Recently, there has been much debate about the cost of living in Singapore. While many may argue that the cost of living is extremely high, especially in terms of real estate, healthcare and education, others would argue that the cost of living in Singapore is not as high as it is made out to be. One of the key components contributing to this perception is the cost of living for a single person in Singapore. Because most people in Singapore are either independently wealthy or well-off, the wages of a single person are mostly sufficient for their daily needs. However, the question remains: how much money does a single platinum-card holder in Singapore make? Is it enough to live comfortably?
How Much Money Does A Platinum Single Make?
To answer this question, one must first establish what a platinum card is. Essentially, a platinum card is a credit card that is generally accepted by most merchants in Singapore. The platinum status of a card denotes that it is comprised of a mostly platinum alloy (usually platinum and a small amount of palladium) and that it is made with sophisticated technology. These cards can store a decent amount of data (often between 16 and 64 gigabytes) and are preferred by international travelers and high-net-worth individuals who want to use their credit card for easy access to high-end retailers and dining establishments in Singapore.
With that being said, let’s examine the earnings of a platinum single in Singapore.
The Perfect Salary To Support A Luxurious Lifestyle
According to the Singapore government, the salary for a platinum card holder is sufficient to support a luxurious lifestyle. However, not all platinum card holders in Singapore will be able to live the high life. The minimum annual salary for a platinum card holder in Singapore is currently S$36,300 (USD 24,400). To determine if this is sufficient to support a luxurious lifestyle, one must examine the other components that contribute to this lifestyle:
- Expenses – These are the expenditures that one makes on a day-to-day basis. This includes housing costs, transportation costs, healthcare costs, education costs and miscellaneous costs (such as clothes and dining out).
- Luxury Goods – These are goods that are generally exclusive to those who can afford to buy them. This includes expensive meals, premium spirits, designer watches and handbags, exotic travel and car rentals. When an individual buys something that is considered luxurious, this generally indicates that their income is sufficient to support a lifestyle that is considered luxurious.
- Needs – This is the amount of money that an individual needs in order to lead the life that they want to lead. Needs are determined by looking at what expenses an individual has and then establishing what is necessary and what is nice. Needs are not always determined by income and savings, so one should not assume that just because a person has enough money that they do not have needs.
For example, one may want to travel the world and see many different places and cultures. One way to do this is by taking a gap year after their senior year in college. During this time, they can work remotely for a few months and then spend a few months in the field. By doing this, they are able to see many places and meet different people. This can be a very useful and empowering experience, but it can also be quite expensive. One should not forget to factor in the cost of traveling and living in another country while gaining this experience.
Your Salary And Expenses
Once you have determined that your salary is sufficient to support a luxurious lifestyle, you can then add up your total expenses for the year. This should consist of all the money you spend on a recurring basis (such as utilities, health insurance, etc.).
You will then have a general idea of how much money you need to spend in order to maintain your current lifestyle. If you want to live a more luxurious lifestyle, you can look into getting a second job or raising your current salary by taking on a second job. Remember, there is no rush to do this. Take your time and make sure that you are confident that this is the right decision for you.
Raising your income is always an easy way to improve your financial situation. However, not all increases in income are created equal. For example, if you decide to become a life coach, you will need to train and mentor others. This can be a very lucrative profession, but it can also be very demanding. Make sure that you are not just taking on any job that comes your way. You want to find a meaningful and satisfying career that allows you to earn a decent living.
The Cost Of Living In Singapore
Now that you know how much money you make and how much money you need to maintain your luxurious lifestyle, one can then examine the cost of living in Singapore. The cost of living in Singapore is high, but it is not as high as many would have you believe. First, the cost of living is relative. That is, as long as your salary is sufficient, the cost of living is not that much of a concern. Second, the cost of living in Singapore is inflated by the high demand and low supply of property in the country. Third, healthcare and education in Singapore is not that much more expensive than other parts of the world. In fact, if one excludes these two areas, the cost of living in Singapore is fairly reasonable.
The cost of living in Singapore is high, but it is not as high as many would have you believe. One must remember that unless your salary is sufficient, the cost of living in Singapore is concerning. However, as long as your salary is sufficient, there is no need to worry about how much money you make or how much money you need. Instead, one should focus on enjoying life and not worrying about their financial situation. The perfect salary for a platinum card holder in Singapore is S$36,300. One must add up all their monthly expenses (including taxes and insurance) and then subtract out their income to determine how much money they have left over to spend. Remember, if one is doing this on a regular basis, it may be a good idea to look into raising your income or taking on a second job. This way, you can better manage your money and ensure you have more left over to enjoy life and not worry about survival. Enjoy the good life and be happy.