We are a mid 40s professional couple making a combined income of $205k pa. Like many professionals like us, we live in a luxury condo, which is paid up. Like many other professionals, we chose a big, luxury continental car as our family car, which is paid up too.

We spend a lot as the demands of today's world require us to spend on the latest gadgets, premium tution for our children, allowances for our parents (both sides), holidays to nice locations, restaurants, insurance, etc. We want to give the best for our children and parents. We spend $170k pa and only save $35k pa.

When we retire, we will downgrade to a one bedroom condo apartment and invest the rest of our cash in high dividend yield blue chips. The condo must be located near an MRT station so that we can travel anywhere easily.