This is an awesome idea!
I also own a flat which I can rent out at $2.8k pm. My passive income from stocks is $1k pm, so my total passive income can likely be $3.8k pm. After conversion to RM, I can get RM11.4k pm. I can pay for the bungalow rent for RM5k pm and spend RM3k pm in other expenses. Savings of RM3.4k pm.
I'm excited. Once my kids get married, I can retire in Penang! LOL.
Don't need to be a fool to work so hard until 70 years old (only to die at 75) to accumulate $2m to retire. Can retire at 55. LOL.
Penang, here I come! LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Quote:
Originally Posted by Unregistered
We are not as successful as you. We are around your age. Our retirement plan is to rent out our fully paid 5 room EA for $3k pm. On top of this we have other sources of passive income giving us another $2k pm. With $5k pm, we can get RM15k pm. We will then retire in Penang, where we can rent a big bungalow with swimming pool for RM5k pm. Our other expenses will be RM3k pm so our total retirement expenses will be RM8k pm. We will save RM7k pm. We envisage our children will be working and married when we reach 58. We will retire at that time. The bungalow will have 5 rooms so our children and our future grandchildren can visit us twice a year. They can enjoy the pool with complete privacy.
So we will have a luxurious retirement in Penang and living in a big bungalow. In Spore, such bungalows will cost $20m and above.
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