All i can say is ... its definitely possible to solely rely on this trade even from the first 2 years of biz. Its how you do it and how experience you are on the business aspect.
Part of many reasons why only 5% of the field makes it pass the 2nd year in this business.
Actually it also relies quite a lot on the society by large. :bsmilie:
Just another OT story :
When I was "planning" and ROMed in 2002, I was still young and naive. I figured that my wife did not need to work (coz she is not local). :embrass: Searched for a house and booked Pinnacle @ Duxton for 346k in 2004. I knew its going to be a good catch, but did not know that a single salary based on diploma qualifications (I wasn't shooting then) is going to be very dangerous - actually I cannot afford the home technically speaking.
Started to supplement the income by shooting and then the wedding came in 2005. Sheesh, that is really the initial first bomb. The savings were just enough. Second bomb came in the first 10% downpayment for the flat, the CPF from the job covered that....but for photographers "sole proprietors" you have to deal with that. Re-planned my finances and figured that its gonna need much more than that, kicked into turbo mode and earned as much as possible.
To keep a long story short, you have the 2nd downpayment and flat monthly HDB installments and SC&C and utitlies/internet/phone bills to deal with, renovation, kids.... I also realised that INUSURANCE and planning for RETIREMENT is important and you start by late 20s. I don't drive now (coz my place is convenient, buses + 2 MRT stations with the 3rd one coming + easy to take cab), but I guess many would want to drive so add that in.
Also need to supplement with "relaxation" stuff like hobbies/shopping/tour - don't have to be too fanciful or luxurious, free & easy to Asian countries is just fine. :bsmilie: But I know I will go crazy if I do not once in a while get out of Singapore. :sticktong
Of course one can easily nowadays earn enough with both parties working and even save like 2k combined (as of the societal conditions now) in a combined savings account. But I think nowadays if one's investment does not do well enough, it is not enough to hedge the inflation. 2k savings per month may not be enough, the guy will have to work till 60+ and the lady past 50.
True story : I have had many guys who wanted to enter the stock market in 2009, but did not have enough bullets to whack. Not enough bullets - you don't muck around when you just have 50k or so worth of savings with so many other commitments.
Nowadays the flats are ex, Punngol waterfront went for a price that is higher than mine. That is IF you manage to get it and not only the matter of money. :sweat: Or pay high prices for resale. I think most of us have heard of wedding-couples-to-be sad stories.
When I saw that 5 shops and 6 push-carts in Suntec last Sunday closed down, I knew that it is time to push up my prices slightly again. More price increases is coming (still haven't GE!).
Others may not look at it in such dire conditions though.... that's just me.
