"I'm a macro trader in Singapore. I want to leave but my life is too expensive"
I am a director level macro trader at US bank. I have been contemplating a switch to the buy side. But after many probability weighted calculations, I've sadly determined that it is impossible and completely unwise to take the risk to leave the bank salary given the minimum spending requirements that I have.
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Annual salary: 600k SGD (US$456k)
Last bonus: 400k SGD (US$304k)
Investment income 2024 YTD: 400k SGD (US$304k)
Employment tax in SG: 23%
Rental: 240k SGD (US155k) annually - it is more economical to rent vs buy
Utilities: 12k SGD a year - water electricity are expensive here.
Annual school fees for 2 kids: 100k SGD, plus extracurricular activities for two.
Wife's spending: 25k SGD stipend for my wife.
Cars: 100k SGD annual cost of upkeeping two cars annually. 100k SGD for the depreciation + tax + maintenance (normal luxury cars, not even a supercar).
Helpers: We have two helpers, and they cost me 25k SGD.
Food at home: 20k SGD annually for groceries and home products.
Eating out with the family once a week: 26k SGD annually
Travel: 50k SGD annually
Entertainment for the family: 50k SGD annually
Comments: My post tax salary is almost completely utilized by my salary. But fortunately I am able to invest my bonus. I was able to save MORE when I earned less years ago, thanks to being single and not married with kids. Now that I have a family I am stuck. I can't take the risk to move to buy-side for a much lower salary and much more uncertainty on the total comp.
Demetrius Sibero is a pseudonym
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