Whats your net worth

Got to know someone who passed away at 60, he has planned all his life to enjoy his retirement at 65. He always talk about bring his wife to the Maldives and enjoy the beautiful scenery. Now he is dead. But at least, he left his wife and son $300k each. His wife now needs to work as a cleaner at 55 years of age.

Originally Posted by Unregistered

Hi, I am 40 this Dec. Been reading the posts of the many forumers here. Looks like there are many successful people here with high earnings and high net worth. As for me, I am definitely a low performer. I am still servicing my mortgage loan of a 4 room HDB flat. My net worth, including my flat, is just $400k. I will need to save more. I need to save $30k per year for 30 years for me to get accumulate $900k. Then I will retire at 70.

He did not die in vain. He had done his best to take care of his wife and son.

Imagine if he was reckless and took his wife to the Maldives and spent money he did not have to enjoy himself, that would have been very irresponsible and terrible to the family. The wife would have been a cleaner much earlier. At least at 55, people don't really notice.

Not many men leave that much money to their loved ones when they die. Many leave them sorrows and debts instead because of long term illness or because of their irresponsible spending.

Originally Posted by Unregistered

Got to know someone who passed away at 60, he has planned all his life to enjoy his retirement at 65. He always talk about bring his wife to the Maldives and enjoy the beautiful scenery. Now he is dead. But at least, he left his wife and son $300k each. His wife now needs to work as a cleaner at 55 years of age.

My wife and I have a total net worth of S$2.4m, we are now 55 years old. We plan to retire in Malaysia in 5 years time. We will sell our landed house for about S$2m and convert the cash to RM. We will get about RM5m. We will buy a small condo there for about RM400k, paid in full. We expect to spend RM40k pa for food and utilities. Our RM5m would be more than enough for our retirement there till we die. Upon our death we will bequeath half of our wealth to our two children and the other half to a charity.

Couple in early 40s. Combined net worth $2.6m. Lives in a condo. Drives a brand new 5 series. Kids in top schools. We are happy. Looking forward to holidays to Europe in Dec.

This sounds like an excellent plan. Malaysia has some nice places to retire at. You can consider Tioman Island, Redang, etc. Nice beaches. Actually you don't have to wait for 5 years. You can actually retire now! Your RM5m can last you more than 100 years if you spend RM50k per year. If your kids are grown up and independent, by all means, you can retire now. Can also consider Thailand too - you will be a multi, multi millionaire too in Thailand. The Thais will look up to you, you can even get a maid to do the housework and cook for you.

I like your idea, I will do the same when I reach 55. I will sell my Queenstown HDB flat for $1m and convert to RM. I will get close to RM3m. Sure can retire happily. My RM3m can last 60 years if I spend RM50k per year. I think I will not live that long after retirement.

Originally Posted by Unregistered

My wife and I have a total net worth of S$2.4m, we are now 55 years old. We plan to retire in Malaysia in 5 years time. We will sell our landed house for about S$2m and convert the cash to RM. We will get about RM5m. We will buy a small condo there for about RM400k, paid in full. We expect to spend RM40k pa for food and utilities. Our RM5m would be more than enough for our retirement there till we die. Upon our death we will bequeath half of our wealth to our two children and the other half to a charity.

You are doing fine, just persevere. Continue to pay down your mortgage as fast as possible. Be debt free. It feels good. Your flat, which may be worth $400k now, will be worth $1.2m in 30 years time if it is located in the Jurong Lake District. So if you can accumulate $900k plus your flat worth $1m and plus your CPF, you would have at least $2.2m in net worth by the time you retire at 70 years old. You can then sell your flat and retire in a 2 room HDB flat for the elderly.

Originally Posted by Unregistered

Hi, I am 40 this Dec. Been reading the posts of the many forumers here. Looks like there are many successful people here with high earnings and high net worth. As for me, I am definitely a low performer. I am still servicing my mortgage loan of a 4 room HDB flat. My net worth, including my flat, is just $400k. I will need to save more. I need to save $30k per year for 30 years for me to get accumulate $900k. Then I will retire at 70.

30 years old, 115k in liquid cash, 125 k in cpf (all inclusive) - how am i faring? - mthly salary ard 4.3k in commodities industry - zero liabilities (no car,house,wife, kids only gf)

As long as you are not married, you miss out the opportunity to get rich. Buy a BTO flat and you will be rich after 5 years.

Originally Posted by Unregistered

30 years old, 115k in liquid cash, 125 k in cpf (all inclusive) - how am i faring? - mthly salary ard 4.3k in commodities industry - zero liabilities (no car,house,wife, kids only gf)

Professional, 48. Wife, home maker, 46. One child, 17.
Condo worth $2.2m, mortgage outstanding $1m. Stocks, cash, CPF $1m.
Drives a one year old conti car, outstanding loan $100k.

Am I doing ok? Can I retire at 60?
I plan to sell my big condo and buy a 3 room resale HDB flat in Jurong Lake District when I retire (to do jogging around the lake). The balance of my funds (about $2m by the time I retire) can be invested in some stocks to give me 5% dividends or $100k pa). Is this a good idea?

Originally Posted by lordlad

JI agree that it is not one factor that caused the financial mess and string of events were complicated but all complicated things had a simple origin. Not every banker is evil perse....but enough of them that wield enough influence caused the mess that snowballed into the mess that is now. Denying it is akin to bill Clinton proclaiming "I did not have sexual relationship with that woman." You can "try" to convince the common men but the first person you need to convince is yourself.

Actually, the truth is that the common young man like you doesn't really understand the way the world works, and is not expected to. Things are as you say "complicated".