Calling it quits!

Originally Posted by whizzard

Sadly for me, I am not as rich as you think I am. Travelling business class will be sufficient luxury for me. Buying a fanciful bike is something I have been thinking of but don't want it to sit around and collect dust. I could always let my son use it but I am worried about his safety if he rides on the road.

Cooking is a different form of enjoyment, at least to me. I can always go out and eat at restaurants but cooking a delicious dish on my own is a form of achievement. It also keeps the mind active! So, if I am retired and have time on my hand, why not? For me, eating out at a good restaurant is a form of pampering. They serve different needs.

You betray what you have become though... Already your expenses have risen considerably since you last posted and you are looking at buying that mid-life crisis Porsche convertible. Are you sure you don't want to travel first class? hahahaha before you know it, the "itch" will find you a young girlfriend and trouble.

Be careful about getting into cooking. I've had friends get into it, build a fancy kitchen with built-in appliances, $10K Viking Range appliances. Even hire a specific maid just to be the cook's assistant (dice onions, peel garlic etc). They have all grown FAT. Somehow, the cook cannot resist tasting all the high fat, high calorie sauces. hahahaha

Originally Posted by Unregistered

Whizzard, your path has been very similar to mine. Laid off during the global financial crisis, but after accumulating a lot of wealth at a global institution, I joined a local firm at a huge paycut and tried to cruise. Like you the boss soon figured it out and put a lot of pressure and I responded to it by delivering. Again like you, I was able to deliver without working nights and weekends anymore although I travel regionally (a few days in the middle of the week) every week. The ability to deliver easily was because the demands of local firms are much lower than global firms.

What is different from you is that the local company I worked for got taken over by a very large mainly Asian conglomerate. After a few months of integration, the consultants they hired decided that I should run a division of the conglomerate. Haha. Last thing I really wanted, but I was curious. It came with a few interesting perks and I insisted on being paid the same level as when I was working for the global firm, which they relented. Now I get Business Class everywhere, even KL, and a nice car and driver both in Singapore and at the HQ country. I went from managing a team of 30 to 300 professionals. I thought it would be a nightmare, but no. I found someone to replace myself and embarked on a new journey. Now I travel every week, but to HQ in a foreign Asian country for a LOT of meetings. Between various committee and board meetings, I think I do about 30 a month. It's very low stress. I just sit there in a conference room and give groups of people who wander in a hard time then am whisked off to a nice lunch. I'm relearning golf in order to play with board members and have had to make a few new suits. Interestingly, one small Singapore company has already approached me to be on their board. I can already see my future retirement as being on a few Singapore company boards, being paid $50-100K each.

Point is that after you rise to a certain point in a large organization, everything suddenly becomes low stress.

Hmm.. I am now in a possibly similar situation. Only difference is that I sold off company to MNC and instantly quadrupled my net worth. Now MNC is asking me to run the region with perks like a CEO of smallish listed company. Agree that job is less time sensitive and operational when u are the main regional guy. But sense of responsibility is still strong and so will try to give my best. For me, it is about helping team win, personally keeping healthy , engaged intellectually and still having fun with family, friends, travelling, giving back to charity. Motivation is now a combination of those things and being kind is very impt to me. My portfolio returns makes twice of what i spend annually and my pay is about 1+ times of annual spend. I have already raised my living standards like whizzard and will find it obscene and wrong to raise it even more. I wonder why my friends who are worth much more than me bother with even more wealth accumulation, beyond 20m or so, the marginal utility is quite low for the next dollar.

I have a list of items to do. Watch and engage kids as they grow. Talk to parents more. Love wife more. Get that 6 pack and a gold in ippt. Write a book. Cook more. Read more. Catch up with old friends more. Be consistently a good person to everyone. And when I feel full with life, then use that energy and see what new obsessive adventure life has for me. New business, community work, stay overseas if kids are older by then? The issue of purpose in life is always the same regardless of wealth and income once our basic needs are met.

[Hermit]

Originally Posted by 38andlifetogo

I have already raised my living standards like whizzard and will find it obscene and wrong to raise it even more. I wonder why my friends who are worth much more than me bother with even more wealth accumulation, beyond 20m or so, the marginal utility is quite low for the next dollar.

I have a list of items to do. Watch and engage kids as they grow. Talk to parents more. Love wife more. Get that 6 pack and a gold in ippt. Write a book. Cook more. Read more. Catch up with old friends more. Be consistently a good person to everyone. And when I feel full with life, then use that energy and see what new obsessive adventure life has for me. New business, community work, stay overseas if kids are older by then? The issue of purpose in life is always the same regardless of wealth and income once our basic needs are met.

*LIKE*

Don't get carried away with the consumption. It can only make one happy for so much and so long. Beyond that it is how you use what you have been given.

dear wealthy posters, what's the minimum F.O. capital needed to lead your kind of comfortable life? let's say you now have 20m, but do you think you could have led a similar lifestyle with just 10m? or even 5m?

Originally Posted by Unregistered

dear wealthy posters, what's the minimum F.O. capital needed to lead your kind of comfortable life? let's say you now have 20m, but do you think you could have led a similar lifestyle with just 10m? or even 5m?

Net worth about 20m and net worth 15m about the same. Both can travel business class, buy branded bags, eats about anything anywhere. 10m I think will need some trade offs. Main problem is that primary house expensive at about 4-5m. Even with some leverage, 10m guy only has about 8m or so to invest. At 4%, that is 320k to spend per annum. I used 4% as I assume bond, property rented and some equities type of portfolio.

[whizzard]

Originally Posted by 38andlifetogo

Net worth about 20m and net worth 15m about the same. Both can travel business class, buy branded bags, eats about anything anywhere. 10m I think will need some trade offs. Main problem is that primary house expensive at about 4-5m. Even with some leverage, 10m guy only has about 8m or so to invest. At 4%, that is 320k to spend per annum. I used 4% as I assume bond, property rented and some equities type of portfolio.

I agree but I must qualify that it is highly lifestyle dependent and assuming you are debt free at retirement. If you have a conservative and frugal lifestyle, 5M is enough. But, who wouldn't want to lace their retirement with little luxuries here and there. Therefore, I think at least 10M in net investable assets would be fairly comfortable in today's expensive Singapore society assuming you do not assume excessive risk in your investment portfolio. With 5M in net investable assets, you can retire but got to watch your spending. 6% would be a good, fairly conservative and sustainable rate of return.

Without recurring employment income, the expenses can add up pretty quickly and its always desirable to have some buffer for the unexpected once off expense.

[whizzard]

Originally Posted by Unregistered

You betray what you have become though... Already your expenses have risen considerably since you last posted and you are looking at buying that mid-life crisis Porsche convertible. Are you sure you don't want to travel first class? hahahaha before you know it, the "itch" will find you a young girlfriend and trouble.

Be careful about getting into cooking. I've had friends get into it, build a fancy kitchen with built-in appliances, $10K Viking Range appliances. Even hire a specific maid just to be the cook's assistant (dice onions, peel garlic etc). They have all grown FAT. Somehow, the cook cannot resist tasting all the high fat, high calorie sauces. hahahaha

I have travelled first class before on company's expenses ..... it's nice especially so for egoistical needs. To me, the big difference is between economy and business. The upgrade between business and first is not that tangibly material, it appeals more to the ego. I can forgo that lah. After all, there are so many really wealthy people out there ..... as long as I can access some creature comforts, I am already satisfied.

Believe me, exercise and keeping fit is very important to me even now. Since my productive hours belong to the company, I have less time to exercise but once I regain those productive hours, I will spend more time lounging in the gym.

I haven't bought the convertible yet. Still trying to earn extra to pay for it or save up more of my salary for it. If I fail to earn extra, then no convertible lor.

Finally, girlfriends. Ahh ..... what can I say except to exercise some discipline and not to get involved with the wrong ones. Contrary to popular belief, not all are necessarily gold diggers. Hahahaha!

[whizzard]

Originally Posted by Unregistered

Point is that after you rise to a certain point in a large organization, everything suddenly becomes low stress.

Unlike you, lady luck didn't shower such love on me. Undoubtedly, your experience and expertise has sustained what lady luck has showered on you. As they say, opportunity favours the prepared mind. You are in a most enviable position.

For me, I got to plan for a scenario without such opportunities. Hence, I have to continue running the rat race, slave driving boss notwithstanding!

Originally Posted by whizzard

I have travelled first class before on company's expenses ..... it's nice especially so for egoistical needs. To me, the big difference is between economy and business. The upgrade between business and first is not that tangibly material, it appeals more to the ego. I can forgo that lah. After all, there are so many really wealthy people out there ..... as long as I can access some creature comforts, I am already satisfied.

There is a big difference between SQ business and first class, especially on long haul Suites and it's not ego. To save money, you can put the kids in business class. Haha

First of all, the seat is superbly comfortable compared to the horrible shapeless seat on SQ's new business class. You also have a separate bed, which feels like a real bed with real bed linen, not a converted seat. You can change into your supplied Givenchy pajamas by closing your door and shutting your windows. Food wise, SQ business has deteriorated significantly, but First is still top class and you can order almost anything anytime. The people you travel with are also far more interesting than in business.

Once I was in SQ's "Private Room" at T3 and I saw a CEO of a listed company that I know and went over to talk to him. I ordered some Chirashi Sushi and we were chatting, when a Singapore minister walks by with an aide carrying his suitecase. He recognizes the CEO and joins us. The young aide (who probably had an Oxbridge degree) just sits there completely mute, while the three of us chat and eat. Don't think I'd have that experience in the business class lounge Haha. As a side note, I now run into the minister occasionally when I do brisk walking in a certain part of Singapore at a certain time of the morning because he exercises at the same time. He recognizes me and we talk.

Originally Posted by whizzard

Finally, girlfriends. Ahh ..... what can I say except to exercise some discipline and not to get involved with the wrong ones. Contrary to popular belief, not all are necessarily gold diggers. Hahahaha!

For those of us who have everything, the forbidden fruit tastes so good!!

After listening to the story of my divorced friend, I am very very careful.