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Anonymous

28 Feb 2020

Random

What is a good gauge of annual income that we should have at different stages in life?

Assuming we are still spending moderately, what should be our annual income at 20, 30 ,40 etc?
No big car no big house. 2 kids, old parents

Discussion (13)

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Pascal S

28 Feb 2020

MBA Graduate at Singapore Management University

I haven't other community members' answer yet, Anon.

But, it is inherently a personal finance situation....that, well, nobody else would have an answer to even if they share some similarities with you.

So, you optimize your annual income as much as you can, based on the lifestyle of your choice, after fullfiling your family needs. The number is yours to define, whethere it is for 20s, 30s, 40s, etc...

Cheers,

Pascal

Alot depends on how comfortably you want to live. I guess with 100k monthly income right now, you are also able to manage your expenses well.

More importantly, plan out the big milestones i.e. college for your kids, any possibility of getting a car, consideration of house upgrade? And then use that to plan your yearly budget plus inflation. Using this year's expenses as a guide, of course do include things like travel and insurance as this should take up a bigger portion.

Think you will be able to have a better gauge on what's your comfortable income range.

Bryant Tan

28 Feb 2020

Owner at Starbuyproperty.co

https://www.businesstimes.com.sg/hub/whos-who-i...
S$1 million, S$5 million, S$10 million, $S100 million, S$1 billion. Why stop there?
True happiness for Epicurus was really linked to friendships, companionships, conversation, simplicity ("Nothing is enough for the man to whom enough is too little") and sharing thoughts on life. (Here I refer the interested reader to the book The Consolations Of Philosophy by Alain de Botton).

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One should never earn more than 146447.70 SGD,

read here why:

https://eu.usatoday.com/story/money/nation-now/...

(how could one know if there is a definable amount for any individual situation?

run after life satisfaction, not necessarily after money, however you could

experiment and find out all by yourself, as all of us do anyway somehow, true?)

some studies showed that

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Rais M

27 Feb 2020

Accountant at SME

There is no right or wrong to this question and there are so many variable to it. Spending moderatel...

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