The 27-year-old new Shanghainese meets an understanding Shanghainese girl, and the 2 of them will face a lot of financial difficulties if they want to get married and move on.

 Income

Sun Libin is a biopharmaceutical company's R & D personnel, 27 years old, after graduation from graduate school to stay in Shanghai, became a new Shanghai person.

Sun Libin said he was born in a small county in southwest China and is a typical "small-town kid". After studying hard, he was admitted to a university in Shanghai nine years ago, majoring in bioengineering.

After graduating from college, he went on to graduate school. In 2021, after graduating from graduate school, he joined this pharmaceutical company. He said, "This enterprise is an enterprise that carries out the development of innovative drugs. The enterprise itself is not yet profitable, and it is mainly supported by venture capital, and my job is to do experiments in the laboratory and participate in the research and development of new drugs."

Sun Libin said, "Compared with those students who entered the IT field and the financial field, my income is much lower, but the good thing is that the pressure of work is not so great and the intensity of work is not so high. My income is 12,000 yuan per month, 15 salaries for the year, to meet my own lives is not a problem."

Don't think that the income of 12,000 yuan per month is high enough, but the income in hand is not so much, you need to deduct insurances, pension, and personal tax first. Insurances and pensions monthly to deduct 2625 yuan, personal tax for the year 1035 yuan, the average to each month is only 86.25 yuan, not a lot. Sun Libin said, "I have fewer additional deductions for personal tax, only one for renting an apartment, which can be deducted 18,000 yuan per year, if there are other deductions, I don't have to pay personal tax."

In terms of annual income, Mr. Sun can receive a year-end bonus equivalent to three months of income, and his income in hand after deducting taxes is 34,920 yuan.

 

Limited balances

Monthly expenses mainly include so many parts, the talent apartment in Shanghai Lingang area, 42 square meters, rents 1176 yuan/month; water, electricity, gas, and communication costs of about 300 yuan/month; the company provides free lunch, you need to solve the breakfast and dinner, 1,500 yuan per month; clothing and daily necessities averaged to about 1,000 yuan per month.

As the apartment is not far from the company's distance, Mr. Sun rides a bicycle to and from work, not only to save the transportation costs but also by the way to exercise the body.

Last year, before the Spring Festival, he was introduced by a colleague in the company, and he got a girlfriend. The girlfriend is a local Shanghai, in the Lingang area of a public hospital as a nurse, she is 25 years old. After more than 1 year of contact, the 2 people have a good feeling between them, there is further development and the possibility of marriage.

The two usually dates in the Lingang area, and occasionally will go to the city center to shop. On weekends, the two will travel by bicycle, watch movies, have dinner, the expenses for a month is about 3,000 yuan, which has become Mr. Sun's largest monthly expenditure. Last year, during the Covid-19 pandemic, his girlfriend has been fighting in the front line, they rare to see each other, the expenses of the relationship has been saved. After the Spring Festival this year, the 2 people's interaction is normal. 

According to the current income and expenditure, Mr. Sun can balance about 63,000 yuan per year, 2 years he has a balance of 110,000 yuan of funds.

 

Insufficient ability to buy a house

Mr. Sun's parents teach at a local school and earn an upper-middle level of income in the area, and even if they retire in the future, they will have a relatively high pension. But compared to the high prices of housing in Shanghai, their savings are negligible. Mr. Sun's parents said that if their children need to buy a house when they get married, they can support up to 800,000 yuan.

Mr. Sun said, "Although the Lingang area's housing prices are much lower than those in downtown Shanghai, it costs about 3 million yuan to buy a 2-room, 1-bathroom apartment. If he plans to get married in 2 years, he can save up another 120,000 yuan, which, together with the 110,000 yuan he has saved and the 800,000 yuan his parents have supported him with, will almost be enough for a down payment.

If I can apply for a $1 million provident fund loan plus a $1 million commercial loan with my girlfriend, the monthly repayment will be almost 9,400 yuan or so. I have to pay back the mortgage with all my income per month, and I have to rely on my girlfriend's monthly income for my usual expenses.

Mr. Sun said: "Our industry's income growth is not much, can make a lot of money the key to see the progress of the project, we chose to develop a new drug has entered the second phase of clinical trials, if the results are good, and the final drug can be marketed and sold, we can all get a reward, in accordance with my contribution, it is estimated that the reward will be in the 300,000 yuan or more."

Mr. Sun is full of praise for his girlfriend: "She is not a girl who values money very much, knows that it's not easy for me to work alone in Shanghai, and doesn't give me too much pressure. Usually, our biggest fun is riding, riding around Lingang area, there are good movies will also go to see, in addition to some special days, my relationship expenses are still relatively small."

For the problem of buying a wedding house, Mr. Sun said, "The girlfriend also holds a dispensable attitude. Their family itself has 2 suites, 1 suite for self-occupation and 1 suite for rent. If I don't buy a house, their family will take back the rental room, decorate it as a wedding room. If I plan to buy a house, their family is also willing to contribute part of the down payment."

Mr. Sun has been living in Shanghai for 9 years since he started his university studies, and he has deeply fallen in love with this city. Now that he has met such an understanding Shanghai girl, it makes him even more hopeful. He thinks he must rely on his own efforts to make his girlfriend live a happy life.

 

How to manage money

Currently, there are 3 main issues that he urgently needs to address:

1. One is how the $110,000 balance from previous years should be managed to generate more property income
2. Secondly, should he buy a wedding house or get married in his girlfriend's house
3. Thirdly, he doesn't have any business insurance, what kind of insurance does he need to buy after he gets married so that his girlfriend can feel more secure?

Answer rating: 100% (QA)

Sun Libin faces several financial challenges and decisions in planning for his future with his girlfriend in Shanghai Lets break down the issues and p... View the full answer