Uncle8888 loves benchmarking exercise!
Read? Relating to Singapore's income
Check here: Benchmark Your Monthly Pay By Age & Gender 2014
Definition for gross monthly income:
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.
Your benchmark for your monthly gross salary.
Showed my wife the calculator and she told me (wisely), "high salary does not equate to high savings".
ReplyDeleteI wonder what is the benchmark for net wealth for people of my age? Hmm.
From the book The Millionaire Next Door:
DeleteMultiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be.
Read? The Millionaire Next Door: The surprising secrets of America's wealthy.
AudioBook: The Millionaire Next Door by Thomas J. Stanley
ReplyDeletePDFBook: The Millionaire Next Door by Thomas J. Stanley
ReplyDeleteSteven so kind. TQ!
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