Quote:
Originally Posted by Unregistered
What is a $100k pa lifestyle? We aim to travel overseas once or twice a year, attend live concerts, have a car, have a maid, continue with our present hobbies (golf, tennis etc), stay in our current condo....as what we are currently enjoying now.
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Assuming house fully paid. A car costs at least $2k per month all in. A maid with levy and her food will be $1k per month. Golfing and condo maintenance another $1k. Travel twice a year $20k per year ~ average out $2k per month. Concerts, restaurants, groceries, utilities, handphone, cable TV, broadband will cost circa $3k. You will need at least 108k per year.
Assuming you are 40 years old now, and need to work 20 years to retirement. To amass 6m cash in future, you will need to factor time value of money. So, I put the revised figure at 8m now. Also, you will need to pay off your condo mortgage first. Hence, total figure is now at 10m cash. I take 10m divide by 20 years and you need to earn 500k pa.
Can show a printscreen of your NOA before we discuss further?