How much money can we earn?
I really wanted to work hard for only 10 years(give that 15), so that I can earn enough money to enjoy for the rest of my life. But can I do that? Unfortuantely NOT. It is possible if you are living on your own, but there are some other factors that must be taken into account,especially in Malaysia.
Let's say our average annual income is $60000 , and I work for 30 years.....which means I earn $1.8 million. It may seem much......but there are other things we need to look as well.
First, for those who are going to married will need to buy a house, which cost about $300000 for an average house.
secondly, we need a car which cost about $40000 average and normally that is a local car so you must be prepared to fork out money to send it to the garage frequently. If you are lucky, your company may help you on your transportation BUT it is RARE.
Ok, so if we have a monthly expenses of $2000 for basic neccessities, which means we will use up $720000. Up to now, we are just left with $740000.
In Malaysia, there are whole loads of bill and taxes we need to pay....so another $100000 gone.That is the expenses only for 1 or 2 person. So if your wife do not work it will be much more burden for you. If you are planning to have a few children our money will become $0. Let's say our children is not smart(we can't expect everything to go in our way right?). Hence there is no scholarships. To give them a good education $$$ is needed. The education cost is so high now that what we earn may not compensate back how much we pay for education. Plus the high inflation rate in this country, $60000 annually is NOT enough, well , at least we can't enjoy life....What is there left?
There's a site calculating how much we can save a lifetime. maybe you'll like it.
see how much you can save!!!
Let's say our average annual income is $60000 , and I work for 30 years.....which means I earn $1.8 million. It may seem much......but there are other things we need to look as well.
First, for those who are going to married will need to buy a house, which cost about $300000 for an average house.
secondly, we need a car which cost about $40000 average and normally that is a local car so you must be prepared to fork out money to send it to the garage frequently. If you are lucky, your company may help you on your transportation BUT it is RARE.
Ok, so if we have a monthly expenses of $2000 for basic neccessities, which means we will use up $720000. Up to now, we are just left with $740000.
In Malaysia, there are whole loads of bill and taxes we need to pay....so another $100000 gone.That is the expenses only for 1 or 2 person. So if your wife do not work it will be much more burden for you. If you are planning to have a few children our money will become $0. Let's say our children is not smart(we can't expect everything to go in our way right?). Hence there is no scholarships. To give them a good education $$$ is needed. The education cost is so high now that what we earn may not compensate back how much we pay for education. Plus the high inflation rate in this country, $60000 annually is NOT enough, well , at least we can't enjoy life....What is there left?
There's a site calculating how much we can save a lifetime. maybe you'll like it.
see how much you can save!!!
posted by loong at 11:02 AM
3 Comments:
If you are a young man and you are even thinking in terms of house, car, children and their education, then you are way ahead of most people here in the USA.
There are many ways to save money by: joining a food coop, buying a car in partnership with another family or two, living with parents or other family members, trading services for rent, turning a hobby into extra income ...
The education of your children is a great goal. But while you are saving toward their college fund, make sure they realize that they will be expected to do well in school and achieve scholarships if available.
Good luck!
I believe everyone hopes to work only for 10 years and enjoy their rest of their life...But,unless you can really earn THAT much of money in the 10 years you work,or else,haih...Just keep working...
That's why it is important to start saving when you are young. When you have accumulate enough savings then you should invest your money wisely and not to keep it idle in the bank (keep enough for your use) That's why financial planning is so important. Thanks for dropping by my blog loong. I wonder how you manage to change the top header for the template. I don't know how to do it. Cool : )
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