Is a 100K p.a salary considered a lot for a young person?
Advertisements
After more than 4 years in the workforce, a couple of job changes, countless hours of overtime and sacrificing social and family time, I have finally reached the magical 6 figure salary.
Initially I thought it was something worth celebrating. But then reality sets in when I realize that it may not be a lot as I thought.
Some fresh grads can easily get this in their first jobs out of school. It’ll need more than 10 years of my salary to afford a small condo or at least 8-9 years salary to get a good centrally located resale flat, not even counting interest charges and expenses to support a family, get a car etc.
Netizens’ comments
- How well-off someone is depends on the context of society.
I earn less than half of your wage level in the UK on the first year of my first job.
I’d only need to save up about 40-60k sgd down payment to get a condo flat, slightly more for landed. So I can buy a house in a couple of years working a fresh grad job funding it alone.
I can afford a 2008 BMW with the nice big engine they used to make, instead of 2+k sgd a year on road tax alone, 2k is about the grand total cost of ownership a year including insurance. The car cost me only 6k sgd and is now literally an appreciating asset past its bottom price. Negative depreciation.
Yes, I earn less and lose a higher percentage to taxes. But when big ticket items are 2, 5, 8 times cheaper, why would I need a lot of money? - That’s low, I know of someone who is getting triple of it by posting photos online.
- Huh? 100k annual salary only means 8.3K/mth. If you have 13th mth AWS, that means your monthly pay is only 7.7k. What’s there to humble-brag?
Change a couple more jobs, increase your hours of overtime, and stop seeing your friends and family altogether to reach the magical figure of 10k per month (120k annual). - That amount earn in one year convert to RM can get a very decent landed property in JB.