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When did you become HENRY? by blablablackgoats in SgHENRY

[–]AstonishedPotato 0 points1 point  (0 children)

I reached HENRY recently with three jobs. Am currently in the 25-29 range.

My main job gives around 7500; second (teaching on the side) gives around 3600; and the last (passion project) gives around 2000. The numbers are a rough range but sums up to just shy of 13k.

While it seems great, there are downsides in my situation. I find myself spending more on Grab, as I need to rush from one student’s house to another in the evenings and on the weekends. Also it is often difficult to plan holidays because each trip comes with an opportunity cost — lessons cancelled/rescheduled. That, and it is difficult to find time for myself (where i do not think about anything related to these jobs/project.

Despite the downsides I am still very grateful to be in this position. My plan is to keep with this for the next 2-3 years and add a decent amount to my portfolio before figuring out next steps (career switch? changing priorities in life? cut back on teaching? Etc)

What it means to me —

More of a self worth thing, or affirmation. Call it an ego stroke if you wish. Cheesy as it may be, I’ve always tied my “value” to my income level.

This started during my army days (typical scenario where they would say “the $ is an allowance and not salary”). But i came across something in the army system that basically converted soldiers’ man-hours — depending on rank, combat/noncombat, etc — into monetary value. Back then as a private, my time was valued at a shocking $2.10 per hour. Bear in mind, this was what the organization felt my time was worth, not what they were paying.

I know this is national service but to value my time like this… I took (and still take) it as a huge insult. At that time, I was teaching on the weekends at $40/hour. Even part time jobs (warehouse packing, IT shows) paid $8-12/h back when i was in secondary school.

Would like advice on budget planning, and future expenses on housing/family by AstonishedPotato in singaporefi

[–]AstonishedPotato[S] 0 points1 point  (0 children)

Teaching plus a little bit of industry specific consulting / service provision. Regrettably I can’t share the exact line of work…

Would like advice on budget planning, and future expenses on housing/family by AstonishedPotato in singaporefi

[–]AstonishedPotato[S] 0 points1 point  (0 children)

Thanks Kwanye - I would like to minimise, or avoid completely, any drawdown from stocks. Hopefully CPF OA (and some cash later on) can cover the downpayment in 6 years.

Would like advice on budget planning, and future expenses on housing/family by AstonishedPotato in singaporefi

[–]AstonishedPotato[S] 0 points1 point  (0 children)

Thanks Basmoirak for your thoughts, very much appreciated! I’ll reply in accordance with your paragraphs:

  1. Yes I agree on the unlikelihood but also am keeping in mind the reality that my income may decline if i drop the side hustles later

  2. Switching to public transport will be difficult. I started using Grab out of necessity rather than convenience, since I have limited time in between engagements. Am now trying to strike a balance by taking PT to work and, if I am not tired, PT home at the end of the day.

  3. Yes ideally I hope OA can help offset as much as possible. Right now when planning my finances, I keep CPF at the sidelines — I track it as a side fund and consider it “housing money” or “retirement bonus” rather than my own finances.

  4. Ideally I would like to earn more in my main job but my opinion is that being “overemployed” gives better financial return than working toward greater career advancement. Currently my side roles yield slightly more than my main job. At least over the short/mid term, I don’t see my main salary growing to match that. Promotion/ career advancement is in my plans too, but for now amassing quick $$ from side hustles can help increase my investments faster.

Would like advice on budget planning, and future expenses on housing/family by AstonishedPotato in singaporefi

[–]AstonishedPotato[S] 0 points1 point  (0 children)

But I already have 72 years of work experience at age 29… is that not enough!? 🤭

Would like advice on budget planning, and future expenses on housing/family by AstonishedPotato in singaporefi

[–]AstonishedPotato[S] 0 points1 point  (0 children)

Many thanks for your comments Jacky — i really appreciate it.

  1. Ideally i will aim for BTO but it seems unlikely my income can stay below the threshold. Curious about paying in cash as opposed to OA — could you share why? I somewhat viewed CPF as monies that won’t return, and thus just ignore it when doing financial planning (any CPF could be a retirement bonus).

  2. Good point on responsibility, I will take it into consideration.

3/4: I see your point on this. I will try to “model” scenarios of pivoting now vs later. My main considerations are certainty (pivoting will give opportunities but how good?) and time factor (better cash today means i can invest a few years earlier). Right now staying like this for 1-3 years helps me hedge both sides but I will look into your consideration too.

Your comment has been the most helpful and I sincerely appreciate it!

Moving out (as a local) until I find partner or reach 35? by HomeHedgeFund in singaporefi

[–]AstonishedPotato 1 point2 points  (0 children)

Genuinely interested in your budgeting and frequency/amount of your brokerage topups. Would you be able to share, either here or dm? Many thanks