July 27, 2021

20 thoughts on “Rolf’s Salary and Income Report Analysis – 2004 to c2020

  1. Hi Rolf

    Oh wow, that's a crazy explosion impact based on what you are earning today versus when it first started, growing by more than 6x. Using your same analogy, mine has probably plateaud at about 4x today since I first started and it is unlikely that I will experience an increase of more magnitude than that. But it is still better than none and like you I do very much agree that it is the early push and hustle in the first 10 years of our corporate life that matters as all of us are likely to start from a lower base at that point.

    1. Hi B,

      Yes, the initial push is important. That is when we have the most drive when we are younger.

      I am lucky to ride the good times of the Marine and Offshore boom. From 2004-2008, bonuses of minimum 3-4 months in our industry are very common. In shipyards, bonuses are minimum 8 up to a max of 12 months. However I only got my bonuses from 2004 to 2005, and 2006 onwards is more growing of basic monthly salary and my position and ability to manage, mainly from the same company.

      I don’t leapfrogged too much.

      For you, actually if you can maintain your plateau 4-5x in an industry that is more sustainable, I think you are better off than me. My industry is gloom and doom, and I am extremely lucky to enjoy the boom and still able to survive and maintain my income after so many years.

      Those who graduated 2013 onwards in my sector did not experience the boom and with a no future ahead now! I pitied them and it is really no fault of them. I also see some new fresh grad last year, that is even worst.

      Hopefully they can find light somewhere somehow….

    2. I have been suffering from Herpes for the past 3 years and 8 months, and ever since then i have been taking series of treatment but there was no improvement until i came across testimonies of Dr Sayo on how he has been curing different people from different diseases all over the world, then i contacted him as well. After our conversation he sent me the medicine which i took according to his instructions. When i was done taking the herbal medicine i went for a medical checkup and to my greatest surprise i was cured from Herpes. My heart is so filled with joy. If you are suffering from Herpes or any other disease you can contact Dr Sayo today on this Email address: (sayoherbalhealer@gmail.com) or WhatsApp him on this Number +2349012175679 Visit his FB page: https://www.facebook.com/Sayo-Herbal-Healer-100145798345000/    also visit website: http://sayoherbalhealinghome.com/ or check blogs: https://naturerootandherbscures.blogspot.com/

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    1. Hi CW,

      Multi-bagger only during first 5-6 years. After that, my salary has been pretty stagnant since 10 years ago.

      That is not good.

      I do not think it’s the industry that is to be blamed, as 2010 to 2015 are golden years and I can still leapfrog higher. However because of my growing family and deteriorating health, I choose to downgrade my position and even my salary back then.

      Also the indulgence into investment and financial literacy perhaps also kind of put brakes onto my aspiration to career climb. As I become more frugal and grow my investment, and my loans become lesser and lesser, I also do not have the stress and drive to earn more money!

      It is funny. The more you save, the less drive you have to earn from your job!

  2. Yup, all those talking about hitting $XXXk by 30, they talk about all sorts of reasons except the most important one — having high salary or high salary growth. 😛

    1. Hi Vince et al, I have a friend who is close to his 60 now, wife is housewife all along. He worked hard over the years to grow his salary, and does not know stock investment up to today. But he bought into investment-linked-product (ILP) from his insurance agent every month 30 years ago.

      What he also did is to grow his human capital and in his earlier 40s, he got retrenched but has a huge amount of shares in his company (listed in US) and a huge payout. He bought another property using the money. He found a job thereafter.

      At age 53-54 he retired because his money from ILP payout now is sufficient to last him forever. Bearing in mind that he had 3 children and two of them are in universities overseas (one in medicine). The school and living expenses fees he probably need to cater is 600-700KSGD for all 3 kids.

      So growing salary and ILP can also replace our so call self-created portfolio.

      Of course if you are super super super cost cautious on everything, and does not want to have kids, frankly I can retire before 30 already without portfolio and without daddy mummy support! The trick is …. My wife works! Hahaha….

  3. Hi Rolf,

    You remind me a lot of a mentor I used to have. The generous and insightful sharing helped me to gain a lot of perspectives and understand the considerations, especially before I started doing stupid things plus the consequences of doing so. But I did some of them anyway 😀

    Yet another thing we have in common – I paid for my own study loan (no daddy/mummy CPF because they were self-employed) and borrowed from the bank when I didn't have enough.

    Anyway, you're too kind with your words – I'm OK to share, largely because like you, I'm semi-anonymous in this space although I have met many bloggers in real life.

    I've mentioned that while my sharing included my monthly salary from full-time employment for quite a few yrs, they did not include alternative income streams and therefore, wouldn't paint a complete picture.

    A positive outcome from having authentic posts (starting from negative net worth, job changes and making $7/hr) is that people can come on this journey with me and follow along for years.

    While I have stumbled along and made mistakes along the way, it was what I needed to do for myself, in order to find my own path. This post is good advice on human capital that many don't want to hear 😉

    1. Hi Kevin,

      Sometimes, I can be too direct and not good at sugar-coated words. Hence, the human capital topic which is a “hateful” topic here.

      Also because of my directness, therefore it’s the truth for what I have said about you. 

      I don’t think I am qualified to be your mentor, but maybe mutual mentoring, as I also learn a lot from your blog. I think there is no boundary in learning. Whether old and experienced or rich, should also listen to poor, young and inexperienced. Opposite also true.

      Yeah, we paid my own fees! It is actually quite painful for me. Not just TFL (20K+ for 80% loan ) but also 4 yrs study loan (12K+ to pay the 20% TFL and living expenses), and computer loan (3K). I also need to repay my sis a few K because she supported me when I was in university for awhile. Hence, in debt of 40K (excl. exorbitant interest from DBS) when I graduated in early 2000s, which is quite a lot at that time. My first 5 years of graduate years are really work like a dog.

      I wouldn’t want my children to go through what I have gone through after I graduated!

      I read you “about” in your blog. And like you, all sleep on the floor too!

      And, in our small 1-room then 2-room flat rental flat up until we are all adult above 18 y.o. My father only take home $500-600 a month (w/o CPF) all his life until 1997 when he passed away. Mum is housewife. Havent include the gambling advance loans and “piao hui” interests they have to pay.

      So overtime, loans become even more, but luckily we have relatives and friends who are not rich, but are generous in helping us! This is the reason why I feel being generous to help those in need is super important, because my family was one of the beneficiaries back then!

    2. Oh yes, you reminded me! My TFL was $20K and laptop loan another $2k. First taste of how interest can work against us and I quickly paid back every cent after working.

      It's true. A lot of our experiences we had when growing up, shaped who we are now as adults.

      Now when we have more, maybe we'd give more generously.

      Now when we have more, not necessarily that we'd splurge on ourselves.

      Strange, but true.

      Anyway, if you see a "TI" account? That's me, sometimes I'm lazy and forget to change during commenting 🙂

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  4. morning Brolf!
    woah. you know after this post, your page views will also grow exponentially 600% normalized too. hah ! =)

    "The lesser you have, the more you accomplish"
    – this is the trend that i noticed as well. those who started out "harder" background tend to accomplish alot more that those with a "sheltered/easier" background. i really admire the gumption and the resilience of those that fall in your said group. their never-say-die- attitude is respectable!

    your very last para is a very valuable soft skills, which i unabashedly honed during my overseas work. something that i didnt have during my early years, as i was an introvert during school. i commented similar on Kevin's blog as well, as we both share similar characteristics. over the years, working overseas, e, interacting with so many foreigners (including rednecks! )you are forced by circumstances to step out from your comfort zone. i would say, i have alot less hesitation now to approach people, and i dare to say, i have sharpen my ability to size up someone's character, based on first or second encounter. this is something that cannot be taught in school, but learnt first hand – thru the School of Hard Knocks

    1. Evening BroFC,

      Haha 600% growth in readership! Wow.. meaning lots of ad income! But still, SG readership market too small!

      Gumption is an English word. Thanks bro, learning something new.

      Yourself and Kevin are two guys I somehow feel connected and have the internet-brotherly feel. Hopefully we can meet soon!

      Haha.. rednecks, I never deal too many, except I was on 2 American Rigs before! I remember the Crane operator on the rig, everyday 9pm will go to the Mess Room to play DVD – one episode of Band of Brothers per day!

      Working onboard rigs and vessels are tough bro!….. I remember onboard during CNY and also missing lots of important days because the Offshore tests were extended.

      Lastly, you are absolutely right, that the ability to “see through someone character” during 1-2 or 3 meetings is really a skill that cannot be taught in school.

    2. haha. i think thats coz we are of similar age group? +/- couple years . if not wrong, im in the middle of both you and Kevin.
      i remember coz i was commenting on his last-of-mohican army boots, which we both had; and i wore it from BMT to MR! so i save my emart credits to buy more useful things like green/black socks for work! (and PT shoes for my.. ahem ahem)..
      will be nice to meet up. thats a grand thought!

    3. In due course! Perhaps when the world we're in is back to some sort of normalcy, maybe we'd all have the chance to la kopi in real life 😉

  5. I have been suffering from Herpes for the past 3 years and 8 months, and ever since then i have been taking series of treatment but there was no improvement until i came across testimonies of Dr Sayo on how he has been curing different people from different diseases all over the world, then i contacted him as well. After our conversation he sent me the medicine which i took according to his instructions. When i was done taking the herbal medicine i went for a medical checkup and to my greatest surprise i was cured from Herpes. My heart is so filled with joy. If you are suffering from Herpes or any other disease you can contact Dr Sayo today on this Email address: (sayoherbalhealer@gmail.com) or WhatsApp him on this Number +2349012175679 Visit his FB page: https://www.facebook.com/Sayo-Herbal-Healer-100145798345000/    also visit website: http://sayoherbalhealinghome.com/ or check blogs: https://naturerootandherbscures.blogspot.com/

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