If you want to be a millionaire, quit your job

6
It's not everyone's ambition or dream to be a millionaire. But if it's yours, you should seriously consider quitting your job.

This table shows the median gross wage of managers in Singapore (SGD). The next table shows that for professionals. These are median salaries so there are people who earn higher or lower salaries than the ones stated here. I'm only discussing these two job categories in this post. For details about other job types, go to MOM's website.





Do these look like good numbers to you? Do you think you will be able to attain this salary range or higher during those periods of your working life?

If the answer is yes, that's good - but still not good enough to make you a millionaire.

Using the median salaries on the first row of each table, I computed how much the employee would earn in every 5-year period. In my computation, I assumed that the yearly bonus is 1 months' salary and there is no break in employment.





My computations show that both managers and professionals would have earned 2 to 3 million SGD. Sounds encouraging?

If the manager saves 30% of the salary, he wouldn't even have 1 million when he retires at age 60!

The professional would have less - SGD770,000.

If you're neither a manager nor professional, or if your salary is lower than what was stated here, you may never be a millionaire in SGD-terms, let alone in USD-terms just by working.

You may have a chance to be a millionaire by being an employee by:
- saving more,
- investing your savings (but there's a risk of losing money),
- earning more, i.e. getting paid way above the median salaries stated here.

Otherwise, wake up and stop dreaming.

"Everyone knows that the richest people are the business owners, not employees." - Andy Ong, CEO of ERC Institute (quoted from the newspaper Today 25 Jan 2010)

Related post:
[Failing to plan is planning to fail]

6 comments:

David said...

Yu-Kym,

Aside from the lucky few who inherit millions of dollar, most millionaire are risk takers. Often very creative. Google "Pet rocks", and you will see what I mean.

Creative types often achieve millionaire status, though obviously not all.

Start a company the has a vital or important service or product? Then the odds a good a bigger company will soon offer the owner many millions to get ahead start on the competition.

Microsoft, Google, and Apple have purchased many smaller tech companies that created technologies that give them an advantage or access to new technology.

Have a great idea for something unique, like a beanie baby or some great programming idea Yu-Kym?

If so we could be reading about you becoming SGs latest, (and hottest) millionaire.

David

Rock Hard said...

That's crap.

It should be..

"Everyone knows that the richest people in Singapore are the PAP ministers, not business owners"

Besides a CEO is an employee too.

Scope said...

You have made a very terrible quote from an undesireable element.
Goodbye.

Yu-Kym said...

David, I'm working on my own "product"!

Rock Hard, you're right to point out that CEO's are employees too!

Scope, looks like something hit a raw nerve. Everything is open for discussion, if you like. You're just throwing the baby out with the bathwater.

Anonymous said...

I wonder what hit "Scope"?

curious cat

Yu-Kym said...

Something quote must have been too brutal.