Singaporean man and his wife earning S$400K combined income annually from working in China say they “still feel poor”

SINGAPORE: An expat took r/SGhenry in a Reddit online forum on Thursday (Aug 29) to share that he and his wife “still feel poor” despite earning SGD 400,000 annually. In his post, he provided a detailed breakdown of their financial situation.

He wrote, “Our gross monthly cashflow is about 25k. Tax comes up to about 5k, another 1.5k for social insurance contribution, which leaves a net take home of 18.5k.

We service a 3.5k mortgage, our monthly expenses including shopping, meals etc comes up about 4k so we can save about 9/10k per month excluding bonus. We have no other liabilities, no kids yet.”

Despite saving nearly S$10,000 monthly, the expat said they still feel financially stretched. He noted that they cut back on expenses even when travelling, such as opting for less expensive accommodations.

This has led him to question why they still feel financially insecure despite their significant income and savings. He then asked the online community, “Is this a normal feeling? What are we doing wrong?”

“Most of us grew up middle class or even in poverty; these mindsets won’t change that easily.”

The expat’s post sparked a wave of incredulous responses, with many wondering how anyone could feel poor with such a fat paycheck. One Singaporean user was so surprised by the revelation that they exclaimed, “What did I just read?”

Another user remarked, “How does this guy earn so much yet be so …. how do I put it …” A third user quipped, “Teach me the ways of feeling poor with 400k/yr.”

Still, amidst the scepticism and humor, some users expressed empathy, revealing they could relate to the expat’s feelings. These individuals shared their own experiences of struggling to manage their finances or feeling overwhelmed despite having a good income.

One user said, “Most of us grew up middle class or even in poverty; these mindsets won’t change that easily. The life I lead while making 5K and 50K a month is not much different. I still have a cheap car, fly the cheapest flights, stay at affordable hotels, eat at hawkers.”

Another shared, “I kind of understand what you’re saying and my 2 cents is – money values are tied more to who you are, how you’re raised than how much money you have.

We make a household income more than a million, it’s highly highly variable, but I’d still be so cheap I book the most reasonable hotel and consider for 10 mins if I want to spend $10 for delivery when I can pick up my own food that takes 30 mins.”

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Featured image by Depositphotos