I am 52, retired. Two property, one car. Zero liability.
I have two kids. My daughter is working and my son is in
NUS now.
I'm living on passive income of $5k from rental. Living in a 4BR private in west, and hold another 3BR private near CBD for rental. I have some stocks that gives me dividends every now and then. I also sell them when I net a profit. This is my bonus cash.
A breakdown of my expenses. (my personal cap, never reached this amount)
Groceries and food - $1,000
House utilities - $500
Car (parking, petrol, insurance)(fully paid) - $500
Entertainment (inclusive of wive's yoga class, our dance class, and other misc cost) - $1,000
Son's expenses (if you're keen)
$28k tuition fee
$3k annual allowance
All in all, i still manage to save $2k of rental. That's about $20k a year which I spend on traveling.
To answer your question, definitely can be done. Keep in mind that there are still many singaporeans who live below $2k/mth and they are still working. You really flatter me as an inspiration.