37 only. NEW BONUS MODULE ADDED and UNLIMITED re-access given with this new structure for future revision.
#2 PRIVATE MEMBERS channel
►‌ / @joshconsultancy
TIER #3 "LETS MAKE A DIFFERENCE " and TIER #2 "PRIVATE INVESTMENT VIDEO"
Will UNLOCK ALL VIDEOS especially those with VALUE/Momentum matrix on certain stocks!
TIER #1 Support our channel tier will unlock ONLY the cryptocurrency videos
****
FOR INVESTING, 4 SUGGESTIONS FOR YOU
Get your FREE stock from Moomoo:
►‌ www.moomoo.com/en-sg/act/welc...
SYFE TRADE - syfe.me/3gcPk1Y
Referral code ASTUTEPARENT today with syfe and get $70 FREE (min $2k deposit and 1 trade to qualify)
►‌ syfe.me/3gcPk1Y
Free stocks with WeBull stocks trading account! Get Your Free Shares! (T&C applies)
Step #1 www.webull.com.sg/i/joshtan
Step #2 - Go under open account and use Myinfo.
Step #3 - Deposit after application approved!
►‌ www.webull.com.sg/i/joshtan
Seeking Alpha membership if you want research articles and tools (use my referral link now to get a SPECIAL discount!)
►‌ www.sahg6dtr.com/4LNG39/R74QP/
TO LEARN MORE, 3 SUGGESTIONS FOR YOU
►‌ NEW podcast channel "The Josh Tan Show" On Personal Finance: / thejoshtanshow
By Spotify - open.spotify.com/show/7Hdw7jm...
To see updates and polls, join my TELEGRAM "Josh Tan Investment Official Group" here
►‌ t.me/pi21k
Meet Josh Tan On Instagram
►‌ / joshconsultancy
ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
►‌ www.theastuteparent.com/josh-tan
****
0:00 Introduction
0:35 Salary numbers for households
2:10 Tips for lower income households
4:26 Top 25% household income
5:25 Age group effect
8:03 Circle of friends effect
8:38 Top earners in Singapore
11:39 Words of wisdom
#salary #income #singaporeans #highincome
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
*******
About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
►‌ www.theastuteparent.com/josh-tan

Пікірлер: 198

@joshconsultancy Жыл бұрын

payhip.com/b/q5Bln - Links are here early to buy your copy and learn today NEWEST eBook HOW TO $1M - What You Need To Know About Finance In Singapore (New 2023 Edition) 👍 The motivations... ✊ Have you witnessed poor families struggling to make ends meet? Do you know any of them? I do. Maybe you come from one, which is fine because this book was written with you in mind. And you can’t choose where you are born. If you aren’t, then you may or may not know that financial problems in poor families are deeply rooted. They cannot be solved with a lottery ticket win. They cannot be solved by financial literacy lessons in school. It simply lacks empathy, real actionable steps and quite simply, lacks inspiration. In this book, I hope to guide you on what to look out for financially. There are things you must know to play the game of money well in Singapore! The title of $1,000,000 is really to inspire you to aim for a sum of wealth you’ve not seen before (yet). If you are unsure, follow this guide and you will get there. Having said that, if you ask most working professionals in their 40s or 50s now, it’s nothing much. I built up more this $1m by age 35 and I want to share with you the steps and what I now know. I started the website theastuteparent.com back in 2015 to talk about family finances. You will see proper insurance comparisons and ideas about financial freedom on that website. Fast forward to 2019, I created my youtube channel JOSH TAN to explain visually on topics such as investments, property, passive income, business analysis and retirement concepts. Then in 2022 THE JOSH TAN SHOW to podcast on day to day finance topics and simpler concepts. What I’ve learned teaching about finance these years is that authentic sharing is what would help you the most. Inspiration and direction. Something relatable and not plain theory. And definitely not just motivation. In this ebook, I hope to share building up wealth as it should be told to you. (All sales will be part of the $10,000/y JOSH TAN BURSARY to NTU for two deserving students or towards promoting financial literacy) Hope it helps you in your journey - To get your copy today @ $8.90, links are here =) - payhip.com/b/q5Bln

@lidna82 Жыл бұрын

Transport: MRT vs Grab vs Jap Car vs Conti Car House: BTO vs resale HDB vs EC vs Condo vs Landed Food: Hawker/ Coffee Shop vs Foodcourt/ Small eatery vs Restaurant Shopping: Local brand vs Luxury vs Ultra Luxury (need vs want) Holiday: SEA vs Asia vs EU/ US Children: 0 vs 1-2 vs >3 The list probably goes on... but the above determines how much income is needed.

@joshconsultancy Жыл бұрын

Fully agree =)

@HoneyMoneySG Жыл бұрын

Great video Josh! High expectations will eventually lead to high expenses. So whether one wants to lead a budget, economy, business or first class level of living is their call, just don't impose their own expectations to others.

@joshconsultancy Жыл бұрын

Agree with your Chris and thank you for the high praise!

@rainbowpaddlepops Жыл бұрын

Thanks for all the sharing, I have seen quite a fair bit of your videos and have learned a thing or two from your sharing. Just want to highlight that I saw some of your recent videos mentioning HLE, a few months ago it was replaced by HFE. Just thought you should know, perhaps to give a more accurate assessment, though I didn't read up about the differences between the two. Cheers!

@joshconsultancy Жыл бұрын

You are right. Thanks for pointing it out 👍

@F15IDriver Жыл бұрын

astute observation, the final 15 seconds. good job

@joshconsultancy Жыл бұрын

Thank you for the high praise

@SGBOI Жыл бұрын

Great video! great words of wisdom!!

@joshconsultancy Жыл бұрын

Thank you for the high praise

@etchvee Жыл бұрын

Well researched video. Good insights on age and education. Also important to define income as total cash inflow including that from investments.

@joshconsultancy Жыл бұрын

Thank you for the high praise

@xcre8ionx Жыл бұрын

Wow, what wise advice! Really. 👏

@joshconsultancy Жыл бұрын

🙏 cya around the channel

@hummit Жыл бұрын

Contentment makes all the difference. Young people have yet to learn contentment and tend to compare with peers. Old folks learnt to accept their lot in life whether rich or poor and most have a degree of contentment. People with unrealistically high expectations will always be unhappy. Contentment is within oneself and does not depend on circle of friends. Learn contentment and be happy.

@joshconsultancy Жыл бұрын

Love that, well said!

@abusdriv3r Жыл бұрын

all the published statistics on income is inclusive of employer's cpf contribution and bonuses. when we talk about our salary we usually just talk about our base salary, not inclusive of employer's cpf contribution for sure, thats why many people are finding their salary lower than the median.

@cathhl2440 Жыл бұрын

Really?! Phew!!

@joshconsultancy Жыл бұрын

I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."

@angthengyang1069 Жыл бұрын

Thats the same point I am trying to say, if the poster doesn't clarify these at the start, people might come to a wrong conclusion that they are getting way lower than the market rate and then make unfounded demands to their employer or feel extremely unhappy with their current state when in fact they are already in the median.

@ocswoodlands Жыл бұрын

A comment about the chart of distribution of HH income. If its from govt source, typically its (total annual income + employer cpf)/12. So if we are talking about 30k pm its actually only $325k pa for husband + wife + $35k (2 persons' employer cpf). $325k pa = $20kpm for husband and wife assumi g 4 mth bonus.

@joshconsultancy Жыл бұрын

Hi Ocs, I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."

@johnng5315 10 ай бұрын

Love this content

@joshconsultancy 10 ай бұрын

👍 cya around more

@wonderbuffon Жыл бұрын

Do these figures include bonuses? Or just gross monthly pay. Might be difficult to account for bonuses and pay structures across different industries

@joshconsultancy Жыл бұрын

As the income gets higher, typically the bonuses component become bigger. Less focus will be on the gross

@ziyangwong531 11 ай бұрын

Credit card can be accessible if u deposit money in the bank as fd and use it to secure your loan. Did that when i was a uni student when i had no income.

@joshconsultancy 11 ай бұрын

Noted!! Interesting tip

@lizhong0619 Жыл бұрын

Just to clarify, does the published data on income include bonuses? I understand it does include employer's CPF contribution.

@joshconsultancy Жыл бұрын

I interpret as does not include employer CPF but includes 13mth aws divided by 12. From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax." Hope it helps

@kyokira555 Жыл бұрын

It's Been a Long Time my Ex Boss Josh I learnt alot of Great lessons from you back in the old days during 2011. 😎😎😎 Great to see you sharing your knowledge to everyone. Hope you & your family are well. Do send my best regards to your sister ! God Bless You 🙏 😁

@joshconsultancy Жыл бұрын

Hey! Thank you. Where u working nowadays? Link up on LinkedIn too

@kyokira555 Жыл бұрын

@@joshconsultancy I PM u haha

@jamesk6673 Жыл бұрын

I am rethinking what sort of friends' circle should I stick with...😅

@joshconsultancy Жыл бұрын

its actually ok to change circles at diff stage =)

@muzzplaygames Жыл бұрын

Ministers 😂

@prophunter8865 Жыл бұрын

Mix with UHNW people. Maybe can find them at some of the ultra lux new launch show flat..😅

@GonzoJamie Жыл бұрын

Singapore is rich culturally and as humans they possess some stunning traits. Money is not so important. It’s other factors that make up riches that mean so much more to me.

@Grounderz7 Жыл бұрын

Great video, as always. Josh, I have a question if you don’t mind me asking. If ever at one point I (2 kids aged 10 and 6) do decide to take up a job offer and potentially move to Singapore for the longer term with the family, how much of a monthly salary would my family need to draw in order to sustain the cost of living in Singapore? Assuming I have no other income and my family is a single income household.

@joshconsultancy Жыл бұрын

Thank you for high praise Sounds like you're moving to singapore. Then these are things to consider - cheapest rent (HDB in singapore) is going at $3k/m at least. Condos will go at least $5k/m - international schools are at least $2.5k per child This question doesn't have a definitely answer. If you've a budget currently, you would be able to guess better. Speak to expat communities for more insights. Wishing you the best

@Grounderz7 Жыл бұрын

@@joshconsultancy Thanks so much.

@jironghuang4895 Жыл бұрын

If 20-30k per mth, don't spend it all. Good times may not last. Especially for PMETs

@icannWong Жыл бұрын

THANK YOU VERY MUCH

@joshconsultancy Жыл бұрын

No probs. Hope it has useful insights

@jasonhehe Жыл бұрын

also 0 income can be retirees with rich children paying their bills and luxuries, or those that do not report income - e.g. certain investments

@jmgtan124 9 ай бұрын

Depends on how much lifestyle inflation you allow in your life.

@joshconsultancy 9 ай бұрын

Agree

@jimmihendrixhendrix9575 Жыл бұрын

This is free world. Stop complaining. Go out there and compete. You can earn as much as you want perfectly up to you.

@Averagebum21 Жыл бұрын

+Josh Tan - TheAstuteParent May I ask if your figures included the 37% CPF money that will be deducted, or reflected the take-home pay?

@joshconsultancy Жыл бұрын

I interpret as does NOT include employer CPF 17% but has own 20% coz its gross. It includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."

@Averagebum21 Жыл бұрын

@@joshconsultancy Hi Josh, the reason I asked is I have seen median income tables that have included the employer’s contribution to the CPF as well. This will make median income appear much higher than our take-home wages. Many of us who have gone into business and now shut down our businesses cannot find jobs with salaries anywhere close to that of fresh grads, even if we disregard our decades of work experience. Fresh grads with degrees earning 4K SGD and those in their 30s earning 6K SGD? Many of us with degrees in our 30s, 40s and 50s can barely get jobs paying 2K SGD.

@david888a 10 ай бұрын

@@Averagebum21why is that so that those old graduates with degree couldn’t land a $2K job? 30,40,50s ,still young so it couldn’t be age discrimination…

@Averagebum21 10 ай бұрын

@@david888a I had trouble finding a job after 37 when my business was failing. Several of my friends with engineering degrees who have been in middle and senior management are now driving Grab.

@angthengyang1069 Жыл бұрын

I think you should explain how the gross income is made up of at the start of the video for clarity. If the gross income consists of the employer cpf contribution, aws, bonus and allowance, then the annual income for someone with an gross income of 7K will be just 84K instead of 120K like you mentioned for fresh graduates.

@joshconsultancy Жыл бұрын

I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Thats why 120k in some sectors. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."

@angthengyang1069 Жыл бұрын

@@joshconsultancy Your interpretation is not the same as from MOM. If you are using MOM figures, then you should use their interpretation.

@Roll2me 10 ай бұрын

MOM definition includes employer CPF, other benefits and AWS but excluding bonus

@prophunter8865 Жыл бұрын

“It depends on your circle of friends”… 🤔

@user-pt2pc5uf1g 10 ай бұрын

Just like the ridout rd neighbours

@lastlightsnet Жыл бұрын

Interesting that the salary between degree holders and non-degree holders is so much different. Is it a Singapore thing? In my home country, everybody can have a degree if they want (there are about 700-800 universities 😅).

@joshconsultancy Жыл бұрын

Where are you from curious?

@lastlightsnet Жыл бұрын

@@joshconsultancy From Japan. Apparently, more than 800 universities in operation. For us, being a degree holder is nothing special. 😅

@RonLarhz Жыл бұрын

@@lastlightsnet Im curious if the degree u speak off is actually just equivalent to our diploma? I only know this phenomenon about china. Their studies are rigorous(up to standard) yet still useless. Nobody really talked about such thing in other countries....

@lastlightsnet Жыл бұрын

@@RonLarhz Diploma is the one you get from polytechnics, right? I'm referring to a university degree, which takes 4 years to complete in Japan.

@mrkhoo8046 11 ай бұрын

Does the per month include bonuses paid once annually and not monthly?

@joshconsultancy 11 ай бұрын

AWS which is 13th month divided by 12. Thats the formula from the govt data published

@kingriteh Жыл бұрын

Can please make video on US stock market? Is been a while since you mentioned bear market not over..

@joshconsultancy Жыл бұрын

Oh yes its been awhile. The BIG7 tech rally caught me by surprise. I probably dont like it even more now based on valuations. Apple and Microsoft are past 32x PE

@lecherhao86 Жыл бұрын

Industry plays a huge role. Middle management (degree holder) in special education industry earn around 5.5k. People keep on saying we come in with the heart and passion to serve. But money is important too. And even moe doesn't help to raise our pay when mainstream teachers salary are revised.

@joshconsultancy Жыл бұрын

You are in teaching?

@lecherhao86 Жыл бұрын

@@joshconsultancy Unfortunately, our industry doesn't pay well. One perspective is that the children with special needs are not going to be economically productive to the society. Another perspective is that our industry is too localised and not competitive. Whatever the reason, our industry renumeration has always been suppressed. So in some way it's true that only people with the heart to serve remain but our salary ought to be attractive too to retain our talents.

@joshconsultancy Жыл бұрын

@@lecherhao86 🙏 noted. Thank you for your efforts

@RonLarhz Жыл бұрын

Shame them on social media lor. They want votes mah. 😂😂😂

@RonLarhz Жыл бұрын

@@lecherhao86 Thanks for sharing. I already knew it but more ppl need to know the wayang system!!! Rot from top. I see alot of ang moh they expose the kid since young n alot managed to be independent when older. Asians so uneducated they just give up or "hide the kid" and "任命" when baby brain still have chance to develop.

@penguin6700 11 ай бұрын

I came from watching another of your video on teaching salary. Don't most MOE teachers earn less than the median income?

@joshconsultancy 11 ай бұрын

$10k is household Median income. $5k is individual based on data

@ObeluStrawberry Жыл бұрын

Does household income include family with working kids in 20s or 30s that not yet married?, if so if both parents are still working plus the kids, there could be 3-5 working adults in the family.

@joshconsultancy Жыл бұрын

I think for your first part - yes Second part seldom 3-5working adults. Many a times, one of the parents have retired. Or only left 1 kid at home rest have moved out...

@DannyKhiew Жыл бұрын

If one is in his comfort zone, he might not have the motivation to continue do well in his career. That's how silent quitting happens?

@joshconsultancy Жыл бұрын

Good point

@DonYang73 Жыл бұрын

See, as i said right from the start of your youtube journey, $20-30k is correct for good living. Thats why my retirement income is in that range. And even at that range, make sure you have a buffer.

@efaesfefse9236 Жыл бұрын

It really depends on your attitude towards life/money, some people want simple lives, some people not enough money no matter how much they earn. If you are easily satisfied and lead a simple life, 2-3k is enough.

@joshconsultancy Жыл бұрын

Fully agree. Some other comments insist we all need a much bigger number which clearly isnt the case

@xfall86 Жыл бұрын

Agree. That is way sufficient to live simply solo

@DonYang73 Жыл бұрын

Only if you are a hermit.

@lastlightsnet Жыл бұрын

Exactly! I'm having such simple life. Even when my salary goes up, my lifestyle doesn't change.

@RonLarhz Жыл бұрын

This amout is not included hdb leh. If u want simple life u need 4.5k-5k. So u dont have to worry about repaying hdb loans and utilities bills. (also, Insurance alone is 1-1.2k liao.) And have leeway for Occasional restaurants and maybe travel once every 1-2years. That is living. Not struggling. Go ntuc no need think/budget.

@justinzy5 Жыл бұрын

I really need to show this video to mine HR haha. I’m underpaid

@joshconsultancy Жыл бұрын

Maybe your company other benefits v good? 😬

@DonYang73 Жыл бұрын

My inner circle are all multi millionaires and income is easily in excess of $30k per mth, so the views are largely different

@joshconsultancy Жыл бұрын

Good for you DY. Have empathy for other walks of life

@DonYang73 Жыл бұрын

This discussion has nothing to do with empathy. Otherwise every discussion is about empathy

@LLcreates Жыл бұрын

I'd say average in the region of S$7K/month is probably alright for a single with your own place, and would like to travel beyond asia at least 1-2 times a year. The narrative will be very different if you have a family with kids.

@joshconsultancy Жыл бұрын

Again it depends on life stage now. We will drop expectations once our income drops in older age

@Jack-hy2ki Жыл бұрын

I always asking ppl who complained about cost of living. Is it cost of living too high or your cost of lifestyle too high.

@joshconsultancy Жыл бұрын

haha nice one =)

@stockkid8515 Жыл бұрын

all still young when i was 20+ 3k can lah try asking 40+ one with kids

@kemingyu4266 Жыл бұрын

Fresh grad making 20k monthly. My buds make a quarter what i make and i dont think one should necessarily change your circle based on pay. Yes it is true the immediate work circle will be ppl who make the same as you but that is a corollary rather than a cause. Who you choose to mix with is a better indicator of who you are than who you happen to mix with. I spend 3k on mortgage and that's really 90% of my total expenses. I save the rest/invest/repay student loan. You are right that it is in the mindset and personal sense of security. I don't think income should change you as a person but i do recognize that it is mostly true. Advice to self: stay true to who you are and discover what kind of a person you are in the process

@joshconsultancy Жыл бұрын

Good points raised 👍

@arghzzz Жыл бұрын

man i feel poor after seeing the median avg wonder where they get this numbers

@joshconsultancy Жыл бұрын

Objective of discussion is to bring awareness. Hopefully it explains some things of other walks of life But doesnt mean it is a benchmark and last message "If you feel financially secure" it matters alot already 👌

@munster1404 Жыл бұрын

Been unemployed for almost 3 years. My personal view regarding individual finance is: 1) As of 2022, I need around $2500 to be on the margin. This means no insurance payments, no vacation, very little to no outside meals, very limited entertainment. 2) To be able to invest, maintain insurance and have a bit of emergency funds. I require $3200 3) To unlock "Add-ons" like annual vacation (in SE Asia region), eating out more frequently, shop. I will require $3700. 5) To be truly comfortable and secure, my rule of the thumb is add another 1K for a final amount of $4700. In my unemployment phase, I have gone as low as $2200. But it means deprivation of many aspects of life. I don't go out. I keep much of my lights off, no air con, smaller meal portions, etc. All income thresholds as described above is individual with no dependents.

@joshconsultancy Жыл бұрын

Agree with your sharing 👍

@jeremywu1477 Жыл бұрын

Can you share with us a break down of your 2200 per month expenses?

@muzzplaygames Жыл бұрын

That is true given u have no commitments and staying with family. If u have a loan or an extra mouth to feed to chalk off, it’s not realistic with that number.

@munster1404 Жыл бұрын

@@muzzplaygames Yes, I’m staying single and childless to cut down on living cost. It’s a decision I made in my teenage years. I’m not an ambitious person. Having a family, always struggling and bending over backwards to raise kids is not something I’m keen to do. Plus now our society is ultra competitive. Environment not suitable for raising families. Unless every member is committed to fighting for rice bowl and constantly stressed. The sandwiched generation stops with me.

@kealee6350 Жыл бұрын

I believe for one person without loan etc is 2200, but with good quality of lives is around 7-12k per households. 12-20k is luxury

@LangLang5689 5 күн бұрын

40k would be comfortable. But to solve housing problem probably 50k+

@joshconsultancy 5 күн бұрын

What?

@randydeokiesingh3623 Жыл бұрын

What is the average monthly income of a university lecturer.

@joshconsultancy Жыл бұрын

No idea, anyone can chime in?

@hydep9658 Жыл бұрын

Depends if I can stay childless, eat caifan and stay relatively healthy till I check into old folk home. Doable. I think.

@joshconsultancy Жыл бұрын

stay optimistic =)

@Raygun84 Жыл бұрын

My household income is around 40k per month and my expenses never go beyond 10k per month (excluding insurance/investments which a lot of balance goes to). I think spending 20-30k is beyond comfortable and bordering on luxurious. As you mentioned, we do need to keep an eye on how we spend and what we spend on to prevent ourselves from becoming too used to the good things in life and start chasing that mirage of a successful life according to social media.

@joshconsultancy Жыл бұрын

Fully agree =) Can get a quick profile? Age and occupation for both?

@Raygun84 Жыл бұрын

We’re late 30s, mid level manager in tech & the other finance

@joshconsultancy Жыл бұрын

@@Raygun84 some naysayers can't believe when I put numbers out there to explain so thank you for openly sharing.

@DonYang73 Жыл бұрын

Well done, this is the perfect time for you to buffer up and invest well. Retirement by 50 - 55 very very comfortably is highly possible if you do it right

@Raygun84 Жыл бұрын

@@DonYang73 I hope so. Unfortunately the reality is that the income is from a single source, so it can be this today and $0 tomorrow. But grasping this reality helps us keep in check what’s the utility of our purchases and forces us to choose comfort over luxury.

@kamariahkamis8356 10 ай бұрын

Comparison is the thief of joy!

@joshconsultancy 10 ай бұрын

indeed!

@adamsoon21232 Жыл бұрын

But credit card got annual fees

@joshconsultancy Жыл бұрын

use the free period or ask for waiver

@YusriSapari 11 ай бұрын

i filmed this hehe

@joshconsultancy 11 ай бұрын

Nice, You work w Asian boss channel or you are one of the interviewees?

@YusriSapari 11 ай бұрын

@@joshconsultancy im part of the team they call to film the Singapore interviews. I've also visited them at their office in Gangnam.

@junweing4066 11 ай бұрын

The term median is representing the average. U need to look at what does average mean. It means median, mean and mode 😂

@nikkikhooniqi 10 ай бұрын

Secondary school math trauma😂

@tnylau Жыл бұрын

Just curious to know our world highest paid Ministers how many times higher compare to Singaporeans medium income group?

@joshconsultancy Жыл бұрын

looks like 18x? But formula is top 1000 less 40%

@nikkikhooniqi 10 ай бұрын

My family’s recurring combined expenditure is around 8-9k. We live in 5 room HDB, no car, have a baby, have helper, give generous allowances to parents, eat well and travels without financial constraints. I would think $12k after taxes would be a good income for our current life stage, with decent savings for retirement. $6000x2, it’s just about the kind of income degree holders would earn. But honestly, it’s an income that we wouldn’t feel is enough (for ourselves). 人(at least myself)是贪得无厌的 = greedy.

@joshconsultancy 10 ай бұрын

Good points raised. Ive a sharing on expenses coming up soon. Stay tuned

@yp09874 11 ай бұрын

Most are poor in terms of free time available...how about a chart of how much free time Singaporeans have, we will see how poor we are in this side.

@weehc Жыл бұрын

I bo friends haha then how? I dun have any friends at all.

@father88888 Жыл бұрын

whatever money u earn in ur life will go to some strangers in the end either directly or indirectly....

@ivtec74 Жыл бұрын

Which engineering field paid more than $6K for a fresh grad??????? With no experience, who can demand such salary????

@joshconsultancy Жыл бұрын

Other fields?

@steady009 Жыл бұрын

No amount of money can let you live without worries. Even the richest people in the world don't live without worries

@joshconsultancy Жыл бұрын

Agree

@RonLarhz Жыл бұрын

BS.

@willsontoh7105 Жыл бұрын

say i earn sooo less on the age group

@joshconsultancy Жыл бұрын

See the ending message "if you feel secure" "if you genuinely dont have much financial worries" - aim for that good enough already =)

@Wilson-kp4xz Жыл бұрын

just a small suggestion - maybe don't speak directly into the mic, it sounds pretty harsh when you say the letters "P", B", "T".

@joshconsultancy Жыл бұрын

Noted 👌🏻👍

@nikkikhooniqi 10 ай бұрын

There will always be “bad money influencers” (people around us) telling us phrases like, “once in a lifetime, you will regret not getting, everyone is doing so, it’s really a must have”. Then these really makes one double think if one is really losing out if one doesn’t get it or if one is not thinking right. From weddings, pregnancy, baby, housing, cars (when we already have world class transport and considerably much affordable option of private hires). Then, naturally, everybody else’s lifestyle would inflate, and being in the same income group, one would just think probably it’s the next most natural progression one should take. This constant lifestyle wants/needs/inflation makes our income never enough and keep us further and further away from early retirement.

@joshconsultancy 10 ай бұрын

Valid points 👍

@biltzforce Жыл бұрын

I don think the graduate survey is true

@joshconsultancy Жыл бұрын

Hmm? didnt say it was not true.

@tedchandran Жыл бұрын

Jai Hinduja. Don't see only for today's expenditure like a grey Rhino. High income above 10K is needed for young families to salt away for the long retirement years.

@xiaoxin5689 Жыл бұрын

The recent street interviews on Singaporean's income doesn't seem match with gov statistics. There is impression of individual Singaporean earns above median income (~5k) with these interviews. The household income statistic may not give complete picture of individual's salary pay with the possibilities of 1) high income single person household (e.g 10k a month), they will fall under 50 percentile, this group of people is growing as getting more Singaporean enjoys their single life; 2) median income with more working adults household (e.g. 4 working adutls getting average of 5k a month), this will put them in the last 16% household income group. Personally, I think that comparing household income and expense for individual income group (e.g. the household expense of 10k median household income group) could be give a clearer picture to assess if Singaporean is rich. =D

@joshconsultancy Жыл бұрын

There is also a single person median which is around $5k for 2022. Wa the data for expenses to compare is almost impossible haha. Many dont keep a tight expense documentation

@xiaoxin5689 Жыл бұрын

@@joshconsultancy Thanks for further sharing ya! Keeping track of expenses is the first step to achieve the financial freedom but not many ppl will disclose their personal account book 😄

@JJ-iu6sr Жыл бұрын

That's why govt also releases data on household income per household member. Check it out.

@kenyoung6666 Жыл бұрын

I have to be blunt. Singaporeans in general want a bit of everything in life. They want good house, good car, get married and have 1-2 kids, want to travel and maybe buy some branded stuff. These goals are very high and with increasing cost of living everywhere in the world, not just Singapore, I find it unrealistic and in fact quite greedy. Why? Because when Singaporeans aren’t able to achieve these wants, they start blaming the government and many become keyboard warriors. So to answer your question, are Singaporeans rich? They are if they’re realistic and not live beyond their means!

@harukrentz435 Жыл бұрын

Jesus fockin christ! Did you even bother to re-read your own comment before you post it? Wanting good house, good car, get married, have kids, go vacation and buy some branded stuff are very high unrealistic goals. You sure you dont live in zimbabwe or sudan?

@cooker4000 Жыл бұрын

20k would be ok

@joshconsultancy Жыл бұрын

20k has to be more than ok

@belcothtan2965 Жыл бұрын

Median income is big numbers with no meaning.

@joshconsultancy Жыл бұрын

@Wvk5zc Жыл бұрын

Depressing 😢

@joshconsultancy Жыл бұрын

Hey, dont worry about general numbers too. Improve over yesterday, thats the small aim k =)

@ggaryng Жыл бұрын

No degree no talk for average guys like me.

@joshconsultancy Жыл бұрын

You can shape your destiny 👌🏻

@ggaryng Жыл бұрын

@@joshconsultancy thanks Josh!

@bananaman22 Жыл бұрын

sg lucky cost of living low

@rylee4383 Жыл бұрын

Homeless soon😥

@joshconsultancy Жыл бұрын

no no, work hard for your progress and do your best. All will be ok =)

@lokechanmun8587 Жыл бұрын

新加坡是国富民穷。。。

@joshconsultancy Жыл бұрын

No no, work for a better reality

@Jack-hy2ki Жыл бұрын

是你穷不是民穷。

@EZJRVCXY Жыл бұрын

vote wisely...

@joshconsultancy Жыл бұрын

See it as just salary, lets avoid politics

@Jack-hy2ki Жыл бұрын

Ppl who want others to be as lousy as them will always comment "vote wisely".

@johnong2655 Жыл бұрын

Thanks Josh. Lot of nonsense out there, no one with valid stats except you

@joshconsultancy Жыл бұрын

Thank you for the high praise John 🙏

@chinchowpowpook Жыл бұрын

7k not enough, 2.5k car, groceries +alcohol 3k, makan outside 4K, occasional shopping 3k, grooming 1k, fitness 500, give parent 2k. Exclude travel n big ticket items..

@joshconsultancy Жыл бұрын

thats lifestyle inflation haha

@ObeluStrawberry Жыл бұрын

i earn >10k but lowest i only need to spend 800 per month excluding income tax. which means i can survive on my one month pay for a year if i retired and not paying income tax in today money

@jironghuang4895 Жыл бұрын

7k own car is a struggle

@crispusallen3865 Жыл бұрын

Hahaha. The more you chase riches the deeper and deeper you youll go down the rabbit hole. Remember, happiness is a choice!

@ObeluStrawberry Жыл бұрын

@@crispusallen3865 yes once u get used to certain lifestyle it will be hard to go back. Despite my income increase over the years i tried to live a frugal lifestyle, but occasionally will buy a big item like phone or smart watch for the functionality of it. like smart watch monitor your health and health is wealth. Other than that to me for example eating at restaurant vs hawker centre, i do not feel the diff and can help hawker uncle and auntie with their livelihood why not. i also enjoy doing my own cooking. thats is also happiness as a choice.

@R6ex Жыл бұрын

Gold diggers aim high.

@joshconsultancy Жыл бұрын

Eh be constructive la haha

@bowlampar Жыл бұрын

Only happen in my day dream.

@joshconsultancy Жыл бұрын

Hey the discussion is to open to dialogue to understand different realities and inspire areas to do self-improvement All the best in your journey and keep moving forward