SINGAPORE: A senior-level executive at a tech firm recently shared on social media that despite raking in a hefty annual salary of $200,000, he still finds Singapore ‘exceedingly’ expensive and is contemplating about retiring in a nearby, more affordable country.
In a post on r/singaporefi, he shared that although he is well-aware that his income places him in the top ten percentile (according to salary.sg) in Singapore, he still feels financially strained because he has a young family and is struggling to save every penny for his kids’ education.
“In my early 40s and seriously thinking about my career runway…I’ve been feeling broke for the longest time,” he expressed. “It amazes me at how people are able to spend discretionarily incredulous amounts of money and hence wondering if I am way lower in the real income scale.”
“I grew up in a blue collar household and had never been able to afford luxuries. I can’t imagine how much more it would take for me to ever feel comfortable in life.”
Aside from the high cost of living in Singapore, he also mentioned that his demanding job has been preventing him from spending enough time with his family and is raising health concerns as he continues to overwork himself.
“I’m grappling with some thoughts of throwing in the towel, escaping the rat race and spending more time with my young kids before they grow into young teens.”
“For those around my age, are you raking in 500k easily and have absolute confidence about how your career would continue at this income level?”
“Spend less money, spend more time with family.”
In the discussion thread, Redditors from Singapore suggested he sit down with his wife to go over their monthly expenses. They recommended making a budget to get a better grip on their finances and see where they might save some money.
One Redditor speculated that the man and his family might be facing financial difficulties because they’re choosing private options like condos, exclusive schools, and high-end hospitals.
Given this, it’s understandable why they might feel financially stretched, as these private amenities can make Singapore one of the most costly places in the world to live. He added, “I think it’s all about lifestyle inflation which can be quite dangerous if you let it happen slowly.”
Another Redditor said, “May you find more happiness in life outside of the obsession with money. There are a lot of happy people and families with lower income/spending than you (>90% of people). Learn how to be happy from them.”
A few others also suggested looking into ways to adjust his career or reduce work stress to improve his work-life balance.
One Redditor advised, “Spend less money, spend more time with family. Downgrade your salary for upgrade in physical and mental health.”
There were also several Redditors who felt that the man was being insensitive by complaining about his financial strain, given that he’s earning a salary that many others would find enviable.
One Redditor commented, “Any idea how many households in Singapore are genuinely struggling to get by on a fraction of your annual income?”
Another wrote, “Go for therapy? To fix your issue of not knowing how to be comfortable in life?”