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Being ruthless to be rich

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  #31 (permalink)  
Old 04-01-2018, 10:03 AM
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For those who are curious, I've just did a quick calculation based on this advice.

Assumptions for a moderately-successful Singaporean:
1) Start work @ 25 years old, at 3k/mth with 2 months bonus every year
2) Salary growth @ 3% per year; for years with promotion, growth @ 10%
3) Promotion once every 4 years
4) Save 60% of total salary and invest all of them, at 6% annual gain

Results based on the above calculations:
1) Salary at: 25 (3k/mth), 30 (3.7k/mth), 35 (4.6k/mth), 40 (6.1k/mth), 45 (7.5k/mth), 50 (8.7k/mth)
2) Number of years for gains from investments to exceed salary from job: 24 years, at 48 years old. By this point of time, your annual package is $115k, while total invested amount if $2.1m

And that's saving 60% of total salary.. not many can do that, given housing mortgage, etc..
all these are hypothetical... assuming you are a Singapore Citizen, you would have already be contributing 20% of your salary to CPF. unless you are talking about 60% of NETT wages? Still. provided you are not the only child in the family and your family doesn't need you to take care of them. utilities, telephone bills, groceries, insurance, etc.

provided you are not intending to settle down, not intending to go for some holidays from time to time, some occasional luxury splurges...

continue building the dream portfolio of S$2m.

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  #32 (permalink)  
Old 05-01-2018, 02:11 AM
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all these are hypothetical... assuming you are a Singapore Citizen, you would have already be contributing 20% of your salary to CPF. unless you are talking about 60% of NETT wages? Still. provided you are not the only child in the family and your family doesn't need you to take care of them. utilities, telephone bills, groceries, insurance, etc.

provided you are not intending to settle down, not intending to go for some holidays from time to time, some occasional luxury splurges...

continue building the dream portfolio of S$2m.
Yup I don't get these people. Why suffer for 25 years just to build a portfolio of $2 million? What do you get in the end?

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  #33 (permalink)  
Old 05-01-2018, 05:59 AM
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Yup I don't get these people. Why suffer for 25 years just to build a portfolio of $2 million? What do you get in the end?
What is the alternative then?

My wife and I "suffered" over 32 years slogging at work and built up a networth close to $7M.

As we are very conservative in investment, we didnt touch our CPF monies and just let it grow. And we were pleasantly surprised when we saw that our combined total interest from our CPF for 2017 was a cool $70k. $40k was from my CPF and $30k from my wife's.

Our investment in only blue chip shares also netted us a dividend income of $53k last year (lower than the year before). We dont do trading, we just held the shares we bought and accumulate whenever we have spare cash.

The rental market has softened, but we were still able to secure a new tenant in 2017 netting us $37k in gross takings.

All in, a total of $160k in passive income for 2017. And this was only possible because we were prepared to "suffer" for years working our lives away. We are very old school, so we didnt know any other way than to "suffer" working to secure a better life for ourselves and our children's future.

We tried buying toto but that didnt work out for us.

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  #34 (permalink)  
Old 05-01-2018, 07:27 AM
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Different strokes for different folks.

A stranger on the internet is happy for you.

Get rich quick stories make good click bait, but getting rich slowly is tough and admirable. It may not make for a fancy story, but that does not make it any less respectable.
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  #35 (permalink)  
Old 10-02-2018, 07:52 AM
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There's no relationship being ruthless or not ruthless and earning a good income.

I'm 36 and have a PA of $550k last year. But that's because I run my own business.

I can be strict and firm with my staff but otherwise I reward and value them well too.

Whatever you believe to be true will become true.
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Old 10-02-2018, 09:54 AM
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There's no relationship being ruthless or not ruthless and earning a good income.

I'm 36 and have a PA of $550k last year. But that's because I run my own business.

I can be strict and firm with my staff but otherwise I reward and value them well too.

Whatever you believe to be true will become true.
alot of my bosses only interested in profits, and dun bother about quality of the product. When got profit, they meet their KPI and get bonus, and the employee bonus remain the same. But when there is customer complains on the quality issues, they penalize the employee......In this case. they are consider ruthless
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