Quote:
Originally Posted by Unregistered
When we retired at 55, my wife and I had saved a total of $2m in our CPF. We were both senior people in a Stat Board all our lives. |
I have been reading some post of that seem to indicate that you can accumulate wealth of $3.5m by age 50 and it seems some younger people are questioning this.
I think the bigger question to those older and enjoying your retirement is - Can the young job entrant into Singapore still hold the same dreams to accumulate such wealth and what has changed since then and now ?
My own experience, it has become a lot more tougher these day. Why ? Let me state 5 points from my own view
1. There was clear investment and growth opportunities previously. Less so now.
I believe there were certain clear market and investment directions (eg Singapore property market, commodities boom , Singapore/Asia/China blue chip equities). These days, the market is so globalised that such opportunities for arbitrage is not easily found.
2. There was a lot of room for self improvement previously
In terms of education, looking at those above 50, you will find the %tage of those holding of degrees/tertiary eduation (around only 20%-35%) compared to fresh entrants to job market (60-70%) now.
Ideas like go to university and get a degree doesnt work anymore. We need more innovation and new breakthrough business ideas. And that seriously doesnt come from university books, course or self help books. (And those trading classes as well).
3. Cost of living has gone increasing higher compare salaries (though higher than before)
Singapore was 60 place is the most expensive city to live in 2000. Now we have an ongoing debate if we are the most expensive place to live in.
Jumping 60 places in 15 years shows how expensive things has become.
University grad/fresh job entrants take longer time to pay down their liabilities , home, and reach financial freedom.
4. Our expectation of a leader has changed
I think the pioneer generation selected a leader, and since it was about survival, expectations were also rather basic. Now leaders are selected to address not only our basic needs, but also to be "politically correct". The modern leaders does not tell and/or scold . They are "counselling" and democratic leaders.
Imagine if you are running a race . Previously, it was a do or die, and try to win a race. Now, your leader tells you to slow down so that others can catch up , or run together. In an extremely competitive game or environment, we need equally competitive team players to win.
5. The rich -poor gap divide is so obvious in land scarce Singapore
A key issue with being so land scarce is that the rich has to play in the same playground as the poor. This creates a hunger /desire in people to succeed in life.. but when they dont, it also creates a major depression block. In Singapore , most of us are employees as opposed to business owners. From that perspective, I can perfectly understand why we can be the most happiest people in the work yet the most unhappiest employees.