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Been Offered 50,000 USD to work

Tags : property, business, travel, technology, nightlife, events, food, food, expat_services

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ED321

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Joined: Oct 16, 2007
Posts: 3

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Posted: Oct 16, 2007 - 09:57 PM
Post subject: Been Offered 50,000 USD to work

Been offered a job at a bank and the salry is equal to 50,000 USD a year.

What kind of life can I expect to have with that? I would be looking for a reasonable apartment - hopfully w ith a pool - but would shop at local markets - I dont drink mutch but would go out say twice a month?

Could I havea good life with that and could I save. I currently live in SG and can save abut 1500 USD a month, could I do that in Shanghia?

Any advice would be apprecaited

me_myself_&_i

Reacher

Joined: Oct 15, 2007
Posts: 244

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Posted: Oct 16, 2007 - 10:54 PM

does the boss gives you anymore benefits?

from your post it looks like they will not pay for the house?

your salary looks like around 30.000rmb a month it is not bad (many westernpeople do not make that)

reasonable apartment it all depends where you want to live the size and other things you mentioned a pool looks like you are looking for an upper comunity

where do you want to live? around jing an temple you can find a few places like 1 or 8 park avenue that will have a pool if i remember well and you can expect to pay around 8.000rmb a month.

wait for others to give you more infos

good luck.

kamote

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Joined: May 21, 2005
Posts: 464
Location: shanghai
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Posted: Oct 17, 2007 - 09:26 AM

if that is net then you can live a very good life in shanghai. you can save perhaps more than 1500 according to your info even if you will be paying for your own accomodations, utilities, basic needs, etc.

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thewalrus
Shanghai Royalty

Joined: Apr 28, 2004
Posts: 8574

Posted: Oct 17, 2007 - 10:06 AM

Once again a little vague in the details.

1) Is this figure net or gross?
2) what do you do? you work in a bank you say - in what role?
3) what stanadard of living are you looking for [i.e. local housing or expat compound].
4) any benefits from your Co. [i.e. flights, heatlhcare, housing etc]

Maybe this could help clear things up a little.

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thewalrus
Shanghai Royalty

Joined: Apr 28, 2004
Posts: 8574

Posted: Oct 17, 2007 - 10:10 AM

Quote:

if that is net then you can live a very good life in shanghai.

How can you say this? Your perception of a very good life may differ greatly from my perception or that of the orignal poster.

I know guys who, in their eyes, live a great life on 10000 RMB here, while others I know are closer to 10000 Euro and think the same.

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Michael

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Joined: Mar 22, 2002
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Posted: Oct 17, 2007 - 10:37 AM

Yeo.. depends on what you want and what your expectation for lifestyle is. With 30K RMB a month.. you can live well and save a lot if you make your lifestyle choices well. We have a 3 BR 130sq meter apartment in a decent area and the building has a workout room and pool. 5500 RMB (admittedly a good deal on the current market - but doable ) . Eating local foods with some supplementing with imported items is not difficult and you don't have to deprive yourself.

The big money drains are - getting your own car - rather than use taxi-subway-public transport... AND-OR sending kids to an international school.. AND- OR using western healthcare options if you are not insured AND-OR eating and clubbing at upscale places where you spend more than a few hundred a few times a week. Nothing wrong with any or all these - they just cause the money to fly fast.

Rais

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Joined: Nov 17, 2006
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Posted: Oct 17, 2007 - 11:58 AM
Post subject: Re: Been Offered 50,000 USD to work

ED321 wrote:

Been offered a job at a bank and the salry is equal to 50,000 USD a year.

If they quote in USD expect your salary to decrease significantly even in the near future of the next two years, and lets not forget the local inflation.

Last edited by Rais on Oct 17, 2007 - 11:59 AM; edited 1 time in total

rxg

Raver

Joined: Sep 06, 2005
Posts: 496

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Posted: Oct 17, 2007 - 11:58 AM

Agreed with Mr. Thewalrus. However, what you do is not important but how much you make (after tax) and how you define a "good life" is important.

Different people have different stanadrds. American, Chinese , Eroupean, and your stanadrds are not the same.
If you make 50000 USD per year and still be able to save 1500 USD per month, seems like you spend moderately.

Based on that - I think you life in SH would be equivalent to what you have at SG. And if you are a guy, the girls in SH are much cheaper- in all sense of the word. wink2

SPP

LoopKicker

Joined: Nov 08, 2006
Posts: 829

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Posted: Oct 17, 2007 - 04:55 PM

[/quote]What kind of life can I expect to have with that? I would be looking for a reasonable apartment - hopfully w ith a pool - but would shop at local markets - I dont drink mutch but would go out say twice a month? [quote]

Numerous poor Chinese kids need your salvation to go to school or hospital.

DesertSpider
Post Boaster

Joined: Jan 19, 2007
Posts: 4725
Location: SHANGHAI, CHINA

Posted: Oct 17, 2007 - 07:47 PM

50k USD isn't doing too bad here, you'll be middle class - which isn't bad, save some - spend some.

I know some people here making 50k a month, other friends making 5k a year... all relative to your own standard of living and lifestyle habits / plans.

One_Brick_Shy

Rocker

Joined: May 20, 2004
Posts: 771
Location: Out looking for a brick, of course.
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Posted: Oct 18, 2007 - 07:11 AM

Considering that the average Chinese family in SH lives on between 3k to 5K/month (600USD) with both working think you can survive in SH and pocket some savings. I live on about 2-3k/month, however, stay away from most of the high priced traps that some foreigners like to frequent.

BTW, you should check your PMs 'cause I think about now you have many SH ladies welcoming you to SH. WATCH OUT!!! Smile

ED321

Newbie

Joined: Oct 16, 2007
Posts: 3

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Posted: Oct 18, 2007 - 08:31 PM

Thanks for all the reponses

Let me be cleaer

50,000 USd is Gross
I will have no benefits in terms of house paid for etc
My medical expenses will be taken care of
I eat loacl food - been in asia for years
A reasonable lifestyle is having a two bedroom - unfurnished appartment - 20 mins from CBD
Say 1000 Sawaure feet - but wopuld like a pool and or gym
Be able to go out on the town for some drinks at least teice a month - few trips to the cinema
Want to save at least 1500 USD a month

Can this be done

The reason I am asking is when I came here my comapny offered me 60,000 Sing dollers - they sadi yes its more than enough youll have agreat time - when I got here I realized that the 'resonable' life I talk about aboove - which Im sure you agree is very conservative - is not possible in Singapore - its more like 20,000 sing dollers more

Any more help would be appreciated

ED321

Newbie

Joined: Oct 16, 2007
Posts: 3

Status: Offline

Posted: Oct 18, 2007 - 08:34 PM

One final te is one of the safest places in the world and you gave live here in local housing without any issues - I guess I have heard that SH can be a little dodgy in parts - so not sure if local housing is

1. a\safe
2. neighbours are frindly to foreigners

Thats why im thinking expat compund for housing - remember my saving lan - I currently pay 1000 USD a month now for housing

DesertSpider
Post Boaster

Joined: Jan 19, 2007
Posts: 4725
Location: SHANGHAI, CHINA

Posted: Oct 18, 2007 - 08:46 PM

1000 USD here for housing won't buy you anything w/in a 5 block radius of the Ritz, but you won't be living in the slums either....

kumlong

PopStar

Joined: Oct 18, 2007
Posts: 999
Location: puxi
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Posted: Oct 19, 2007 - 08:57 AM

I think it depends really on what you want in your living. I too am in the finance industry but I don't think getting USD50000 a year is a fair price. The reason being that finance is a highly mobile sector and one can easily move between places. For example if you get a better offer in London, then off you go.

In terms of whether USD50000 (PA Gross) is enough for you I made the following calculations:

- I am not sure what the tax rate here is as my taxes are paid for by my company. I am using 30% but you can easily change this.

- Using an exchange rate of 7.51 and a 12mth calendar year, your monthly salary is CNY21,904.

In terms of housing, I think CNY6000-7000 is fair to pay but you would have to perhaps live a little further away in say Century Garden or maybe XJH. As Shanghai is big, 20mins from the CBD is not really easy to find.

Assuming that you save CNY7000 a month, then that still leaves you a good CNY7000-8000 for entertainment. This is not bad a life in Shanghai.

However if you are looking for bigger fish, then you may not be satisfied here. Hope this helps. Good luck.

Shanghai7136

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Joined: Nov 26, 2003
Posts: 318

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Posted: Oct 20, 2007 - 05:07 AM

It's not a bad salary for a few years. But if you plan to move back to your host country in a few years you might want to save. If you live in any place with standards like NY, SF, or LA, you may want to plan your homecoming and calculate how much you'd need to buy a car when you get back, house... etc.

If you're going back to Singapore then I don't know.

Sirharley91

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Joined: Apr 23, 2004
Posts: 7

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Posted: Oct 23, 2007 - 04:15 PM

I can barely survive on $300,000/year

HintMan

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Joined: Dec 27, 2006
Posts: 329
Location: Shanghai
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Posted: Oct 23, 2007 - 04:20 PM

Sirharley91 wrote:

I can barely survive on $300,000/year

U.S.? You ARE kidding right? Tell me you're kidding before I kick you upside your head.

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me_myself_&_i

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Joined: Oct 15, 2007
Posts: 244

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Posted: Oct 23, 2007 - 04:40 PM

well (300.00$ a year) is about 200.000rmb per month
if he drink a couple of bottles of champgne everyday (2.00rmb average)
couple of girls a nite (2.000rmb a nite again)
you arrive at average 60.000rmb a month plus that kind of guy live in a 50.000rmb villa in pudong (this will make it more than 100.000)
not counting the outings at bar rouge/jean george and the like who knows what he could do with the rest of the money

i think it is doutfull thought. he must be joking

me_myself_&_i

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Posted: Oct 23, 2007 - 04:41 PM

i mean 2.000rmb one of the zeros got stuck somewhere

SherBo

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Posted: Oct 24, 2007 - 09:48 AM

Shanghai is a fairly expensive city by any standard, but by Chinese standard it's out of sight.....Depending on how your used to living,50,000 can be a problem..you cannot maintain a upper middle class lifestyle..You can in Qingdao or Cheng Du etc..but not in Shanghai... I have a very nice home in the old French district I pay almost $6000 USD's per month....I pay 2000 per month for a Driver/Interpreter...I supply the car.....I have a very nice girlfriend who thinks my last name is Moneybags......but i do enjoy Shanghai very much...

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One_Brick_Shy

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Posted: Oct 24, 2007 - 01:25 PM

Braggart! You remind me of those whose first car is a black Santana. Legend in own mind.

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saleenr6

Barker

Joined: June 22, 2004
Posts: 196
Location: Shanghai
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Posted: Oct 24, 2007 - 02:04 PM

Quote:

I have a very nice girlfriend who thinks my last name is Moneybags..

Shiiiit my gf that thinks my last name is dirtbag.

Regarding the money, 21,000rmb/month.....hmm....Let me put it this way for you. Don't fork out 6-8g's on an apartment, thats more of a 30,000net income person. Your allowed like 3-5g's. Save that money and spend it else where. Lottttta stuff here thats really cheap. So you'll be able to save a crap load of money.

like others have said, local family of 3-5 lives off 3-8k. and your asking about a single person with 20k. You'll be fine.

Oilman

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Posted: Oct 24, 2007 - 02:07 PM

What's wrong with a Black Santana? I do agree he is either bragging or exagerating. Tax rate sounds like a big deciding figure for you as saving 7K to 8K per month is below your goal.

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foodcoma

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Posted: Oct 24, 2007 - 02:49 PM

kumlong wrote:

It depends on what area of finance one is in. Finance could mean 1 million different things, and these jobs all require different skill sets. So, relatively speaking, he could be either making a lot, or they might be screwing him.

Back to the OP's question - usd50k/year in HK is decent but you won't be living the high life. Based on what you describe you wanted, it's possible if you are less concerned about how new/modern your apartment is. Also, you may need to take buses/subways a lot more than taxis.