Singapore Expats

Wd40 wrote: ↑

Wed, 09 Aug 2023 11:09 am

malcontent wrote: ↑

Wed, 09 Aug 2023 9:58 am

As time draws near for me and my family to move to the US while my kids do their tertiary studies, I have discovered a few interesting facts.

One is that taxes are not as bad as I thought. Even with an income of US$200k in a high tax state like California, as someone over 50 with a non-working spouse, I can make nearly $45,000 in tax deductible contributions to retirement and health savings accounts — and what’s left over is not considered high income for a family. In this scenario, California is not so different in tax than most other states.

Another realization is that real estate prices in California are crazy high these days. Roughly speaking, even in the suburbs, you are looking at around US$800 per square foot (US$2m for a 2,500 Sq Ft home). Luckily, property taxes are much lower in California, so that is not as big of an issue - but similar to Singapore, you’ve got a huge asset hurdle to clear. With interest rates where they are, borrowing 7 figures means 5 figure payments… and that is just nuts.

US often trumps every other country when it comes to the how high income you can make vs relative cost of living + given the amount of opportunities you have in the US. So it is indeed a huge privilege to have a US passport/residency or even a work visa in the US. I think as a US citizen you have the best deal and you have won the ovarian lottery already. You have done very well for yourself and you have made the best use of this privilege + gained international Asian experience. What more can you ask for in one life time ?

I think those who are sent to Singapore from the US by my employer on a full expat package are the ones who have really won the lottery. I’ve known many over the years. They enjoy an employer paid 5 figure monthly rental, utilities fully paid, 85% subsidy on either 1 new or 2 used vehicles, the whole family gets free flights once per year (home leave), all kids get International School fully paid, and you also get a cost of living differential plus five days extra leave each year. The only downside for them is they don’t enjoy lower Singapore income taxes - they pay a hypothetical US tax and the employer pays their Singapore taxes (the company benefits).

I was hired locally from the start, and almost a fresh grad at the time. I’ve never gotten a single expat benefit. I still remember my starting salary in 1997 was S$2372 monthly, and I was renting a room for S$450. It certainly didn’t feel like I’d won the lottery at that time, but the fortunate thing was getting my foot in the door at my employer (a large US multinational). Although progression in my career has not always been fast, a few key opportunities and some good fortune got me where I am. I’d not have been worse off financially had I stayed in the US, but would have been better off in material standard of living… no question there.

While I appreciate the experience I’ve gotten… after nearly 3 decades here, I don’t feel like I’m growing in my experience anymore. I’m happy to be traveling again after Covid, but that is nothing new either. From 2002-2007, I was up to 60% travel. It’s easier to count the countries I haven’t been to rather than the ones I have, at least in Asia Pacific.

Even though the grass may not be as green as it used to be, I am looking forward to the adventure and new experiences of living somewhere else for a change. Variety is the spice of life, and I need to spice things up.

LOL, the US Costal cities have never been cheap; there's a concentration of wealth and high paying jobs in these regions. Even looking at a state average is pretty useless if you want to live in certain areas. As a reference, undergrad salaries from top universities are approaching $100k in these regions, graduate salaries are $150k+ (and some industries pay more). Those are for 22-year-olds and late-20s/early-30s people. You go to these regions because they have the most advanced opportunities, and attract other people with certain capabilities and mindsets. If you have high expectations, they aren't places to coast or be average among your peers (those people are often forced out and move to lower cost states or they adjust their standards).

The other option is to pick a more regional centre with some good companies. You won't make as much, but things don't cost as much so net-net you may be just as good numbers wise. The trade-off is that the ceiling probably isn't as high (not just pay but opportunity set).

Either is OK depending on what you are looking for.

As a rule of thumb, to estimate how much to budget for a house in the US, I would take the average price and double it. For example, California homes are around $800-900k average, but you really need double that for a decent home in a decent neighborhood.

I think Texas is where you can get the most for your money. Salaries are not shabby and you’ve got zero state income taxes… plus housing costs are still reasonable. I’ve got several relatives in the Dallas-Fort Worth area and have visited many times, it’s a great place.

TX abortion laws aren’t great for females though?

MOCHS wrote: ↑

Thu, 10 Aug 2023 1:09 pm

TX abortion laws aren’t great for females though?

But the gun laws (or lack thereof) make up for it… if you are into killing

Seriously though, Texas still allows abortion when the mother’s life is in danger, so I don’t see a great risk to females. And, nothing is stopping anyone from going out of state and running their unborn through the meat grinder.

I doubt they can afford to travel out of state in the first place.

It’s quite obvious unless you’re a white male, life in the southern states ain’t gonna be a walk in the park.

As of 2021 the population in the city of Dallas is 42% Hispanic and 24% Black… almost a quarter of the population are foreign born. Seems quite diverse to me. The last time I was in Texas it was in transit at Houston… all announcements were in Spanish, it almost felt like I was in a different country.

You’re looking at a city vs state as a whole.

And TX borders Mexico, no surprise there are announcements in Spanish.

One state doesn’t represent the entire south either.

It’s probably attractive for certain demographics. My in-laws are so liberal it still puzzles me to this day why they moved from the north to the middle of nowhere south. Housing is cheaper, I concur. Hubby didn’t want me living there though. *shrug*

Apparently the Hispanic population is now the majority in the state of Texas.

https://www.texastribune.org/2023/06/21 ... ographics/

My brother had a lot of Mexican friends when he lived in TX, they even gave him a nickname, arraña or spider, because he was always spidering by with very little. He was the only white dude with them doing day labor for cash!

Not a majority but the largest plurality by a very small percentage.

Hispanic Texans made up 40.2% of the state’s population last summer, barely edging out non-Hispanic white Texans, who made up 39.8%. But, Hispanic numbers will continue to increase in the state.

malcontent wrote: ↑

Fri, 11 Aug 2023 1:31 am

Apparently the Hispanic population is now the majority in the state of Texas.

https://www.texastribune.org/2023/06/21 ... ographics/

My brother had a lot of Mexican friends when he lived in TX, they even gave him a nickname, arraña or spider, because he was always spidering by with very little. He was the only white dude with them doing day labor for cash!

malcontent wrote: ↑

Thu, 10 Aug 2023 2:40 pm

Seriously though, Texas still allows abortion when the mother’s life is in danger,

That is not correct.

https://www.texastribune.org/2022/07/20 ... egnancies/

I like Houston Heights. I'd live there.

Myasis Dragon wrote: ↑

Fri, 11 Aug 2023 11:39 am

malcontent wrote: ↑

Thu, 10 Aug 2023 2:40 pm

Seriously though, Texas still allows abortion when the mother’s life is in danger,

That is not correct.

https://www.texastribune.org/2022/07/20 ... egnancies/

I guess the devil is in the details… hopefully they will work it out in a balanced way. Though I doubt anyone can agree what balanced is.

Maybe striking a balance on this deeply divided issue is a wish too far? Everyone seems so polarized and uncompromising on both sides.

PNGMK wrote: ↑

Fri, 11 Aug 2023 12:21 pm

I like Houston Heights. I'd live there.

I’d prefer a more distant suburb like Sugar Land… after living like a sardine for so long, having a little elbow room would be a breath of fresh air!