This is a topic I have also discussed with my Taiwanese friends. They have more or less the same issues, and I say more or less because with their degrees/work experience and not being an expat, their road to the 100K grail is a lot bumpier. I mean, my BFF makes 50K and is considered the msot successful by her friends. Truth be told, she hates her job, her bosses are morons of unbelievable caliber, and the company in general bleeds money like Niagara falls, though never on the employees. yet, as she says, that salary allows her the steam blowing trips say, to India, or a shopping spree on PC home. Most importantly, an independent life from her family. She could be saving more if she lived at home but ce 2. moving South means less salary and even less job opportunities/advancement.
For us expats, we also need to blow of the steam of the tension from cultural clashes. Sure, I want my books, my magazines, my new nail polish. But that is not really a lot, it is not an every day grind. The lion’s share of expenses is just living, even though I compare my utilities bill to you guys and it is average, I live in a cheapo apartment, travel by metro, no drinking/fancy meals/extravagant expenses. Vacations were usually going to the ol country to visit family, which takes 200K of my savings. Retirement savings at 30K? You kiddin’, if I can scrounge 10K I am happy as a lark. Bismark was apalled with my pet expenses, he says it is 3 times more than his child education. Well, there are six pets, and if they do not eat well, they get sick, which is more expensive. Which leads me to the food expense: I get a service that is convenient and for me the price is right, many say too expensive but I factor the time devoted to shop/cook/brownbag for a single person… better have someone else do it.
I have lives with 15K (scholarship, no fun, hungry most of the time, you don’t wanna know about living conditions), 30K (first salary), 50K and up to where I am now. I am with Jimmi when I say that, even though I do not make 100K yet, that 100K is the goal for comfortable living where you won’t be constantly checking the balance nervously or compromising future long term plans (retirement) or short term (vacation trips, for example). Plus you do need a nest egg for emergencies, 500K fluid cash me thinks. At least. And never, never be stingy on medical coverage/insurance.
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But I don’t see that happening…I think it’s unrealistic to be able to save enough to retire at 60 / 65 when you don’t know what the economy or healthcare will look like in the future. To be honest, the thought of retiring that young makes me uneasy…65 is so young nowadays!!! And I plan on living a very long life! 