Quote:
Originally Posted by Unregistered
I fell poor. 44 jobless. Luckily got passive income from stocks $70k pa. Also luckily wife still have a job $90k pa, and I paid off my condo's mortgage. Nowadays lead a simple life, family spending $110k pa. Last time spend a lot on clubbing, high class restaurants, dining, wining, cigars, gambling, etc. Now, very low profile, no money to do all these. So difficult to get a new job, I think I too old. Should I drive taxi or become security guard?
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Why do you need to get a job? Your family is already saving $50k pa. Just treat your situation as early retirement. Be happy that you don't have to struggle to work every morning and go back late at night. Tell your friends that you are now a successful person who is retired.
But I think your expenses is high for a person who has paid off mortgage. Here are ways to reduce your expenses further.
1. Sell your car and take public transport. You can save $2k per month ($24k pa).
2. Stop the maid. You can save $1k per month ($12k pa).
3. Stop going for expensive holidays. You can save $10k pa.
Here is what your expenses can be:
1. Food and utilities - $2,000 pm
2. Parents allowances - $1,000 pm
3. Kids expenses - $500 pm
4. Public transport - $200 pm
5. Insurance - $500 pm
6. Miscellaneous - $800 pm
Total - $5,000 pm or $60k pa
So, with your total income of $160k pa and spending of $60k pa, you can save $100k pa.
Over 20 years, you can save $2m.