30k savings, 35 y-o


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jeanie

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May 19, 2005
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need inputs from you guys.

for a guy 35 years old, being in the workforce for 10 years, is 30k savings
-too little
-ok, acceptable
-wah...alot already

if too little, how much savings in your opinion should he have?
 

what is his annual income (salary+bonus+benefits)?
Does he own any other investment portfolio (stocks & shares, property)?

EDIT:
Add: got silver spoon inside his mouth? ;p
 

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does he has a life insurance ? does he own a flat ? insurance is a sign of responsbility, flat means ability to provide shelter
 

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is a he a faithful man ? good to his parents ? is he a man of his words ? i think all these more important than his 30k savings
 

All the above questions sound like coming from the potential FIL /MIL :bsmilie:
 

I think there is a lot to be taken into account, as others have stated above.

As a foreigner here I see this, men are at a disadvantage when it comes to work and what others expect of them for a few reasons and many I feel seem to forget this:

1: NS - 18 to 21 age
2: Back to Uni finish studies - 25 - 25 age
3: Join work force at say 25 onwards(depends) - so what is the starting salary

So perhaps another way is to get the TS to answer her question, does she think 30,000 is enough after 10years of working, if No, why not?

Cheers ....
 

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If you are referring to security like with 30k is this enough if he is out of job ? blah blah...

I think i saw articles that says best to have savings that can last you for 6 months (minimum).


35 yrs old working for 10yrs with 30k is alot or too little depends how much he earn ? What % of the earning he saves ?


need inputs from you guys.

for a guy 35 years old, being in the workforce for 10 years, is 30k savings
-too little
-ok, acceptable
-wah...alot already

if too little, how much savings in your opinion should he have?
 

Like others have pointed out, what is their income versus their expenses. Are they living at home or paying rent/mortgage? Own a car?
 

How is his spending will determine if that savings is enough.

How much % wise is the saving based on his cash salary?
How much is that real savings as in not savings towards next purchase?

Is that 30K in CPF?
 

i think is pretty ok, but 40k onwards would be a more decent figure.
 

It's really depend on what his earning like.
If he earn a lot but also spend a lot, then it's too little.
If he earn average but also spend average, then it's acceptable.
If he earn a few but also spend not much, then it's a lot.

But generally it's average and acceptable. Some may have spent their early saving for future improvement, cars, chasing girls etc. Or even loss in investment.

But the important thing is future, what's the potential like, 35yr old is still got many years of working life.
 

need inputs from you guys.

for a guy 35 years old, being in the workforce for 10 years, is 30k savings
-too little
-ok, acceptable
-wah...alot already

if too little, how much savings in your opinion should he have?

ok, acceptable.. i should have tat much by now if not for my investments in photography:sweat:

but i only 5 yrs into workforce and 4 more yrs to 35....hee
 

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need inputs from you guys.

for a guy 35 years old, being in the workforce for 10 years, is 30k savings
-too little
-ok, acceptable
-wah...alot already

if too little, how much savings in your opinion should he have?

acceptable. but i think he should have more savings considering he's already 35 yrs old. perhaps he has other assets?!
 

Too little.must know pay and spending pattern. Any other assets. Low cash but has other assets is a diff story. If all he has is 30k then I think is bad. Personal opinion .
 

You mean cash? or mixed in investments as well?

Ok, based on my very basic economics FAIL calculation :

Retire at 60 (anyway, despite what garmen say, employers will give you the boot at around 60).
So 25yrs more to go to being jobless (or at least having a non dish/table cleaning job)
Projected EOL (end of life), say its 85
So from 60 to 85, need to tahan 25yrs.

Don't even take into account inflation and what not.
Daily makan : $6
Odds and ends : $4

Minimum $10/day

365days x 10 x25 = $91250


Never add coffin money. anyway, return to earth already, can't care less
 

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need inputs from you guys.

for a guy 35 years old, being in the workforce for 10 years, is 30k savings
-too little
-ok, acceptable
-wah...alot already

if too little, how much savings in your opinion should he have?

Sister, from my experience, do not judge a guy's worth with how much saving he has in his bank. Discreetly study his potential worth, both materials as well as his ability/potential. :think:

but generally speaking, at 35, most "successful" guys already should be worth a million .... but of course there are many people who start making BIG money only after 40!
 

what is his annual income (salary+bonus+benefits)?
Does he own any other investment portfolio (stocks & shares, property)?

EDIT:
Add: got silver spoon inside his mouth? ;p

more important question - does he have a GIRLFRIEND???

to answer your question, i think you need more details of his saving habits. some people may lock their savings into long term investment plans.

quick and crude calculation:

age 25 26 27 28 29 30 31 32 33 34
annual salary with 5% incr 36,000 37,800 39,690 41,675 43,758 45,946 48,243 50,656 53,188 55,848
less CPF 20% 28,800 30,240 31,752 33,340 35,007 36,757 38,595 40,524 42,551 44,678
tax less 10% 25,200 26,460 27,783 29,172 30,631 32,162 33,770 35,459 37,232 39,093
less insurance savings 15% 3,780 3,969 4,167 4,376 4,595 4,824 5,066 5,319 5,585 5,864
less car expenses 12000k 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
less entertainment exp 20% 5,040 5,292 5,557 5,834 6,126 6,432 6,754 7,092 7,446 7,819
savings 4,380 5,199 6,059 6,962 7,910 8,905 9,951 11,048 12,201 13,411

total savings after 10 years 86,026
 

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