Do not be fooled by this worldly existence. We all live temporary lives. Don't be obsessed with wealth, fame, status, etc. They will all go when we die. The things that we leave is our legacy - our children, our good deeds, etc.

Most of us live comfortable lives. If we are able to retire by having a paid up HDB flat, a stream of income which can feed us, then we are doing well. There is no need to amass so much wealth. We do not need to retire in a bungalow. We do not need to have a stream of income that is too much. Just enough to live modestly.

If you have a paid up home and is financially independent, then you are a success. Financial independence does not mean you must generate $10k pm of passive income. This is too much. If you can generate $4k pm for you and wife, this would be enough. You just need $3k pm for food, utilities, public transport. You can save $1k pm to take care of future inflation.

You can then pursue other things in life which are more meaningful. Do not overwork yourself and regret at your death bed. You do not need to work so hard and accumulate properties and cash to leave behind for your children. They will need to work hard for themselves and not be spoon fed. You just leave behind the house you are retiring in after both you and wife die. Give them a good education and good values. The rest is up to them. They will write their own life story.