Among my cohort of graduate old men (in our mid 50s), I dare say a good number of us have HH networth of above $5m. Some got there by buying landed properties early in their careers and holding on to them till now. What was $300k - $450k for intermediate terrace to semi Ds are now worth $4m and above.

Some, like me, built up our networth through investments in stocks and properties (condos). That is not to say work income doesn't play a part. On the contrary, work income plays a central and important role to wealth building. It is with a steady work income that we dare invest in stocks and properties.

Those of my cohort who did not invest in stocks nor properties, fared the worse in terms of HH networth. Most of them are still staying in their first HDB flats, after 25 or so long years! I think for them, their networth is around $2m to $2.5m.

Above 50, our human asset will "depreciate" very quickly. Meaning our market value drops and even the company employing you may already think you cost the company too much. That is why investing for passive income is important. The earlier you start the more prepared you will be when you hit mid 50s.

Looking ahead, I see many young families in their late 30s to mid 40s having already accumulated $2m and above. They will easily surpass $5m in their 50s if they don't quit their jobs prematurely.