Quote:
Originally Posted by Unregistered
I am 39 yo and my wife 38. I am a VP in a medium size company, earning some 100k per year including bonuses. Wife is government scholar and doing a PhD full time. Two kids in secondary and primary school.
We invested heavily in properties. Currently own two properties outside Singapore, one is a high-rise condominium unit worth 500k, fully paid up and a landed property worth 600k, fully paid up. We live in a 5-room HDB flat in district 03, bought in 2008 for 600k, now worth 900k, with loan remaining close to 400k. Other property is a condo unit is also in district 03, worth close to 2mil, loan remaining 600k. Our cash and other savings worth 200k. Total net worth is 3mil. Serving total debts of 1mil (interest rates of some 2.5%p.a).
We live a modest life, cook at home and only go to restaurant on special events (birthdays etc.), no car. Holiday once every year for kids to Japan or Korea and neighboring countries. The only luxury is Club memberships for all family member of four.
Want to quit current job to look after kids and start a small coffee shop. A preparation for semi-retirement. Is that viable? |
You can be in a position of striking out on your own if your wife's income can sustain the family for the next few years. F&B may or may not be the starting point, being so crowded already. But I guess it depends on your own drive and personality. A friend of mine just started a motor repair workshop despite it being a very competitive trade. But he has cars in his blood, so that is his starting point after leaving life as an employee.
Do your market research and talk to people around you regarding your plans. Listening to the good and the bad, especially the bad. And make sure your spouse is not against it.
Good luck !